Revenue growth remains under pressure with a 12.8% year-over-year contraction in 2026Q1, though operating income reached $2.3 billion, reflecting improved overhead efficiency despite cyclical market headwinds.
| 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 |
|---|
| Sales/Revenue | 49.4B | 49.66B | 57.73B | 55.47B | 71.77B | 48.81B | 13.91B | 20.54B | 21.39B | 17.31B | 11.02B | 11.56B | 20.11B | 18.99B | 17.23B | 16.18B | 13.09B | 11.52B | 20.15B |
| Revenue Growth % | -16.4% | -13.98% | 4.06% | -22.7% | 47.03% | 250.8% | -32.27% | -3.96% | 23.54% | 57.19% | -4.71% | -42.51% | 5.87% | 10.24% | 6.45% | 23.64% | 13.66% | -42.85% | - |
| Cost of Goods Sold | 39.72B | 44.46B | 44.96B | 42.77B | 54.63B | 39.7B | 14.24B | 16.06B | 17.3B | 13.89B | 9.63B | 10.21B | 15.84B | 14.64B | 12.99B | 12.24B | 10.37B | 7.27B | 13.31B |
| COGS % of Revenue | - | 89.54% | 77.89% | 77.1% | 76.12% | 81.34% | 102.37% | 78.19% | 80.9% | 80.22% | 87.45% | 88.34% | 78.79% | 77.09% | 75.41% | 75.64% | 79.2% | 63.09% | 66.02% |
| Gross Profit | 9.68B | 5.19B | 12.77B | 12.7B | 17.13B | 9.11B | -330M | 4.48B | 4.09B | 3.42B | 1.38B | 1.35B | 4.26B | 4.35B | 4.24B | 3.94B | 2.72B | 4.25B | 6.85B |
| Gross Margin % | 19.6% | 10.46% | 22.11% | 22.9% | 23.88% | 18.66% | -2.37% | 21.81% | 19.1% | 19.78% | 12.55% | 11.66% | 21.21% | 22.91% | 24.59% | 24.36% | 20.8% | 36.91% | 33.98% |
| Gross Profit Growth % | - | -59.33% | 0.48% | -25.86% | 88.14% | 2859.7% | -107.36% | 9.67% | 19.33% | 147.76% | 2.52% | -68.39% | -2% | 2.71% | 7.46% | 44.77% | -35.94% | -37.91% | - |
| Operating Expenses | 2.78B | 811.34M | 7.7B | 7.08B | 6.78B | 5.58B | -330M | 331M | 4.09B | 3.42B | 1.38B | 1.35B | 4.26B | 4.35B | 4.24B | 3.94B | 2.72B | 4.25B | 6.85B |
| OpEx % of Revenue | - | 1.63% | 13.35% | 12.77% | 9.45% | 11.44% | -2.37% | 1.61% | 19.1% | 19.78% | 12.55% | 11.66% | 21.21% | 22.91% | 24.59% | 24.36% | 20.8% | 36.91% | 33.98% |
| Selling, General & Admin | 1.03B | 811.34M | 794M | 688M | 865M | 849M | 292M | 331M | 391M | 300M | 318M | 335M | 379M | 365M | 350M | 295M | 246M | 1.02B | 1.38B |
| SG&A % of Revenue | - | 1.63% | 1.38% | 1.24% | 1.21% | 1.74% | 2.1% | 1.61% | 1.83% | 1.73% | 2.89% | 2.9% | 1.88% | 1.92% | 2.03% | 1.82% | 1.88% | 8.82% | 6.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 36M | 36M | 27M | 15M | 24M | 15M | 8M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.12% | 0.21% | 0.33% | 0.23% | 0.07% | 0.13% | 0.09% | 0.05% | - | - | - |
| Other Operating Expenses | 1000K | 0 | 6.91B | 6.39B | 5.92B | 4.73B | -622M | 0 | 3.67B | 3.09B | 1.03B | 986M | 3.87B | 3.96B | 3.87B | 3.64B | 2.48B | 3.23B | 5.47B |
| Operating Income | 6.9B | 4.38B | 5.06B | 5.62B | 10.35B | 3.52B | 0 | 4.15B | -1.24B | 242M | -221M | -363M | 1.69B | 2.03B | 2.1B | 2.21B | 1.15B | 1.41B | 4.03B |
| Operating Margin % | 13.97% | 8.82% | 8.77% | 10.13% | 14.42% | 7.22% | - | 20.2% | -5.8% | 1.4% | -2.01% | -3.14% | 8.42% | 10.69% | 12.18% | 13.62% | 8.82% | 12.21% | 20% |
| Operating Income Growth % | - | -13.45% | -9.98% | -45.69% | 193.76% | - | -100% | 434.41% | -612.81% | 209.5% | 39.12% | -121.44% | -16.64% | -3.24% | -4.81% | 91.07% | -17.92% | -65.11% | - |
| EBITDA | 12.44B | 9.81B | 9.93B | 10.27B | 15.03B | 7.85B | 770M | 6.54B | 890M | 2.27B | 1.28B | 1.75B | 3.64B | 3.86B | 3.68B | 3.5B | 2.46B | 2.93B | 5.63B |
| EBITDA Margin % | 25.19% | 19.76% | 17.21% | 18.51% | 20.94% | 16.07% | 5.53% | 31.83% | 4.16% | 13.12% | 11.59% | 15.15% | 18.1% | 20.34% | 21.38% | 21.63% | 18.76% | 25.47% | 27.95% |
| EBITDA Growth % | 28.97% | -1.22% | -3.25% | -31.7% | 91.58% | 918.96% | -88.22% | 634.72% | -60.83% | 77.92% | -27.07% | -51.88% | -5.82% | 4.89% | 5.26% | 42.51% | -16.26% | -47.94% | - |
