Detailed financial statements for Imperial Oil Limited (IMO): 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.
Imperial Oil Limited (IMO) is a Canadian energy company primarily engaged in the discovery, extraction, and commercialization of crude oil and natural gas. Its operations are structured into three main divisions: Upstream, Downstream, and Chemical. The Upstream segment is dedicated to exploring for and producing various hydrocarbons, including crude oil, natural gas, synthetic oil, and bitumen.
Analysis Summary
Imperial Oil Limited reported revenue of 47.08B CAD in the most recent fiscal year, growing at a 5-year CAGR of 16.1%.
Trailing-twelve-month margins: gross margin 21.7%, operating margin 14.2%, net margin 10.9%.
At $133.55 (closing price, November 2, 2026), IMO trades at a P/E of 14.86 and an ROE of 26.06%. Market capitalisation stands at $64.6B, placing it among large-cap names.
Balance sheet quality for IMO: debt-to-equity ratio of 0.17, current ratio of 1.38 over the last 12 months, net debt of 3.24B CAD at the end of the last fiscal year. 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 strong: free cash flow of 4.70B CAD represents 144% 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 | 23.40B CAD | 29.12B CAD | 34.96B CAD | 34.00B CAD | 22.28B CAD | 37.51B CAD | 59.51B CAD | 50.90B CAD | 51.51B CAD | 47.08B CAD |
| Cost of Revenue | 20.23B CAD | 25.40B CAD | 29.33B CAD | 29.27B CAD | 20.56B CAD | 31.42B CAD | 47.33B CAD | 41.68B CAD | 42.32B CAD | 37.08B CAD |
| Gross Profit | 3.17B CAD | 3.72B CAD | 5.63B CAD | 4.73B CAD | 1.72B CAD | 6.09B CAD | 12.19B CAD | 9.22B CAD | 9.20B CAD | 9.99B CAD |
| Research & Development | 152.0M CAD | 111.0M CAD | 110.0M CAD | 133.0M CAD | 105.0M CAD | 89.0M CAD | 74.0M CAD | 84.0M CAD | 118.0M CAD | 0 |
| Selling, General & Admin | 1.32B CAD | 1.04B CAD | 1.03B CAD | 1.09B CAD | 875.0M CAD | 858.0M CAD | 904.0M CAD | 944.0M CAD | 951.0M CAD | 1.39B CAD |
| Operating Expenses | 1.47B CAD | 1.16B CAD | 1.14B CAD | 1.22B CAD | 980.0M CAD | 947.0M CAD | 978.0M CAD | 1.03B CAD | 1.07B CAD | 5.74B CAD |
| Operating Income | 1.70B CAD | 2.56B CAD | 4.49B CAD | 3.50B CAD | 740.0M CAD | 5.14B CAD | 11.21B CAD | 8.19B CAD | 8.13B CAD | 4.25B CAD |
| EBITDA | 1.83B CAD | 2.53B CAD | 4.60B CAD | 3.64B CAD | 2.38B CAD | 5.23B CAD | 11.28B CAD | 8.27B CAD | 8.24B CAD | 6.84B CAD |
| Interest Expense | 72.0M CAD | 78.0M CAD | 108.0M CAD | 93.0M CAD | 64.0M CAD | 54.0M CAD | 60.0M CAD | 69.0M CAD | 41.0M CAD | 0 |
| Pre-tax Income | 2.44B CAD | 582.0M CAD | 3.07B CAD | 2.05B CAD | -2.41B CAD | 3.28B CAD | 9.48B CAD | 6.37B CAD | 6.24B CAD | 4.26B CAD |
| Income Tax | 279.0M CAD | 92.0M CAD | 759.0M CAD | -154.0M CAD | -551.0M CAD | 804.0M CAD | 2.14B CAD | 1.48B CAD | 1.45B CAD | 994.0M CAD |
