Canadian Natural Resources Limited (CNQ) Income Statement
CNQ 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsCNQ revenue and net income
Where CNQ's revenue goes
2025Each bar shows an amount and its share of revenue. CNQ kept 24.5% of revenue as net income.
CNQ profit margins
CNQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +23.9% | −3.7% | +20.4% | +12.9% |
| Gross profit | −46.5% | −16.7% | +167.2% | — |
| Operating income | −51.0% | −17.7% | — | — |
| Net income | +77.2% | −0.4% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CNQ income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$44.17B | C$35.66B | C$40.84B | C$49.53B | C$32.85B | C$17.49B | C$22.87B | C$22.28B | C$17.67B | C$11.10B |
| Cost of revenue | C$34.77B | C$18.08B | C$29.06B | C$33.27B | C$22.28B | C$17.42B | C$10.98B | C$17.07B | C$14.72B | C$11.54B |
| Gross profit | C$9.40B | C$17.58B | C$11.77B | C$16.26B | C$10.58B | C$69.0M | C$11.89B | C$5.21B | C$2.95B | −C$437.0M |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$795.0M | C$782.0M | C$943.0M | C$1.22B | C$880.0M | C$309.0M | C$567.0M | C$179.0M | C$453.0M | C$700.0M |
| Total operating expenses | C$1.18B | C$782.0M | C$1.31B | C$1.50B | C$1.06B | C$69.0M | C$567.0M | C$5.21B | C$2.95B | C$842.0M |
| Operating income | C$8.23B | C$16.80B | C$10.46B | C$14.76B | C$9.51B | −C$445.0M | C$11.33B | C$4.85B | C$2.33B | −C$1.28B |
| Interest income | C$205.0M | C$81.0M | C$55.0M | C$1.06B | C$479.0M | C$645.0M | C$636.0M | C$1.78B | C$159.0M | C$34.0M |
| Interest expense | C$1.04B | C$673.0M | C$691.0M | C$670.0M | C$743.0M | C$828.0M | C$912.0M | C$798.0M | C$728.0M | C$431.0M |
| Income before taxes | C$13.24B | C$8.06B | C$10.16B | C$13.70B | C$9.91B | −C$873.0M | C$5.88B | C$3.52B | C$2.87B | −C$1.06B |
| Income taxes | C$2.42B | C$1.95B | C$1.93B | C$2.77B | C$2.25B | −C$438.0M | C$460.0M | C$931.0M | C$476.0M | −C$859.0M |
| Net income | C$10.82B | 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 |
| EBITDA | C$23.97B | C$16.40B | C$17.27B | C$21.73B | C$16.38B | C$6.00B | C$11.28B | C$9.67B | C$7.73B | C$4.36B |
| Gross margin | 21.3% | 49.3% | 28.8% | 32.8% | 32.2% | 0.4% | 52.0% | 23.4% | 16.7% | −3.9% |
| Operating margin | 18.6% | 47.1% | 25.6% | 29.8% | 29.0% | −2.5% | 49.5% | 21.8% | 13.2% | −11.5% |
| Net margin | 24.5% | 17.1% | 20.2% | 22.1% | 23.3% | −2.5% | 23.7% | 11.6% | 13.6% | −1.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$17.21B | C$10.84B | C$10.71B | C$9.52B | C$9.68B | C$11.06B | C$10.40B | C$10.62B | C$9.42B | C$10.68B | C$11.76B | C$7.89B |
| Cost of revenue | C$10.80B | C$7.36B | C$8.57B | C$4.91B | C$7.37B | C$8.21B | C$7.40B | C$7.85B | C$7.15B | C$7.59B | C$7.74B | C$4.54B |
| Gross profit | C$6.41B | C$3.48B | C$2.14B | C$4.61B | C$2.31B | C$2.86B | C$3.00B | C$2.77B | C$2.27B | C$3.09B | C$4.02B | C$3.35B |
| Sales, general & admin | C$37.0M | C$798.0M | C$243.0M | C$215.0M | C$159.0M | C$171.0M | C$126.0M | C$124.0M | C$420.0M | C$233.0M | C$704.0M | C$189.0M |
