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Canadian Natural Resources Ltd (CNQ) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS E&P · DATA UPDATED 2026-09-19

Canadian Natural Resources Ltd (CNQ) operates in the OIL & GAS E&P industry and is headquartered in Calgary, Canada with about 10,750 employees. Its market capitalization is roughly $102 billion. In the fiscal year ended 2025-12-31, CNQ reported C$44.2B in revenue and C$10.8B in net income.

Canadian Natural Resources Limited engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa.

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CNQ Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-31
Total RevenueC$48.3BC$44.2BC$35.7BC$40.8BC$49.5BC$32.9BC$17.5BC$22.9BC$22.3BC$17.7BC$11.1BC$13.2BC$21.3BC$17.9BC$16.2BC$15.5BC$14.3BC$11.1BC$16.2BC$12.5BC$11.6B
Gross ProfitC$16.6BC$9.4BC$17.6BC$11.8BC$16.3BC$10.6BC$69MC$11.9BC$5.2BC$3.0B(C$437M)(C$225M)C$5.5BC$3.8BC$3.3BC$7.8BC$3.5BC$6.9BC$9.8BC$7.4BC$7.0B
Gross Margin %34.5%21.3%49.3%28.8%32.8%32.2%0.4%52.0%23.4%16.7%-3.9%-1.7%25.8%21.2%20.1%50.3%24.8%62.0%60.4%59.0%60.2%
Operating Income (EBIT)C$15.2BC$8.2BC$16.8BC$10.5BC$14.8BC$9.5B(C$445M)C$11.3BC$4.8BC$2.3B(C$1.3B)(C$742M)C$4.9BC$3.2BC$3.1BC$4.3BC$3.0BC$2.5BC$6.7BC$2.3BC$4.0B
Operating Margin %31.5%18.6%47.1%25.6%29.8%28.9%-2.5%49.5%21.8%13.2%-11.5%-5.6%22.8%17.6%18.9%27.9%21.1%22.3%41.5%18.6%34.7%
Net IncomeC$11.8BC$10.8BC$6.1BC$8.2BC$10.9BC$7.7B(C$435M)C$5.4BC$2.6BC$2.4B(C$204M)(C$637M)C$3.9BC$2.3BC$1.9BC$2.6BC$1.7BC$1.6BC$5.0BC$2.6BC$2.5B
Net Margin %24.3%24.5%17.1%20.2%22.1%23.3%-2.5%23.7%11.6%13.6%-1.8%-4.8%18.4%12.7%11.7%17.0%11.7%14.3%30.8%20.8%21.7%
EBITDA—C$21.9BC$16.3BC$17.3BC$21.7BC$16.4BC$6.0BC$11.3BC$9.7BC$7.7BC$4.4BC$5.2BC$10.4BC$8.2BC$7.5BC$7.9BC$7.4BC$5.2BC$10.1BC$5.3BC$6.1B
Earnings Per Share (EPS)C$5.62C$5.16C$2.85C$3.74C$4.76C$3.23C$-0.18C$2.27C$1.06C$1.01C$-0.09C$-0.29C$1.79C$1.04C$0.86C$1.20C$0.77C$0.73C$2.31C$1.21C$1.17
Shares Outstanding (M)—2,098M2,140M2,204M2,298M2,373M2,364M2,386M2,448M2,366M2,201M2,188M2,194M2,181M2,199M2,205M2,176M2,168M2,163M2,157M2,148M

CAD; C$M / C$B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNQ Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-30
Total RevenueC$17.2BC$10.8BC$10.7BC$9.5BC$9.7BC$12.7BC$11.1BC$10.4BC$10.6B
Gross ProfitC$6.4BC$3.5BC$2.1BC$4.6BC$2.3BC$3.6BC$2.9BC$3.0BC$2.8B
Gross Margin %37.2%32.1%20.0%48.4%23.9%28.0%25.8%28.8%26.1%
Operating Income (EBIT)C$6.4BC$2.7BC$1.8BC$4.4BC$2.1BC$3.3BC$2.6BC$2.8BC$2.6B
Operating Margin %36.9%24.7%16.8%46.1%21.3%25.9%23.4%27.2%24.1%
Net IncomeC$4.5BC$1.4BC$5.3BC$600MC$2.5BC$2.5BC$1.1BC$2.3BC$1.7B
Net Margin %26.2%12.5%49.5%6.3%25.4%19.3%10.3%21.8%16.2%
EBITDA—C$4.0BC$9.6BC$3.9BC$4.8BC$5.2BC$3.7BC$4.6BC$4.1B
Earnings Per Share (EPS)C$2.15C$0.64C$2.54C$0.29C$1.17C$1.17C$0.54C$1.06C$0.80
Shares Outstanding (M)—2,096M2,089M2,069M2,100M2,109M2,120M2,133M2,149M

