Revenue has moved in a roughly $2.0B to $3.0B band across the ten quarters, with the latest quarter at $2.6B up 28.8% year over year, while net margin swung from 45.7% in 2025Q4 to -24.9% in 2026Q1, suggesting bottom-line results are an unreliable guide to underlying performance.
Ovintiv Inc. (OVV) annual income statement — 25-year revenue, gross profit & net income history
| 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 | 10.22B | 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 % | 14.78% | -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 | 4.75B | 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 | 5.47B | 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 % | 53.57% | 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 | 2.4B | 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 | 350M | 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 | 3.08B | 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 % | 30.12% | 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 | 5.24B | 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 % | 51.29% | 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 % | 81.48% | 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) | 2.16B | 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 | 1.26B | 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 | -372M | -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 | 372M | 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 | -2.19B | -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 | 888M | 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 % | 8.69% | 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 | -433M | -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 % | -48.76% | -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 | 1.32B | 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 % | 12.93% | 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 % | 459.75% | 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) | 1.32B | 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) | 4.80 | 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 % | 438.46% | 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 | 275.4M | 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 | 273.2M | 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% |
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.
Key Metrics
Top Statement Risk
Commodity price and gas exposure
Metrics are mathematically derived from official filings.
Revenue Swinging Around a Flat Base
Based on the reported quarterly figures, OVV's revenue moved between roughly $2.0B and $3.0B across the ten quarters, with the latest quarter at $2.6B showing 28.8% year-over-year growth, though this follows a volatile and largely commodity-driven path.
The trailing top line appears to be tracking commodity price cycles rather than a durable volume-led expansion, as the sequential swings are large relative to any consistent trend. The strong recent quarter partly reflects a recovery from a weak comparison base, so it should not be extrapolated without confirming whether pricing or volumes drove it. Investors should monitor whether growth persists once the comparison base normalizes.
Gross Margin Lifted by Mix Shift
According to the reported income statement, gross margin rose from 26.4% in 2025Q4 to 58.7% in 2026Q3, a move that appears more consistent with changing revenue presentation and product mix than with a single operational improvement.
The gross margin series is unusually discontinuous, which may indicate changes in how costs such as gathering and transportation are classified or shifts in the mix between liquids and natural gas. Because reported margins are sensitive to these factors, the headline level should be treated cautiously until the cost classification is reconciled. Structural pricing power cannot be established from this series alone.
Net Income Driven by Non-Operating Items
Net income diverged sharply from operating income in several quarters, including a $630.0M loss in 2026Q1 against $751.0M of operating income, suggesting that non-operating items such as derivative mark-to-market effects may be dominating reported earnings.
The gap between operating and net income indicates that reported EPS may be heavily influenced by non-cash hedging gains and losses rather than core upstream profitability. The $946.0M net income in 2025Q4 against $411.0M operating income illustrates how volatile the bottom line can be. Earnings quality therefore warrants caution, and the reported EPS miss of $1.62 versus $1.87 consensus should be read alongside the operating trend rather than in isolation.
Operating Margin Compressed Then Recovered
Operating margin fell to -3.7% in 2025Q1 before recovering to 33.7% in 2026Q3, and SG&A stayed roughly flat near $58M to $94M, indicating that overhead did not drive the swings in operating leverage.
The operating income line is clearly driven by revenue and gross profit movements rather than overhead, given the stable SG&A base relative to the scale of the swings. This suggests the company carries a largely fixed upstream cost structure that amplifies both downturns and recoveries. Operating leverage is therefore high and commodity-dependent.
Bottom-Line Volatility Undermines Earnings Narrative
The reported series shows net margin swinging from 45.7% in 2025Q4 to -24.9% in 2026Q1, which may indicate that headline earnings are an unreliable guide to underlying performance and warrant further investigation.
Short-side analysis would focus on the reliance on derivative-driven and non-cash items to produce reported profits, which may flatter some quarters and depress others. A recent EPS miss against consensus, combined with a 4.5% TTM revenue decline noted in the context data, could suggest that margin durability is weaker than the strongest quarters imply. Investors should monitor whether operating income, rather than net income, shows a consistent upward path.