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Cenovus Energy Inc. (CVE) Financials

CVE
FY2025 annual
Revenue $36.2B -3.8% YoY
Net Income $2.9B +31.4% YoY
EPS (Diluted) $1.57 +35.2% YoY
Operating Cash Flow $6.0B -6.4% YoY
Market Cap $61.1B as of Oct 21, 2026
Price / Sales 1.7x on $36.2B revenue, FY2025
Price / Earnings 21.3x on $2.9B net income, FY2025
Price / Book 2.6x on $23.1B equity, Q4 FY2025

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 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (40-F/6-K) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 40-F for FY2025, filed Feb 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CVE SEC filings page.

Cenovus Energy Inc. (CVE) reported $36.2B in revenue for fiscal year 2025, down 3.8% 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

Profitability Growth Leverage Liquidity CashFlow Returns 54 / 100
Financial Health Score (5 of 6 dimensions) 54/100
Scored as: Energy peer group

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 Cenovus Energy Inc.'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.

Profitability
48
Growth
32

Cenovus Energy Inc.'s revenue declined 3.8% year-over-year, from $37.7B to $36.2B. This contraction results in a growth score of 32/100.

Leverage
74

Cenovus Energy Inc. carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
60

Cenovus Energy Inc.'s current ratio of 1.57 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
n/a

Not available for Cenovus Energy Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.

Returns
58

Cenovus Energy Inc.'s ROE of 12.4% shows moderate profitability relative to equity, earning a score of 58/100. This is up from 10.6% the prior year.

Piotroski F-Score Partial
5/8

Cenovus Energy Inc. passes 5 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), 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed
2.09x

For every $1 of reported earnings, Cenovus Energy Inc. generates $2.09 in operating cash flow ($6.0B OCF vs $2.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

EPS (Diluted)
$0.36
YoY+555.8%
QoQ-29.5%
5Y CAGRn/m

Cenovus Energy Inc. earned $0.36 per diluted share (EPS) in Q4 2025. This represents an increase of 555.8% from the same quarter a year earlier. Against the prior quarter it is down 29.5%.

Revenue

Not reported for Q4 2025.

EBITDA

Not reported for Q4 2025.

Net Income

Not reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt
$2.0B
YoY-7.0%
QoQ+46.4%
5Y CAGR+46.5%
10Y CAGR-3.9%

Cenovus Energy Inc. held $2.0B in cash against $8.0B in long-term debt as of Q4 2025.

Shares Outstanding
1.88B
YoY+3.2%
QoQ0.0%

Cenovus Energy Inc. had 1.88B shares outstanding in Q4 2025. This represents an increase of 3.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

CVE 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.

CVE quarterly income statement
MetricQ4'2540-FQ3'256-KQ4'2440-FQ3'246-KQ4'2340-FQ3'236-KQ4'2240-FQ3'226-K
RevenueN/A$9.5B-7.4%N/A$10.2B-5.0%N/A$10.8B-15.2%N/A$12.7B+26.8%
Interest ExpenseN/A$53.9M-4.3%N/A$56.3M-19.0%N/A$69.4M-21.1%N/A$88.0M-23.6%
Income TaxN/A$7.9M-94.8%N/A$151.0M-63.6%N/A$414.5M-11.5%N/A$468.3M+109.7%
Net IncomeN/A$923.4M+52.1%N/A$606.9M-55.9%N/A$1.4B+17.7%N/A$1.2B+169.1%
EPS (Basic)$0.37+568.9%$0.52+58.7%$0.06-81.2%$0.33-55.0%$0.30-4.8%$0.72+20.0%$0.31n/m$0.60+183.2%
EPS (Diluted)$0.36+555.8%$0.52+66.3%$0.06-81.7%$0.31-56.6%$0.300.0%$0.72+21.7%$0.30n/m$0.59+176.4%
Diluted Shares (Avg)N/A1.79B-3.8%N/A1.86B-2.2%N/A1.91B-3.7%N/A1.98B-3.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.

CVE 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.

CVE quarterly balance sheet
MetricQ4'2540-FQ3'256-KQ4'2440-FQ3'246-KQ4'2340-FQ3'236-KQ4'2240-FQ3'226-K
Total Assets$46.3B+17.8%$38.5B-5.0%$39.3B-3.9%$40.5B+0.6%$40.8B-1.1%$40.2B$41.3B-2.5%N/A
Current Assets$7.2B-0.5%$7.0B-6.9%$7.2B-1.5%$7.5B-5.1%$7.4B-19.9%$7.9B$9.2B-2.1%N/A
Cash & Equivalents$2.0B-7.0%$1.4B-40.6%$2.1B+27.3%$2.3B+146.4%$1.7B-49.5%$932.4M-63.3%$3.3B+48.7%$2.5B+60.2%
Inventory$2.4B-21.8%$2.2B-26.0%$3.1B+2.3%$3.0B-14.8%$3.1B-4.2%$3.6B$3.2B+3.9%N/A
Accounts Receivable$2.5B+38.0%$3.4B+65.3%$1.8B-21.0%$2.0B-39.2%$2.3B-10.4%$3.3B$2.6B-15.3%N/A
Goodwill$2.1B+4.6%$2.1B-3.0%$2.0B-8.3%$2.2B+0.2%$2.2B+2.5%$2.2B$2.2B-20.5%N/A
Total Liabilities$23.2B+24.7%$18.1B-2.6%$18.6B-2.6%$18.6B-1.9%$19.1B-8.7%$18.9B$20.9B-12.4%N/A
Current Liabilities$4.6B-9.9%$4.1B-14.1%$5.1B+8.7%$4.7B-11.3%$4.7B-20.6%$5.3B$5.9B+3.7%N/A
Non-Current Liabilities$18.6B+37.8%$14.0B+1.4%$13.5B-6.3%$13.8B+1.8%$14.4B-3.9%$13.6B$15.0B-17.5%N/A
Long-Term Debt$8.0B+57.8%$5.1B-1.1%$5.1B-5.3%$5.2B-2.7%$5.4B-16.2%$5.3B$6.4B-33.7%N/A
Total Equity$23.1B+11.6%$20.4B-7.0%$20.7B-4.9%$21.9B+2.9%$21.7B+6.7%$21.3B+5.5%$20.4B+10.3%$20.2B+5.0%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Retained Earnings.

