The company exhibits significant divergence between net income and cash generation, with an OCF/NI ratio that reached 13.90 in 2024Q4, highlighting the heavy influence of non-cash charges on reported profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 9.1B | 8.22B | 9.23B | 7.39B | 11.4B | 5.92B | 273M | 3.29B | 2.15B | 3.06B | 861M | 1.47B | 3.53B | 3.54B | 3.42B | 3.27B | 2.59B | 3.66B | 3.27B |
| Operating CF Margin % | - | 16.56% | 16% | 13.32% | 15.89% | 12.13% | 1.96% | 15.99% | 10.07% | 17.67% | 7.82% | 12.75% | 17.54% | 18.63% | 19.85% | 20.22% | 19.79% | 31.78% | 16.23% |
| Operating CF Growth % | 55.58% | -10.98% | 25% | -35.21% | 92.65% | 2068.13% | -91.69% | 52.51% | -29.58% | 255.28% | -41.59% | -58.2% | -0.37% | 3.48% | 4.49% | 26.32% | -29.22% | 11.94% | - |
| Net Income | 4.64B | 3.93B | 3.14B | 4.11B | 6.45B | 587M | -2.38B | 2.19B | -2.67B | 3.37B | -545M | 618M | 744M | 662M | 993M | 1.48B | 1.08B | 678.52M | 2.88B |
| Depreciation & Amortization | 5.54B | 5.43B | 4.87B | 4.62B | 4.36B | 4.32B | 2.33B | 2.22B | 0 | 0 | 0 | 0 | 0 | 0 | 1.58B | 0 | 1.31B | 1.41B | 0 |
| Stock-Based Compensation | 89M | 0 | -145M | -12M | 373M | 0 | 49M | 0 | 0 | -6M | 47M | 0 | 0 | 0 | 75M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 128.68M | -230.81M | -474M | -250M | 642M | 452M | -838M | -814M | -794M | 583M | -209M | -264M | 359M | 244M | 474M | 588M | 141M | -576.95M | 468.55M |
| Other Non-Cash Items | -659.29M | -542.56M | 536M | 110M | -1B | 1.78B | 909M | 128M | 5.18B | -1.03B | 2.13B | 1.34B | 2.38B | 2.7B | 516M | 1.21B | -120M | 1.96B | 299.38M |
| Working Capital Changes | -647.8M | -362.7M | 1.3B | -1.19B | 575M | -1.23B | 198M | -439M | 433M | 145M | -562M | -217M | 47M | -70M | -223M | -3M | 179M | 194M | -379.7M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -7.4B | -7.67B | -5.13B | -5.29B | -2.31B | -942M | -863M | -1.43B | -613M | -12.87B | -1.08B | 888M | -4.35B | -1.52B | -3.34B | -2.53B | -1.79B | -1.86B | -2.39B |
| Capital Expenditures | -4.85B | -4.9B | -5.01B | -4.3B | -3.71B | -2.56B | -859M | -1.18B | -1.38B | -1.67B | -1.03B | -1.71B | -3.06B | -3.27B | -3.45B | -2.79B | -2.21B | -1.98B | -2.49B |
| CapEx % of Revenue | 9.82% | 9.87% | 8.69% | 7.75% | 5.17% | 5.25% | 6.17% | 5.76% | 6.44% | 9.65% | 9.39% | 14.83% | 15.21% | 17.21% | 20.02% | 17.25% | 16.87% | 17.23% | 12.36% |
| Acquisitions | -2.34B | -2.52B | 24M | -503M | 1.12B | 1.17B | 38M | 1M | 0 | -14.56B | 0 | -84M | 0 | 0 | 0 | 0 | 309M | 218.84M | 57.2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -212.99M | -242.8M | -135M | -494M | 277M | 451M | -38M | -117M | 755M | 3.37B | -44M | 2.68B | 291M | 264M | 126M | 290M | 102M | -98.43M | 42.59M |
| Cash from Financing | -1.8B | -748.39M | -3.5B | -4.31B | -7.68B | -2.51B | 837M | -2.41B | -1.41B | 6.51B | -168M | 894M | -797M | -726M | 592M | -558M | -631M | -977M | -1.04B |
| Debt Issued (Net) | 2.09B | 3.09B | -294M | -1.58B | -4.42B | -2.04B | 914M | -2.15B | -1.16B | 3.84B | 0 | -25M | -18M | -19M | 1.22B | -9M | -58M | -218M | -573.21M |
| Equity Issued (Net) | -2.83B | -2.47B | -1.7B | -1.06B | -2.53B | -265M | 0 | 0 | 0 | 2.9B | 0 | 1.45B | 0 | 0 | 37M | 48M | 28M | 1M | 0 |
| Dividends Paid | -1.48B | -1.44B | -1.55B | -1.03B | -927M | -210M | -77M | -260M | -245M | -225M | -166M | -528M | -805M | -732M | -665M | -603M | -601M | -159M | 0 |
| Share Repurchases | -2.74B | -2.5B | -1.45B | -1.06B | -2.53B | -265M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 422.41M | 62.95M | 35M | -650M | 198M | 8M | 0 | 0 | -1M | -2M | -2M | -2M | 26M | 25M | -2M | 6M | 0 | -601M | -463.68M |
| Net Change in Cash | -202.96M | -211.39M | 866M | -2.3B | 1.65B | 2.5B | 192M | -595M | 171M | -3.11B | -385M | 3.22B | -1.57B | 1.29B | 665M | 195M | 145M | -33M | -181.33M |
| Free Cash Flow | 4.36B | 3.41B | 4.22B | 3.09B | 7.64B | 3.36B | -586M | 2.1B | 777M | 1.39B | -173M | -240M | 468M | 270M | -29M | 481M | 386M | 1.68B | 780.1M |
| FCF Margin % | 8.82% | 6.86% | 7.31% | 5.57% | 10.65% | 6.88% | -4.21% | 10.23% | 3.63% | 8.02% | -1.57% | -2.08% | 2.33% | 1.42% | -0.17% | 2.97% | 2.95% | 14.56% | 3.87% |
| FCF Growth % | 27.53% | -19.31% | 36.57% | -59.58% | 127.8% | 672.7% | -127.88% | 170.53% | -44.06% | 902.89% | 27.92% | -151.28% | 73.33% | 1031.03% | -106.03% | 24.61% | -76.97% | 114.9% | - |
