Cenovus Energy Inc. (CVE) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2020)
CVE's revenue distribution by segment and geography for fiscal year 2020
By Product/Segment
By Geography
CVE Revenue Analysis (2014–2025)
As of March 2, 2026, Cenovus Energy Inc. (CVE) generated trailing twelve-month (TTM) revenue of $55.53 billion, reflecting moderate decline in growth of -7.4% year-over-year. The most recent quarter (Q3 2025) recorded $13.20 billion in revenue, up 2.0% sequentially.
Looking at the longer-term picture, CVE's 5-year compound annual growth rate (CAGR) stands at +29.0%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $71.77 billion in 2022.
Revenue diversification analysis shows CVE's business is primarily driven by Upstream (100%). With over half of revenue concentrated in Upstream, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including SU (-2.0% YoY), and IMO (-6.2% YoY), CVE has underperformed the peer group in terms of revenue growth. Compare CVE vs SU →
Peer Comparison
Compare CVE's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CVECurrent | $55.5B | -7.4% | +29.0% | 8.8% | |
| SU | $48.9B | -2.0% | +14.7% | 16.3% | |
| IMO | $48.8B | -6.2% | +8.1% | 12.5% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $49.66B | -14.0% | $5.19B | 10.5% | $4.38B | 8.8% |
| 2024 | $57.73B | +4.1% | $12.77B | 22.1% | $5.06B | 8.8% |
| 2023 | $55.47B | -22.7% | $12.70B | 22.9% | $5.62B | 10.1% |
| 2022 | $71.77B | +47.0% | $17.13B | 23.9% | $10.35B | 14.4% |
| 2021 | $48.81B | +250.8% | $9.11B | 18.7% | $3.52B | 7.2% |
| 2020 | $13.91B | -32.3% | $-330,000,000 | -2.4% | $0 | - |
| 2019 | $20.54B | -4.0% | $4.48B | 21.8% | $4.15B | 20.2% |
| 2018 | $21.39B | +23.5% | $4.09B | 19.1% | $-1,241,000,000 | -5.8% |
| 2017 | $17.31B | +57.2% | $3.42B | 19.8% | $242.0M | 1.4% |
| 2016 | $11.02B | -4.7% | $1.38B | 12.5% | $-221,000,000 | -2.0% |
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Start ComparisonFrequently Asked Questions
Is CVE's revenue growth accelerating or slowing?
CVE revenue declined -7.4% year-over-year, contrasting with the 5-year CAGR of +29.0%. TTM revenue fell to $55.5B. This reverses the prior growth trend.
What is CVE's long-term revenue growth rate?
Cenovus Energy Inc.'s 5-year revenue CAGR of +29.0% reflects the variable expansion pattern. Current YoY growth of -7.4% is below this long-term average.
How is CVE's revenue distributed by segment?
CVE 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.