CVE 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.

CVE quarterly cash flow statement
MetricQ4'2540-FQ3'256-KQ4'2440-FQ3'246-KQ4'2340-FQ3'236-KQ4'2240-FQ3'226-K
Operating Cash Flow$1.8B+24.6%$1.5B-16.4%$1.4B-36.9%$1.8B-9.5%$2.2B+1.7%$2.0B-32.0%$2.2B+28.4%$3.0B+76.2%
Depreciation & Amortization$1.0B+17.6%$949.2M+5.3%$850.7M-11.6%$901.5M+1.9%$962.0M-11.4%$884.4M+16.2%$1.1B-47.7%$761.3M-16.3%
Investing Cash Flow-$2.7Bn/m-$944.9Mn/m-$1.1Bn/m-$968.1Mn/m-$969.6Mn/m-$813.4Mn/m-$864.6Mn/m-$501.7Mn/m
Financing Cash Flow$1.6Bn/m-$1.1Bn/m-$514.6Mn/m-$869.7Mn/m-$484.0Mn/m-$1.9Bn/m-$554.2Mn/m-$2.8Bn/m
Dividends Paid$277.1M+14.7%$255.6M+2.2%$241.7M$250.2MN/AN/AN/AN/A

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

CVE 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.

CVE quarterly financial ratios
MetricQ4'2540-FQ3'256-KQ4'2440-FQ3'246-KQ4'2340-FQ3'236-KQ4'2240-FQ3'226-K
Net MarginN/A9.8%+3.8ppN/A5.9%-6.9ppN/A12.8%+3.6ppN/A9.2%+4.9pp
Return on EquityN/A4.5%+1.8ppN/A2.8%-3.7ppN/A6.5%+0.7ppN/A5.8%+3.5pp
Return on AssetsN/A2.4%+0.9ppN/A1.5%-1.9ppN/A3.4%N/AN/A
Current Ratio1.57+0.1x1.73+0.1x1.42-0.1x1.59+0.1x1.560.0x1.491.55-0.1xN/A
Debt-to-Equity0.35+0.1x0.250.0x0.250.0x0.240.0x0.25-0.1x0.250.32-0.2xN/A
Liabilities-to-Equity1.01+0.1x0.890.0x0.900.0x0.850.0x0.88-0.1x0.891.03-0.3xN/A
Asset TurnoverN/A0.250.0xN/A0.250.0xN/A0.27N/AN/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

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
Cenovus Energy Inc. CVE FY2025 $36.2B $2.9B 7.9% $61.1B 54/100
Imperial Oil Limited IMO FY2025 $34.3B $2.4B 6.9% $65.6B 59/100
Suncor Energy, Inc. SU FY2025 $38.2B $4.3B 11.3% $92.4B 64/100
Equinor ASA EQNR FY2025 $106.5B $5.0B 4.7% $109.2B 65/100

Frequently Asked Questions

What is Cenovus Energy Inc.'s annual revenue?

Cenovus Energy Inc. (CVE) reported $36.2B in total revenue for fiscal year 2025. This represents a -3.8% 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 Cenovus Energy Inc.'s revenue growing?

Cenovus Energy Inc. (CVE) revenue declined by 3.8% year-over-year, from $37.7B to $36.2B in fiscal year 2025.

Is Cenovus Energy Inc. profitable?

Yes, Cenovus Energy Inc. (CVE) reported a net income of $2.9B in fiscal year 2025, with a net profit margin of 7.9%.

Cenovus Energy Inc. (CVE) reported diluted earnings per share of $1.57 for fiscal year 2025. This represents a 35.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Cenovus Energy Inc. (CVE) had $2.0B in cash and equivalents against $8.0B in long-term debt.

Cenovus Energy Inc. (CVE) had a net profit margin of 7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Cenovus Energy Inc. (CVE) has a return on equity of 12.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cenovus Energy Inc. (CVE) generated $6.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Cenovus Energy Inc. (CVE) had $46.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Cenovus Energy Inc. (CVE) had 1.88B shares outstanding as of fiscal year 2025.

Cenovus Energy Inc. (CVE) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

Cenovus Energy Inc. (CVE) had a debt-to-equity ratio of 0.35 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.

Cenovus Energy Inc. (CVE) had a liabilities-to-equity ratio of 1.01 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.

Cenovus Energy Inc. (CVE) had a return on assets of 6.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cenovus Energy Inc. (CVE) trades at 21.3x earnings, its market capitalization divided by $2.9B net income, FY2025. The market capitalization is $61.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Cenovus Energy Inc. (CVE) trades at 1.7x sales, its market capitalization divided by $36.2B revenue, FY2025. The market capitalization is $61.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Cenovus Energy Inc. (CVE) has a Piotroski F-Score of 5 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.

Cenovus Energy Inc. (CVE) has an earnings quality ratio of 2.09x, 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.

Cenovus Energy Inc. (CVE) scores 54 out of 100 on our Financial Health Score, indicating moderate 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 Cenovus Energy Inc. 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.

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