Revenue growth remains highly volatile, evidenced by a 22.6% surge in 2025Q3 followed by an 11.2% contraction in 2025Q4, while operating margins have struggled to maintain historical levels, falling to 9.9% in 2026Q1.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 51.13B | 47.08B | 51.51B | 50.9B | 59.51B | 37.51B | 22.28B | 34B | 34.96B | 29.13B | 23.4B | 25.19B | 34.67B | 31.3B | 29.71B | 29.15B | 23.63B | 21.29B | 31.58B | 25.44B | 24.79B | 28.21B | 22.46B | 19.21B | 17.04B | 17.24B | 18.05B | 12.85B | 9B | 10.67B | 10.38B |
| Revenue Growth % | -1.16% | -8.61% | 1.21% | -14.48% | 58.66% | 68.32% | -34.46% | -2.75% | 20.05% | 24.47% | -7.1% | -27.35% | 10.77% | 5.33% | 1.92% | 23.38% | 10.98% | -32.57% | 24.11% | 2.64% | -12.14% | 25.62% | 16.93% | 12.71% | -1.18% | -4.48% | 40.48% | 42.76% | -15.63% | 2.75% | 11.83% |
| Cost of Goods Sold | 42.95B | 37.08B | 42.32B | 41.68B | 47.33B | 31.42B | 20.56B | 29.27B | 29.33B | 25.4B | 20.23B | 20.72B | 28.14B | 25.44B | 22.93B | 23.73B | 19.55B | 16.04B | 23.23B | 17.61B | 17.27B | 20.54B | 16.04B | 13.61B | 12.02B | 13.31B | 13.65B | 9.89B | 6.38B | 7.59B | 7.49B |
| COGS % of Revenue | - | 78.77% | 82.15% | 81.89% | 79.52% | 83.76% | 92.28% | 86.09% | 83.88% | 87.22% | 86.44% | 82.25% | 81.17% | 81.29% | 77.18% | 81.38% | 82.75% | 75.32% | 73.55% | 69.19% | 69.67% | 72.8% | 71.4% | 70.83% | 70.54% | 77.16% | 75.64% | 76.99% | 70.87% | 71.15% | 72.11% |
| Gross Profit | 8.21B | 9.99B | 9.2B | 9.22B | 12.19B | 6.09B | 1.72B | 4.73B | 5.63B | 3.72B | 3.17B | 4.47B | 6.53B | 5.86B | 6.78B | 5.43B | 4.08B | 5.25B | 8.35B | 7.84B | 7.52B | 7.68B | 6.49B | 5.6B | 5.02B | 3.94B | 4.4B | 2.96B | 2.62B | 3.08B | 2.9B |
| Gross Margin % | 16.05% | 21.23% | 17.85% | 18.11% | 20.48% | 16.24% | 7.72% | 13.91% | 16.12% | 12.78% | 13.56% | 17.75% | 18.83% | 18.71% | 22.82% | 18.62% | 17.25% | 24.68% | 26.45% | 30.81% | 30.33% | 27.2% | 28.88% | 29.17% | 29.46% | 22.84% | 24.36% | 23.01% | 29.13% | 28.85% | 27.89% |
| Gross Profit Growth % | - | 8.69% | -0.22% | -24.38% | 100.11% | 254.07% | -63.62% | -16.1% | 51.44% | 17.23% | -28.99% | -31.53% | 11.48% | -13.65% | 24.92% | 33.19% | -22.42% | -37.11% | 6.58% | 4.26% | -2.06% | 18.32% | 15.79% | 11.59% | 27.48% | -10.47% | 48.74% | 12.78% | -14.82% | 6.29% | 2.04% |
| Operating Expenses | 3.74B | 5.74B | 1.07B | 1.03B | 978M | 947M | 980M | 1.22B | 1.14B | 1.16B | 1.47B | 1.39B | 1.32B | 1.4B | 1.83B | 5.43B | 1.11B | 5.25B | 3.08B | 3.42B | 3.39B | 3.75B | 3.45B | 3.33B | 3.21B | 1.9B | 2.14B | 2.96B | 1.84B | 3.08B | 1.85B |
| OpEx % of Revenue | - | 12.19% | 2.08% | 2.02% | 1.64% | 2.52% | 4.4% | 3.6% | 3.27% | 3.97% | 6.28% | 5.5% | 3.8% | 4.49% | 6.16% | 18.62% | 4.72% | 24.68% | 9.75% | 13.45% | 13.67% | 13.29% | 15.37% | 17.33% | 18.83% | 10.99% | 11.87% | 23.01% | 20.41% | 28.85% | 17.8% |