CAD; C$M / C$B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNQ Free Cash Flow History

Cash flowTTM → 2026-03-312025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-31
Cash from Operations (CFO)C$13.2BC$15.1BC$13.4BC$12.4BC$19.4BC$14.5BC$4.7BC$8.8BC$10.1BC$7.3BC$3.5BC$5.6BC$8.5BC$7.2BC$6.2BC$6.2BC$6.3BC$5.8BC$6.8BC$5.8BC$4.2B
Capital Expenditures (CapEx)C$7.0BC$6.7BC$5.3BC$4.9BC$5.1BC$4.5BC$2.6BC$3.5BC$4.2BC$4.6BC$3.8BC$4.7BC$10.2BC$7.2BC$6.1BC$6.2BC$5.3BC$3.0BC$7.4BC$6.5BC$7.3B
Free Cash Flow (FCF)C$6.2BC$8.4BC$8.1BC$7.4BC$14.3BC$10.0BC$2.2BC$5.3BC$5.9BC$2.7B(C$351M)C$928M(C$1.7B)C$7MC$105MC$42MC$949MC$2.8B(C$667M)(C$646M)(C$3.1B)
FCF Margin %15.2%19.1%22.7%18.2%28.8%30.4%12.3%23.2%26.7%15.2%-3.2%7.0%-8.2%0.0%0.7%0.3%6.6%25.5%-4.1%-5.1%-26.5%
Dividends PaidC$4.6BC$4.9BC$4.4BC$3.9BC$4.9BC$2.2BC$1.9BC$1.7BC$1.6BC$1.3BC$758MC$1.3BC$955MC$523MC$444MC$378MC$302MC$225MC$208MC$178MC$153M

CAD; C$M / C$B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNQ Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-30
Cash from Operations (CFO)C$2.4BC$3.8BC$3.9BC$3.1BC$4.3BC$3.4BC$3.0BC$4.1B
Capital Expenditures (CapEx)C$1.5BC$1.5BC$2.1BC$1.9BC$1.3BC$1.3BC$1.3BC$1.6B
Free Cash Flow (FCF)C$856MC$2.3BC$1.8BC$1.2BC$3.0BC$2.1BC$1.7BC$2.5B
FCF Margin %7.9%21.6%19.1%12.4%23.5%19.3%15.9%23.2%
Dividends PaidC$880MC$1.2BC$1.2BC$1.2BC$1.2BC$1.1BC$1.1BC$1.1B

CAD; C$M / C$B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNQ Balance Sheet History

Balance sheet2026-03-312025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-31
Total AssetsC$67.6BC$91.8BC$85.4BC$76.0BC$76.1BC$76.7BC$75.3BC$78.1BC$71.6BC$73.9BC$58.6BC$59.3BC$60.2BC$51.8BC$49.0BC$47.3BC$42.7BC$41.0BC$42.7BC$36.1BC$33.2B
Cash & Cash EquivalentsC$581MC$672MC$131MC$877MC$920MC$744MC$184MC$139MC$101MC$137MC$17MC$69MC$25MC$16MC$37MC$34MC$22MC$13MC$27MC$21MC$23M
Total LiabilitiesC$35.5BC$47.4BC$45.9BC$36.1BC$38.0BC$39.7BC$42.9BC$43.1BC$39.6BC$42.2BC$32.4BC$31.9BC$31.3BC$26.0BC$24.7BC$24.4BC$21.7BC$21.6BC$24.3BC$22.8BC$22.5B
Total Debt (Short + Long-Term)C$579MC$17.0BC$19.1BC$11.1BC$11.4BC$14.7BC$21.5BC$21.0BC$20.6BC$22.5BC$16.8BC$16.8BC$10.6BC$9.2BC$8.8BC$8.4BC$9.2BC$9.8BC$10.8BC$11.0BC$9.5B
Total Shareholders' EquityC$32.1BC$44.3BC$39.5BC$39.8BC$38.2BC$36.9BC$32.4BC$35.0BC$32.0BC$31.7BC$26.3BC$27.4BC$28.9BC$25.8BC$24.3BC$22.9BC$21.0BC$19.4BC$18.4BC$13.3BC$10.7B

CAD; C$M / C$B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CNQ viewer.

CNQ Metric Deep Dives

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