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Oil & gas integrated · Energy · Fiscal year ends Dec 31 · Reports in CAD
Imperial Oil reported revenue of CAD 47.1B in the fiscal year ended Dec 2025, down 8.6% from the year before. Net income was CAD 3.3B. Operating cash flow of CAD 6.7B less capital expenditure of CAD 2B left free cash flow of CAD 4.7B. Net debt was CAD 2.3B.
Ranks among the 12 oil & gas integrated companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 37,590 | 59,670 | 50,969 | 51,532 | 47,078 |
| Research & development | 89.0 | 74.0 | 84.0 | 118 | 134 |
| Selling, general & admin | – | 882 | 857 | 945 | 1,386 |
| Interest expense | 54.0 | 60.0 | 69.0 | 41.0 | 12.0 |
| Pre-tax income | 3,283 | 9,484 | 6,369 | 6,239 | 4,262 |
| Income tax | 804 | 2,144 | 1,480 | 1,449 | 994 |
| Net income | 2,479 | 7,340 | 4,889 | 4,790 | 3,268 |
| Diluted EPS | 3.48 | 11.44 | 8.49 | 9.03 | 6.48 |
| Diluted shares | 713 | 642 | 576 | 531 | 504 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,153 | 3,749 | 864 | 979 | 1,142 |
| Receivables | 3,869 | 4,719 | 4,482 | 5,758 | 4,371 |
| Current assets | 7,813 | 10,736 | 8,298 | 9,354 | 8,417 |
| Net PP&E | 31,240 | 30,506 | 30,835 | 30,807 | 30,863 |
| Goodwill | 166 | 166 | 166 | 166 | 166 |
| Total assets | 40,782 | 43,524 | 41,199 | 42,938 | 42,309 |
| Payables | 5,184 | 6,194 | 6,231 | 6,907 | 6,595 |
| Current liabilities | 5,554 | 8,898 | 6,603 | 7,007 | 6,616 |
| Short-term debt | 122 | 122 | 121 | 19.0 | 19.0 |
| Long-term debt | 4,447 | 3,447 | 3,447 | 3,447 | 3,447 |
| Total liabilities | 19,047 | 21,111 | 18,977 | 19,465 | 20,055 |
| Shareholders' equity | 21,735 | 22,413 | 22,222 | 23,473 | 22,254 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5,476 | 10,482 | 3,734 | 5,981 | 6,708 |
| Capital expenditure | 1,108 | 1,526 | 1,785 | 1,867 | 2,005 |
| Free cash flow | 4,368 | 8,956 | 1,949 | 4,114 | 4,703 |
| Depreciation & amortisation | 1,977 | 1,897 | 1,907 | 1,983 | 2,579 |
| Stock-based compensation | 89.0 | 103 | 52.0 | 116 | 212 |
| Share buybacks | 2,245 | 6,395 | 3,800 | 2,681 | 3,234 |
| Dividends paid | 706 | 851 | 1,103 | 1,238 | 1,401 |
| Dividend per share | 1.03 | 1.46 | 1.94 | 2.40 | 2.88 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 58.7% | −14.6% | 1.1% | −8.6% |
| EPS growth (YoY) | – | 228.7% | −25.8% | 6.4% | −28.2% |
| Net margin | 6.6% | 12.3% | 9.6% | 9.3% | 6.9% |
| Return on equityBlank when equity is negative | 11.4% | 32.7% | 22.0% | 20.4% | 14.7% |
| Free cash flow margin | 11.6% | 15.0% | 3.8% | 8.0% | 10.0% |
| Cash conversion (CFO ÷ net income) | 2.21x | 1.43x | 0.76x | 1.25x | 2.05x |
| Receivable days | 38 | 29 | 32 | 41 | 34 |
| Debt ÷ equity | 0.21x | 0.16x | 0.16x | 0.15x | 0.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,416 | −180 | 2,704 | 2,487 | 2,324 |
| Current ratio | 1.41x | 1.21x | 1.26x | 1.33x | 1.27x |
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.