Revenue growth remains highly sensitive to commodity cycles, with gross margins contracting sharply to 26.4% in 2025Q4 as the firm struggles to maintain consistent operating leverage.
| 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 |
|---|
| Sales/Revenue | 8.94B | 8.74B | 9.15B | 10.88B | 12.46B | 8.66B | 6.09B | 6.73B | 5.94B | 4.44B | 2.92B | 4.42B | 8.02B | 5.86B | 5.16B | 8.47B | 8.87B | 11.11B | 21.05B | 21.7B | 16.4B | 14.57B | 10.49B | 8.52B | 6.28B | 3.24B |
| Revenue Growth % | -2.56% | -4.55% | -15.91% | -12.68% | 43.96% | 42.24% | -9.5% | 13.25% | 33.67% | 52.26% | -34.01% | -44.86% | 36.89% | 13.53% | -39.06% | -4.54% | -20.19% | -47.21% | -2.98% | 32.33% | 12.53% | 38.91% | 23.12% | 35.77% | 93.48% | - |
| Cost of Goods Sold | 4.74B | 6.24B | 4.17B | 4.98B | 5.58B | 4.43B | 3.37B | 3.31B | 2.52B | 1.73B | 1.54B | 1.96B | 3.15B | 2.18B | 2.41B | 3.12B | 2.96B | 4.54B | 6.59B | 12.42B | 5.59B | 6.44B | 4.91B | 3.7B | 3.01B | 1.19B |
| COGS % of Revenue | - | 71.43% | 45.55% | 45.78% | 44.79% | 51.21% | 55.41% | 49.24% | 42.41% | 39.01% | 52.91% | 44.21% | 39.23% | 37.2% | 46.71% | 36.79% | 33.42% | 40.83% | 31.31% | 57.22% | 34.06% | 44.2% | 46.83% | 43.43% | 48.01% | 36.59% |
| Gross Profit | 4.21B | 2.5B | 4.98B | 5.9B | 6.88B | 4.22B | 2.71B | 3.41B | 3.42B | 2.71B | 1.37B | 2.47B | 4.87B | 3.68B | 2.75B | 5.35B | 5.91B | 6.58B | 14.46B | 9.28B | 10.81B | 8.13B | 5.58B | 4.82B | 3.26B | 2.06B |
| Gross Margin % | 47.04% | 28.57% | 54.45% | 54.22% | 55.21% | 48.79% | 44.59% | 50.76% | 57.59% | 60.99% | 47.09% | 55.79% | 60.77% | 62.8% | 53.29% | 63.21% | 66.58% | 59.17% | 68.69% | 42.78% | 65.94% | 55.79% | 53.17% | 56.57% | 51.99% | 63.41% |
| Gross Profit Growth % | - | -49.91% | -15.56% | -14.24% | 62.9% | 55.64% | -20.5% | -0.18% | 26.2% | 97.23% | -44.3% | -49.37% | 32.45% | 33.78% | -48.62% | -9.38% | -10.19% | -54.53% | 55.77% | -14.14% | 32.98% | 45.77% | 15.73% | 47.72% | 58.64% | - |
| Operating Expenses | 3.77B | 605M | 3.4B | 3.04B | 3.03B | 2.71B | 8.11B | 2.82B | 1.73B | 1.64B | 3.25B | 8.77B | 2.54B | 3.68B | -1.67B | 5.04B | 3.51B | 4.18B | 14.46B | 4.26B | 3.78B | 3.54B | 2.93B | 2.63B | 1.87B | 751.94M |
| OpEx % of Revenue | - | 6.93% | 37.19% | 27.91% | 24.29% | 31.24% | 133.25% | 41.87% | 29.06% | 36.96% | 111.55% | 198.28% | 31.7% | 62.8% | -32.27% | 59.5% | 39.61% | 37.62% | 68.69% | 19.65% | 23.06% | 24.31% | 27.89% | 30.91% | 29.84% | 23.18% |
| Selling, General & Admin | 328M | 319M | 323M | 300M | 422M | 442M | 395M | 489M | 157M | 254M | 275M | 211M | 291M | 439M | 392M | 350M | 362M | 477M | 447M | 384M | 271M | 283M | 214M | 667M | 483M | 164.99M |
| SG&A % of Revenue | - | 3.65% | 3.53% | 2.76% | 3.39% | 5.11% | 6.49% | 7.27% | 2.64% | 5.72% | 9.42% | 4.77% | 3.63% | 7.49% | 7.6% | 4.13% | 4.08% | 4.29% | 2.12% | 1.77% | 1.65% | 1.94% | 2.04% | 7.83% | 7.7% | 5.09% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 286M | 3.08B | 2.74B | 2.61B | 2.26B | 7.72B | 2.33B | 1.57B | 1.39B | 2.98B | 8.56B | 2.25B | 3.24B | -2.06B | 4.69B | 3.15B | 3.7B | 14.02B | 3.88B | 3.51B | 3.26B | 2.71B | 1.97B | 1.39B | 586.95M |