| Selling, General & Admin | 1.81B | 1.39B | 951M | 944M | 904M | 858M | 875M | 1.09B | 1.03B | 1.04B | 1.32B | 1.19B | 1.14B | 1.21B | 936.14M | 1.17B | 1.07B | 1.11B | 1.04B | 1.33B | 1.28B | 1.58B | 1.28B | 1.33B | 1.25B | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 2.94% | 1.85% | 1.85% | 1.52% | 2.29% | 3.93% | 3.21% | 2.96% | 3.59% | 5.63% | 4.72% | 3.29% | 3.85% | 3.15% | 4.01% | 4.53% | 5.19% | 3.29% | 5.25% | 5.18% | 5.59% | 5.71% | 6.9% | 7.35% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 118M | 84M | 74M | 89M | 105M | 133M | 110M | 111M | 152M | 195M | 175M | 199M | 147.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.23% | 0.17% | 0.12% | 0.24% | 0.47% | 0.39% | 0.31% | 0.38% | 0.65% | 0.77% | 0.5% | 0.64% | 0.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 4.35B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 747.52M | 4.26B | 45M | 4.15B | 2.04B | 2.09B | 2.11B | 2.17B | 2.17B | 2B | 1.96B | 1.9B | 2.14B | 2.96B | 1.84B | 3.08B | 1.85B |
| Operating Income | 4.47B | 4.25B | 8.13B | 8.19B | 11.21B | 5.14B | 740M | 3.5B | 4.49B | 2.56B | 1.7B | 3.08B | 5.21B | 4.45B | 4.86B | 4.17B | 2.96B | 2.1B | 5.27B | 4.42B | 4.13B | 3.92B | 3.03B | 2.27B | 1.81B | 2.04B | 2.26B | 1.04B | 784.98M | 1.24B | 1.04B |
| Operating Margin % | 8.74% | 9.04% | 15.78% | 16.09% | 18.83% | 13.71% | 3.32% | 10.31% | 12.84% | 8.81% | 7.28% | 12.25% | 15.03% | 14.22% | 16.35% | 14.3% | 12.53% | 9.86% | 16.7% | 17.36% | 16.66% | 13.91% | 13.51% | 11.84% | 10.63% | 11.84% | 12.49% | 8.06% | 8.72% | 11.59% | 10.04% |
| Operating Income Growth % | - | -47.64% | -0.74% | -26.95% | 117.95% | 595% | -78.89% | -21.95% | 75.09% | 50.53% | -44.77% | -40.8% | 17.05% | -8.34% | 16.5% | 40.8% | 41.07% | -60.2% | 19.42% | 6.97% | 5.19% | 29.34% | 33.39% | 25.58% | -11.3% | -9.45% | 117.74% | 31.96% | -36.49% | 18.61% | 7.2% |
| EBITDA | 7.4B | 6.83B | 10.11B | 10.1B | 13.11B | 7.12B | 2.48B | 5.1B | 6B | 4.74B | 3.33B | 4.54B | 6.31B | 5.32B | 5.62B | 4.93B | 3.71B | 2.88B | 6B | 5.2B | 4.96B | 4.82B | 3.94B | 3.02B | 2.51B | 2.76B | 2.98B | 1.7B | 1.43B | 1.92B | 1.75B |
| EBITDA Margin % | 14.47% | 14.52% | 19.63% | 19.83% | 22.02% | 18.98% | 11.14% | 15.01% | 17.16% | 16.26% | 14.24% | 18% | 18.19% | 16.99% | 18.91% | 16.92% | 15.69% | 13.53% | 19.01% | 20.42% | 20.01% | 17.09% | 17.56% | 15.75% | 14.76% | 16% | 16.51% | 13.25% | 15.91% | 18.01% | 16.88% |
| EBITDA Growth % | -28.01% | -32.4% | 0.15% | -22.97% | 84.07% | 186.87% | -51.36% | -14.95% | 26.66% | 42.17% | -26.53% | -28.1% | 18.62% | -5.36% | 13.89% | 33.04% | 28.75% | -52.02% | 15.53% | 4.78% | 2.88% | 22.25% | 30.36% | 20.26% | -8.83% | -7.42% | 75% | 18.91% | -25.46% | 9.59% | 1.51% |