| Total operating expenses | C$61.0M | C$800.1M | C$347.0M | C$215.0M | C$249.0M | C$269.0M | C$177.0M | C$208.0M | C$517.0M | C$267.0M | C$4.02B | C$189.0M |
| Operating income | C$6.35B | C$2.68B | C$1.79B | C$4.39B | C$2.06B | C$2.59B | C$2.82B | C$2.56B | C$1.75B | C$2.82B | C$3.52B | C$3.16B |
| Interest income | — | — | C$65.0M | C$597.0M | C$669.0M | C$1.00B | C$15.0M | — | — | — | C$375.0M | C$100.0M |
| Interest expense | C$238.0M | C$318.8M | C$245.0M | C$93.0M | C$238.0M | C$223.0M | C$154.0M | C$158.0M | C$138.0M | C$117.0M | C$187.0M | C$178.0M |
| Income before taxes | C$5.89B | C$1.73B | C$6.85B | C$487.0M | C$2.81B | C$1.59B | C$2.81B | C$2.26B | C$1.41B | C$2.96B | C$3.15B | C$1.77B |
| Income taxes | C$1.39B | C$383.0M | C$1.54B | −C$113.0M | C$350.0M | C$448.0M | C$543.0M | C$541.0M | C$421.0M | C$331.0M | C$803.0M | C$309.0M |
| Net income | C$4.50B | C$1.35B | C$5.30B | C$600.0M | C$2.46B | C$1.14B | C$2.27B | C$1.72B | C$987.0M | C$2.63B | C$2.34B | C$1.46B |
| EBITDA | C$8.03B | C$3.93B | C$9.63B | C$3.79B | C$4.81B | C$3.71B | C$4.56B | C$4.06B | C$3.08B | C$5.19B | C$4.87B | C$3.16B |
| Gross margin | 37.2% | 32.1% | 20.0% | 48.4% | 23.9% | 25.8% | 28.9% | 26.1% | 24.1% | 28.9% | 34.2% | 42.4% |
| Operating margin | 36.9% | 24.7% | 16.8% | 46.1% | 21.3% | 23.4% | 27.2% | 24.1% | 18.6% | 26.4% | 29.9% | 40.1% |
| Net margin | 26.2% | 12.5% | 49.5% | 6.3% | 25.4% | 10.3% | 21.8% | 16.1% | 10.5% | 24.6% | 19.9% | 18.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in CNQ's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CNQ financial results
In fiscal year 2025 (ended December 31, 2025), Canadian Natural Resources reported revenue of C$44.2 billion, up 23.9% from the year before. It had net income of C$10.8 billion (up 77.2%), a net profit margin of 24.5%. Over five years revenue grew at an average rate of 20.4% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the CNQ stock overview for the latest quote and news, or the CNQ chart for price history and technical indicators.
CNQ income statement FAQ
What is Canadian Natural Resources's annual revenue?
Canadian Natural Resources reported total revenue of C$44.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 23.9% from C$35.7 billion the previous year.
Is Canadian Natural Resources profitable?
Yes. Canadian Natural Resources reported net income of C$10.8 billion in fiscal 2025, a net profit margin of 24.5%; its operating margin was 18.6%.
What is Canadian Natural Resources's gross margin?
Canadian Natural Resources's gross margin was 21.3% in fiscal 2025: for every $100 of revenue, Canadian Natural Resources kept $21 after the direct cost of its products and services.
How fast is Canadian Natural Resources growing?
Revenue grew 20.4% a year on average over the last five fiscal years, from C$17.5 billion to C$44.2 billion.
When will Canadian Natural Resources report its next earnings?
Canadian Natural Resources is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Canadian Natural Resources's fiscal year end?
Canadian Natural Resources's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.