Canadian Natural Resources Limited (CNQ) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Mar 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CNQ SEC filings page.
Canadian Natural Resources Limited (CNQ) reported $28.3B in revenue for fiscal year 2025, up 14.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Canadian Natural Resources Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Canadian Natural Resources Limited's revenue grew 14.2% year-over-year to $28.3B, a solid pace of expansion. This earns a growth score of 49/100.
Canadian Natural Resources Limited carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Canadian Natural Resources Limited's current ratio of 0.95 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
Not available for Canadian Natural Resources Limited, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Canadian Natural Resources Limited earns a strong 24.4% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100. This is up from 15.5% the prior year.
Canadian Natural Resources Limited passes 8 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Canadian Natural Resources Limited generates $1.40 in operating cash flow ($11.0B OCF vs $7.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Canadian Natural Resources Limited generated $28.3B in revenue in fiscal year 2025. This represents an increase of 14.2% from the prior year.
Canadian Natural Resources Limited reported $7.9B in net income in fiscal year 2025. This represents an increase of 86.1% from the prior year.
Canadian Natural Resources Limited earned $3.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 90.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Canadian Natural Resources Limited held $490.8M in cash against $11.8B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Canadian Natural Resources Limited's net profit margin was 27.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.8 percentage points from the prior year.
Canadian Natural Resources Limited's ROE was 24.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
CNQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.3B+14.2% | $24.8B-9.1% | $27.2B-12.8% | $31.3B+32.9% | $23.5B+77.6% | $13.2B-24.9% | $17.6B+14.5% | $15.4B+11.2% | $13.9B+62.8% | $8.5B-4.7% | $8.9B |
| Interest Expense | $703.8M+67.8% | $419.4M-11.7% | $474.9M+5.4% | $450.8M-15.4% | $533.0M-13.4% | $615.5M-10.9% | $690.5M+8.7% | $635.4M-1.8% | $647.1M+30.8% | $494.6M+10.7% | $446.6M |
| Income Tax | $1.8B+30.2% | $1.4B-7.3% | $1.5B-28.4% | $2.0B+16.3% | $1.8Bn/m | -$343.4Mn/m | -$354.9M-152.0% | $682.4M+79.4% | $380.3Mn/m | -$639.8Mn/m | -$21.7M |
| Net Income | $7.9B+86.1% | $4.2B-32.0% | $6.2B-22.8% | $8.1B+34.7% | $6.0Bn/m | -$341.1M-108.2% | $4.2B+120.0% | $1.9B-0.8% | $1.9Bn/m | -$151.9Mn/m | -$460.3M |
| EPS (Basic) | $3.77+89.2% | $1.99 | $2.86-19.8% | $3.56 | $5.08n/m | -$0.29-108.3% | $3.51+124.9% | $1.56-4.2% | $1.63n/m | -$0.14n/m | -$0.42 |
| EPS (Diluted) | $3.76+90.1% | $1.98 | $2.83-19.5% | $3.52 | $5.06n/m | -$0.29-108.3% | $3.50+125.4% | $1.55-4.2% | $1.62n/m | -$0.14n/m | -$0.42 |
| Diluted Shares (Avg) | 2.10B-2.0% | 2.14B | 2.20B-4.1% | 2.30B | 1.19B+0.4% | 1.18B-1.0% | 1.19B-2.5% | 1.22B+3.5% | 1.18B+7.5% | 1.10B+0.6% | 1.09B |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
CNQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $67.0B+13.0% | $59.3B+3.0% | $57.5B+2.2% | $56.3B-6.2% | $60.0B+1.7% | $59.0B-2.1% | $60.3B+14.9% | $52.4B-11.1% | $59.0B+35.1% | $43.7B | N/A |
| Current Assets | $5.6B+8.7% | $5.1B-5.3% | $5.4B+4.1% | $5.2B+12.1% | $4.7B+36.0% | $3.4B-1.2% | $3.5B+56.4% | $2.2B-43.4% | $3.9B+21.1% | $3.2B | N/A |
| Cash & Equivalents | $490.8M+439.5% | $91.0M-86.3% | $664.3M-2.3% | $679.9M+16.8% | $582.3M+303.6% | $144.3M+34.5% | $107.2M+44.9% | $74.0M-32.4% | $109.5M+764.4% | $12.7M-74.6% | $49.9M |
