Canadian Natural Resources
CNQ · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31 · Reports in CAD
Canadian Natural Resources reported revenue of CAD 38.8B in the fiscal year ended Dec 2025, up 8.7% from the year before. Net income was CAD 10.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 30.1B | CAD 42.3B | CAD 36B | CAD 35.7B | CAD 38.8B |
| Interest expense | CAD 743M | CAD 670M | CAD 691M | CAD 673M | CAD 1B |
| Pre-tax income | CAD 9.9B | CAD 13.7B | CAD 10.2B | CAD 8.1B | CAD 13.2B |
| Income tax | CAD 2.2B | CAD 2.8B | CAD 1.9B | CAD 2B | CAD 2.4B |
| Net income | CAD 7.7B | CAD 10.9B | CAD 8.2B | CAD 6.1B | CAD 10.8B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 744M | CAD 920M | CAD 877M | CAD 131M | CAD 673M |
| Inventory | CAD 1.5B | CAD 1.8B | CAD 2B | CAD 2.8B | CAD 2.6B |
| Current assets | CAD 5.9B | CAD 7.1B | CAD 7.2B | CAD 7.4B | CAD 7.7B |
| Net PP&E | CAD 66.4B | CAD 64.9B | CAD 64.6B | CAD 73.4B | CAD 77.6B |
| Total assets | CAD 76.7B | CAD 76.1B | CAD 76B | CAD 85.4B | CAD 91.8B |
| Current liabilities | CAD 7.4B | CAD 8.7B | CAD 7.4B | CAD 9.6B | CAD 8.1B |
| Total liabilities | CAD 39.7B | CAD 38B | CAD 36.1B | CAD 45.9B | CAD 47.5B |
| Shareholders' equity | CAD 36.9B | CAD 38.2B | CAD 39.8B | CAD 39.5B | CAD 44.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 14.5B | CAD 19.4B | CAD 12.4B | CAD 13.4B | CAD 15.1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 40.7% | −15.0% | −0.9% | 8.7% |
| Net margin | 25.5% | 25.9% | 22.9% | 17.1% | 27.9% |
| Return on equityBlank when equity is negative | 20.7% | 28.6% | 20.7% | 15.5% | 24.4% |
| Cash conversion (CFO ÷ net income) | 1.89x | 1.77x | 1.50x | 2.19x | 1.40x |
| Current ratio | 0.80x | 0.82x | 0.96x | 0.77x | 0.95x |
Recent filings
More in Crude Petroleum & Natural Gas
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.