| Operating Income | 441M | 1.89B | 1.58B | 2.86B | 3.85B | 1.52B | -5.4B | 598M | 1.69B | 1.07B | -1.88B | 172M | 2.33B | 891M | 4.42B | 2.94B | 2.39B | 2.42B | 8.58B | 5.02B | 7.03B | 4.63B | 2.77B | 2.32B | 1.44B | 1.29B |
| Operating Margin % | 4.93% | 21.65% | 17.25% | 26.32% | 30.91% | 17.54% | -88.66% | 8.89% | 28.52% | 24.04% | -64.46% | 3.89% | 29.07% | 15.21% | 85.56% | 34.76% | 26.98% | 21.73% | 40.74% | 23.13% | 42.87% | 31.74% | 26.45% | 27.19% | 22.87% | 39.77% |
| Operating Income Growth % | - | 19.76% | -44.87% | -25.67% | 153.65% | 128.15% | -1002.51% | -64.7% | 58.61% | 156.78% | -1193.6% | -92.62% | 161.62% | -79.82% | 50.02% | 22.98% | -0.91% | -71.84% | 70.86% | -28.59% | 51.97% | 66.7% | 19.77% | 61.4% | 11.29% | - |
| EBITDA | 2.65B | 4.1B | 3.87B | 4.69B | 4.97B | 2.71B | -3.56B | 2.61B | 2.97B | 1.9B | -1.02B | 1.66B | 4.08B | 2.46B | 6.37B | 5.22B | 4.4B | 6.12B | 12.61B | 8.84B | 10.14B | 7.39B | 5.15B | 4.28B | 2.74B | 1.8B |
| EBITDA Margin % | 29.64% | 46.91% | 42.27% | 43.09% | 39.84% | 31.29% | -58.53% | 38.85% | 49.94% | 42.79% | -35.02% | 37.54% | 50.83% | 41.93% | 123.47% | 61.71% | 49.62% | 55.06% | 59.91% | 40.72% | 61.85% | 50.74% | 49.13% | 50.28% | 43.65% | 55.49% |
| EBITDA Growth % | -18.84% | 5.92% | -17.49% | -5.58% | 83.31% | 176.03% | -236.36% | -11.9% | 56.02% | 286.01% | -161.57% | -59.27% | 65.96% | -61.45% | 21.93% | 18.72% | -28.08% | -51.48% | 42.73% | -12.88% | 37.15% | 43.48% | 20.31% | 56.38% | 52.21% | - |
| D&A (Non-Cash Add-back) | 2.21B | 2.21B | 2.29B | 1.82B | 1.11B | 1.19B | 1.83B | 2.02B | 1.27B | 833M | 859M | 1.49B | 1.75B | 1.56B | 1.96B | 2.28B | 2.01B | 3.7B | 4.04B | 3.82B | 3.11B | 2.77B | 2.38B | 1.97B | 1.3B | 509.96M |
| EBIT | 517M | 1.15B | 1.76B | 2.87B | 3.87B | 1.58B | -5.36B | 697M | 1.51B | 1.79B | -1.22B | -7.56B | 5.16B | 551M | -4.31B | 510M | 3.82B | 2.51B | 9.82B | 5.53B | 7.08B | 4.63B | 2.67B | 2.19B | 1.36B | 1.3B |
| Net Interest Income | -381M | -376M | -412M | -355M | -311M | -340M | -371M | -382M | -351M | -363M | -397M | -449M | -529M | -563M | -522M | -468M | -501M | -405M | -402M | -428M | -396M | -524M | -397M | -287M | -265.92M | -61.99M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 0 | 216M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 381M | 376M | 412M | 355M | 311M | 340M | 371M | 382M | 351M | 363M | 397M | 449M | 654M | 563M | 522M | 468M | 514M | 405M | 802M | 428M | 396M | 524M | 397M | 287M | 265.92M | 61.99M |
| Other Income/Expense | -305M | -1.12B | -228M | -354M | -293M | -280M | -333M | -283M | -531M | 362M | 261M | -1.71B | 2.3B | -903M | -5.11B | -292M | 926M | -456M | -479M | -199M | -137M | -500M | -50M | 303M | -289M | -39M |
| Pretax Income | 136M | 770M | 1.35B | 2.51B | 3.56B | 1.24B | -5.73B | 315M | 1.16B | 1.43B | -1.62B | -8.01B | 4.63B | -12M | -4.83B | 22M | 2.06B | 1.94B | 8.58B | 4.82B | 6.94B | 4.09B | 2.87B | 2.61B | 1.17B | 1.23B |
| Pretax Margin % | 1.52% | 8.81% | 14.76% | 23.06% | 28.56% | 14.31% | -94.14% | 4.68% | 19.58% | 32.19% | -55.52% | -181.14% | 57.73% | -0.2% | -93.62% | 0.26% | 23.22% | 17.45% | 40.74% | 22.22% | 42.34% | 28.06% | 27.35% | 30.65% | 18.65% | 37.89% |