| Inventory | $1.9B-1.4% | $1.9B+25.9% | $1.5B+14.9% | $1.3B+10.7% | $1.2B+45.8% | $831.2M-6.5% | $888.8M+27.0% | $699.9M-2.0% | $714.2M+39.2% | $513.2M | N/A |
| Total Liabilities | $34.6B+8.6% | $31.9B+16.5% | $27.4B-2.5% | $28.1B-9.7% | $31.1B-7.6% | $33.6B+1.1% | $33.3B+14.7% | $29.0B-14.0% | $33.7B+39.8% | $24.1B | N/A |
| Current Liabilities | $5.9B-12.1% | $6.7B+18.8% | $5.6B-11.9% | $6.4B+10.1% | $5.8B+45.9% | $4.0B-22.2% | $5.1B+46.7% | $3.5B-30.2% | $5.0B+31.9% | $3.8B | N/A |
| Non-Current Liabilities | $28.7B+14.1% | $25.2B+15.9% | $21.7B+0.3% | $21.7B-14.3% | $25.3B-14.8% | $29.7B+5.3% | $28.2B+10.3% | $25.5B-11.1% | $28.7B+41.3% | $20.3B | N/A |
| Long-Term Debt | $11.8B+3.5% | $11.4B+53.3% | $7.4B-8.8% | $8.2B-23.9% | $10.7B-32.0% | $15.8B+9.9% | $14.3B+0.4% | $14.3B-13.2% | $16.4B+47.2% | $11.2B | N/A |
| Total Equity | $32.4B+18.1% | $27.4B-9.2% | $30.2B+6.9% | $28.2B-2.4% | $28.9B+13.9% | $25.4B-5.9% | $27.0B+15.2% | $23.4B-7.3% | $25.3B+29.3% | $19.6B-1.1% | $19.8B |
| Retained Earnings | $23.9B+22.3% | $19.5B-11.0% | $21.9B+7.2% | $20.4B-2.4% | $21.0B+17.4% | $17.9B-9.0% | $19.6B+18.8% | $16.5B-8.6% | $18.1B+12.7% | $16.0B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Goodwill.
CNQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.0B+18.5% | $9.3B-0.7% | $9.4B-34.7% | $14.3B+26.5% | $11.3B+206.6% | $3.7B-45.7% | $6.8B-8.2% | $7.4B+27.9% | $5.8B+125.6% | $2.6B-36.8% | $4.1B |
| Depreciation & Amortization | $6.8B+47.5% | $4.6B-4.5% | $4.9B-10.6% | $5.4B+21.3% | $4.5B-5.5% | $4.7B+10.8% | $4.3B+13.1% | $3.8B-8.7% | $4.1B+14.5% | $3.6B-8.7% | $4.0B |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $3.1B-16.3% | $3.7B+18.2% | $3.1B-16.4% | $3.7B |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $4.4B+102.9% | $2.1Bn/m | -$521.4M-240.4% | $371.4M |
| Investing Cash Flow | -$4.9Bn/m | -$9.8Bn/m | -$3.7Bn/m | -$3.7Bn/m | -$2.9Bn/m | -$2.2Bn/m | -$5.6Bn/m | -$3.5Bn/m | -$10.5Bn/m | -$2.8Bn/m | -$3.9B |
| Financing Cash Flow | -$5.7Bn/m | -$25.7Mn/m | -$5.7Bn/m | -$10.5Bn/m | -$8.0Bn/m | -$1.5Bn/m | -$1.2Bn/m | -$3.9B-182.2% | $4.8B+1982.4% | $228.7Mn/m | -$88.9M |
| Dividends Paid | $3.6B+15.5% | $3.1B+4.4% | $2.9B-19.0% | $3.6B+114.3% | $1.7B+11.1% | $1.5B+13.7% | $1.3B+17.5% | $1.1B+14.5% | $1.0B+77.2% | $564.6M-37.5% | $904.0M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
CNQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 27.9%+10.8pp | 17.1%-5.8pp | 22.9%-3.0pp | 25.9%+0.4pp | 25.5%+28.1pp | -2.6%-26.3pp | 23.7%+11.4pp | 12.3%-1.5pp | 13.8%+15.6pp | -1.8%+3.4pp | -5.1% |
| Return on Equity | 24.4%+8.9pp | 15.5%-5.2pp | 20.7%-8.0pp | 28.6%+7.9pp | 20.7%+22.1pp | -1.3%-16.8pp | 15.5%+7.4pp | 8.1%+0.5pp | 7.6%+8.3pp | -0.8%+1.6pp | -2.3% |
| Return on Assets | 11.8%+4.6pp | 7.1%-3.7pp | 10.8%-3.5pp | 14.4%+4.4pp | 10.0%+10.6pp | -0.6%-7.5pp | 6.9%+3.3pp | 3.6%+0.4pp | 3.3%+3.6pp | -0.4% | N/A |
| Current Ratio | 0.95+0.2x | 0.77-0.2x | 0.96+0.1x | 0.820.0x | 0.80-0.1x | 0.86+0.2x | 0.680.0x | 0.63-0.1x | 0.78-0.1x | 0.85 | N/A |
| Debt-to-Equity | 0.36-0.1x | 0.42+0.2x | 0.250.0x | 0.29-0.1x | 0.37-0.3x | 0.62+0.1x | 0.53-0.1x | 0.610.0x | 0.65+0.1x | 0.57 | N/A |
| Liabilities-to-Equity | 1.07-0.1x | 1.16+0.3x | 0.91-0.1x | 0.99-0.1x | 1.08-0.2x | 1.32+0.1x | 1.230.0x | 1.24-0.1x | 1.33+0.1x | 1.23 | N/A |
| Asset Turnover | 0.420.0x | 0.42-0.1x | 0.47-0.1x | 0.56+0.2x | 0.39+0.2x | 0.22-0.1x | 0.290.0x | 0.29+0.1x | 0.230.0x | 0.19 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 28.3%+12.8pp | 15.5%+21.6pp | -6.1%-10.3pp | 4.2% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Note: The current ratio is below 1.0 (0.95), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited CNQ | FY2025 | $28.3B | $7.9B | 27.9% | $113.5B | 65/100 |
