Detailed financial statements for Canadian Natural Resources Limited (CNQ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Canadian Natural Resources Limited (CNQ) is an integrated energy enterprise engaged across the full spectrum of upstream and downstream activities related to crude oil, natural gas, and natural gas liquids (NGLs), encompassing acquisition, exploration, development, production, marketing, and sales.
Analysis Summary
Canadian Natural Resources Limited reported revenue of 44.17B CAD in the most recent fiscal year, growing at a 5-year CAGR of 20.4%.
Trailing-twelve-month margins: gross margin 35.0%, operating margin 32.3%, net margin 24.9%. Free cash flow grew at 31.4% CAGR over 5 years.
At the current price of $48.31, CNQ trades at a P/E of 12.21 and an ROE of 24.41%. Market capitalisation stands at $100.8B, placing it among large-cap names.
Balance sheet quality for CNQ: current ratio of 1.0, net debt of 19.03B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 8.42B CAD represents 78% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.10B CAD | 17.67B CAD | 22.28B CAD | 22.87B CAD | 17.49B CAD | 32.85B CAD | 49.53B CAD | 40.84B CAD | 35.66B CAD | 44.17B CAD |
| Cost of Revenue | 11.54B CAD | 14.72B CAD | 17.07B CAD | 10.98B CAD | 17.42B CAD | 22.28B CAD | 33.27B CAD | 29.06B CAD | 18.08B CAD | 34.77B CAD |
| Gross Profit | -437.0M CAD | 2.95B CAD | 5.21B CAD | 11.89B CAD | 69.0M CAD | 10.58B CAD | 16.26B CAD | 11.77B CAD | 17.58B CAD | 9.40B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 700.0M CAD | 453.0M CAD | 179.0M CAD | 567.0M CAD | 309.0M CAD | 880.0M CAD | 1.22B CAD | 943.0M CAD | 782.0M CAD | 795.0M CAD |
| Operating Expenses | 842.0M CAD | 2.95B CAD | 5.21B CAD | 567.0M CAD | 69.0M CAD | 1.06B CAD | 1.50B CAD | 1.31B CAD | 782.0M CAD | 1.18B CAD |
| Operating Income | -1.28B CAD | 2.33B CAD | 4.85B CAD | 11.33B CAD | 0 | 9.51B CAD | 14.76B CAD | 10.46B CAD | 16.80B CAD | 8.23B CAD |
| EBITDA | 4.36B CAD | 7.73B CAD | 9.67B CAD | 11.28B CAD | 6.00B CAD | 16.38B CAD | 21.73B CAD | 17.27B CAD | 16.27B CAD | 21.89B CAD |
| Interest Expense | 431.0M CAD | 728.0M CAD | 798.0M CAD | 912.0M CAD | 828.0M CAD | 743.0M CAD | 670.0M CAD | 691.0M CAD | 673.0M CAD | 1.04B CAD |
| Pre-tax Income | -1.06B CAD | 2.87B CAD | 3.52B CAD | 5.88B CAD | -873.0M CAD | 9.91B CAD | 13.70B CAD | 10.16B CAD | 8.06B CAD | 13.24B CAD |
| Income Tax | -859.0M CAD | 476.0M CAD | 931.0M CAD | 460.0M CAD | -438.0M CAD | 2.25B CAD | 2.77B CAD | 1.93B CAD | 1.95B CAD | 2.42B CAD |
| Net Income | -204.0M CAD | 2.40B CAD | 2.59B CAD | 5.42B CAD | -435.0M CAD | 7.66B CAD | 10.94B CAD | 8.23B CAD | 6.11B CAD | 10.82B CAD |