| D&A (Non-Cash Add-back) | 2.93B | 2.58B | 1.98B | 1.91B | 1.9B | 1.98B | 1.74B | 1.6B | 1.51B | 2.17B | 1.63B | 1.45B | 1.1B | 865M | 761M | 764M | 747M | 781M | 728.51M | 779.62M | 830.62M | 895.45M | 908.33M | 749.71M | 703.49M | 716.33M | 724.36M | 666.96M | 647.06M | 685.06M | 710.98M |
| EBIT | 4.07B | 4.26B | 6.26B | 6.37B | 9.39B | 3.25B | -897M | 2.04B | 3.09B | 361M | 204M | 1.83B | 4.29B | 3.79B | 4.86B | 4.41B | 2.96B | 2.21B | 5.28B | 4.42B | 4.13B | 3.92B | 3.03B | 2.27B | 1.83B | 2.04B | 2.48B | 1.04B | 784.98M | 1.24B | 1.04B |
| Net Interest Income | 94.37M | 0 | -41M | -69M | -60M | -54M | -64M | -93M | -108M | -78M | -65M | -39M | -4M | -11M | 1M | -3M | -7M | -5M | 0 | -35.75M | -27.96M | -8.14M | -7.2M | -42.51M | -31.48M | -146.45M | -158.97M | 0 | -180.96M | 0 | -235.03M |
| Interest Income | 107.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.17M | 0 | 41M | 69M | 60M | 54M | 64M | 93M | 108M | 78M | 72M | 39M | 4M | 11M | 0 | 3M | 7M | 5M | 0 | 35.75M | 27.96M | 8.14M | 7.2M | 42.51M | 31.48M | 146.45M | 158.97M | 0 | 180.96M | 0 | 235.03M |
| Other Income/Expense | -386.45M | 7M | -1.89B | -1.82B | -1.73B | -1.86B | -3.15B | -1.46B | -1.42B | -1.98B | 740M | -1.16B | -190M | -715M | 136M | 237M | -7M | 101M | 1.59M | -37.74M | -29.12M | -6.98M | -7.2M | 114.65M | -9.44M | -151.23M | 65.99M | -196.76M | -37.93M | 290.92M | -109.09M |
| Pretax Income | 4.08B | 4.26B | 6.24B | 6.37B | 9.48B | 3.28B | -2.41B | 2.05B | 3.07B | 582M | 2.44B | 1.92B | 5.02B | 3.74B | 4.99B | 4.41B | 2.95B | 2.2B | 5.28B | 4.38B | 4.1B | 3.92B | 3.03B | 2.39B | 1.8B | 1.9B | 2.32B | 839.12M | 747.06M | 1.53B | 932.99M |
| Pretax Margin % | 7.98% | 9.05% | 12.11% | 12.51% | 15.94% | 8.75% | -10.81% | 6.02% | 8.79% | 2% | 10.44% | 7.63% | 14.48% | 11.94% | 16.8% | 15.11% | 12.5% | 10.33% | 16.71% | 17.21% | 16.54% | 13.89% | 13.48% | 12.44% | 10.57% | 11% | 12.86% | 6.53% | 8.3% | 14.31% | 8.99% |
| Income Tax | 949.95M | 994M | 1.45B | 1.48B | 2.14B | 804M | -551M | -154M | 759M | 92M | 279M | 801M | 1.24B | 909M | 1.23B | 1.03B | 744M | 621M | 1.4B | 1.19B | 1.06B | 1.32B | 975.52M | 689.17M | 577.59M | 652.66M | 901.32M | 328.41M | 193.03M | 679.91M | 147.05M |
| Effective Tax Rate % | 23.27% | 23.32% | 23.22% | 23.24% | 22.61% | 24.49% | 22.88% | -7.53% | 24.7% | 15.81% | 11.42% | 41.65% | 24.62% | 24.32% | 24.57% | 23.49% | 25.19% | 28.23% | 26.5% | 27.19% | 25.75% | 33.63% | 32.22% | 28.84% | 32.05% | 34.4% | 38.82% | 39.14% | 25.84% | 44.53% | 15.76% |
| Net Income | 3.13B | 3.27B | 4.79B | 4.89B | 7.34B | 2.48B | -1.86B | 2.2B | 2.31B | 490M | 2.17B | 1.12B | 3.79B | 2.83B | 3.77B | 3.37B | 2.21B | 1.58B | 3.88B | 3.19B | 3.04B | 2.6B | 2.05B | 1.7B | 1.22B | 1.24B | 1.42B | 510.71M | 554.02M | 847.03M | 785.94M |
| Net Margin % | 6.13% | 6.94% | 9.3% | 9.61% | 12.33% | 6.61% | -8.33% | 6.47% | 6.62% | 1.68% | 9.25% | 4.45% | 10.92% | 9.04% | 12.67% | 11.56% | 9.35% | 7.42% | 12.28% | 12.53% | 12.28% | 9.22% | 9.14% | 8.87% | 7.19% | 7.21% | 7.87% | 3.97% | 6.15% | 7.94% | 7.57% |
