Revenue recovered to $18.4B and operating margin reached 25.8%, yet gross margin fell from roughly 61% to 44.6%, suggesting the top-line rebound is coming with thinner underlying profitability.
Suncor Energy Inc. (SU) annual income statement — 30-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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 64.86B | 48.91B | 50.69B | 49.09B | 58.34B | 39.13B | 24.66B | 38.34B | 38.54B | 31.95B | 26.81B | 29.21B | 39.86B | 39.59B | 38.11B | 38.34B | 32.6B | 26B | 29.5B | 18.54B | 16.53B | 11.13B | 8.71B | 6.61B | 5.03B | 4.2B | 3.38B | 2.38B | 2.07B | 2.15B | 2.1B |
| Revenue Growth % | 31.3% | -3.51% | 3.25% | -15.85% | 49.07% | 58.67% | -35.68% | -0.51% | 20.62% | 19.2% | -8.22% | -26.73% | 0.68% | 3.9% | -0.61% | 17.59% | 25.41% | -11.87% | 59.15% | 12.11% | 48.58% | 27.82% | 31.68% | 31.39% | 19.82% | 24.06% | 42.05% | 15.22% | -3.72% | 2.29% | 10.64% |
| Cost of Goods Sold | 32.37B | 20.01B | 20.96B | 19.99B | 22.45B | 15.27B | 10.69B | 14.01B | 15.44B | 12.16B | 10.89B | 12.63B | 18.57B | 18.2B | 17.75B | 22.56B | 15.53B | 16.32B | 20.04B | 10.16B | 8.17B | 5.66B | 3.45B | 1.69B | 1.18B | 1.6B | 1.06B | 658.28M | 1.09B | 558.97M | 716.05M |
| COGS % of Revenue | - | 40.92% | 41.34% | 40.72% | 38.48% | 39.02% | 43.34% | 36.54% | 40.06% | 38.05% | 40.61% | 43.25% | 46.6% | 45.98% | 46.57% | 58.84% | 47.64% | 62.75% | 67.94% | 54.8% | 49.43% | 50.87% | 39.67% | 25.51% | 23.49% | 37.98% | 31.28% | 27.63% | 52.62% | 26.02% | 34.1% |
| Gross Profit | 32.49B | 28.89B | 29.73B | 29.1B | 35.89B | 23.86B | 13.97B | 24.33B | 23.1B | 19.8B | 15.92B | 16.58B | 21.29B | 21.39B | 20.36B | 15.78B | 17.07B | 9.68B | 9.46B | 8.38B | 8.36B | 5.47B | 5.25B | 4.92B | 3.85B | 2.6B | 2.33B | 1.72B | 979.88M | 1.59B | 1.38B |
| Gross Margin % | 50.09% | 59.08% | 58.66% | 59.28% | 61.52% | 60.98% | 56.66% | 63.46% | 59.94% | 61.95% | 59.39% | 56.75% | 53.4% | 54.02% | 53.43% | 41.16% | 52.36% | 37.25% | 32.06% | 45.2% | 50.57% | 49.13% | 60.33% | 74.49% | 76.51% | 62.02% | 68.72% | 72.37% | 47.38% | 73.98% | 65.9% |
| Gross Profit Growth % | - | -2.82% | 2.16% | -18.91% | 50.41% | 70.76% | -42.57% | 5.32% | 16.7% | 24.35% | -3.96% | -22.13% | -0.47% | 5.04% | 29.04% | -7.56% | 76.29% | 2.38% | 12.89% | 0.2% | 52.94% | 4.09% | 6.65% | 27.93% | 47.82% | 11.96% | 34.88% | 76% | -38.33% | 14.82% | 22.03% |
| Operating Expenses | 15.79B | 13.4B | 13.18B | 13.19B | 12.9B | 11.3B | 10.03B | 11.56B | 10.75B | 9.35B | 9.47B | 9.14B | 9.96B | 14.79B | 15.42B | 15.78B | 17.07B | 9.68B | 9.46B | 8.38B | 8.36B | 5.47B | 5.25B | 4.92B | 3.85B | 2.6B | 2.33B | 1.72B | 979.88M | 1.59B | 1.38B |