| EPS | $-0.10 | $1.02 | $1.06 | $2.27 | $-0.18 | $3.24 | $4.82 | $3.74 | $2.85 | $5.17 |
| EPS (Diluted) | $-0.10 | $1.02 | $1.06 | $2.27 | $-0.18 | $3.24 | $4.82 | $3.74 | $2.85 | $5.16 |
| Shares Outstanding (Diluted) | 2.20B CAD | 2.37B CAD | 2.44B CAD | 2.38B CAD | 2.36B CAD | 2.36B CAD | 2.27B CAD | 2.20B CAD | 2.14B CAD | 2.10B CAD |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 9.52B CAD | 10.71B CAD | 10.84B CAD | 17.21B CAD |
| Gross Profit | 4.61B CAD | 2.14B CAD | 3.48B CAD | 6.41B CAD |
| Operating Income | 4.39B CAD | 1.79B CAD | 2.68B CAD | 6.35B CAD |
| EBITDA | 3.89B CAD | 9.63B CAD | 4.03B CAD | 8.03B CAD |
| Net Income | 600.0M CAD | 5.30B CAD | 1.35B CAD | 4.50B CAD |
| EPS | $0.29 | $2.54 | $0.64 | $2.17 |
| EPS (Diluted) | $0.29 | $2.54 | $0.64 | $2.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 17.0M CAD | 137.0M CAD | 101.0M CAD | 107.2M CAD | 144.4M CAD | 744.0M CAD | 920.0M CAD | 877.0M CAD | 131.0M CAD | 672.5M CAD |
| Short-term Investments | 913.0M CAD | 893.0M CAD | 524.0M CAD | 377.9M CAD | 239.4M CAD | 309.0M CAD | 491.0M CAD | 525.0M CAD | 0 | 0 |
| Receivables | 2.29B CAD | 2.72B CAD | 1.15B CAD | 1.91B CAD | 1.96B CAD | 3.11B CAD | 3.56B CAD | 3.19B CAD | 4.13B CAD | 4.00B CAD |
| Inventory | 689.0M CAD | 894.0M CAD | 955.0M CAD | 888.4M CAD | 832.0M CAD | 1.55B CAD | 1.81B CAD | 2.03B CAD | 2.79B CAD | 2.62B CAD |
| Total Current Assets | 4.34B CAD | 4.90B CAD | 3.02B CAD | 3.46B CAD | 3.42B CAD | 5.94B CAD | 7.06B CAD | 7.17B CAD | 7.41B CAD | 7.66B CAD |
| Property, Plant & Equipment | 53.29B CAD | 67.80B CAD | 67.20B CAD | 53.85B CAD | 52.90B CAD | 70.16B CAD | 68.53B CAD | 68.25B CAD | 77.33B CAD | 80.58B CAD |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 58.65B CAD | 73.87B CAD | 71.56B CAD | 62.29B CAD | 59.09B CAD | 76.67B CAD | 76.14B CAD | 75.95B CAD | 85.36B CAD | 91.76B CAD |
| Accounts Payable | 595.0M CAD | 775.0M CAD | 779.0M CAD | 629.3M CAD | 523.5M CAD | 803.0M CAD | 1.34B CAD | 1.42B CAD | 1.08B CAD | 1.10B CAD |
| Short-term Debt | 1.81B CAD | 1.88B CAD | 1.14B CAD | 2.02B CAD | 1.20B CAD | 1.00B CAD | 404.0M CAD | 980.0M CAD | 2.40B CAD | 813.3M CAD |
| Total Current Liabilities | 5.09B CAD | 6.26B CAD | 4.76B CAD | 5.12B CAD | 3.99B CAD | 7.42B CAD | 8.65B CAD | 7.43B CAD | 9.63B CAD | 8.06B CAD |
| Long-term Debt | 14.99B CAD | 20.58B CAD | 19.48B CAD | 14.34B CAD | 15.78B CAD | 13.69B CAD | 11.04B CAD | 9.82B CAD | 16.42B CAD | 16.16B CAD |
| Total Liabilities | 32.38B CAD | 42.21B CAD | 39.59B CAD | 35.31B CAD | 33.67B CAD | 39.72B CAD | 37.97B CAD | 36.12B CAD | 45.89B CAD | 47.43B CAD |
| Retained Earnings | 21.53B CAD | 22.61B CAD | 22.53B CAD | 19.61B CAD | 17.87B CAD | 26.78B CAD | 27.67B CAD | 28.95B CAD | 28.10B CAD | 32.70B CAD |
