Canadian Natural Resources Limited (CNQ) Cash Flow Statement
Where CNQ’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$15.09B +12.8% vs 2024
- Capital expenditures
- C$6.67B 15.1% of revenue
- Free cash flow
- C$8.42B 19.1% margin
- Returned to shareholders
- C$6.31B 75% of free cash flow
- Change in cash
- C$547.5M cash at year-end C$672.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CNQ operating cash flow, capex and free cash flow
CNQ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$3.45B2016 | C$15.09B2025 | +17.8%/yr | |
| Capital expenditures | C$3.80B2016 | C$6.67B2025 | +6.4%/yr | |
| Free cash flow | −C$351.0M2016 | C$8.42B2025 | — | |
| Free cash flow margin | −3.2%2016 | 19.1%2025 | +22.2 pts | |
| Operating cash flow / net income | 3.032017 | 1.402025 | −1.63 | |
| Stock-based compensation | C$355.0M2016 | C$180.0M2025 | −7.3%/yr | |
| Dividends paid | C$758.0M2016 | C$4.87B2025 | +23.0%/yr | |
| Share buybacks (net) | C$02016 | C$1.45B2025 | — | |
| Capex / revenue | 34.3%2016 | 15.1%2025 | −19.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNQ cash flow by activity
CNQ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CNQ cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$10.81B | C$6.11B | C$8.23B | C$10.94B | C$7.66B | −C$435.0M | C$5.42B | C$2.59B | C$2.40B | −C$204.0M |
| Depreciation & amortization | C$9.69B | C$6.68B | C$6.41B | C$7.35B | C$5.41B | C$5.91B | C$5.33B | C$5.90B | C$4.01B | C$4.24B |
| Stock-based compensation | C$180.0M | C$279.0M | C$491.0M | C$804.0M | C$514.0M | −C$82.0M | C$223.0M | −C$146.0M | C$134.0M | C$355.0M |
| Change in working capital | C$671.5M | −C$743.0M | −C$2.42B | C$79.0M | C$964.0M | −C$166.0M | −C$1.03B | C$1.35B | C$299.0M | −C$542.0M |
| Other non-cash items | −C$6.26B | C$1.06B | −C$367.0M | C$218.0M | −C$70.0M | −C$513.0M | −C$1.11B | C$430.0M | C$420.0M | −C$398.0M |
| Cash from operating activities | C$15.09B | C$13.39B | C$12.35B | C$19.39B | C$14.48B | C$4.71B | C$8.83B | C$10.12B | C$7.26B | C$3.45B |
| Investing activities | ||||||||||
| Capital expenditures | −C$6.67B | −C$5.29B | −C$4.91B | −C$5.10B | −C$4.49B | −C$2.56B | −C$3.54B | −C$4.17B | −C$4.57B | −C$3.80B |
| Investments (net) | C$0 | −C$14.10B | −C$5.17B | −C$4.99B | C$128.0M | −C$2.82B | −C$7.25B | −C$4.81B | −C$13.10B | −C$3.81B |
| Acquisitions & other investing | −C$11.0M | C$5.29B | C$5.22B | C$5.10B | C$661.0M | C$2.56B | C$3.54B | C$4.17B | C$4.57B | C$3.80B |
| Cash from investing activities | −C$6.68B | −C$14.10B | −C$4.86B | −C$4.99B | −C$3.70B | −C$2.82B | −C$7.25B | −C$4.81B | −C$13.10B | −C$3.81B |
| Financing activities | ||||||||||
| Dividends paid | −C$4.87B | −C$4.43B | −C$3.89B | −C$4.93B | −C$2.17B | −C$1.95B | −C$1.74B | −C$1.56B | −C$1.25B | −C$758.0M |
| Share repurchases & issuance (net) | −C$1.45B | −C$2.66B | −C$3.32B | −C$5.57B | −C$1.58B | −C$271.0M | −C$941.0M | −C$1.28B | C$466.0M | C$559.0M |
