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CANADIAN NATURAL RESOURCES Ltd

CNQ Clue Score63
Alberta, Canada Fiscal year ends December CIK 0001017413
$49.65 +1.22% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $49.65 +23.48% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue11.43Net income−0.20EPS, diluted−0.19Fiscal year 2017Revenue17.34 +51.8%Net income2.40EPS, diluted2.03Fiscal year 2018Revenue21.03 +21.2%Net income2.59 +8.1%EPS, diluted2.12Fiscal year 2019Revenue22.87 +8.8%Net income5.42 +109.0%EPS, diluted4.54Fiscal year 2020Revenue16.89 −26.1%Net income−0.44 −108.0%EPS, diluted−0.37Fiscal year 2021Revenue30.06 +77.9%Net income7.66EPS, diluted6.46Fiscal year 2022Revenue42.30 +40.7%Net income10.94 +42.7%EPS, diluted4.76Fiscal year 2023Revenue35.97 −15.0%Net income8.23 −24.7%EPS, diluted3.74Fiscal year 2024Revenue35.66 −0.9%Net income6.11 −25.8%EPS, diluted2.85Fiscal year 2025Revenue38.76 +8.7%Net income10.82 +77.2%EPS, diluted5.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 11.43 17.34 21.03 22.87 16.89 30.06 42.30 35.97 35.66 38.76
Growth +51.8% +21.2% +8.8% −26.1% +77.9% +40.7% −15.0% −0.9% +8.7%
Net income −0.20 2.40 2.59 5.42 −0.44 7.66 10.94 8.23 6.11 10.82
Growth +8.1% +109.0% −108.0% +42.7% −24.7% −25.8% +77.2%
EPS, diluted −0.19 2.03 2.12 4.54 −0.37 6.46 4.76 3.74 2.85 5.16

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin−1.8%Free cash flow margin−6.1%Fiscal year 2017Net margin13.8%Free cash flow margin15.5%Fiscal year 2018Net margin12.3%Free cash flow margin28.3%Fiscal year 2019Net margin23.7%Fiscal year 2020Net margin−2.6%Fiscal year 2021Net margin25.5%Fiscal year 2022Net margin25.9%Fiscal year 2023Net margin22.9%Fiscal year 2024Net margin17.1%Fiscal year 2025Net margin27.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin −1.8% 13.8% 12.3% 23.7% −2.6% 25.5% 25.9% 22.9% 17.1% 27.9%
Free cash flow margin −6.1% 15.5% 28.3% n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.45Capital expenditure−4.15Free cash flow−0.70Buybacks0.00Dividends paid−0.76Fiscal year 2017Operating cash flow7.26Capital expenditure−4.57Free cash flow2.69Buybacks0.00Dividends paid−1.25Fiscal year 2018Operating cash flow10.12Capital expenditure−4.18Free cash flow5.95 +121.2%Buybacks−1.28Dividends paid−1.56Fiscal year 2019Operating cash flow8.83Buybacks−0.94Dividends paid−1.74Fiscal year 2020Operating cash flow4.71Buybacks−0.27Dividends paid−1.95Fiscal year 2021Operating cash flow14.48Buybacks−1.58Dividends paid−2.17Fiscal year 2022Operating cash flow19.39Buybacks−5.57Dividends paid−4.93Fiscal year 2023Operating cash flow12.35Buybacks−3.32Dividends paid−3.89Fiscal year 2024Operating cash flow13.39Buybacks−2.66Dividends paid−4.43Fiscal year 2025Operating cash flow15.11Buybacks−1.45Dividends paid−4.87
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.45 7.26 10.12 8.83 4.71 14.48 19.39 12.35 13.39 15.11
Capital expenditure −4.15 −4.57 −4.18 n/a n/a n/a n/a n/a n/a n/a
Free cash flow −0.70 2.69 5.95 n/a n/a n/a n/a n/a n/a n/a
Growth +121.2%
Buybacks 0.00 0.00 −1.28 −0.94 −0.27 −1.58 −5.57 −3.32 −2.66 −1.45
Dividends paid −0.76 −1.25 −1.56 −1.74 −1.95 −2.17 −4.93 −3.89 −4.43 −4.87

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.02Total debt16.47Net cash (debt)−16.45Shareholders’ equity26.27Debt to equity0.63Fiscal year 2017Cash0.14Total debt21.83Net cash (debt)−21.70Shareholders’ equity31.65Debt to equity0.69Fiscal year 2018Cash0.10Total debt20.48Net cash (debt)−20.38Shareholders’ equity31.97Debt to equity0.64Fiscal year 2019Cash0.14Total debt20.65Net cash (debt)−20.51Shareholders’ equity34.99Debt to equity0.59Fiscal year 2020Cash0.18Total debt20.91Net cash (debt)−20.73Shareholders’ equity32.38Debt to equity0.65Fiscal year 2021Cash0.74Total debt14.69Net cash (debt)−13.95Shareholders’ equity36.95Debt to equity0.40Fiscal year 2022Cash0.92Total debt11.45Net cash (debt)−10.53Shareholders’ equity38.18Debt to equity0.30Fiscal year 2023Cash0.88Total debt10.80Net cash (debt)−9.92Shareholders’ equity39.83Debt to equity0.27Fiscal year 2024Cash0.13Total debt18.15Net cash (debt)−18.02Shareholders’ equity39.47Debt to equity0.46Fiscal year 2025Cash0.67Total debt16.62Net cash (debt)−15.94Shareholders’ equity44.37Debt to equity0.37
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.02 0.14 0.10 0.14 0.18 0.74 0.92 0.88 0.13 0.67
Total debt 16.47 21.83 20.48 20.65 20.91 14.69 11.45 10.80 18.15 16.62
Net cash (debt) −16.45 −21.70 −20.38 −20.51 −20.73 −13.95 −10.53 −9.92 −18.02 −15.94
Shareholders’ equity 26.27 31.65 31.97 34.99 32.38 36.95 38.18 39.83 39.47 44.37
Debt to equity 0.63 0.69 0.64 0.59 0.65 0.40 0.30 0.27 0.46 0.37

In billions of CAD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of CAD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
11.43 17.34 21.03 22.87 16.89 30.06 42.30 35.97 35.66 38.76
Growth +51.8% +21.2% +8.8% −26.1% +77.9% +40.7% −15.0% −0.9% +8.7%
−1.06 2.87 3.52 4.96 −0.87 9.91 13.70 10.17 8.06 13.24
−0.86 0.48 0.93 −0.46 −0.44 2.25 2.77 1.93 1.95 2.42
−0.20 2.40 2.59 5.42 −0.44 7.66 10.94 8.23 6.11 10.82
Growth +8.1% +109.0% −108.0% +42.7% −24.7% −25.8% +77.2%
Per share
−0.19 2.04 2.13 4.55 −0.37 6.49 4.82 3.77 2.87 5.17
−0.19 2.03 2.12 4.54 −0.37 6.46 4.76 3.74 2.85 5.16
Growth +4.4% +114.2% −108.1% −26.3% −21.4% −23.8% +81.1%
1,100 1,175 1,219 1,191 1,182 1,181 2,270 2,183 2,126 2,091
1,100 1,183 1,224 1,193 1,182 1,187 2,298 2,204 2,140 2,098
Growth +7.5% +3.5% −2.5% −1.0% +0.4% +93.7% −4.1% −2.9% −2.0%

† The diluted share count jumps at 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CAD as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 18.1% a year over five years.
  • A net loss in 2 of 10 years on file.