| OpEx % of Revenue | - | 27.41% | 25.99% | 26.87% | 22.12% | 28.89% | 40.69% | 30.15% | 27.89% | 29.26% | 35.32% | 31.28% | 24.99% | 37.36% | 40.45% | 41.16% | 52.36% | 37.25% | 32.06% | 45.2% | 50.57% | 49.13% | 60.33% | 74.49% | 76.51% | 62.02% | 68.72% | 72.37% | 47.38% | 73.98% | 65.9% |
| Selling, General & Admin | 8.16B | 13.4B | 13.18B | 13.19B | 12.9B | 11.3B | 10.03B | 11.56B | 10.75B | 9.35B | 9.47B | 9.14B | 9.96B | 9.85B | 9.35B | 2.72B | 7.98B | 6.43B | 4.19B | 3.34B | 3.07B | 2.44B | 2.56B | 1.96B | 1.55B | 1.17B | 917.82M | 774.02M | 682.04M | 704.93M | 424.01M |
| SG&A % of Revenue | - | 27.41% | 25.99% | 26.87% | 22.12% | 28.89% | 40.69% | 30.15% | 27.89% | 29.26% | 35.32% | 31.28% | 24.99% | 24.88% | 24.52% | 7.1% | 24.49% | 24.73% | 14.19% | 18.02% | 18.54% | 21.9% | 29.43% | 29.64% | 30.75% | 27.98% | 27.12% | 32.48% | 32.98% | 32.82% | 20.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 163M | 77M | 51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.43% | 0.24% | 0.2% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.06B | 9.09B | 3.25B | 5.27B | 5.04B | 5.29B | 3.03B | 2.69B | 2.97B | 2.3B | 1.43B | 1.41B | 950.52M | 297.83M | 884.06M | 959.85M |
| Operating Income | 16.7B | 15.49B | 16.56B | 15.91B | 22.99B | 12.56B | 3.94B | 12.77B | 12.35B | 10.45B | 6.45B | 7.44B | 11.32B | 7.5B | 7.07B | 7.29B | 5.07B | 1.05B | 4.07B | 3.38B | 3.87B | 1.85B | 1.64B | 1.88B | 1.33B | 702.01M | 682.36M | 298.03M | 390.09M | 338.1M | 444.84M |
| Operating Margin % | 25.74% | 31.67% | 32.66% | 32.41% | 39.4% | 32.09% | 15.98% | 33.31% | 32.05% | 32.69% | 24.06% | 25.47% | 28.41% | 18.94% | 18.56% | 19.02% | 15.53% | 4.03% | 13.79% | 18.25% | 23.39% | 16.6% | 18.8% | 28.39% | 26.49% | 16.72% | 20.16% | 12.51% | 18.86% | 15.74% | 21.18% |
| Operating Income Growth % | - | -6.44% | 4.07% | -30.79% | 83.04% | 218.73% | -69.16% | 3.42% | 18.23% | 61.94% | -13.28% | -34.31% | 51% | 6.07% | -3.04% | 43.99% | 383.3% | -74.24% | 20.28% | -12.52% | 109.37% | 12.85% | -12.8% | 40.8% | 89.89% | 2.88% | 128.96% | -23.6% | 15.38% | -24% | 29.31% |
| EBITDA | 22.1B | 22.98B | 23.66B | 22.27B | 28.27B | 18.54B | 11.99B | 19.92B | 18.36B | 16.3B | 12.84B | 15.01B | 17.22B | 12.12B | 11.2B | 11.24B | 8.87B | 2.91B | 5.12B | 4.25B | 4.56B | 2.57B | 2.36B | 2.5B | 1.93B | 1.06B | 1.05B | 616.32M | 654.8M | 572.12M | 648.9M |
| EBITDA Margin % | 34.07% | 46.99% | 46.67% | 45.35% | 48.45% | 47.37% | 48.63% | 51.95% | 47.63% | 51% | 47.89% | 51.38% | 43.21% | 30.62% | 29.4% | 29.33% | 27.2% | 11.19% | 17.35% | 22.91% | 27.6% | 23.07% | 27.07% | 37.8% | 38.32% | 25.28% | 30.93% | 25.87% | 31.66% | 26.64% | 30.9% |
| EBITDA Growth % | -2.1% | -2.86% | 6.26% | -21.23% | 52.48% | 54.57% | -39.8% | 8.53% | 12.65% | 26.94% | -14.46% | -12.87% | 42.08% | 8.19% | -0.36% | 26.8% | 204.95% | -43.18% | 20.51% | -6.91% | 77.75% | 8.92% | -5.7% | 29.62% | 81.58% | 1.43% | 69.85% | -5.88% | 14.45% | -11.83% | 21.53% |
