Canadian Natural Resources Limited (CNQ) Balance Sheet
CNQ balance sheet, 2025
December 31, 2025 · Canadian dollarsC$91.76B assets = C$47.43B liabilities + C$44.33B equity
Both columns are drawn to the same scale: what CNQ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CNQ financial health
Current ratio0.95
Tight · current assets cover current liabilities 0.95×
Debt / equity0.44
Low leverage · C$0.44 of debt for each $1 of equity
Equity / assets48.3%
Equity-funded · of assets funded by shareholders
Cash / debt3.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
CNQ balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$58.65B2016 | C$91.76B2025 | +5.1%/yr | |
| Total liabilities | C$32.38B2016 | C$47.43B2025 | +4.3%/yr | |
| Shareholders’ equity | C$26.27B2016 | C$44.33B2025 | +6.0%/yr | |
| Cash & short-term investments | C$930.0M2016 | C$672.5M2025 | −3.5%/yr | |
| Total debt | C$16.80B2016 | C$19.71B2025 | +1.8%/yr | |
| Net cash (debt) | −C$15.88B2016 | −C$19.03B2025 | −C$3.2B | |
| Working capital | −C$756.0M2016 | −C$398.7M2025 | +C$357.3M | |
| Current ratio | 0.852016 | 0.952025 | +0.10 | |
| Debt / equity | 0.642016 | 0.442025 | −0.20 | |
| Shares outstanding | 2.20B2016 | 2.10B2025 | −0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNQ assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CNQ liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CNQ debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CNQ balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$672.5M | C$131.0M | C$1.40B | C$1.41B | C$1.05B | C$489.0M | C$629.0M | C$625.0M | C$1.03B | C$930.0M |
| Cash & equivalents | C$672.5M | C$131.0M | C$877.0M | C$920.0M | C$744.0M | C$184.0M | C$139.0M | C$101.0M | C$137.0M | C$17.0M |
| Short-term investments | — | C$0 | C$525.0M | C$491.0M | C$309.0M | C$305.0M | C$490.0M | C$524.0M | C$893.0M | C$913.0M |
| Receivables | C$4.00B | C$4.13B | C$3.19B | C$3.56B | C$3.11B | C$2.50B | C$2.48B | C$1.15B | C$2.72B | C$2.29B |
| Inventory | C$2.62B | C$2.79B | C$2.03B | C$1.81B | C$1.55B | C$1.06B | C$1.15B | C$955.0M | C$894.0M | C$689.0M |
| Other current assets | C$370.7M | C$355.0M | C$542.0M | C$276.0M | C$230.0M | C$313.0M | C$228.0M | C$292.0M | C$254.0M | C$432.0M |
| Total current assets | C$7.66B | C$7.41B | C$7.17B | C$7.06B | C$5.94B | C$4.36B | C$4.49B | C$3.02B | C$4.90B | C$4.34B |
| Property, plant & equipment (net) | C$80.58B | C$77.33B | C$66.04B | C$68.53B | C$70.16B | C$69.83B | C$72.41B | C$67.20B | C$67.80B | C$53.29B |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$287.0M | C$0 | C$0 |
| Other non-current assets | C$3.52B | C$620.0M | C$2.75B | C$553.0M | C$565.0M | C$1.08B | C$1.22B | C$1.06B | C$1.17B | C$1.02B |
| Total assets | C$91.76B | C$85.36B | C$75.95B | C$76.14B | C$76.67B | C$75.28B | C$78.12B | C$71.56B | C$73.87B | C$58.65B |
| Liabilities | ||||||||||
