Canadian Natural Resources Limited (CNQ) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2024)
CNQ's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
CNQ Revenue Analysis (2013–2024)
As of February 28, 2026, Canadian Natural Resources Limited (CNQ) generated trailing twelve-month (TTM) revenue of $42.97 billion, reflecting moderate decline in growth of -8.5% year-over-year. The most recent quarter (Q3 2025) recorded $9.52 billion in revenue, down 1.6% sequentially.
Looking at the longer-term picture, CNQ's 5-year compound annual growth rate (CAGR) stands at +9.3%, indicating steady revenue expansion. 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 BTE (+6.9% YoY), GFR (-0.9% YoY), and OBE (+1.0% YoY), CNQ has underperformed the peer group in terms of revenue growth. Compare CNQ vs BTE →
Peer Comparison
Compare CNQ's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CNQCurrent | $43.0B | -8.5% | +9.3% | 47.1% | |
| BTE | $4.2B | +6.9% | +18.4% | 18.3% | |
| GFR | $791M | -0.9% | - | 28.7% | |
| OBE | $838M | +1.0% | +15.0% | -29.8% | |
| BRN | $14M | -36.4% | -5.7% | -39.1% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 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% |
| 2015 | $13.17B | -38.2% | $-225,000,000 | -1.7% | $-742,000,000 | -5.6% |
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Start ComparisonFrequently Asked Questions
Is CNQ's revenue growth accelerating or slowing?
CNQ revenue declined -8.5% year-over-year, contrasting with the 5-year CAGR of +9.3%. TTM revenue fell to $43.0B. 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 +9.3% reflects the variable expansion pattern. Current YoY growth of -8.5% 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 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.