| D&A (Non-Cash Add-back) | 5.4B | 7.49B | 7.1B | 6.36B | 5.28B | 5.98B | 8.05B | 7.15B | 6B | 5.85B | 6.39B | 7.57B | 5.9B | 4.62B | 4.13B | 3.95B | 3.8B | 1.86B | 1.05B | 0 | 695.48M | 719.85M | 719.94M | 622.18M | 594.9M | 359.76M | 364.43M | 318.29M | 264.71M | 234.02M | 204.06M |
| EBIT | 15.16B | 8.69B | 9.25B | 9.5B | 17.15B | 6.02B | -5.64B | 2.06B | 6.6B | 4.53B | 87M | 240M | 5.87B | 7.5B | 7.07B | 7.17B | 6.18B | 1.86B | 3.13B | 3.38B | 3.84B | 1.85B | 1.64B | 1.88B | 1.33B | 702.01M | 682.36M | 298.03M | 390.09M | 338.1M | 444.84M |
| Net Interest Income | -642.75M | -550.55M | -694M | -681.06M | -757M | -897M | -942M | -900M | -819M | -117M | -397M | -413M | -273M | -289M | -41M | -102M | -638M | -437M | -889M | 241M | -26M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 153.88M | 191.84M | 0 | 94.01M | 149M | 64M | 94M | 89M | 34M | 162M | 77M | 62M | 90M | 85M | 91M | 0 | 0 | 444M | 28M | 241M | 13M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 796.63M | 742.39M | 694M | 775.07M | 906M | 961M | 1.04B | 989M | 853M | 279M | 474M | 475M | 363M | 374M | 132M | 102M | 403M | 437M | 0 | 0 | 39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.05B | -7.54B | -8.37B | -5.32B | -10.67B | -6.99B | -10.04B | -10.24B | -7.37B | -4.53B | -6.37B | -9.47B | -6.74B | -1.12B | -2.09B | -224M | 711M | 371M | -937M | 166M | -70M | 5M | -34.8M | -72.14M | -206.17M | -189.43M | -62.99M | 13.02M | -94.43M | 1.86M | -124.71M |
| Pretax Income | 14.65B | 7.95B | 8.19B | 10.59B | 12.32B | 5.57B | -6.1B | 2.53B | 4.98B | 5.92B | 86M | -2.03B | 4.59B | 6.38B | 4.98B | 7.07B | 5.78B | 1.42B | 3.13B | 3.55B | 3.8B | 1.85B | 1.6B | 1.8B | 1.13B | 512.58M | 619.38M | 311.05M | 295.67M | 339.96M | 320.13M |
| Pretax Margin % | 22.59% | 16.25% | 16.15% | 21.57% | 21.11% | 14.23% | -24.72% | 6.61% | 12.93% | 18.51% | 0.32% | -6.94% | 11.51% | 16.1% | 13.08% | 18.44% | 17.72% | 5.46% | 10.62% | 19.15% | 22.97% | 16.64% | 18.4% | 27.3% | 22.4% | 12.21% | 18.3% | 13.05% | 14.3% | 15.83% | 15.25% |
| Income Tax | 3.63B | 2.03B | 2.17B | 2.29B | 3.24B | 1.45B | 1.78B | 366M | 1.69B | 1.46B | 359M | 32M | 1.89B | 2.46B | 2.24B | 2.77B | 1.95B | 213M | 995M | 566M | 828M | 694M | 525.56M | 717.51M | 377.71M | 125.76M | 242.95M | 124.42M | 108.36M | 116.94M | 133.07M |
| Effective Tax Rate % | 24.75% | 25.54% | 26.52% | 21.66% | 26.3% | 26.05% | -29.16% | 14.45% | 33.92% | 24.65% | 417.44% | -1.58% | 41.2% | 38.66% | 45.02% | 39.11% | 33.71% | 15.01% | 31.77% | 15.95% | 21.81% | 37.47% | 32.81% | 39.76% | 33.52% | 24.53% | 39.23% | 40% | 36.65% | 34.4% | 41.57% |
| Net Income | 11.02B | 5.92B | 6.02B | 8.29B | 9.08B | 4.12B | -4.32B | 2.9B | 3.29B | 4.46B | 434M | -2B | 2.7B | 3.91B | 2.74B | 4.3B | 3.83B | 1.15B | 2.14B | 2.98B | 2.97B | 1.16B | 1.08B | 1.09B | 749.13M | 388.41M | 376.42M | 186.63M | 187.31M | 223.02M | 187.06M |