| Net Income Growth % | -35.82% | -31.77% | -2.02% | -33.39% | 196.09% | 233.49% | -184.41% | -4.93% | 372.24% | -77.37% | 92.96% | -70.36% | 33.84% | -24.91% | 11.72% | 52.53% | 39.96% | -59.28% | 21.65% | 4.73% | 17.06% | 26.73% | 20.4% | 39.19% | -1.51% | -12.46% | 178.09% | -7.82% | -34.59% | 7.77% | 52.89% |
| Net Income (Continuing) | 3.13B | 3.27B | 4.79B | 4.89B | 7.34B | 2.48B | -1.86B | 2.2B | 2.31B | 490M | 2.17B | 1.12B | 3.79B | 2.83B | 3.77B | 3.37B | 2.21B | 1.58B | 3.88B | 3.19B | 3.04B | 2.6B | 2.05B | 1.7B | 1.22B | 1.24B | 1.42B | 510.71M | 554.02M | 847.03M | 785.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.46 | 6.48 | 9.03 | 8.49 | 11.44 | 3.48 | -2.53 | 2.88 | 2.86 | 0.58 | 2.55 | 1.32 | 4.45 | 3.32 | 4.42 | 3.95 | 2.59 | 1.84 | 4.36 | 3.41 | 3.11 | 2.53 | 1.91 | 1.53 | 1.07 | 1.04 | 1.12 | -0.27 | 0.41 | 0.61 | 0.50 |
| EPS Growth % | -32.58% | -28.24% | 6.36% | -25.79% | 228.74% | 237.55% | -187.85% | 0.7% | 393.1% | -77.25% | 93.18% | -70.34% | 34.04% | -24.89% | 11.9% | 52.51% | 40.76% | -57.8% | 27.86% | 9.65% | 22.92% | 32.46% | 24.84% | 42.99% | 2.88% | -7.14% | 514.81% | -165.85% | -32.79% | 22% | 66.67% |
| EPS (Basic) | - | 6.49 | 9.05 | 8.51 | 11.47 | 3.48 | -2.53 | 2.88 | 2.87 | 0.58 | 2.55 | 1.32 | 4.47 | 3.34 | 4.44 | 3.98 | 2.61 | 1.86 | 4.39 | 3.43 | 3.12 | 2.54 | 1.92 | 1.53 | 1.07 | 1.04 | 1.12 | -0.27 | 0.41 | 0.61 | 0.50 |
| Diluted Shares Outstanding | 484.8M | 504M | 530.6M | 575.9M | 641.5M | 713.2M | 735.3M | 765M | 810.1M | 845.7M | 850.5M | 850.6M | 850.6M | 850.6M | 851.1M | 853.6M | 854.2M | 856.7M | 889.02M | 934.9M | 978.79M | 1.03B | 1.07B | 1.11B | 1.15B | 1.19B | 1.26B | 1.3B | 1.34B | 1.39B | 1.58B |
| Basic Shares Outstanding | 484.54M | 503.8M | 529.4M | 574.8M | 639.93M | 712.36M | 735.3M | 762.7M | 807.5M | 842.9M | 847.6M | 847.6M | 847.6M | 847.6M | 847.7M | 847.7M | 847.6M | 849.8M | 882.6M | 929.45M | 975.65M | 1.02B | 1.07B | 1.11B | 1.15B | 1.19B | 1.26B | 1.3B | 1.34B | 1.39B | 1.58B |
| Dividend Payout Ratio | - | 42.87% | 25.85% | 22.56% | 11.59% | 28.48% | - | 28.68% | 24.72% | 106.94% | 22.73% | 40.02% | 11.65% | 14.39% | 10.57% | 11.06% | 16.11% | 21.6% | 8.51% | 10.01% | 10.35% | 12.19% | 15.45% | 18.9% | 26.09% | 25.86% | 23.34% | 62.32% | 58.84% | 40.49% | 45.93% |
Commodity price volatility exposure
As reported in recent financial statements, Imperial Oil's revenue trajectory remains highly inconsistent, characterized by a 22.6% surge in 2025Q3 followed by an 11.2% contraction in 2025Q4, reflecting the company's acute sensitivity to WTI-WCS price differentials and broader energy market cyclicality across its integrated segments.