| Accounts payable | C$1.10B | C$1.08B | C$1.42B | C$1.34B | C$803.0M | C$667.0M | C$816.0M | C$779.0M | C$775.0M | C$595.0M |
| Short-term debt | C$813.3M | C$2.65B | C$1.28B | C$404.0M | C$1.00B | C$1.34B | C$2.39B | C$1.14B | C$1.88B | C$1.81B |
| Deferred revenue | — | −C$718.0M | C$3.24B | — | C$4.67B | C$2.35B | C$2.61B | C$151.0M | C$2.60B | C$2.22B |
| Total current liabilities | C$8.06B | C$9.63B | C$7.43B | C$8.65B | C$7.42B | C$5.08B | C$6.64B | C$4.76B | C$6.26B | C$5.09B |
| Long-term debt | C$18.91B | C$17.63B | C$11.08B | C$12.34B | C$15.09B | C$21.61B | C$20.40B | C$19.48B | C$20.58B | C$14.99B |
| Lease obligations | — | — | — | C$1.54B | C$1.58B | C$1.88B | C$2.04B | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$20.46B | C$18.63B | C$17.61B | C$16.98B | C$17.20B | C$16.21B | C$16.09B | C$15.34B | C$15.37B | C$12.30B |
| Total liabilities | C$47.43B | C$45.89B | C$36.12B | C$37.97B | C$39.72B | C$42.90B | C$43.13B | C$39.59B | C$42.21B | C$32.38B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$11.41B | C$11.06B | C$10.71B | C$10.29B | C$10.17B | C$9.61B | C$9.53B | C$9.32B | C$9.11B | C$4.67B |
| Retained earnings (deficit) | C$32.70B | C$28.10B | C$28.95B | C$27.67B | C$26.78B | C$22.77B | C$25.42B | C$22.53B | C$22.61B | C$21.53B |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$218.8M | C$301.0M | C$172.0M | C$209.0M | −C$1.0M | C$8.0M | C$34.0M | C$122.0M | −C$68.0M | C$70.0M |
| Minority interest | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$44.33B | C$39.47B | C$39.83B | C$38.17B | C$36.95B | C$32.38B | C$34.99B | C$31.97B | C$31.65B | C$26.27B |
| Key figures | ||||||||||
| Total debt | C$19.71B | C$20.28B | C$12.35B | C$12.74B | C$16.09B | C$22.95B | C$22.79B | C$20.62B | C$22.46B | C$16.80B |
| Net cash (debt) | −C$19.03B | −C$20.15B | −C$10.95B | −C$11.33B | −C$15.04B | −C$22.46B | −C$22.16B | −C$20.00B | −C$21.43B | −C$15.88B |
| Working capital | −C$398.7M | −C$2.23B | −C$268.0M | −C$1.59B | −C$1.48B | −C$717.0M | −C$2.15B | −C$1.74B | −C$1.36B | −C$756.0M |
| Tangible book value | C$44.33B | C$39.47B | C$39.83B | C$38.17B | C$36.95B | C$32.38B | C$34.99B | C$31.97B | C$31.65B | C$26.27B |
| Shares outstanding | 2.10B | 2.14B | 2.20B | 2.30B | 2.37B | 2.36B | 2.39B | 2.45B | 2.37B | 2.20B |
| Current ratio | 0.95 | 0.77 | 0.96 | 0.82 | 0.80 | 0.86 | 0.68 | 0.63 | 0.78 | 0.85 |
| Quick ratio | 0.58 | 0.44 | 0.62 | 0.57 | 0.56 | 0.59 | 0.47 | 0.37 | 0.60 | 0.63 |
| Debt / equity | 0.44 | 0.51 | 0.31 | 0.33 | 0.44 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Equity / assets | 48.3% | 46.2% | 52.4% | 50.1% | 48.2% | 43.0% | 44.8% | 44.7% | 42.9% | 44.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$2.62B | C$580.9M | C$672.5M | C$113.0M | C$102.0M | C$93.0M | C$131.0M | C$721.0M | C$915.0M | C$1.37B | C$1.40B | C$690.0M |
| Cash & equivalents | C$2.62B | C$580.9M | C$672.5M | C$113.0M | C$102.0M | C$93.0M | C$131.0M | C$721.0M | C$915.0M | C$767.0M | C$877.0M | C$125.0M |