| Net borrowing (repayment) | −C$1.82B | C$6.77B | −C$701.0M | −C$4.24B | −C$7.17B | C$97.0M | C$788.0M | −C$2.83B | C$6.75B | C$506.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$265.3M | C$280.0M | C$372.0M | C$511.0M | C$707.0M | C$274.0M | C$360.0M | C$332.0M | C$0 | C$0 |
| Cash from financing activities | −C$7.87B | −C$37.0M | −C$7.54B | −C$14.23B | −C$10.21B | −C$1.85B | −C$1.54B | −C$5.34B | C$5.96B | C$307.0M |
| Summary | ||||||||||
| Net change in cash | C$547.5M | −C$746.0M | −C$43.0M | C$176.0M | C$560.0M | C$45.0M | C$38.0M | −C$36.0M | C$120.0M | −C$52.0M |
| Cash at end of period | 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 |
| Free cash flow | C$8.42B | C$8.10B | C$7.44B | C$14.29B | C$9.99B | C$2.16B | C$5.29B | C$5.68B | C$2.56B | −C$351.0M |
| Free cash flow margin | 19.1% | 22.7% | 18.2% | 28.8% | 30.4% | 12.3% | 23.1% | 25.5% | 14.5% | −3.2% |
| Capex / revenue | 15.1% | 14.8% | 12.0% | 10.3% | 13.7% | 14.6% | 15.5% | 18.7% | 25.9% | 34.3% |
| Operating cash flow / net income | 1.40 | 2.19 | 1.50 | 1.77 | 1.89 | — | 1.63 | 3.91 | 3.03 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$4.50B | C$969.1M | C$5.30B | C$600.0M | C$2.46B | C$2.46B | C$1.14B | C$2.27B | C$1.72B | C$987.0M | C$2.63B | C$2.34B |
| Depreciation & amortization | C$1.90B | C$1.88B | C$2.54B | C$3.21B | C$1.76B | C$1.87B | C$1.90B | C$1.70B | C$1.65B | C$1.53B | C$1.72B | C$1.75B |
| Stock-based compensation | −C$196.0M | C$644.0M | C$83.0M | C$63.0M | C$8.0M | C$26.0M | C$44.0M | −C$46.0M | −C$13.0M | C$294.0M | C$57.0M | C$298.0M |
| Change in working capital | C$120.0M | −C$588.1M | C$133.9M | C$432.0M | C$24.0M | C$82.0M | −C$563.0M | −C$680.0M | C$515.0M | −C$15.0M | C$562.0M | −C$1.09B |
| Other non-cash items | C$494.0M | −C$542.5M | −C$4.29B | −C$366.0M | −C$1.14B | −C$152.0M | C$912.0M | −C$233.0M | C$218.0M | C$69.0M | −C$147.0M | C$195.0M |
| Cash from operating activities | C$6.82B | C$2.36B | C$3.76B | C$3.94B | C$3.11B | C$4.28B | C$3.43B | C$3.00B | C$4.08B | C$2.87B | C$4.82B | C$3.50B |
| Investing activities | ||||||||||||
| Capital expenditures | −C$2.40B | −C$1.50B | −C$1.45B | −C$2.12B | −C$1.92B | −C$1.30B | −C$1.30B | −C$1.35B | −C$1.62B | −C$1.04B | −C$975.0M | −C$1.11B |
| Investments (net) | — | C$150.0M | C$0 | −C$2.23B | −C$1.94B | −C$1.31B | −C$10.41B | −C$1.27B | −C$1.01B | −C$1.39B | −C$946.0M | −C$1.20B |
| Acquisitions & other investing | −C$63.0M | −C$47.2M | C$253.8M | C$2.12B | C$1.92B | C$1.30B | C$1.30B | C$1.35B | C$1.62B | C$1.04B | C$975.0M | −C$1.60B |
| Cash from investing activities | −C$2.47B | −C$1.40B | −C$1.20B | −C$2.23B | −C$1.94B | −C$1.31B | −C$10.41B | −C$1.27B | −C$1.01B | −C$1.39B | −C$946.0M | −C$3.91B |
| Financing activities | ||||||||||||
| Dividends paid | −C$1.30B | −C$880.0M | −C$1.23B | −C$1.23B | −C$1.23B | −C$1.18B | −C$1.11B | −C$1.12B | −C$1.12B | −C$1.08B | −C$980.0M | −C$984.0M |
| Share repurchases & issuance (net) | −C$1.10B | −C$223.6M | −C$293.8M | −C$309.0M | −C$359.0M | −C$487.0M | −C$551.0M | −C$741.0M | −C$762.0M | −C$606.0M | −C$1.55B | −C$594.0M |
