Canadian Natural Resources Limited (CNQ) Financial Statements

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Canadian Natural Resources financial statements at a glance

Canadian Natural Resources reported revenue of 44.17 billion CAD for fiscal year 2025 (ended December 31, 2025), up 6.4% from fiscal year 2024. Net income was 10.82 billion CAD, a net margin of 24.5%, and diluted earnings per share were 5.16 CAD.

At the end of fiscal year 2025 it had total assets of 91.83 billion CAD, total liabilities of 47.46 billion CAD and shareholders' equity of 44.37 billion CAD, with cash and short-term investments of 673.00 million CAD and total debt of 16.62 billion CAD.

Its operations brought in 15.11 billion CAD of cash; capital spending was 6.79 billion CAD, leaving free cash flow of 8.32 billion CAD.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CAD; latest fiscal year ended December 31, 2025.

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Canadian Natural Resources Limited

CNQCanada
Energy
CAD (Local)

Income Statement

Annual • CAD

Total Revenue
44.17B
Prev Year: 41.51B
YoY: +6.4%
Operating Revenue
44.17B
Prev Year: 41.51B
YoY: +6.4%
Weighted Average Shares (diluted)
2.10B
Weighted Average Shares (basic)
2.09B
Diluted EPS
5.16
Basic EPS
5.17
Other Income Expense
5.85B
Prev Year: -1.08B
YoY: +643.6%
Restructuring and Mergers Acquisition
-5.07B
Gain on Sale of Securities
780.00M
Prev Year: -1.08B
YoY: +172.5%
Other General and Administrative
615.00M
Prev Year: 503.00M
YoY: +22.3%
Salaries and Wages
180.00M
Prev Year: 279.00M
YoY: -35.5%
Cost of Revenue
34.77B
Prev Year: 30.61B
YoY: +13.6%
Gross Profit
9.40B
Prev Year: 10.90B
YoY: -13.7%
Operating Expense
1.18B
Prev Year: 1.17B
YoY: +0.3%
Selling General and Administrative
795.00M
Prev Year: 782.00M
YoY: +1.7%
General and Administrative Expense
795.00M
Prev Year: 782.00M
YoY: +1.7%
Other Operating Expenses
380.00M
Prev Year: 389.00M
YoY: -2.3%
Depreciation Amortization Depletion
-
Operating Income
8.23B
Prev Year: 9.73B
YoY: -15.4%
Net Non Operating Interest Income Expense
-834.00M
Prev Year: -592.00M
YoY: -40.9%
Non-operating Interest Income
205.00M
Prev Year: 81.00M
YoY: +153.1%
Non-operating Interest Expense
1.04B
Prev Year: 673.00M
YoY: +54.4%
Special Income Charges
5.07B
Total Other Finance Cost
-
Pre-tax Income
13.24B
Prev Year: 8.06B
YoY: +64.3%
Provision for Income Taxes
2.42B
Prev Year: 1.95B
YoY: +24.0%
Net Income Common Stockholders
10.82B
Prev Year: 6.11B
YoY: +77.2%
Net Income
10.82B
Prev Year: 6.11B
YoY: +77.2%
Net Income Including Non-Controlling Interests
10.82B
Prev Year: 6.11B
YoY: +77.2%
Net Income from Continuing Operations
10.82B
Prev Year: 6.11B
YoY: +77.2%
Diluted NI Available to Com Stockholders
10.82B
Prev Year: 6.11B
YoY: +77.2%
Total Expenses
35.94B
Prev Year: 31.78B
YoY: +13.1%
Net Income from Continuing and Discontinued Operation
10.82B
Prev Year: 6.11B
YoY: +77.2%
Normalized Income
6.02B
Prev Year: 6.92B
YoY: -13.0%
Interest Income
205.00M
Prev Year: 81.00M
YoY: +153.1%
Interest Expense
1.04B
Prev Year: 673.00M
YoY: +54.4%
Net Interest Income
-834.00M
Prev Year: -592.00M
YoY: -40.9%
EBIT
14.28B
Prev Year: 8.73B
YoY: +63.5%
EBITDA
21.89B
Prev Year: 15.41B
YoY: +42.0%
Reconciled Cost of Revenue
34.77B
Prev Year: 30.61B
YoY: +13.6%
Reconciled Depreciation
7.61B
Prev Year: 6.68B
YoY: +13.9%
Net Income from Continuing Operation Net Minority Interest
10.82B
Prev Year: 6.11B
YoY: +77.2%
Total Unusual Items Excluding Goodwill
5.85B
Prev Year: -1.08B
YoY: +643.6%
Total Unusual Items
5.85B
Prev Year: -1.08B
YoY: +643.6%
Normalized EBITDA
16.04B
Prev Year: 16.49B
YoY: -2.7%
Tax Rate for Calcs
0.18
Prev Year: 0
Tax Effect of Unusual Items
1.05B
Prev Year: -258.24M
YoY: +507.7%
Values in CAD

Canadian Natural Resources key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue44.2B CAD$41.5B$40.8B$49.5B$32.9B
Gross profit9.4B CAD$10.9B$11.8B$16.3B$10.6B
Operating income8.2B CAD$9.7B$10.5B$14.8B$9.5B
Net income10.8B CAD$6.1B$8.2B$10.9B$7.7B
Diluted EPS5.16 CAD–$3.74$4.76$3.23
Total assets91.8B CAD$85.4B$76.0B$76.1B$76.7B
Total liabilities47.5B CAD$45.9B$36.1B$38.0B$39.7B
Shareholders' equity44.4B CAD$39.5B$39.8B$38.2B$36.9B
Cash and short-term investments673.0M CAD$131.0M$1.4B$1.4B$1.1B
Total debt16.6B CAD$18.8B$10.8B$11.4B$14.7B
Operating cash flow15.1B CAD$13.4B$12.4B$19.4B$14.5B
Capital spending6.8B CAD$5.3B$4.9B$5.1B$4.5B
Free cash flow8.3B CAD$8.1B$7.5B$14.3B$10.0B

In CAD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Canadian Natural Resources's revenue in fiscal year 2025?

44.17 billion CAD, up 6.4% from 41.51 billion CAD in fiscal year 2024.

How much profit does Canadian Natural Resources make?

Canadian Natural Resources reported net income of 10.82 billion CAD for fiscal year 2025 (24.5% of revenue); operating income was 8.23 billion CAD.

How much cash and debt does Canadian Natural Resources have?

At the end of fiscal year 2025: cash and short-term investments of 673.00 million CAD and total debt of 16.62 billion CAD.

What is Canadian Natural Resources's free cash flow?

8.32 billion CAD in fiscal year 2025 (operating cash flow of 15.11 billion CAD minus capital spending of 6.79 billion CAD).

MoreCanadian Natural Resources stock overviewCanadian Natural Resources executive teamCanadian Natural Resources shareholders
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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