| D&A (Non-Cash Add-back) | 5.54B | 5.43B | 4.87B | 4.64B | 4.68B | 4.32B | 3.46B | 2.39B | 2.13B | 2.03B | 1.5B | 2.11B | 1.95B | 1.83B | 1.58B | 1.29B | 1.3B | 1.53B | 1.6B |
| EBIT | 6B | 4.94B | 4.72B | 5.76B | 9.54B | 2.36B | -2.69B | 1.6B | -3.33B | 2.83B | -433M | 1.24B | 1.62B | 1.59B | 2.21B | 2.63B | 1.77B | 1.41B | 4.03B |
| Net Interest Income | -402.25M | -325.73M | -479M | -506M | -702M | -1.02B | -368.92M | -340.08M | -608M | -583M | -338M | -353M | -412M | -433M | -346M | -323M | -354M | -244M | -265.31M |
| Interest Income | 106.04M | 140.89M | 170M | 217M | 110M | 23M | 7.06M | 9.25M | 19M | 62M | 52M | 0 | 33M | 96M | 109M | 124M | 144M | 0 | 0 |
| Interest Expense | 508.3M | 466.62M | 649M | 723M | 812M | 1.05B | 375.98M | 349.33M | 595M | 619M | 369M | 353M | 427M | 499M | 434M | 426M | 467M | 244M | 265.31M |
| Other Income/Expense | -1.47B | 92.92M | -990M | -582M | -1.62B | -2.21B | -3.23B | -2.75B | -2.69B | 1.97B | -581M | 1.25B | -498M | -937M | -321M | 2M | 150M | -244M | -265.31M |
| Pretax Income | 5.44B | 4.47B | 4.07B | 5.04B | 8.73B | 1.31B | -3.23B | 1.4B | -3.93B | 2.22B | -802M | 890M | 1.2B | 1.09B | 1.78B | 2.21B | 1.3B | 1.16B | 3.76B |
| Pretax Margin % | 11% | 9.01% | 7.05% | 9.09% | 12.17% | 2.69% | -23.21% | 6.8% | -18.36% | 12.8% | -7.28% | 7.7% | 5.94% | 5.76% | 10.32% | 13.64% | 9.96% | 10.09% | 18.68% |
| Income Tax | 791.25M | 546.55M | 929M | 931M | 2.28B | 728M | -851M | -797M | -1.01B | -52M | -343M | -24M | 451M | 432M | 783M | 729M | 223M | 344M | 882.33M |
| Effective Tax Rate % | 14.56% | 12.22% | 22.82% | 18.47% | 26.13% | 55.36% | 26.35% | -57.05% | 25.73% | -2.35% | 42.77% | -2.7% | 37.74% | 39.49% | 44.04% | 33.03% | 17.1% | 29.6% | 23.44% |
| 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 | 995M | 1.48B | 1.08B | 818M | 2.88B |
| Net Margin % | 9.4% | 7.91% | 5.44% | 7.41% | 8.99% | 1.2% | -17.1% | 10.68% | -12.48% | 19.44% | -4.95% | 5.35% | 3.7% | 3.49% | 5.78% | 9.13% | 8.26% | 7.1% | 14.3% |
| Net Income Growth % | 64.4% | 24.98% | -23.53% | -36.29% | 998.81% | 124.67% | -208.43% | 182.2% | -179.29% | 717.61% | -188.19% | -16.94% | 12.39% | -33.47% | -32.68% | 36.73% | 32.15% | -71.62% | - |
| Net Income (Continuing) | 4.64B | 3.93B | 3.14B | 4.11B | 6.45B | 587M | -2.38B | 2.19B | -2.92B | 2.27B | -459M | 914M | 744M | 662M | 995M | 1.48B | 1.08B | 818M | 2.88B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 247M | 1.1B | -86M | -296M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 16.04M | 15.99M | 15M | 14M | 13M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.47 | 2.15 | 1.67 | 2.12 | 3.20 | 0.29 | -1.94 | 1.78 | -2.17 | 3.05 | -0.65 | 0.75 | 0.98 | 0.87 | 1.31 | 1.95 | 1.43 | 1.09 | 3.83 |
| EPS Growth % | 68.42% | 28.74% | -21.23% | -33.75% | 1003.45% | 114.95% | -208.99% | 182.03% | -171.15% | 569.23% | -186.67% | -23.47% | 12.64% | -33.59% | -32.82% | 36.36% | 31.19% | -71.54% | - |
| EPS (Basic) | - | 2.17 | 1.68 | 2.12 | 3.29 | 0.29 | -1.94 | 1.79 | -2.17 | 3.05 | -0.65 | 0.75 | 0.98 | 0.88 | 1.32 | 1.96 | 1.44 | 1.09 | 3.85 |
| Diluted Shares Outstanding | 1.88B | 1.82B | 1.86B | 1.93B | 2.01B | 2.05B | 1.23B | 1.23B | 1.23B | 1.1B | 833.3M | 818.7M | 757.6M | 757.5M | 758.5M | 757.7M | 754M | 751.4M | 751.8M |
| Basic Shares Outstanding | 1.87B | 1.81B | 1.85B | 1.9B | 1.95B | 2.02B | 1.23B | 1.23B | 1.23B | 1.1B | 833.3M | 818.7M | 756.9M | 760.92M | 759.54M | 754M | 751.9M | 751M | 750.1M |
| Dividend Payout Ratio | - | 36.21% | 47.93% | 24.09% | 13.97% | 29.98% | - | 11.85% | - | 6.68% | - | 85.44% | 108.2% | 110.57% | 66.83% | 40.8% | 55.6% | 19.44% | - |
Commodity price and spread volatility
