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MARKETS / NYSE / CNQ
NYSE · CRUDE PETROLEUM & NATURAL GAS

Canadian Natural Resources Ltd. CNQ

11 fiscal years on record · CAD · FY2025 reported · SEC filings only
CAD 38.8B
▲ 8.7% YoY
CAD 10.8B
▲ 77.2% YoY
In brief

What this company does

Canadian Natural acquires, explores for, develops, produces, markets and sells crude oil, natural gas and NGLs. Its principal core regions of operations are western Canada, the UK sector of the North Sea and Offshore Africa. It had 10,750 full time equivalent permanent employees as of December 31, 2025. Synthetic crude oil from the oil sands mining and upgrading operations in northern Alberta accounted for 36% of 2025 annual production, and natural gas, produced mainly in Alberta, British Columbia and Saskatchewan, for 27%. Thermal bitumen accounted for 17% of that year's production, light and medium crude oil and NGLs for 11%, primary heavy crude oil for 6% and Pelican Lake heavy crude oil for 3%. Midstream assets, primarily two operated pipeline systems, ECHO and Pelican Lake, take in a 50% working interest in an 84 megawatt cogeneration plant at Primrose and a 50% equity interest in the North West Redwater Partnership.

Written from the business description in CANADIAN NATURAL RESOURCES LIMITED's annual report to the U.S. Securities and Exchange Commission, filed 26 March 2026. Every sentence was checked against that document before publication.

Growth
CAD 38.8B
Revenue, FY2025 · full 11-year series below
Revenue CAD B Net income CAD B
FY2025 · Revenue 38.8 · Net income 10.8
20B40B201520172019202120232025
Compound annual growth
−2.9%
+18.1%
+12.1%
−0.4%
+2.7%
−15.6%
+23.3%
+17.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +18.1% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
28 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Net 27.9%
10%20%-2%-4%201520172019202120232025
ROE

Not available in our data for this period.

Cash & shareholders
CAD 6.3B
returned in FY2025 · dividends + net buybacks
Free cash flow CAD B
FY2018 · FCF 5.9
2.00B4.00B-0.25B-0.50B201520172019202120232025
Net buybacks CAD B Dividends CAD B
FY2025 · Dividends 4.9 · Net buybacks 1.4
4B8BDividendsNet buybacks201520172019202120232025

CAD 4.9B in dividends and CAD 1.4B in buybacks — 58% of the year's profit went back to shareholders.

Total assetsCAD 91.8B
CashCAD 673.0M
Gross debtCAD 16.6B
Net debtCAD 15.9B
Current ratio0.95×

Not available: we don't have the shareholders' equity figure for this period.

The 11-year record
11 fiscal years
Every figure from documents filed with the SEC · CAD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015
Revenue CAD B38.835.736.042.330.116.922.921.017.311.412.4
Operating income CAD B···········
EBITDA CAD B···········
Income tax CAD B2.42.01.92.82.2−0.4−0.50.90.5−0.9−0.0
Net income CAD B10.86.18.210.97.7−0.45.42.62.4−0.2−0.6
Free cash flow CAD B·······5.92.7−0.70.5
EPS, diluted CAD 5.162.853.744.766.46−0.374.542.122.03−0.19−0.58
Dividend / sh CAD ···········
Payout %4573474528−448326052−372−196
ROE %···········

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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Provenance
Company facts, as filed
How we verify · 0 failures in 42 reconciliationsAUDITED

Reconciled in 11 of 19 fiscal years. 34 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityCrude Petroleum & Natural Gas
Listed onNYSE
Incorporated inoutside the United States — SEC code A0
Fiscal year endsDecember 31
Data on record since2015

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