| Net Margin % | 16.99% | 12.1% | 11.87% | 16.9% | 15.56% | 10.53% | -17.51% | 7.56% | 8.54% | 13.95% | 1.62% | -6.83% | 6.77% | 9.88% | 7.19% | 11.23% | 11.74% | 4.41% | 7.24% | 16.09% | 17.96% | 10.41% | 12.36% | 16.45% | 14.89% | 9.25% | 11.12% | 7.83% | 9.06% | 10.38% | 8.91% |
| Net Income Growth % | 109.55% | -1.63% | -27.47% | -8.62% | 120.37% | 195.37% | -248.98% | -11.96% | -26.13% | 927.19% | 121.75% | -173.92% | -30.99% | 42.74% | -36.34% | 12.41% | 234.12% | -46.37% | -28.36% | 0.47% | 156.39% | 7.59% | -1% | 45.13% | 92.87% | 3.18% | 101.69% | -0.36% | -16.01% | 19.22% | 23.93% |
| Net Income (Continuing) | 11.02B | 5.92B | 6.02B | 8.29B | 9.08B | 4.12B | -4.32B | 2.9B | 3.29B | 4.46B | 445M | -2B | 2.7B | 0 | 0 | 4.3B | 3.83B | 1.21B | 2.14B | 2.98B | 2.97B | 1.16B | 1.08B | 1.09B | 749.13M | 388.41M | 376.42M | 186.63M | 187.31M | 223.02M | 187.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 883M | -60M | 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) | 9.45 | 4.85 | 4.72 | 6.33 | 6.53 | 2.77 | -2.83 | 1.86 | 2.02 | 2.68 | 0.27 | -1.38 | 1.84 | 2.60 | 1.79 | 2.67 | 2.27 | 0.95 | 2.26 | 3.17 | 1.58 | 0.66 | 0.60 | 1.13 | 0.81 | 0.20 | 0.39 | 0.09 | 0.10 | 0.03 | 0.01 |
| EPS Growth % | 118.69% | 2.75% | -25.43% | -3.06% | 135.74% | 197.88% | -252.15% | -7.92% | -24.63% | 892.59% | 119.57% | -175% | -29.23% | 45.25% | -32.96% | 17.62% | 138.95% | -57.96% | -28.71% | 100.63% | 139.39% | 10% | -46.9% | 39.51% | 305% | -48.72% | 327.16% | -8.7% | 210.56% | 138.52% | 23.85% |
| EPS (Basic) | - | 4.85 | 4.72 | 6.34 | 6.54 | 2.77 | -2.83 | 1.86 | 2.03 | 2.68 | 0.27 | -1.38 | 1.84 | 2.61 | 1.80 | 2.74 | 2.29 | 0.96 | 2.29 | 3.23 | 1.62 | 0.68 | 0.61 | 1.21 | 0.82 | 0.20 | 0.40 | 0.09 | 0.10 | 0.03 | 0.01 |
| Diluted Shares Outstanding | 1.17B | 1.22B | 1.28B | 1.31B | 1.39B | 1.49B | 1.53B | 1.56B | 1.63B | 1.67B | 1.61B | 1.45B | 1.47B | 1.5B | 1.55B | 1.58B | 1.57B | 1.21B | 945M | 942M | 1.88B | 1.88B | 1.85B | 938.19M | 946M | 1.8B | 894.09M | 884.13M | 881.74M | 879.26M | 876.59M |
| Basic Shares Outstanding | 1.17B | 1.22B | 1.27B | 1.31B | 1.39B | 1.49B | 1.53B | 1.56B | 1.62B | 1.66B | 1.61B | 1.45B | 1.46B | 1.5B | 1.54B | 1.57B | 1.56B | 1.19B | 932M | 922M | 1.84B | 1.83B | 1.82B | 876.16M | 896M | 1.78B | 888.43M | 884.13M | 881.74M | 879.26M | 876.59M |
| Dividend Payout Ratio | - | 47.43% | 46.59% | 33.14% | 28.6% | 37.63% | - | 90.17% | 70.85% | 47.64% | 432.49% | - | 55.21% | 28% | 27.59% | 15.43% | 15.96% | 34.99% | 8.42% | 5.43% | 4.28% | 8.81% | 9.01% | 7.46% | 16.18% | 30.74% | 31.47% | 59.69% | 39.67% | 33.21% | 37.44% |
Quick answers to the most common questions about buying SU stock.