| Net Income | 2.17B CAD | 490.0M CAD | 2.31B CAD | 2.20B CAD | -1.86B CAD | 2.48B CAD | 7.34B CAD | 4.89B CAD | 4.79B CAD | 3.27B CAD |
| EPS | 2.55 CAD | 0.58 CAD | 2.87 CAD | 2.88 CAD | -2.53 CAD | 3.48 CAD | 11.47 CAD | 8.51 CAD | 9.05 CAD | 6.49 CAD |
| EPS (Diluted) | 2.55 CAD | 0.58 CAD | 2.86 CAD | 2.88 CAD | -2.53 CAD | 3.48 CAD | 11.44 CAD | 8.49 CAD | 9.03 CAD | 6.48 CAD |
| Shares Outstanding (Diluted) | 850.5 M | 845.7 M | 810.1 M | 765.0 M | 735.3 M | 713.2 M | 641.5 M | 575.9 M | 530.6 M | 504.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 11.28B CAD | 12.45B CAD | 16.07B CAD | 15.78B CAD |
| Gross Profit | 1.92B CAD | 2.51B CAD | 3.60B CAD | 4.01B CAD |
| Operating Income | 625.0M CAD | 1.23B CAD | 2.86B CAD | 3.13B CAD |
| EBITDA | 1.29B CAD | 1.75B CAD | 3.37B CAD | 3.62B CAD |
| Net Income | 492.0M CAD | 940.0M CAD | 2.19B CAD | 2.39B CAD |
| EPS | 1.00 CAD | 1.94 CAD | 4.53 CAD | 4.99 CAD |
| EPS (Diluted) | 1.00 CAD | 1.94 CAD | 4.52 CAD | 4.98 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 391.0M CAD | 1.20B CAD | 988.0M CAD | 1.72B CAD | 771.0M CAD | 2.15B CAD | 3.75B CAD | 864.0M CAD | 979.0M CAD | 1.14B CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 2.02B CAD | 2.71B CAD | 2.53B CAD | 2.70B CAD | 1.92B CAD | 3.87B CAD | 4.72B CAD | 4.48B CAD | 5.76B CAD | 4.37B CAD |
| Inventory | 1.42B CAD | 1.50B CAD | 1.84B CAD | 1.91B CAD | 1.83B CAD | 1.79B CAD | 2.27B CAD | 2.95B CAD | 2.62B CAD | 2.90B CAD |
| Total Current Assets | 3.83B CAD | 5.41B CAD | 5.36B CAD | 6.33B CAD | 4.52B CAD | 7.81B CAD | 10.74B CAD | 8.30B CAD | 9.35B CAD | 8.42B CAD |
| Property, Plant & Equipment | 36.33B CAD | 34.47B CAD | 34.23B CAD | 34.20B CAD | 32.03B CAD | 31.48B CAD | 30.51B CAD | 31.03B CAD | 30.81B CAD | 30.86B CAD |
| Goodwill | 186.0M CAD | 186.0M CAD | 186.0M CAD | 186.0M CAD | 166.0M CAD | 166.0M CAD | 166.0M CAD | 166.0M CAD | 166.0M CAD | 166.0M CAD |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 41.65B CAD | 41.60B CAD | 41.46B CAD | 42.19B CAD | 38.03B CAD | 40.78B CAD | 43.52B CAD | 41.20B CAD | 42.94B CAD | 42.31B CAD |
| Accounts Payable | 2.80B CAD | 3.44B CAD | 3.27B CAD | 3.44B CAD | 2.55B CAD | 4.47B CAD | 5.42B CAD | 5.05B CAD | 5.64B CAD | 5.35B CAD |
| Short-term Debt | 202.0M CAD | 202.0M CAD | 202.0M CAD | 229.0M CAD | 227.0M CAD | 100.0M CAD | 122.0M CAD | 121.0M CAD | 119.0M CAD | 106.0M CAD |
| Total Current Liabilities | 3.88B CAD | 4.14B CAD | 3.96B CAD | 4.59B CAD | 3.38B CAD | 5.55B CAD | 8.90B CAD | 6.60B CAD | 7.01B CAD | 6.62B CAD |
| Long-term Debt | 4.45B CAD | 4.45B CAD | 4.45B CAD | 4.45B CAD | 4.45B CAD | 4.45B CAD | 3.45B CAD | 3.45B CAD | 3.45B CAD | 3.60B CAD |
