Canadian Natural Resources revenue and financials

CNQ · NYSE · USD

Secondary listing. The primary listing is Canadian Natural Resources · TSX (CAD)

$48.10−0.43%−$0.21

Close · October 6, 2026

In the fiscal year ended December 2025, Canadian Natural Resources reported revenue of $38.76B (+8.71% year over year). Net income was $10.82B, a net margin of 27.9%.

Annual revenue · 2025: $38.76B

$11.43B2016
$17.34B2017
$21.03B2018
$22.87B2019
$16.89B2020
$30.06B2021
$42.3B2022
$35.97B2023
$35.66B2024
$38.76B2025

Fiscal year ending in December. Sources and method on the page Methodology and sources.

At a glance

Revenue growth: +8.71%; 2025 vs 2024
Net income growth: +77.20%; 2025 vs 2024
Net margin: 27.9%; 2024: 17.1%

Financial data

Amounts in millions of CAD; per-share values in CAD; shares in millions.

Income statement · Annual
Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total revenue	38,762	35,656	35,968	42,298	30,057	16,893	22,871	21,027	17,342	11,427
Cost of revenue	19,977	18,077	17,782	18,685	13,756	—	—	—	—	—
Gross profit	18,785	17,579	18,186	23,613	16,301	—	—	—	—	—
Selling, general and administrative	615	503	452	415	366	—	—	—	—	—
Operating income	8,160	9,720	10,466	14,795	9,483	—	—	—	—	—
EBIT	8,160	9,720	10,466	14,795	9,483	—	—	—	—	—
EBITDA	15,831	16,328	16,809	20,809	15,392	—	—	—	—	—
Interest expense	1,039	673	691	670	743	828	912	798	728	431
Pre-tax income	13,241	8,059	10,165	13,704	9,911	—	—	—	—	—
Income tax	2,421	1,953	1,932	2,767	2,247	-438	-460	931	476	-859
Net income	10,820	6,106	8,233	10,937	7,664	-435	5,416	2,591	2,397	-204
Net income to common shareholders	10,820	6,106	8,233	10,937	7,664	—	—	—	—	—
Basic EPS	5.17	2.87	3.77	4.82	6.49	-0.37	4.55	2.13	2.04	-0.19
Diluted EPS	5.16	2.85	3.74	4.76	6.46	-0.37	4.54	2.12	2.03	-0.19
Average shares (basic)	2,091	2,126	2,183	2,270	2,363	—	—	—	—	—
Average shares (diluted)	2,098	2,140	2,204	2,298	2,373	—	—	—	—	—
Dividend per share	2.35	2.14	1.85	1.55	1.00	—	—	—	—	—