As reported in recent financial filings, Cenovus Energy experienced a 12.8% year-over-year revenue decline in 2026Q1, reflecting the persistent cyclicality of its integrated model and the ongoing sensitivity of realized prices to the broader North American heavy-light crude oil price differentials.
The revenue trajectory appears to be in a decelerating phase, heavily influenced by the volatility of WCS-WTI spreads and fluctuating production volumes. Investors should monitor whether the recent completion of pipeline egress projects provides a structural floor for realized pricing or if downstream operational constraints continue to limit top-line growth.
Based on the provided income statement data, Cenovus Energy's gross margin fluctuated significantly, reaching a 21.9% peak in 2026Q1, which underscores the company's vulnerability to input cost spikes and the operational reliability of its refining assets within the integrated value chain.
The variability in gross margins suggests that the company's downstream integration does not always act as a perfect hedge against upstream price volatility. Persistent maintenance requirements and the cost of diluent appear to exert consistent pressure on profitability, warranting further investigation into the efficiency of the refining segment.
According to the latest quarterly data, Cenovus Energy demonstrated improved operating leverage in 2026Q1, with operating income scaling to $2.3 billion, suggesting that management has successfully managed SG&A expenses despite the broader challenges inherent in the capital-intensive oil sands production environment.
The ability to maintain operating margins while revenue remains under pressure indicates a disciplined approach to overhead management. However, the sustainability of this leverage remains uncertain, as it may be contingent on temporary cost-cutting measures rather than structural improvements in operational efficiency.
Financial statements indicate that net income remains highly sensitive to non-operating items and timing differences, as evidenced by the sharp EPS fluctuation from $0.07 in 2024Q4 to $0.84 in 2026Q1, which complicates the assessment of the company's true underlying cash-generative capacity.
The erratic nature of reported net income suggests that investors should focus on adjusted operating metrics to strip out the impact of inventory valuation adjustments and risk management gains. The inconsistent treatment of stock-based compensation further necessitates a cautious approach when evaluating the quality of reported earnings.
While management emphasizes the benefits of integration, recent data suggests that operational volatility at key refining facilities may be undermining the intended hedge, potentially exposing the company to wider commodity spreads without the expected downstream capture of value.
Short-term operational outages at refineries like Toledo and Wood River may indicate deeper maintenance deficits that could lead to persistent margin compression. Investors should monitor whether these downstream challenges represent a structural risk to the integrated model or merely temporary setbacks in the post-merger integration process.
Quick answers to the most common questions about buying CVE stock.
For fiscal year 2025, Cenovus Energy Inc. (CVE) reported total revenue of $49.66B. This represents a 146.4% increase compared to $20.15B in 2008.
Cenovus Energy Inc. (CVE) is profitable, generating $3.93B in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Cenovus Energy Inc. (CVE) reported an operating income of $4.38B, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Cenovus Energy Inc. (CVE) generated $5.19B in gross profit for the year, representing a gross profit margin of 10.5%. This demonstrates the company's core pricing power and production efficiency.