| Total Liabilities | 16.63B CAD | 17.17B CAD | 16.97B CAD | 17.91B CAD | 16.61B CAD | 19.05B CAD | 21.11B CAD | 18.98B CAD | 19.46B CAD | 20.05B CAD |
| Retained Earnings | 25.35B CAD | 24.71B CAD | 24.56B CAD | 24.81B CAD | 22.05B CAD | 21.66B CAD | 21.85B CAD | 21.91B CAD | 22.75B CAD | 21.37B CAD |
| Total Equity | 25.02B CAD | 24.43B CAD | 24.49B CAD | 24.28B CAD | 21.42B CAD | 21.73B CAD | 22.41B CAD | 22.22B CAD | 23.47B CAD | 22.25B CAD |
| Total Debt | 5.23B CAD | 5.21B CAD | 5.18B CAD | 5.33B CAD | 5.28B CAD | 5.42B CAD | 4.43B CAD | 4.33B CAD | 4.25B CAD | 4.38B CAD |
| Net Debt | 4.84B CAD | 4.01B CAD | 4.19B CAD | 3.62B CAD | 4.51B CAD | 3.27B CAD | 679.0M CAD | 3.47B CAD | 3.28B CAD | 3.24B CAD |
| Working Capital | -52.0M CAD | 1.27B CAD | 1.40B CAD | 1.73B CAD | 1.14B CAD | 2.26B CAD | 1.84B CAD | 1.70B CAD | 2.35B CAD | 1.80B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 1.86B CAD | 1.14B CAD | 1.44B CAD | 2.84B CAD |
| Total Assets | 43.02B CAD | 42.31B CAD | 45.45B CAD | 47.86B CAD |
| Total Liabilities | 19.31B CAD | 20.05B CAD | 22.70B CAD | 23.32B CAD |
| Total Equity | 23.72B CAD | 22.25B CAD | 22.75B CAD | 24.54B CAD |
| Total Debt | 4.23B CAD | 4.38B CAD | 4.14B CAD | 4.13B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 2.17B CAD | 490.0M CAD | 2.31B CAD | 2.20B CAD | -1.86B CAD | 2.48B CAD | 7.34B CAD | 4.89B CAD | 4.79B CAD | 3.27B CAD |
| Depreciation & Amortization | 1.63B CAD | 2.17B CAD | 1.51B CAD | 1.60B CAD | 3.27B CAD | 1.98B CAD | 1.90B CAD | 1.91B CAD | 1.98B CAD | 2.58B CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 352.0M CAD | 0 | -699.0M CAD | 914.0M CAD | -82.0M CAD | 978.0M CAD | 1.48B CAD | -2.90B CAD | -632.0M CAD | 1.01B CAD |
| Operating Cash Flow | 2.02B CAD | 2.76B CAD | 3.92B CAD | 4.43B CAD | 798.0M CAD | 5.48B CAD | 10.48B CAD | 3.73B CAD | 5.98B CAD | 6.71B CAD |
| Capital Expenditure | -1.07B CAD | -993.0M CAD | -1.49B CAD | -1.64B CAD | -868.0M CAD | -1.11B CAD | -1.53B CAD | -1.78B CAD | -1.87B CAD | -2.00B CAD |
| Acquisitions | 3.02B CAD | 232.0M CAD | 59.0M CAD | 82.0M CAD | 82.0M CAD | 81.0M CAD | 904.0M CAD | 86.0M CAD | 25.0M CAD | 101.0M CAD |
| Stock Repurchased | 0 | -627.0M CAD | -1.97B CAD | -1.37B CAD | -274.0M CAD | -2.25B CAD | -6.39B CAD | -3.80B CAD | -2.68B CAD | -3.23B CAD |
| Dividends Paid | -492.0M CAD | -524.0M CAD | -572.0M CAD | -631.0M CAD | -649.0M CAD | -706.0M CAD | -851.0M CAD | -1.10B CAD | -1.24B CAD | -1.40B CAD |
| Free Cash Flow | 942.0M CAD | 1.77B CAD | 2.43B CAD | 2.79B CAD | -70.0M CAD | 4.37B CAD | 8.96B CAD | 1.95B CAD | 4.11B CAD | 4.70B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 1.92B CAD | 756.0M CAD | 2.70B CAD | 3.14B CAD |
| Capital Expenditure | -632.0M CAD | -475.0M CAD | -530.0M CAD | -644.7M CAD |
