CNQ financial statements

The full income statement, balance sheet, and cash-flow statement for Canadian Natural Resources Limited (CNQ), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 1.22B2018-12 1.20B2019-12 1.19B2020-12 1.18B2021-12 1.17B2022-12 1.10B2023-12 1.07B2024-12 2.10B2025-12 2.08B+70.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	27.7B YoY+6.7%	26.0B YoY-2.4%	26.7B YoY-18.0%	32.5B YoY+35.5%	24.0B YoY+90.3%
Interest expense	744M YoY+51.5%	491M YoY-4.1%	512M YoY-0.5%	515M YoY-13.2%	593M YoY-4.0%
Pre-tax income	9.48B YoY+61.2%	5.88B YoY-21.9%	7.53B YoY-28.5%	10.5B YoY+33.1%	7.91B YoY+1314.6%
Income tax	1.73B YoY+21.6%	1.42B YoY-0.5%	1.43B YoY-32.7%	2.13B YoY+18.6%	1.79B YoY+648.8%
Net income	7.74B YoY+73.9%	4.45B YoY-27.0%	6.10B YoY-27.4%	8.40B YoY+37.4%	6.12B YoY+1984.9%
	$3.69 YoY+77.6%	$2.08 YoY-25.0%	$2.77 YoY-24.2%	$3.66 YoY-29.1%	$5.15 YoY+1967.9%
EPS (basic)	$3.70 YoY+76.7%	$2.09 YoY-25.1%	$2.79 YoY-24.6%	$3.70 YoY-28.5%	$5.18 YoY+1976.5%
	2.09B YoY-1.6%	2.13B YoY-2.6%	2.18B YoY-3.8%	2.27B YoY+92.2%	1.18B YoY-0.0%
	2.10B YoY-2.0%	2.14B YoY-2.9%	2.20B YoY-4.1%	2.30B YoY+93.7%	1.19B YoY+0.4%
Dividends per share	$1.67 YoY+9.0%	$1.54 YoY-42.9%	$2.69 YoY-21.7%	$3.43 YoY+131.6%	$1.48 YoY+20.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.60B YoY+8.5%	5.16B YoY-4.7%	5.41B YoY+3.8%	5.21B YoY+11.8%	4.66B YoY+36.4%
Cash & equivalents	491M YoY+438.6%	91.2M YoY-86.2%	662M YoY-2.5%	680M YoY+16.4%	584M YoY+304.9%
Inventory	1.91B YoY-1.6%	1.95B YoY+26.6%	1.54B YoY+14.6%	1.34B YoY+10.4%	1.22B YoY+46.2%
	67.0B YoY+12.8%	59.4B YoY+3.6%	57.4B YoY+2.0%	56.3B YoY-6.5%	60.2B YoY+2.0%
Property, plant & equipment	56.7B YoY+10.9%	51.1B YoY+4.8%	48.8B YoY+1.8%	47.9B YoY-8.1%	52.1B YoY+1.1%
	5.89B YoY-12.2%	6.71B YoY+19.4%	5.62B YoY-12.1%	6.39B YoY+9.7%	5.83B YoY+46.4%
Short-term & current debt	322M YoY-73.2%	1.20B YoY+62.6%	740M YoY+148.0%	298M YoY-62.0%	785M YoY+25.3%
	34.7B YoY+8.4%	32.0B YoY+17.1%	27.3B YoY-2.7%	28.0B YoY-10.0%	31.2B YoY-7.3%
Long-term debt	11.8B YoY+3.3%	11.4B YoY+54.2%	7.42B YoY-9.1%	8.16B YoY-24.1%	10.7B YoY-31.8%
	32.4B YoY+17.8%	27.5B YoY-8.7%	30.1B YoY+6.7%	28.2B YoY-2.7%	29.0B YoY+14.3%
Total equity incl. non-controlling	32.4B YoY+17.8%	27.5B YoY-8.7%	30.1B YoY+6.7%	28.2B YoY-2.7%	29.0B YoY+14.3%
	2.08B YoY-1.0%	2.10B YoY+96.1%	1.07B YoY-2.7%	1.10B YoY-5.6%	1.17B YoY-1.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.8B YoY+10.7%	9.77B YoY+6.7%	9.15B YoY-38.6%	14.9B YoY+29.0%	11.6B YoY+228.6%
Depreciation & amortization	6.72B YoY+37.8%	4.87B YoY+2.6%	4.75B YoY-15.9%	5.65B YoY+23.7%	4.57B YoY+1.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00 YoY-100.0%	146M YoY-50.7%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	3.49B YoY+7.9%	3.23B YoY+12.1%	2.88B YoY-23.8%	3.78B YoY+118.6%	1.73B YoY+19.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	70.5B YoY+8.5%	64.9B YoY+79.7%	36.1B YoY+11.4%	32.4B YoY+34.2%	24.2B YoY+73.4%
P/E	9.1× YoY-37.6%	14.6× YoY+239.0%	4.3× YoY-19.0%	5.3× YoY+34.2%	4.0×
P/S	2.5× YoY+1.8%	2.5× YoY+124.5%	1.1× YoY-17.8%	1.4× YoY+34.2%	1.0× YoY-8.9%
P/B	2.2× YoY-7.9%	2.4× YoY+84.4%	1.3× YoY+14.5%	1.1× YoY+34.2%	0.8× YoY+51.7%
	11.0% YoY+60.2%	6.9% YoY-70.5%	23.3% YoY+23.4%	18.9% YoY-25.5%	25.3%
	4.9% YoY-0.6%	5.0% YoY-39.4%	8.2% YoY-33.6%	12.4% YoY+72.6%	7.2% YoY-31.3%
Source filing	40-F	40-F	40-F	40-F	40-F

About this data

Source: CNQ's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CNQ filings on SEC EDGAR → Not investment advice.