Cenovus Energy Inc. (CVE) Financial Statements

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Cenovus Energy financial statements at a glance

Cenovus Energy reported revenue of 52.75 billion CAD for fiscal year 2025 (ended December 31, 2025), down 8.6% from fiscal year 2024. Net income was 3.92 billion CAD, a net margin of 7.4%.

At the end of fiscal year 2025 it had total assets of 63.42 billion CAD, total liabilities of 31.79 billion CAD and shareholders' equity of 31.62 billion CAD, with cash and short-term investments of 2.74 billion CAD and total debt of 14.21 billion CAD.

Its operations brought in 8.23 billion CAD of cash; capital spending was 4.91 billion CAD, leaving free cash flow of 3.32 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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Cenovus Energy Inc.

CVECanada
Energy
CAD (Local)

Income Statement

Annual • CAD

Total Revenue
52.75B
Prev Year: 57.73B
YoY: -8.6%
Operating Revenue
52.75B
Prev Year: 57.73B
YoY: -8.6%
Preferred Stock Dividends
14.00M
Prev Year: 36.00M
YoY: -61.1%
Other Income Expense
419.00M
Prev Year: -476.00M
YoY: +188.0%
Other Non-operating Income (expense)
115.00M
Prev Year: 55.00M
YoY: +109.1%
Special Income Charges
-147.00M
Prev Year: -77.00M
YoY: -90.9%
Gain on Sale of Property, Plant and Equipment
87.00M
Prev Year: 119.00M
YoY: -26.9%
Restructuring and Mergers Acquisition
234.00M
Prev Year: 196.00M
YoY: +19.4%
Equity in Earnings of Affiliates
53.00M
Prev Year: 66.00M
YoY: -19.7%
Gain on Sale of Securities
398.00M
Prev Year: -520.00M
YoY: +176.5%
Other General and Administrative
339.00M
Prev Year: 399.00M
YoY: -15.0%
Salaries and Wages
473.00M
Prev Year: 395.00M
YoY: +19.7%
Cost of Revenue
40.94B
Prev Year: 44.96B
YoY: -9.0%
Gross Profit
11.82B
Prev Year: 12.77B
YoY: -7.4%
Operating Expense
7.19B
Prev Year: 7.70B
YoY: -6.7%
Selling General and Administrative
812.00M
Prev Year: 794.00M
YoY: +2.3%
General and Administrative Expense
812.00M
Prev Year: 794.00M
YoY: +2.3%
Other Operating Expenses
6.38B
Prev Year: 6.91B
YoY: -7.7%
Research and Development
-
Operating Income
4.63B
Prev Year: 5.06B
YoY: -8.6%
Net Non Operating Interest Income Expense
-569.00M
Prev Year: -514.00M
YoY: -10.7%
Non-operating Interest Income
132.00M
Prev Year: 170.00M
YoY: -22.4%
Non-operating Interest Expense
661.00M
Prev Year: 649.00M
YoY: +1.8%
Total Other Finance Cost
40.00M
Prev Year: 35.00M
YoY: +14.3%
Pre-tax Income
4.48B
Prev Year: 4.07B
YoY: +10.0%
Provision for Income Taxes
547.00M
Prev Year: 929.00M
YoY: -41.1%
Net Income Common Stockholders
3.92B
Prev Year: 3.11B
YoY: +26.1%
Net Income
3.93B
Prev Year: 3.14B
YoY: +25.1%
Net Income Including Non-Controlling Interests
3.93B
Prev Year: 3.14B
YoY: +25.1%
Net Income from Continuing Operations
3.93B
Prev Year: 3.14B
YoY: +25.1%
Diluted NI Available to Com Stockholders
3.92B
Prev Year: 3.11B
YoY: +26.1%
Total Expenses
48.12B
Prev Year: 52.66B
YoY: -8.6%
Net Income from Continuing and Discontinued Operation
3.93B
Prev Year: 3.14B
YoY: +25.1%
Basic EPS
-
Normalized Income
3.71B
Prev Year: 3.60B
YoY: +3.0%
Diluted EPS
-
Interest Income
132.00M
Prev Year: 170.00M
YoY: -22.4%
Weighted Average Shares (basic)
-
Interest Expense
661.00M
Prev Year: 649.00M
YoY: +1.8%
Weighted Average Shares (diluted)
-
Net Interest Income
-569.00M
Prev Year: -514.00M
YoY: -10.7%
EBIT
5.14B
Prev Year: 4.72B
YoY: +8.9%
EBITDA
10.33B
Prev Year: 9.59B
YoY: +7.7%
Reconciled Cost of Revenue
40.94B
Prev Year: 44.96B
YoY: -9.0%
Reconciled Depreciation
5.19B
Prev Year: 4.87B
YoY: +6.6%
Net Income from Continuing Operation Net Minority Interest
3.93B
Prev Year: 3.14B
YoY: +25.1%
Normalized EBITDA
10.08B
Prev Year: 10.19B
YoY: -1.1%
Tax Rate for Calcs
0.122
Prev Year: 0
Tax Effect of Unusual Items
30.62M
Prev Year: -136.12M
YoY: +122.5%
Total Unusual Items
251.00M
Prev Year: -597.00M
YoY: +142.0%
Total Unusual Items Excluding Goodwill
251.00M
Prev Year: -597.00M
YoY: +142.0%
Values in CAD

Cenovus Energy key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue52.8B CAD57.7B CAD55.5B CAD71.8B CAD48.8B CAD
Gross profit11.8B CAD12.8B CAD12.7B CAD17.1B CAD9.1B CAD
Operating income4.6B CAD5.1B CAD5.6B CAD10.4B CAD3.5B CAD
Net income3.9B CAD3.1B CAD4.1B CAD6.4B CAD553.0M CAD
Diluted EPS––2.09 CAD3.20 CAD0.27 CAD
Total assets63.4B CAD56.5B CAD53.9B CAD55.9B CAD54.1B CAD
Total liabilities31.8B CAD26.8B CAD25.2B CAD28.3B CAD30.5B CAD
Shareholders' equity31.6B CAD29.8B CAD28.7B CAD27.6B CAD23.6B CAD
Cash and short-term investments2.7B CAD3.1B CAD2.2B CAD4.5B CAD2.9B CAD
Total debt14.2B CAD10.6B CAD9.9B CAD11.6B CAD15.4B CAD
Operating cash flow8.2B CAD9.2B CAD7.4B CAD11.4B CAD5.9B CAD
Capital spending4.9B CAD5.0B CAD4.3B CAD3.8B CAD2.6B CAD
Free cash flow3.3B CAD4.2B CAD3.1B CAD7.6B CAD3.4B CAD

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

Questions and answers

What was Cenovus Energy's revenue in fiscal year 2025?

52.75 billion CAD, down 8.6% from 57.73 billion CAD in fiscal year 2024.

How much profit does Cenovus Energy make?

Cenovus Energy reported net income of 3.92 billion CAD for fiscal year 2025 (7.4% of revenue); operating income was 4.63 billion CAD.

How much cash and debt does Cenovus Energy have?

At the end of fiscal year 2025: cash and short-term investments of 2.74 billion CAD and total debt of 14.21 billion CAD.

What is Cenovus Energy's free cash flow?

3.32 billion CAD in fiscal year 2025 (operating cash flow of 8.23 billion CAD minus capital spending of 4.91 billion CAD).

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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