Canadian Natural Resources Limited (CNQ) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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CNQ Revenue Growth
Revenue Breakdown (FY 2025)
CNQ's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
CNQ Revenue Analysis (2014–2025)
As of May 6, 2026, Canadian Natural Resources Limited (CNQ) generated trailing twelve-month (TTM) revenue of $41.50 billion, reflecting significant decline in growth of -13.2% year-over-year. The most recent quarter (Q4 2025) recorded $9.60 billion in revenue, up 0.9% sequentially.
Looking at the longer-term picture, CNQ's 5-year compound annual growth rate (CAGR) stands at +17.2%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $49.53 billion in 2022.
Revenue diversification analysis shows CNQ's business is primarily driven by Oil And Gas1 (100%). With over half of revenue concentrated in Oil And Gas1, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including CVE (-3.5% YoY), SU (-3.5% YoY), and IMO (-3.7% YoY), CNQ has underperformed the peer group in terms of revenue growth. Compare CNQ vs CVE →
CNQ Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CNQCurrent | $41.5B | -13.2% | +17.2% | 21.2% | |
 CVE | $49.7B | -3.5% | +29.0% | 8.8% | |
 SU | $48.9B | -3.5% | +14.7% | 31.7% | |
 IMO | $47.0B | -3.7% | +18.0% | 9.0% | |
 MEG | $831M | +19.3% | +20.4% | 1.5% | |
 OVV | $8.7B | -4.0% | +7.5% | 21.6% |
CNQ Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $38.73B | +8.6% | $9.01B | 23.3% | $8.22B | 21.2% |
| 2024 | $35.66B | -12.7% | $17.58B | 49.3% | $16.80B | 47.1% |
| 2023 | $40.84B | -17.6% | $11.77B | 28.8% | $10.46B | 25.6% |
| 2022 | $49.53B | +50.8% | $16.26B | 32.8% | $14.76B | 29.8% |
| 2021 | $32.85B | +87.8% | $10.58B | 32.2% | $9.51B | 29.0% |
| 2020 | $17.49B | -23.5% | $69.0M | 0.4% | $0 | - |
| 2019 | $22.87B | +2.6% | $11.89B | 52.0% | $11.33B | 49.5% |
| 2018 | $22.28B | +26.1% | $5.21B | 23.4% | $4.85B | 21.8% |
| 2017 | $17.67B | +59.2% | $2.95B | 16.7% | $2.33B | 13.2% |
| 2016 | $11.10B | -15.7% | $-437,000,000 | -3.9% | $-1,279,000,000 | -11.5% |
Full CNQ Stock Analysis
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Start ComparisonCNQ — Frequently Asked Questions
Quick answers to the most common questions about buying CNQ stock.
Is CNQ's revenue growth accelerating or slowing?
CNQ revenue declined -13.2% year-over-year, contrasting with the 5-year CAGR of +17.2%. TTM revenue fell to $41.5B. This reverses the prior growth trend.
What is CNQ's long-term revenue growth rate?
Canadian Natural Resources Limited's 5-year revenue CAGR of +17.2% reflects the variable expansion pattern. Current YoY growth of -13.2% is below this long-term average.
How is CNQ's revenue distributed by segment?
CNQ reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.