Detailed financial statements for Suncor Energy Inc. (SU): 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.
Suncor Energy Inc. operates as a fully integrated energy enterprise. Its primary focus involves the development of hydrocarbon resources, particularly within Canada's Athabasca oil sands region. Globally, the company undertakes the exploration, acquisition, development, production, transportation, refining, and marketing of crude oil. Domestically, it distributes petroleum and petrochemical products, predominantly under the Petro-Canada brand.
Analysis Summary
Suncor Energy Inc. reported revenue of 48.91B CAD in the most recent fiscal year, growing at a 5-year CAGR of 14.7%.
Trailing-twelve-month margins: gross margin 43.7%, operating margin 18.1%, net margin 15.3%.
At $79.42 (closing price, October 30, 2026), SU trades at a P/E of 14.47 and an ROE of 19.38%. Market capitalisation stands at $93.8B, placing it among large-cap names.
Balance sheet quality for SU: current ratio of 1.4, net debt of 14.72B 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 strong: free cash flow of 6.92B CAD represents 117% 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 | 26.81B CAD | 31.95B CAD | 38.54B CAD | 38.34B CAD | 24.66B CAD | 39.13B CAD | 58.34B CAD | 49.09B CAD | 50.69B CAD | 48.91B CAD |
| Cost of Revenue | 10.89B CAD | 12.16B CAD | 15.44B CAD | 14.01B CAD | 10.69B CAD | 15.27B CAD | 22.45B CAD | 19.99B CAD | 20.96B CAD | 20.01B CAD |
| Gross Profit | 15.92B CAD | 19.80B CAD | 23.10B CAD | 24.33B CAD | 13.97B CAD | 23.86B CAD | 35.89B CAD | 29.10B CAD | 29.73B CAD | 28.89B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 9.47B CAD | 9.35B CAD | 10.75B CAD | 11.56B CAD | 10.03B CAD | 11.30B CAD | 12.90B CAD | 13.19B CAD | 13.18B CAD | 13.40B CAD |
| Operating Expenses | 9.47B CAD | 9.35B CAD | 10.75B CAD | 11.56B CAD | 10.03B CAD | 11.30B CAD | 12.90B CAD | 13.19B CAD | 13.18B CAD | 13.40B CAD |
| Operating Income | 6.45B CAD | 10.45B CAD | 12.35B CAD | 12.77B CAD | 3.94B CAD | 12.56B CAD | 22.99B CAD | 15.91B CAD | 16.56B CAD | 15.49B CAD |
| EBITDA | 6.20B CAD | 10.13B CAD | 12.34B CAD | 9.68B CAD | 2.52B CAD | 11.87B CAD | 25.94B CAD | 15.94B CAD | 16.20B CAD | 16.12B CAD |
| Interest Expense | 474.0M CAD | 279.0M CAD | 853.0M CAD | 989.0M CAD | 1.04B CAD | 961.0M CAD | 906.0M CAD | 775.1M CAD | 694.0M CAD | 742.4M CAD |
| Pre-tax Income | 86.0M CAD | 5.92B CAD | 4.98B CAD | 2.53B CAD | -6.10B CAD | 5.57B CAD | 12.32B CAD | 10.59B CAD | 8.19B CAD | 7.95B CAD |
| Income Tax | 359.0M CAD | 1.46B CAD | 1.69B CAD | 366.0M CAD | -1.78B CAD | 1.45B CAD | 3.24B CAD | 2.29B CAD | 2.17B CAD | 2.03B CAD |
| Net Income | 434.0M CAD | 4.46B CAD | 3.29B CAD | 2.90B CAD | -4.32B CAD | 4.12B CAD | 9.08B CAD | 8.29B CAD | 6.02B CAD | 5.92B CAD |