| Income Tax | -635M | -472M | 226M | 425M | -77M | -177M | 367M | 81M | 94M | 603M | -676M | -2.85B | 1.2B | -248M | -2.04B | 17M | 561M | 109M | 2.63B | 937M | 1.89B | 1.26B | 658M | 445M | 392.88M | 409.97M |
| Effective Tax Rate % | -466.91% | -61.3% | 16.73% | 16.93% | -2.16% | -14.29% | -6.4% | 25.71% | 8.08% | 42.17% | 41.73% | 35.52% | 25.99% | 2066.67% | 42.17% | 77.27% | 27.23% | 5.62% | 30.7% | 19.44% | 27.25% | 30.81% | 22.93% | 17.04% | 33.56% | 33.36% |
| Net Income | 771M | 1.24B | 1.13B | 2.08B | 3.64B | 1.42B | -6.1B | 234M | 1.07B | 827M | -944M | -5.17B | 3.39B | 236M | -2.79B | 5M | 1.5B | 1.86B | 5.94B | 3.96B | 5.65B | 3.43B | 3.51B | 2.36B | 776.75M | 818.93M |
| Net Margin % | 8.62% | 14.22% | 12.29% | 19.16% | 29.18% | 16.35% | -100.16% | 3.48% | 18% | 18.61% | -32.35% | -116.8% | 42.3% | 4.03% | -54.15% | 0.06% | 16.9% | 16.75% | 28.23% | 18.24% | 34.47% | 23.51% | 33.49% | 27.7% | 12.38% | 25.25% |
| Net Income Growth % | 22.77% | 10.4% | -46.04% | -42.67% | 156.85% | 123.22% | -2705.56% | -78.11% | 29.26% | 187.61% | 81.72% | -252.27% | 1337.29% | 108.45% | -55980% | -99.67% | -19.5% | -68.67% | 50.14% | -29.95% | 64.97% | -2.48% | 48.86% | 203.83% | -5.15% | - |
| Net Income (Continuing) | 771M | 1.24B | 1.13B | 2.08B | 3.64B | 1.42B | -6.1B | 234M | 1.07B | 827M | -944M | -5.17B | 3.43B | 236M | -2.79B | 5M | 2.34B | 1.83B | 6.5B | 3.88B | 5.05B | 2.83B | 2.09B | 2.14B | 735M | 831.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32M | 0 | 75M | 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 |
| EPS (Diluted) | 2.87 | 4.78 | 4.21 | 7.90 | 14.08 | 5.32 | -23.47 | 0.90 | 5.57 | 4.25 | -5.35 | -31.41 | 22.90 | 1.60 | -18.97 | 0.05 | 15.85 | 12.40 | 39.55 | 25.90 | 33.80 | 19.25 | 18.75 | 12.30 | 4.80 | 7.69 |
| EPS Growth % | 29.36% | 13.54% | -46.71% | -43.89% | 164.66% | 122.67% | -2707.78% | -83.84% | 31.06% | 179.44% | 82.97% | -237.16% | 1331.25% | 108.43% | -38040% | -99.68% | 27.82% | -68.65% | 52.7% | -23.37% | 75.58% | 2.67% | 52.44% | 156.25% | -37.58% | - |
| EPS (Basic) | - | 4.83 | 4.25 | 8.02 | 14.34 | 5.44 | -23.47 | 0.90 | 5.57 | 4.25 | -5.35 | -31.41 | 22.90 | 1.60 | -18.97 | 0.05 | 15.85 | 12.40 | 39.60 | 26.15 | 34.45 | 19.75 | 19.10 | 12.45 | 4.85 | 7.88 |
| Diluted Shares Outstanding | 268.2M | 259.7M | 267.4M | 263.9M | 258.4M | 266.4M | 259.8M | 261.2M | 192M | 194.6M | 176.52M | 164.42M | 148.2M | 147.54M | 147.26M | 147.44M | 147.96M | 150.16M | 150.36M | 152.92M | 167.3M | 177.92M | 187.36M | 190.98M | 168.75M | 110.97M |
| Basic Shares Outstanding | 268.2M | 257.2M | 264.6M | 259.9M | 253.6M | 260.4M | 259.8M | 261.2M | 191.96M | 194.6M | 176.45M | 164.42M | 148.2M | 147.54M | 147.26M | 147.26M | 147.94M | 150.16M | 150.02M | 151.36M | 167.3M | 173.42M | 183.93M | 188.67M | 167.01M | 108.32M |
| Dividend Payout Ratio | - | 24.8% | 28.09% | 14.72% | 6.57% | 8.62% | - | 43.59% | 5.24% | 6.89% | - | - | 5.96% | 169.92% | - | 11760% | 39.36% | 56.44% | 20.17% | 15.23% | 5.38% | 6.95% | 5.21% | 5.89% | 13.9% | 98.9% |
Commodity price volatility exposure