| Total Equity | 26.27B CAD | 31.65B CAD | 31.97B CAD | 26.98B CAD | 25.42B CAD | 36.95B CAD | 38.17B CAD | 39.83B CAD | 39.47B CAD | 44.33B CAD |
| Total Debt | 16.80B CAD | 22.46B CAD | 20.62B CAD | 17.58B CAD | 18.17B CAD | 16.28B CAD | 12.98B CAD | 10.80B CAD | 20.28B CAD | 19.71B CAD |
| Net Debt | 15.88B CAD | 21.43B CAD | 20.00B CAD | 17.09B CAD | 17.78B CAD | 15.22B CAD | 11.57B CAD | 9.40B CAD | 20.15B CAD | 19.03B CAD |
| Working Capital | -756.0M CAD | -1.36B CAD | -1.74B CAD | -1.66B CAD | -562.8M CAD | -1.48B CAD | -1.59B CAD | -268.0M CAD | -2.23B CAD | -398.7M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 113.0M CAD | 672.5M CAD | 580.9M CAD | 2.62B CAD |
| Total Assets | 85.59B CAD | 91.76B CAD | 67.61B CAD | 96.58B CAD |
| Total Liabilities | 45.13B CAD | 47.43B CAD | 35.52B CAD | 49.79B CAD |
| Total Equity | 40.46B CAD | 44.33B CAD | 32.09B CAD | 46.80B CAD |
| Total Debt | 17.27B CAD | 19.71B CAD | 14.39B CAD | 17.14B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -204.0M CAD | 2.40B CAD | 2.59B CAD | 5.42B CAD | -435.0M CAD | 6.06B CAD | 10.94B CAD | 8.23B CAD | 6.11B CAD | 10.81B CAD |
| Depreciation & Amortization | 4.24B CAD | 4.01B CAD | 5.90B CAD | 5.74B CAD | 6.25B CAD | 4.67B CAD | 7.35B CAD | 6.78B CAD | 6.91B CAD | 9.76B CAD |
| Stock-based Compensation | 355.0M CAD | 134.0M CAD | -146.0M CAD | 223.0M CAD | -82.0M CAD | 0 | 804.0M CAD | 491.0M CAD | 279.0M CAD | 0 |
| Change in Working Capital | -542.0M CAD | 299.0M CAD | 1.35B CAD | -1.03B CAD | -166.0M CAD | 762.1M CAD | 79.0M CAD | -2.42B CAD | -743.0M CAD | 671.5M CAD |
| Operating Cash Flow | 3.45B CAD | 7.26B CAD | 10.12B CAD | 8.83B CAD | 4.71B CAD | 11.45B CAD | 19.39B CAD | 12.35B CAD | 13.39B CAD | 15.09B CAD |
| Capital Expenditure | -3.80B CAD | -4.57B CAD | -4.17B CAD | -3.61B CAD | -2.56B CAD | -3.55B CAD | -5.10B CAD | -4.91B CAD | -5.29B CAD | -6.67B CAD |
| Acquisitions | 0 | -8.63B CAD | 0 | -3.41B CAD | 0 | 0 | 0 | 0 | -9.16B CAD | 0 |
| Stock Repurchased | 0 | 0 | -1.28B CAD | -941.0M CAD | -271.0M CAD | -1.25B CAD | -5.57B CAD | -3.32B CAD | -2.66B CAD | -1.45B CAD |
| Dividends Paid | -758.0M CAD | -1.25B CAD | -1.56B CAD | -1.74B CAD | -1.95B CAD | -1.72B CAD | -4.93B CAD | -3.89B CAD | -4.43B CAD | -4.87B CAD |
| Free Cash Flow | -351.0M CAD | 2.56B CAD | 5.68B CAD | 5.22B CAD | 2.15B CAD | 7.89B CAD | 14.29B CAD | 7.44B CAD | 8.10B CAD | 8.42B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.94B CAD | 3.76B CAD | 2.36B CAD | 6.82B CAD |
| Capital Expenditure | -2.12B CAD | -1.45B CAD | -1.50B CAD | -2.40B CAD |
| Free Cash Flow | 1.82B CAD | 2.31B CAD | 855.5M CAD | 4.42B CAD |
| Dividends Paid | -1.23B CAD | -1.23B CAD | -880.0M CAD | -1.30B CAD |