| EPS | 0.27 CAD | 2.68 CAD | 2.03 CAD | 1.86 CAD | -2.83 CAD | 2.77 CAD | 6.54 CAD | 6.34 CAD | 4.72 CAD | 4.85 CAD |
| EPS (Diluted) | 0.27 CAD | 2.68 CAD | 2.02 CAD | 1.86 CAD | -2.83 CAD | 2.77 CAD | 6.53 CAD | 6.33 CAD | 4.72 CAD | 4.85 CAD |
| Shares Outstanding (Diluted) | 1,612.0 M | 1,665.0 M | 1,629.0 M | 1,561.0 M | 1,526.0 M | 1,489.0 M | 1,390.0 M | 1,310.0 M | 1,276.0 M | 1,220.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 12.55B CAD | 12.04B CAD | 15.42B CAD | 19.01B CAD |
| Gross Profit | 7.57B CAD | 7.35B CAD | 7.53B CAD | 9.40B CAD |
| Operating Income | 4.29B CAD | 3.81B CAD | 2.90B CAD | 5.25B CAD |
| EBITDA | 4.29B CAD | 4.21B CAD | 4.75B CAD | 6.89B CAD |
| Net Income | 1.62B CAD | 1.48B CAD | 2.10B CAD | 3.73B CAD |
| EPS | 1.34 CAD | 1.23 CAD | 1.77 CAD | 3.17 CAD |
| EPS (Diluted) | 1.34 CAD | 1.23 CAD | 1.77 CAD | 3.17 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.02B CAD | 2.67B CAD | 2.22B CAD | 1.96B CAD | 1.89B CAD | 2.21B CAD | 1.98B CAD | 1.73B CAD | 3.48B CAD | 3.65B CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 3.56B CAD | 3.44B CAD | 3.32B CAD | 4.18B CAD | 3.88B CAD | 4.66B CAD | 6.31B CAD | 6.71B CAD | 5.76B CAD | 5.45B CAD |
| Inventory | 3.24B CAD | 3.47B CAD | 3.16B CAD | 3.76B CAD | 3.62B CAD | 4.11B CAD | 5.06B CAD | 5.37B CAD | 5.04B CAD | 5.12B CAD |
| Total Current Assets | 11.02B CAD | 9.58B CAD | 8.70B CAD | 9.91B CAD | 9.39B CAD | 10.98B CAD | 14.54B CAD | 13.81B CAD | 14.29B CAD | 14.22B CAD |
| Property, Plant & Equipment | 73.30B CAD | 75.55B CAD | 76.56B CAD | 75.07B CAD | 70.42B CAD | 67.77B CAD | 64.65B CAD | 67.65B CAD | 70.25B CAD | 68.37B CAD |
| Goodwill | 2.90B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 2.89B CAD | 3.45B CAD |
| Intangible Assets | 175.0M CAD | 169.0M CAD | 169.0M CAD | 166.0M CAD | 436.0M CAD | 631.0M CAD | 694.0M CAD | 636.0M CAD | 611.0M CAD | 0 |
| Total Assets | 88.70B CAD | 89.49B CAD | 89.58B CAD | 89.44B CAD | 84.62B CAD | 83.74B CAD | 84.62B CAD | 88.54B CAD | 89.78B CAD | 89.84B CAD |
| Accounts Payable | 5.59B CAD | 6.20B CAD | 5.65B CAD | 6.55B CAD | 4.68B CAD | 6.50B CAD | 8.17B CAD | 7.73B CAD | 7.67B CAD | 7.52B CAD |
| Short-term Debt | 1.27B CAD | 2.14B CAD | 3.42B CAD | 2.15B CAD | 4.98B CAD | 1.51B CAD | 2.81B CAD | 494.0M CAD | 997.0M CAD | 1.61B CAD |
| Total Current Liabilities | 8.12B CAD | 9.56B CAD | 10.31B CAD | 10.54B CAD | 10.55B CAD | 10.40B CAD | 12.87B CAD | 9.60B CAD | 10.75B CAD | 10.20B CAD |
| Long-term Debt | 15.02B CAD | 12.61B CAD | 13.14B CAD | 13.33B CAD | 14.25B CAD | 14.42B CAD | 10.21B CAD | 11.48B CAD | 9.35B CAD | 12.88B CAD |
| Total Liabilities | 44.07B CAD | 44.11B CAD | 45.57B CAD | 47.39B CAD | 48.86B CAD | 47.12B CAD | 45.25B CAD | 45.26B CAD | 45.27B CAD | 44.75B CAD |