| Free Cash Flow | 1.29B CAD | 281.0M CAD | 2.17B CAD | 2.50B CAD |
| Dividends Paid | -361.0M CAD | -350.0M CAD | -421.0M CAD | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +24.5% | +20.0% | -2.8% | -34.5% | +68.3% | +58.7% | -14.5% | +1.2% | -8.6% | |
| Net Income Growth (YoY) | -77.4% | +372.2% | -4.9% | -184.4% | +233.5% | +196.1% | -33.4% | -2.0% | -31.8% | |
| EPS Growth (YoY) | -77.3% | +394.8% | +0.3% | -187.8% | +237.5% | +229.6% | -25.8% | +6.3% | -28.3% | |
| Shares Change (YoY) | -0.6% | -4.2% | -5.6% | -3.9% | -3.0% | -10.1% | -10.2% | -7.9% | -5.0% | |
| FCF Growth (YoY) | +87.9% | +37.3% | +14.9% | -102.5% | +6,340.0% | +105.0% | -78.2% | +111.1% | +14.3% | |
| Gross Margin | 13.6% | 12.8% | 16.1% | 13.9% | 7.7% | 16.2% | 20.5% | 18.1% | 17.9% | 21.2% |
| Operating Margin | 7.3% | 8.8% | 12.8% | 10.3% | 3.3% | 13.7% | 18.8% | 16.1% | 15.8% | 9.0% |
| EBITDA Margin | 7.8% | 8.7% | 13.2% | 10.7% | 10.7% | 13.9% | 19.0% | 16.3% | 16.0% | 14.5% |
| Net Margin | 9.3% | 1.7% | 6.6% | 6.5% | -8.3% | 6.6% | 12.3% | 9.6% | 9.3% | 6.9% |
| FCF Margin | 4.0% | 6.1% | 7.0% | 8.2% | -0.3% | 11.6% | 15.0% | 3.8% | 8.0% | 10.0% |
| Effective Tax Rate | 11.4% | 15.8% | 24.7% | -7.5% | 22.9% | 24.5% | 22.6% | 23.2% | 23.2% | 23.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 1.11 CAD | 2.09 CAD | 3.00 CAD | 3.65 CAD | -0.10 CAD | 6.12 CAD | 13.96 CAD | 3.38 CAD | 7.75 CAD | 9.33 CAD |
| Dividends Per Share | 0.58 CAD | 0.62 CAD | 0.71 CAD | 0.82 CAD | 0.88 CAD | 0.99 CAD | 1.33 CAD | 1.92 CAD | 2.33 CAD | 2.78 CAD |
| Shares Outstanding (Basic) | 847.6 M | 842.9 M | 807.5 M | 762.7 M | 735.3 M | 712.4 M | 639.9 M | 574.8 M | 529.4 M | 503.8 M |
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 | 26.06% |
| Return on Invested Capital | 16.06% |
| Return on Assets | 12.69% |
| Gross Margin | 21.71% |
| Operating Margin | 14.17% |
| Net Margin | 10.85% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 1.38 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.99 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.31 | 67.65 | 12.04 | 11.93 | -9.59 | 13.11 | 5.75 | 8.90 | 9.79 | 18.25 |
| P/B | 1.58 | 1.35 | 1.14 | 1.08 | 0.83 | 1.50 | 1.88 | 1.96 | 2.00 | 2.68 |
| P/S | 1.69 | 1.14 | 0.80 | 0.77 | 0.80 | 0.87 | 0.71 | 0.86 | 0.91 | 1.27 |
| Gross Margin | 13.6% | 12.8% | 16.1% | 13.9% | 7.7% | 16.2% | 20.5% | 18.1% | 17.9% | 21.2% |
| Operating Margin | 7.3% | 8.8% | 12.8% | 10.3% | 3.3% | 13.7% | 18.8% | 16.1% | 15.8% | 9.0% |
| Net Margin | 9.3% | 1.7% | 6.6% | 6.5% | -8.3% | 6.6% | 12.3% | 9.6% | 9.3% | 6.9% |
Related companies: NFG · SU.TO · CVE.TO · XOM · CVX · SHEL · SHEL.L · TTE
Explore sector: Energy · Oil & Gas Integrated
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