| Stock-based Compensation | 63.0M CAD | 0 | 0 | -196.0M CAD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +59.2% | +26.1% | +2.6% | -23.5% | +87.8% | +50.8% | -17.6% | -12.7% | +23.9% | |
| Net Income Growth (YoY) | +1,275.0% | +8.1% | +109.0% | -108.0% | +1,861.8% | +42.7% | -24.7% | -25.8% | +77.2% | |
| EPS Growth (YoY) | +1,173.7% | +3.9% | +114.2% | -107.9% | +1,900.0% | +48.8% | -22.4% | -23.8% | +81.4% | |
| Shares Change (YoY) | +7.5% | +3.0% | -2.3% | -0.8% | -0.0% | -3.9% | -2.9% | -2.9% | -2.0% | |
| FCF Growth (YoY) | +830.5% | +121.5% | -8.1% | -58.7% | +266.5% | +81.0% | -47.9% | +8.7% | +4.1% | |
| Gross Margin | -3.9% | 16.7% | 23.4% | 52.0% | 0.4% | 32.2% | 32.8% | 28.8% | 49.3% | 21.3% |
| Operating Margin | -11.5% | 13.2% | 21.8% | 49.5% | 0.0% | 29.0% | 29.8% | 25.6% | 47.1% | 18.6% |
| EBITDA Margin | 39.3% | 43.7% | 43.4% | 49.3% | 34.3% | 49.9% | 43.9% | 42.3% | 45.6% | 49.6% |
| Net Margin | -1.8% | 13.6% | 11.6% | 23.7% | -2.5% | 23.3% | 22.1% | 20.2% | 17.1% | 24.5% |
| FCF Margin | -3.2% | 14.5% | 25.5% | 22.8% | 12.3% | 24.0% | 28.8% | 18.2% | 22.7% | 19.1% |
| Effective Tax Rate | 80.8% | 16.6% | 26.4% | 7.8% | 50.2% | 22.7% | 20.2% | 19.0% | 24.2% | 18.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.16 | $1.08 | $2.33 | $2.19 | $0.91 | $3.34 | $6.29 | $3.38 | $3.78 | $4.02 |
| Dividends Per Share | $0.34 | $0.53 | $0.64 | $0.73 | $0.83 | $0.73 | $2.17 | $1.77 | $2.07 | $2.32 |
| Shares Outstanding (Basic) | 2.15B CAD | 2.36B CAD | 2.44B CAD | 2.38B CAD | 2.35B CAD | 2.36B CAD | 2.27B CAD | 2.18B CAD | 2.14B CAD | 2.09B CAD |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 24.41% |
| Return on Invested Capital | 7.95% |
| Return on Assets | 11.79% |
| Gross Margin | 35.04% |
| Operating Margin | 32.25% |
| Net Margin | 24.93% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 1.00 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.50 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -225.42 | 22.03 | 15.54 | 9.25 | -85.25 | 8.24 | 7.80 | 11.60 | 15.58 | 8.98 |
| P/B | 1.75 | 1.68 | 1.26 | 1.85 | 1.42 | 1.71 | 2.24 | 2.38 | 2.41 | 2.19 |
| P/S | 4.14 | 3.00 | 1.80 | 2.19 | 2.06 | 1.92 | 1.72 | 2.32 | 2.66 | 2.20 |
| Gross Margin | -3.9% | 16.7% | 23.4% | 52.0% | 0.4% | 32.2% | 32.8% | 28.8% | 49.3% | 21.3% |
| Operating Margin | -11.5% | 13.2% | 21.8% | 49.5% | 0.0% | 29.0% | 29.8% | 25.6% | 47.1% | 18.6% |
| Net Margin | -1.8% | 13.6% | 11.6% | 23.7% | -2.5% | 23.3% | 22.1% | 20.2% | 17.1% | 24.5% |
Related companies: EOG · EPD · EQNR · ET · FANG · KMI · MPLX
Explore sector: Energy · Oil & Gas Exploration & Production
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