| Retained Earnings | 16.09B CAD | 17.40B CAD | 16.48B CAD | 15.41B CAD | 9.14B CAD | 11.54B CAD | 15.56B CAD | 20.00B CAD | 21.67B CAD | 23.20B CAD |
| Total Equity | 44.63B CAD | 45.38B CAD | 44.01B CAD | 42.04B CAD | 35.76B CAD | 36.61B CAD | 39.37B CAD | 43.28B CAD | 44.51B CAD | 45.09B CAD |
| Total Debt | 17.43B CAD | 15.58B CAD | 17.35B CAD | 17.97B CAD | 22.14B CAD | 18.78B CAD | 16.03B CAD | 15.80B CAD | 14.69B CAD | 18.37B CAD |
| Net Debt | 14.41B CAD | 12.91B CAD | 15.13B CAD | 16.01B CAD | 20.25B CAD | 16.58B CAD | 14.05B CAD | 14.08B CAD | 11.21B CAD | 14.72B CAD |
| Working Capital | 2.90B CAD | 20.0M CAD | -1.61B CAD | -631.0M CAD | -1.16B CAD | 578.0M CAD | 1.67B CAD | 4.21B CAD | 3.54B CAD | 4.02B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 2.94B CAD | 3.65B CAD | 3.27B CAD | 5.37B CAD |
| Total Assets | 89.47B CAD | 89.84B CAD | 92.83B CAD | 94.75B CAD |
| Total Liabilities | 44.31B CAD | 44.75B CAD | 47.05B CAD | 46.59B CAD |
| Total Equity | 45.16B CAD | 45.09B CAD | 45.78B CAD | 48.16B CAD |
| Total Debt | 14.47B CAD | 18.37B CAD | 14.81B CAD | 14.68B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 445.0M CAD | 4.46B CAD | 3.29B CAD | 2.90B CAD | -4.32B CAD | 4.12B CAD | 9.08B CAD | 8.29B CAD | 6.02B CAD | 5.91B CAD |
| Depreciation & Amortization | 6.12B CAD | 5.60B CAD | 5.74B CAD | 7.62B CAD | 8.16B CAD | 5.85B CAD | 8.79B CAD | 6.43B CAD | 6.95B CAD | 7.43B CAD |
| Stock-based Compensation | 142.0M CAD | 31.0M CAD | -117.0M CAD | 44.0M CAD | -238.0M CAD | 205.0M CAD | 328.0M CAD | 108.0M CAD | -57.0M CAD | 0 |
| Change in Working Capital | -308.0M CAD | -173.0M CAD | 408.0M CAD | -397.0M CAD | -1.20B CAD | 1.51B CAD | -2.42B CAD | -981.0M CAD | 2.11B CAD | -2.0M CAD |
| Operating Cash Flow | 5.68B CAD | 8.97B CAD | 10.58B CAD | 10.42B CAD | 2.67B CAD | 11.76B CAD | 15.68B CAD | 12.34B CAD | 15.96B CAD | 12.77B CAD |
| Capital Expenditure | -6.58B CAD | -6.55B CAD | -5.41B CAD | -5.56B CAD | -3.93B CAD | -4.55B CAD | -5.12B CAD | -5.83B CAD | -6.48B CAD | -5.85B CAD |
| Acquisitions | -905.0M CAD | -308.0M CAD | -1.23B CAD | 274.0M CAD | 72.0M CAD | 335.0M CAD | 315.0M CAD | -2.39B CAD | 51.0M CAD | 65.9M CAD |
| Stock Repurchased | 0 | -1.41B CAD | -3.05B CAD | -2.27B CAD | -307.0M CAD | -2.30B CAD | -5.13B CAD | -2.23B CAD | -2.91B CAD | -3.13B CAD |
| Dividends Paid | -1.88B CAD | -2.12B CAD | -2.33B CAD | -2.61B CAD | -1.67B CAD | -1.55B CAD | -2.60B CAD | -2.75B CAD | -2.80B CAD | -2.81B CAD |
| Free Cash Flow | -902.0M CAD | 2.42B CAD | 5.17B CAD | 4.86B CAD | -1.25B CAD | 7.21B CAD | 10.56B CAD | 6.52B CAD | 9.48B CAD | 6.92B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.79B CAD | 3.92B CAD | 2.44B CAD | 5.66B CAD |
| Capital Expenditure | -1.48B CAD | -1.52B CAD | -1.12B CAD | -1.35B CAD |