| Short-term investments | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$600.0M | C$525.0M | C$565.0M |
| Receivables | C$5.28B | C$3.77B | C$4.00B | C$3.75B | C$3.90B | C$3.86B | C$4.13B | C$3.10B | C$3.65B | C$3.41B | C$3.19B | C$4.22B |
| Inventory | C$2.79B | C$2.10B | C$2.62B | C$2.77B | C$2.67B | C$2.69B | C$2.79B | C$2.53B | C$2.48B | C$2.30B | C$2.03B | C$2.17B |
| Other current assets | C$636.0M | C$280.4M | C$370.7M | C$554.0M | C$578.0M | C$589.0M | C$355.0M | C$423.0M | C$380.0M | C$372.0M | C$542.0M | C$425.0M |
| Total current assets | C$11.32B | C$6.73B | C$7.66B | C$7.18B | C$7.25B | C$7.23B | C$7.41B | C$6.78B | C$7.43B | C$7.45B | C$7.17B | C$7.51B |
| Property, plant & equipment (net) | C$84.45B | C$58.27B | C$80.58B | C$77.46B | C$77.30B | C$76.83B | C$77.33B | C$67.72B | C$65.79B | C$65.65B | C$66.04B | C$68.27B |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$809.0M | C$2.60B | C$3.52B | C$948.0M | C$724.0M | C$745.0M | C$620.0M | C$583.0M | C$2.72B | C$2.88B | C$2.75B | C$534.0M |
| Total assets | C$96.58B | C$67.61B | C$91.76B | C$85.59B | C$85.27B | C$84.81B | C$85.36B | C$75.08B | C$75.94B | C$75.98B | C$75.95B | C$76.31B |
| Liabilities | ||||||||||||
| Accounts payable | C$1.56B | C$1.14B | C$1.10B | C$1.33B | C$1.16B | C$1.19B | C$1.08B | C$1.15B | C$1.85B | C$1.14B | C$1.42B | C$1.24B |
| Short-term debt | C$2.21B | C$579.5M | C$813.3M | C$829.0M | C$1.37B | C$1.43B | C$2.65B | C$1.62B | C$1.10B | C$2.09B | C$1.28B | C$1.60B |
| Deferred revenue | — | — | — | — | — | — | — | C$561.0M | C$58.0M | — | — | C$4.09B |
| Total current liabilities | C$11.32B | C$6.84B | C$8.06B | C$8.31B | C$8.51B | C$8.64B | C$9.63B | C$8.03B | C$8.44B | C$8.48B | C$7.43B | C$8.25B |
| Long-term debt | C$14.93B | C$16.52B | C$18.91B | C$17.66B | C$16.85B | C$17.15B | C$17.63B | C$9.64B | C$9.33B | C$9.23B | C$9.82B | C$11.31B |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | — | C$1.49B |
| Other long-term liabilities | C$23.54B | C$12.16B | C$20.46B | C$19.15B | C$18.60B | C$18.58B | C$18.63B | C$17.52B | C$18.70B | C$18.76B | C$18.87B | C$17.12B |
| Total liabilities | C$49.79B | C$35.52B | C$47.43B | C$45.13B | C$43.97B | C$44.37B | C$45.89B | C$35.18B | C$36.48B | C$36.47B | C$36.12B | C$36.68B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$11.85B | C$8.56B | C$11.41B | C$11.32B | C$11.28B | C$11.25B | C$11.06B | C$11.05B | C$11.08B | C$11.03B | C$10.71B | C$10.65B |
| Retained earnings (deficit) | C$34.68B | C$23.36B | C$32.70B | C$28.91B | C$29.81B | C$28.89B | C$28.10B | C$28.65B | C$28.17B | C$28.27B | C$28.95B | C$28.77B |
| Accumulated other comprehensive income | C$262.0M | C$172.5M | C$218.8M | C$235.0M | C$205.0M | C$297.0M | C$301.0M | C$200.0M | C$222.0M | C$205.0M | C$172.0M | C$208.0M |
| Total shareholders' equity | C$46.80B | C$32.09B | C$44.33B | C$40.46B | C$41.30B | C$40.45B | C$39.47B | C$39.90B | C$39.47B | C$39.51B | C$39.83B | C$39.63B |