The revenue profile suggests that Imperial Oil lacks a consistent organic growth engine, instead functioning as a price-taker heavily influenced by external commodity benchmarks. Investors should monitor whether the company can stabilize throughput volumes at its Kearl facility to mitigate the impact of these recurring top-line swings.
Based on the provided income statement data, Imperial Oil's operating margins have experienced significant compression, falling from 17.1% in 2023Q4 to a low of 5.5% in 2025Q4, indicating that the company's high fixed-cost base is struggling to absorb recent fluctuations in production and refining costs.
The margin degradation appears to stem from the capital-intensive nature of oil sands extraction, where steam-to-oil ratios and energy input costs exert constant pressure on profitability. This trend suggests that the company's integrated model may not be providing the expected insulation from commodity price volatility during periods of market stress.
According to the latest quarterly filings, the company's operating income has failed to scale proportionally with gross profit, as evidenced by the 2025Q3 period where a $1.8B gross profit yielded only $912.2M in operating income, highlighting a lack of efficiency in managing overhead during volatile periods.
The divergence between gross and operating income suggests that SG&A expenses are not sufficiently flexible to offset the volatility in production costs. This lack of operating leverage warrants further investigation into whether the company's administrative and operational overhead is becoming bloated relative to its current production capacity.
Analysis of the income statement reveals that EPS has declined from $2.47 in 2023Q4 to $1.94 in 2026Q1, a trend that suggests the company's current earnings power may be overstated by the market, particularly given the persistent pressure on net margins which have struggled to exceed 10%.
Short-term earnings volatility appears to be masking a potential long-term erosion in profitability, as the company faces rising carbon compliance costs and the inherent decline of mature assets. Investors should be wary of assuming that historical earnings levels are a reliable baseline for future performance in a tightening regulatory environment.
Quick answers to the most common questions about buying IMO stock.
For fiscal year 2025, Imperial Oil Limited (IMO) reported total revenue of $47.08B. This represents a 353.4% increase compared to $10.38B in 1996.
Imperial Oil Limited (IMO) is profitable, generating $3.27B in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Imperial Oil Limited (IMO) reported an operating income of $4.25B, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Imperial Oil Limited (IMO) generated $9.99B in gross profit for the year, representing a gross profit margin of 21.2%. This demonstrates the company's core pricing power and production efficiency.