| EOG Resources, Inc. EOG | FY2025 | $22.6B | $5.0B | 22.0% | $85.5B | 69/100 |
| ConocoPhillips COP | FY2025 | $58.9B | $8.0B | 13.6% | $181.2B | 66/100 |
| Occidental Petroleum Corporation OXY | FY2025 | $21.6B | $2.3B | 10.8% | $64.1B | 55/100 |
| Diamondback Energy, Inc. FANG | FY2025 | $15.0B | $1.7B | 11.1% | $57.6B | 48/100 |
Where Canadian Natural Resources Limited Ranks
Frequently Asked Questions
What is Canadian Natural Resources Limited's annual revenue?
Canadian Natural Resources Limited (CNQ) reported $28.3B in total revenue for fiscal year 2025. This represents a 14.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Canadian Natural Resources Limited's revenue growing?
Canadian Natural Resources Limited (CNQ) revenue grew by 14.2% year-over-year, from $24.8B to $28.3B in fiscal year 2025.
Is Canadian Natural Resources Limited profitable?
Yes, Canadian Natural Resources Limited (CNQ) reported a net income of $7.9B in fiscal year 2025, with a net profit margin of 27.9%.
How much debt does Canadian Natural Resources Limited have?
As of fiscal year 2025, Canadian Natural Resources Limited (CNQ) had $490.8M in cash and equivalents against $11.8B in long-term debt.
What is Canadian Natural Resources Limited's net profit margin?
Canadian Natural Resources Limited (CNQ) had a net profit margin of 27.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Canadian Natural Resources Limited's return on equity (ROE)?
Canadian Natural Resources Limited (CNQ) has a return on equity of 24.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Canadian Natural Resources Limited's operating cash flow?
Canadian Natural Resources Limited (CNQ) generated $11.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Canadian Natural Resources Limited's total assets?
Canadian Natural Resources Limited (CNQ) had $67.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Canadian Natural Resources Limited's current ratio?
Canadian Natural Resources Limited (CNQ) had a current ratio of 0.95 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Canadian Natural Resources Limited's debt-to-equity ratio?
Canadian Natural Resources Limited (CNQ) had a debt-to-equity ratio of 0.36 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Canadian Natural Resources Limited's liabilities-to-equity ratio?
Canadian Natural Resources Limited (CNQ) had a liabilities-to-equity ratio of 1.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Canadian Natural Resources Limited's return on assets (ROA)?
Canadian Natural Resources Limited (CNQ) had a return on assets of 11.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Canadian Natural Resources Limited's P/E ratio?
Canadian Natural Resources Limited (CNQ) trades at 14.4x earnings, its market capitalization divided by $7.9B net income, FY2025. The market capitalization is $113.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Canadian Natural Resources Limited's price-to-sales ratio?
Canadian Natural Resources Limited (CNQ) trades at 4.0x sales, its market capitalization divided by $28.3B revenue, FY2025. The market capitalization is $113.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Canadian Natural Resources Limited's Piotroski F-Score?
Canadian Natural Resources Limited (CNQ) has a Piotroski F-Score of 8 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Canadian Natural Resources Limited's earnings high quality?
Canadian Natural Resources Limited (CNQ) has an earnings quality ratio of 1.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Canadian Natural Resources Limited?
Canadian Natural Resources Limited (CNQ) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Canadian Natural Resources Limited it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.