| Key figures | ||||||||||||
| Total debt | C$17.14B | C$14.39B | C$19.71B | C$17.27B | C$17.08B | C$17.43B | C$20.28B | C$10.03B | C$11.70B | C$12.57B | C$12.35B | C$12.91B |
| Net cash (debt) | −C$14.53B | −C$13.81B | −C$19.03B | −C$17.16B | −C$16.98B | −C$17.34B | −C$20.15B | −C$9.31B | −C$10.78B | −C$11.21B | −C$10.95B | −C$12.22B |
| Working capital | C$8.0M | −C$109.3M | −C$398.7M | −C$1.13B | −C$1.27B | −C$1.41B | −C$2.23B | −C$1.25B | −C$1.01B | −C$1.03B | −C$268.0M | −C$738.0M |
| Tangible book value | C$46.80B | C$32.09B | C$44.33B | C$40.46B | C$41.30B | C$40.45B | C$39.47B | C$39.90B | C$39.47B | C$39.51B | C$39.83B | C$39.63B |
| Shares outstanding | 2.09B | 2.10B | 2.09B | 2.07B | 2.10B | 2.11B | 2.12B | 2.13B | 2.15B | 2.16B | 2.18B | 2.20B |
| Current ratio | 1.00 | 0.98 | 0.95 | 0.86 | 0.85 | 0.84 | 0.77 | 0.84 | 0.88 | 0.88 | 0.96 | 0.91 |
| Quick ratio | 0.70 | 0.64 | 0.58 | 0.46 | 0.47 | 0.46 | 0.44 | 0.48 | 0.54 | 0.56 | 0.62 | 0.60 |
| Debt / equity | 0.37 | 0.45 | 0.44 | 0.43 | 0.41 | 0.43 | 0.51 | 0.25 | 0.30 | 0.32 | 0.31 | 0.33 |
| Equity / assets | 48.5% | 47.5% | 48.3% | 47.3% | 48.4% | 47.7% | 46.2% | 53.1% | 52.0% | 52.0% | 52.4% | 51.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
CNQ financial position
At the end of fiscal 2025 (December 31, 2025), Canadian Natural Resources had total assets of C$91.8 billion (up 7.5% from a year earlier), total liabilities of C$47.4 billion and shareholders' equity of C$44.3 billion. It held C$672.5 million in cash and short-term investments against C$19.7 billion of debt, net debt of C$19.0 billion. Its current ratio was 0.95. In the latest quarter (ended June 30, 2026) total assets were C$96.6 billion and equity C$46.8 billion.
Related: CNQ income statement, CNQ cash flow statement, CNQ key metrics. See the CNQ stock overview for the latest quote and news.
CNQ balance sheet FAQ
What are Canadian Natural Resources's total assets?
Canadian Natural Resources reported total assets of C$91.8 billion at the end of fiscal 2025 (December 31, 2025), compared with C$85.4 billion a year earlier.
How much debt does Canadian Natural Resources have?
Canadian Natural Resources had C$19.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.44.
How much cash does Canadian Natural Resources have?
Canadian Natural Resources held C$672.5 million in cash and short-term investments at the end of fiscal 2025; with C$19.7 billion of debt that is net debt of C$19.0 billion.
What is Canadian Natural Resources's book value?
Canadian Natural Resources's shareholders' equity (book value) was C$44.3 billion at the end of fiscal 2025.
What is Canadian Natural Resources's current ratio?
Canadian Natural Resources had current assets of C$7.7 billion and current liabilities of C$8.1 billion, a current ratio of 0.95 (current liabilities exceed current assets).