| Free Cash Flow | 2.30B CAD | 2.40B CAD | 1.32B CAD | 4.31B CAD |
| Dividends Paid | -688.0M CAD | -718.4M CAD | -712.0M CAD | -706.0M CAD |
| Stock-based Compensation | 181.0M CAD | 0 | -120.0M CAD | -60.0M CAD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.2% | +20.6% | -0.5% | -35.7% | +58.7% | +49.1% | -15.8% | +3.3% | -3.5% | |
| Net Income Growth (YoY) | +927.2% | -26.1% | -12.0% | -249.0% | +195.4% | +120.4% | -8.6% | -27.5% | -1.6% | |
| EPS Growth (YoY) | +892.6% | -24.3% | -8.4% | -252.2% | +197.9% | +136.1% | -3.1% | -25.6% | +2.8% | |
| Shares Change (YoY) | +3.3% | -2.2% | -4.2% | -2.2% | -2.4% | -6.6% | -5.8% | -2.6% | -4.4% | |
| FCF Growth (YoY) | +367.7% | +114.2% | -6.0% | -125.7% | +676.3% | +46.5% | -38.3% | +45.4% | -27.0% | |
| Gross Margin | 59.4% | 62.0% | 59.9% | 63.5% | 56.7% | 61.0% | 61.5% | 59.3% | 58.7% | 59.1% |
| Operating Margin | 24.1% | 32.7% | 32.0% | 33.3% | 16.0% | 32.1% | 39.4% | 32.4% | 32.7% | 31.7% |
| EBITDA Margin | 23.1% | 31.7% | 32.0% | 25.2% | 10.2% | 30.3% | 44.5% | 32.5% | 32.0% | 33.0% |
| Net Margin | 1.6% | 14.0% | 8.5% | 7.6% | -17.5% | 10.5% | 15.6% | 16.9% | 11.9% | 12.1% |
| FCF Margin | -3.4% | 7.6% | 13.4% | 12.7% | -5.1% | 18.4% | 18.1% | 13.3% | 18.7% | 14.1% |
| Effective Tax Rate | 417.4% | 24.6% | 33.9% | 14.4% | 29.2% | 26.1% | 26.3% | 21.7% | 26.5% | 25.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -0.56 CAD | 1.45 CAD | 3.18 CAD | 3.12 CAD | -0.82 CAD | 4.84 CAD | 7.60 CAD | 4.97 CAD | 7.43 CAD | 5.67 CAD |
| Dividends Per Share | 1.16 CAD | 1.28 CAD | 1.43 CAD | 1.67 CAD | 1.09 CAD | 1.04 CAD | 1.87 CAD | 2.10 CAD | 2.20 CAD | 2.30 CAD |
| Shares Outstanding (Basic) | 1,610.0 M | 1,661.0 M | 1,623.0 M | 1,559.0 M | 1,526.0 M | 1,488.0 M | 1,387.0 M | 1,308.0 M | 1,274.0 M | 1,219.0 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 | 19.38% |
| Return on Invested Capital | 9.21% |
| Return on Assets | 9.42% |
| Gross Margin | 43.71% |
| Operating Margin | 18.08% |
| Net Margin | 15.32% |
Financial Health
| Debt / Equity | 0.30 |
| Current Ratio | 1.65 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 162.66 | 17.58 | 18.80 | 22.88 | -7.56 | 11.42 | 6.57 | 6.69 | 10.87 | 12.55 |
| P/B | 1.58 | 1.72 | 1.41 | 1.58 | 0.91 | 1.29 | 1.51 | 1.28 | 1.47 | 1.65 |
| P/S | 2.64 | 2.45 | 1.61 | 1.73 | 1.32 | 1.20 | 1.02 | 1.13 | 1.29 | 1.52 |
| Gross Margin | 59.4% | 62.0% | 59.9% | 63.5% | 56.7% | 61.0% | 61.5% | 59.3% | 58.7% | 59.1% |
| Operating Margin | 24.1% | 32.7% | 32.0% | 33.3% | 16.0% | 32.1% | 39.4% | 32.4% | 32.7% | 31.7% |
| Net Margin | 1.6% | 14.0% | 8.5% | 7.6% | -17.5% | 10.5% | 15.6% | 16.9% | 11.9% | 12.1% |
Related companies: CNQ.TO · IMO.TO · CVE.TO · XOM · CVX · SHEL · SHEL.L · TTE
Explore sector: Energy · Oil & Gas Integrated
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