For fiscal year 2025, Suncor Energy Inc. (SU) reported total revenue of $48.91B. This represents a 2229.1% increase compared to $2.10B in 1996.
Suncor Energy Inc. (SU) is profitable, generating $5.92B in net income for the fiscal year ending 2025 with a net profit margin of 12.1%.
Suncor Energy Inc. (SU) reported an operating income of $15.49B, resulting in an operating profit margin of 31.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Suncor Energy Inc. (SU) generated $28.89B in gross profit for the year, representing a gross profit margin of 59.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commodity price and refining spread volatility
Revenue Rebounding After Prolonged Decline
Based on Suncor's reported quarterly figures, revenue climbed to roughly $18.4B in the latest quarter, a 46.5% year-over-year increase after several quarters of flat-to-negative top-line results that had pressured the business through 2025.
The sharp rebound from a trough near $12.0B suggests the recent growth is driven primarily by commodity price recovery and higher realized crude differentials rather than a durable increase in volumes. Investors should monitor whether the sequential gains from Q1 to Q3 2026 hold through a normal price cycle, since the revenue base remains highly sensitive to benchmark pricing. The growth profile therefore warrants treating the latest quarter as partly cyclical rather than structural.
Gross Margins Compressing From Peak Levels
As reported in the income statement, Suncor's gross margin fell from roughly 61% in late 2025 to 44.6% in the latest quarter, a meaningful compression even as absolute revenue expanded.
The gap between revenue growth and margin behavior suggests input costs, likely natural gas and upgrading expenses, have risen faster than realized product prices in recent quarters. This pattern is consistent with a cyclical margin profile in which pricing power is strongest at the top of the cycle. The compression may indicate that the earlier margin peak was not a stable baseline, which warrants further investigation into cost-per-barrel trends.
Operating Income Scaling With Revenue Recovery
Based on Suncor's reported figures, operating income reached about $4.7B in the latest quarter on $18.4B of revenue, an operating margin of 25.8% that remains well above the company's trough levels.
Operating income has moved in step with revenue recovery, but the operating margin remains below the 34-35% levels seen in mid-2025, indicating that cost growth is absorbing part of the incremental revenue. SG&A has risen to roughly $3.5B in the latest quarter from about $590M in the prior quarter, a jump that appears to reflect a classification change or one-time item and warrants verification. Without clearer disclosure, the efficiency signal from this line remains unclear.
Net Income Swings Amplified by Items Below Operations
As reported in financial statements, Suncor's net margin moved from 6.5% in Q4 2024 to 20.2% in the latest quarter, with EPS growth of 138.1% year-over-year that outpaces revenue growth substantially.
The gap between operating income and net income in several quarters suggests non-operating items, tax effects, or inventory valuation changes are contributing materially to reported earnings. EPS growth exceeding revenue growth by a wide margin may partly reflect a low prior-year base rather than improved underlying profitability. Analysts should normalize for these items before extrapolating the latest earnings level.
Margin Recovery May Prove Cyclical Rather Than Durable
Based on reported figures, the bull case rests on a single strong quarter, while gross margin has already retreated from roughly 61% to 44.6%, suggesting the earnings base may be more fragile than headline growth implies.
Short-side analysis would focus on the rapid reversal in gross margin and the fact that the largest revenue increase coincided with the sharpest SG&A jump, raising questions about the quality of the quarter. Peer comparisons show Suncor's net margin of about 20% trailing Canadian Natural Resources at roughly 24.5%, which may indicate lower pricing or cost advantages than the integration thesis implies. Until gross margin stabilizes, the earnings trajectory warrants skepticism.