As reported in recent financial filings, Ovintiv's revenue growth has exhibited significant volatility, with a 6.5% increase in 2026Q1 following a period of contraction, underscoring the company's sensitivity to global commodity price fluctuations rather than consistent, volume-driven expansion across its diverse North American asset base.
The recent revenue uptick appears largely tied to commodity price recovery rather than structural production growth. Investors should monitor whether the company can sustain this momentum given the inherent transactional nature of its upstream operations and the potential for regional basis differentials to erode top-line gains.
Based on the provided income statement data, Ovintiv's gross margin experienced a sharp contraction to 26.4% in 2025Q4, reflecting the inherent difficulty in maintaining profitability when commodity realizations soften against a relatively sticky, capital-intensive cost structure typical of large-scale unconventional oil and gas production.
The fluctuation in gross margins suggests that the company's profitability is highly susceptible to the mix of oil, NGLs, and natural gas production. The reliance on high-cost unconventional drilling programs implies that any sustained weakness in commodity pricing may continue to pressure margins, necessitating further operational efficiency gains.
According to the company's quarterly income statements, operating income has swung from a $556 million profit in 2024Q2 to a $754 million loss in 2026Q1, indicating that the firm's high fixed-cost base prevents consistent operating leverage during periods of commodity price volatility.
The inability to scale operating income in lockstep with gross profit suggests that SG&A and other fixed costs remain a significant burden during downturns. This lack of operating leverage warrants further investigation into the company's ability to manage its gathering, processing, and transportation commitments during cyclical troughs.
While management emphasizes the technical success of its Cube Development techniques, the recent net loss of $630 million in 2026Q1 suggests that the market may be overestimating the durability of Ovintiv's free cash flow, particularly if the company's Permian inventory quality is lower than currently assumed.
Short-term volatility in net income may indicate that the company's aggressive M&A strategy has introduced execution risks that are not fully captured in headline production metrics. Investors should remain cautious regarding the potential for future asset impairments if commodity prices fail to support the carrying value of recent acquisitions.
Quick answers to the most common questions about buying OVV stock.
For fiscal year 2025, Ovintiv Inc. (OVV) reported total revenue of $8.74B. This represents a 169.3% increase compared to $3.24B in 2001.
Ovintiv Inc. (OVV) is profitable, generating $1.24B in net income for the fiscal year ending 2025 with a net profit margin of 14.2%.
Ovintiv Inc. (OVV) reported an operating income of $1.89B, resulting in an operating profit margin of 21.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ovintiv Inc. (OVV) generated $2.50B in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.