| FCF per Share | 2.32 | 1.87 | 2.26 | 1.60 | 3.81 | 1.64 | -0.48 | 1.71 | 0.63 | 1.26 | -0.21 | -0.29 | 0.62 | 0.36 | -0.04 | 0.63 | 0.51 | 2.23 | 1.04 |
| FCF Conversion (FCF/Net Income) | 0.94x | 2.09x | 2.94x | 1.80x | 1.77x | 10.08x | -0.11x | 1.50x | -0.81x | 0.91x | -1.58x | 2.39x | 4.74x | 5.35x | 3.44x | 2.21x | 2.40x | 4.48x | 1.13x |
| Interest Paid | 0 | 0 | 356M | 402M | 647M | 811M | 381M | 457M | 564M | 538M | 350M | 330M | 335M | 409M | 342M | 0 | 423M | 426M | 0 |
| Taxes Paid | 0 | 0 | 868M | 2.6B | 723M | 209M | 18M | 17M | 116M | 12M | 11M | 933M | 46M | 133M | 304M | 0 | 62M | 1.28B | 0 |
Operational and spread volatility
As evidenced by the provided financial data, Cenovus consistently reports operating cash flow significantly exceeding net income, with the OCF/NI ratio reaching as high as 13.90 in 2024Q4, suggesting that non-cash charges and accounting adjustments heavily influence the company's reported bottom-line profitability metrics.
The persistent gap between net income and operating cash flow indicates that Cenovus's earnings are heavily impacted by non-cash items such as depreciation and amortization. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of capital-intensive oil sands assets.
Based on reported quarterly figures, Cenovus's free cash flow margins have exhibited significant instability, ranging from a low of 0.6% in 2025Q1 to a peak of 12.7% in 2023Q4, highlighting the company's sensitivity to commodity price cycles and the timing of major capital expenditures.
The erratic nature of FCF generation suggests that the company's ability to fund shareholder returns is highly contingent on short-term price realizations rather than consistent operational output. This volatility warrants caution, as it may limit the predictability of future dividend growth and share repurchase capacity.
According to recent financial statements, Cenovus maintains a consistent capital intensity, with CapEx/Revenue ratios generally hovering between 7.5% and 12.5%, reflecting the ongoing requirement for significant sustaining capital to maintain steam-assisted gravity drainage production levels across its core thermal assets.
The high level of capital expenditure relative to revenue suggests that a substantial portion of cash flow is committed to maintaining existing production rather than growth. This structural requirement for capital may constrain the company's flexibility during periods of prolonged commodity price weakness.
As reported in quarterly filings, Cenovus experiences dramatic swings in working capital, including a notable $923 million inflow in 2025Q2 followed by an $861 million outflow in 2025Q1, which underscores the impact of inventory valuation and timing differences on short-term cash availability.
These fluctuations appear to be driven by the timing of crude purchases for refining and the subsequent sale of finished products. Investors should interpret these movements as a reflection of operational complexity rather than a fundamental shift in the company's underlying liquidity position.
Based on the provided data, Cenovus has aggressively utilized cash for shareholder returns, with combined dividends and buybacks frequently exceeding $1 billion per quarter, even during periods of lower free cash flow generation, which suggests a management priority on returning capital to equity holders.
The commitment to returning capital appears robust, yet the reliance on debt or cash reserves to fund these distributions during lower-margin quarters may pose risks if commodity prices remain depressed. The sustainability of this allocation strategy depends heavily on the company's ability to maintain its current cost structure.
Quick answers to the most common questions about buying CVE stock.
Cenovus Energy Inc. (CVE) generated $8.22B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cenovus Energy Inc. (CVE) generated $3.41B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cenovus Energy Inc. (CVE) spent $4.90B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cenovus Energy Inc. (CVE) returned $1.44B to shareholders via cash dividends and spent $2.50B on share repurchases. This shows the company's commitment to returning capital to its equity investors.