| Net borrowing (repayment) | −C$168.0M | C$0 | −C$561.0M | −C$198.0M | C$389.0M | −C$1.45B | C$8.02B | −C$84.0M | — | — | — | −C$802.0M |
| Shares issued | 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 financing | C$25.0M | C$210.6M | C$73.4M | C$40.0M | C$39.0M | C$112.0M | C$32.0M | C$21.0M | −C$1.03B | C$96.0M | −C$588.0M | C$84.0M |
| Cash from financing activities | −C$2.54B | −C$892.9M | −C$2.01B | −C$1.70B | −C$1.16B | −C$3.01B | C$6.39B | −C$1.92B | −C$2.92B | −C$1.59B | −C$3.12B | −C$2.30B |
| Summary | ||||||||||||
| Net change in cash | C$1.81B | C$90.8M | C$561.1M | C$11.0M | C$9.0M | −C$38.0M | −C$590.0M | −C$194.0M | C$148.0M | −C$110.0M | C$752.0M | C$3.0M |
| Cash at end of period | 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 |
| Free cash flow | C$4.42B | C$855.5M | C$2.31B | C$1.82B | C$1.20B | C$2.99B | C$2.13B | C$1.65B | C$2.46B | C$1.82B | C$3.84B | C$2.39B |
| Free cash flow margin | 25.7% | 7.9% | 21.6% | 19.1% | 12.4% | 23.5% | 19.3% | 15.9% | 23.2% | 19.4% | 36.0% | 20.3% |
| Capex / revenue | 14.0% | 13.9% | 13.6% | 22.3% | 19.8% | 10.2% | 11.7% | 13.0% | 15.3% | 11.1% | 9.1% | 9.4% |
| Operating cash flow / net income | 1.52 | 2.43 | 0.71 | 6.57 | 1.27 | 1.74 | 3.02 | 1.32 | 2.38 | 2.91 | 1.83 | 1.49 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
CNQ cash generation
In fiscal 2025 (ended December 31, 2025), Canadian Natural Resources generated C$15.1 billion of cash from operations (up 12.8%) and spent C$6.7 billion on capital expenditures, leaving free cash flow of C$8.4 billion, 19.1% of revenue. It returned C$6.3 billion to shareholders through dividends (C$4.9 billion) and net share buybacks (C$1.4 billion). Cash and equivalents rose by C$547.5 million over the year.
Related: CNQ income statement, CNQ balance sheet, CNQ dividend history. See the CNQ stock overview for the latest quote and news.
CNQ cash flow FAQ
What is Canadian Natural Resources's free cash flow?
Canadian Natural Resources's free cash flow was C$8.4 billion in fiscal 2025: C$15.1 billion of operating cash flow minus C$6.7 billion of capital expenditures It was C$8.1 billion a year earlier..
How much cash does Canadian Natural Resources generate from operations?
Canadian Natural Resources generated C$15.1 billion of cash from operating activities in fiscal 2025, 1.40 times its net income of C$10.8 billion.
How much does Canadian Natural Resources spend on capital expenditures?
Canadian Natural Resources spent C$6.7 billion on capital expenditures in fiscal 2025, 15.1% of revenue, compared with C$5.3 billion the year before.
How much stock does Canadian Natural Resources buy back?
Canadian Natural Resources spent C$1.4 billion on net share repurchases in fiscal 2025.
How much does Canadian Natural Resources pay in dividends?
Canadian Natural Resources paid C$4.9 billion in dividends in fiscal 2025, 57.8% of free cash flow.