Cenovus Energy Inc. (CVE) Revenue History
Annual and quarterly revenue from 2008 to present
CVE Revenue Over Time (2008–2025)
CVE Revenue Growth History
10 of 17 years with positive growth- FY2008 revenue growth
- N/A
- FY2009 revenue growth
- -42.9%
- FY2010 revenue growth
- +13.7%
- FY2011 revenue growth
- +23.6%
- FY2012 revenue growth
- +6.5%
- FY2013 revenue growth
- +10.2%
- FY2014 revenue growth
- +5.9%
- FY2015 revenue growth
- -42.5%
- FY2016 revenue growth
- -4.7%
- FY2017 revenue growth
- +57.2%
- FY2018 revenue growth
- +23.5%
- FY2019 revenue growth
- -4.0%
- FY2020 revenue growth
- -32.3%
- FY2021 revenue growth
- +250.8%
- FY2022 revenue growth
- +47.0%
- FY2023 revenue growth
- -22.7%
- FY2024 revenue growth
- +4.1%
- FY2025 revenue growth
- -14.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $12.39B | -12.8% |
| Q4 2025 | $10.87B | -28.4% |
| Q3 2025 | $13.20B | -7.4% |
| Q2 2025 | $12.94B | -16.2% |
| Q1 2025 | $14.21B | +2.9% |
| Q4 2024 | $15.20B | +8.3% |
| Q3 2024 | $14.25B | -2.3% |
| Q2 2024 | $15.44B | +67.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2020)
CVE's revenue distribution by segment and geography for fiscal year 2020
By Product/Segment
By Geography
CVE Revenue Analysis (2008–2025)
Current Revenue & Growth
As of June 21, 2026, Cenovus Energy Inc. (CVE) generated trailing twelve-month (TTM) revenue of $49.40 billion, reflecting significant decline in growth of -12.8% year-over-year. The most recent quarter (Q1 2026) recorded $12.39 billion in revenue, up 13.9% sequentially.
Historical Growth Trajectory
CVE's 5-year compound annual growth rate (CAGR) stands at +29.0%, indicating outstanding long-term growth trajectory. The 3-year CAGR of -11.6% is below the 5-year average, signalling a growth deceleration in recent years. Cenovus Energy Inc.'s highest annual revenue of $71.77 billion was recorded in 2022.
Revenue by Segment
CVE's revenue is primarily driven by Upstream (100%). With over half of revenue concentrated in Upstream, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Energy sector peers — including SU (+2.7% YoY), CNQ (-9.1% YoY), and IMO (-3.7% YoY) — CVE has underperformed the peer group in revenue growth. Compare CVE vs SU →
CVE Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CVECurrent | $49.4B | -12.8% | +29.0% | 8.8% | |
 SU | $48.9B | +2.7% | +14.7% | 31.7% | |
 CNQ | $44.2B | -9.1% | +20.4% | 18.6% | |
 IMO | $47.0B | -3.7% | +18.0% | 9.0% | |
 MEG | $831M | +14.2% | +20.4% | 1.5% | |
 MPC | $132.7B | -1.4% | +13.7% | 4.3% |
CVE Historical Revenue Data (2008–2025)
| 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% |
| 2015 | $11.56B | -42.5% | $1.35B | 11.7% | $-363,000,000 | -3.1% |
| 2014 | $20.11B | +5.9% | $4.26B | 21.2% | $1.69B | 8.4% |
| 2013 | $18.99B | +10.2% | $4.35B | 22.9% | $2.03B | 10.7% |
| 2012 | $17.23B | +6.5% | $4.24B | 24.6% | $2.10B | 12.2% |
| 2011 | $16.18B | +23.6% | $3.94B | 24.4% | $2.21B | 13.6% |
Full Stock Analysis
Deep dive into CVE consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
18+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
CVE — Frequently Asked Questions
Quick answers to the most common questions about buying CVE stock.
Is CVE's revenue growth accelerating or slowing?
CVE revenue is declining -12.8% year-over-year. TTM revenue fell to $49.4B, contrasting with the 5-year CAGR of +29.0%. The reversal reflects either macro headwinds or company-specific challenges.
What is CVE's revenue history from 2008 to 2026?
Cenovus Energy Inc. (CVE) revenue history spans 2008 to 2026. TTM revenue as of 2026 is $49.4B, growing at -12.8% YoY. The 5-year CAGR is +29.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is CVE's long-term revenue growth rate (CAGR)?
Cenovus Energy Inc.'s 5-year revenue CAGR of +29.0% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -12.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for CVE.
Why does CVE's quarterly revenue fluctuate?
CVE quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Cenovus Energy Inc.'s revenue data from 2008 to 2026 shows full historical quarterly detail on this page.
How is CVE's revenue distributed by segment?
CVE reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does CVE's revenue compare to industry peers?
Cenovus Energy Inc. (CVE) with TTM revenue of $49.4B and -12.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.