CNQ

MKT CAP:$93B

Canadian Natural Resources Limited

Market Cap

$93B

Energy·Oil & Gas Exploration & Production·🇨🇦 Canada·NYSE

Energy·Oil & Gas Exploration & Production·🇨🇦·NYSE

Stock Price

$44.34+$10.02 (+29.18%)

Apr 24, 2026

Company Details

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (the...

CEO

Norman Murray Edwards

IPO Date

Jul 31, 2000

Website

www.cnrl.com

Key Metrics TTM

Revenue

$30.3B

-0.0% YoY

Net Income

$7.9B

EPS (Diluted)

$3.78

Free Cash Flow

$6.1B

Revenue / Share

$14.52

Gross Margin

30.1%

Operating Margin

27.8%

Net Margin

26.1%

FCF Margin

20.0%

P/S

3.0x

P/E

11.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 25, 2026

$28.3B+8.6%EPS $3.77

Q4 2025

Mar 25, 2026

$7.0B-13.2%EPS $1.86

Q3 2025

Nov 6, 2025

$7.0B-8.5%EPS $0.21

Q2 2025

Aug 7, 2025

$7.1B-8.9%EPS $0.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$3.8B	$332M	$126M
Q1 21	$4.8B	$2.4B	$2.3B
Q2 21	$4.8B	$2.4B	$2.2B
Q3 22	$9.2B	$3.4B	$3.3B
Q4 22	$7.1B	$3.5B	$3.2B
Q1 23	$6.3B	$3.0B	$2.9B
Q3 23	$8.6B	$2.9B	$0
Q4 23	$7.8B	$2.3B	$2.1B
Q1 24	$6.9B	$1.7B	$1.3B
Q2 24	$7.8B	$2.0B	$1.9B
Q3 24	$7.6B	$2.2B	$2.1B
Q4 24	$8.1B	$2.1B	$1.9B
Q1 25	$9.3B	$2.6B	$2.4B
Q2 25	$7.1B	$1.7B	$1.5B
Q3 25	$7.0B	$3.4B	$3.2B
Q4 25	$7.0B	$1.5B	$1.3B

Valuation

Quarter	P/S	P/E
Q4 20	2.2x	—
Q1 21	2.6x	22.4x
Q2 21	2.5x	14.2x
Q3 22	2.5x	11.7x
Q4 22	2.3x	11.4x
Q1 23	2.4x	11.5x
Q3 23	2.2x	11.0x
Q4 23	2.4x	11.6x
Q1 24	2.8x	14.6x
Q2 24	2.5x	13.7x
Q3 24	2.4x	12.8x
Q4 24	2.1x	14.4x
Q1 25	2.0x	11.7x
Q2 25	2.1x	10.8x
Q3 25	2.2x	13.9x
Q4 25	2.3x	8.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$928M	$399M
Q1 21	$1.9B	$1.3B
Q2 21	$2.1B	$1.2B
Q3 22	$4.5B	$3.6B
Q4 22	$3.3B	$2.4B
Q1 23	$946M	$48M
Q3 23	$2.6B	$1.7B
Q4 23	$3.5B	$2.8B
Q1 24	$2.1B	$1.3B
Q2 24	$3.0B	$1.8B
Q3 24	$2.2B	$1.2B
Q4 24	$2.5B	$1.6B
Q1 25	$3.1B	$2.2B
Q2 25	$2.3B	$876M
Q3 25	$2.9B	$1.3B
Q4 25	$2.8B	$1.7B

Capital Expenditures

Quarter	CapEx
Q4 20	$529M
Q1 21	$542M
Q2 21	$909M
Q3 22	$829M
Q4 22	$901M
Q1 23	$898M
Q3 23	$812M
Q4 23	$713M
Q1 24	$763M
Q2 24	$1.2B
Q3 24	$986M
Q4 24	$950M
Q1 25	$948M
Q2 25	$1.4B
Q3 25	$1.6B
Q4 25	$1.1B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-11.6%	+52.0%
Q1 21	+46.8%	+8.7%
Q2 21	+121.6%	-8.6%
Q3 22	+168.9%	+86.7%
Q4 22	+85.6%	+5.8%
Q1 23	+30.6%	+32.9%
Q3 23	+80.3%	+238.1%
Q4 23	-15.1%	-2.4%
Q1 24	-2.8%	+43.7%
Q2 24	+23.1%	+72.6%
Q3 24	-11.6%	-35.6%
Q4 24	+3.6%	+7.8%
Q1 25	+34.9%	+22.9%
Q2 25	-8.9%	-5.5%
Q3 25	-8.5%	-32.3%
Q4 25	-13.2%	-7.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$90M	2.4%
Q1 21	$94M	2.0%
Q2 21	$100M	2.1%
Q3 22	-$3M	-0.0%
Q4 22	$233M	3.3%
Q1 23	$48M	0.8%
Q3 23	$218M	2.5%
Q4 23	$42M	0.5%
Q1 24	$215M	3.1%
Q2 24	-$10M	-0.1%
Q3 24	-$34M	-0.4%
Q4 24	$32M	0.4%
Q1 25	$19M	0.2%
Q2 25	$6M	0.1%
Q3 25	$46M	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 20	$168M	—	—
Q1 21	$69M	$94M	—
Q2 21	$64M	$100M	—
Q3 22	$66M	—	—
Q4 22	$79M	$233M	—
Q1 23	$77M	$48M	—
Q3 23	$297M	—	—
Q4 23	$129M	—	—
Q1 24	$307M	—	—
Q2 24	$81M	—	—
Q3 24	$58M	—	—
Q4 24	$93M	$32M	—
Q1 25	$130M	—	—
Q2 25	$110M	$6M	—
Q3 25	$111M	$46M	—
Q4 25	—	—	$177M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$91M	$286M	$378M
Q2 22	$170M	$268M	$438M
Q3 22	$413M	$295M	$707M
Q4 22	$672M	$359M	$1.0B
Q1 23	$67M	$354M	$421M
Q2 23	$89M	$383M	$472M
Q3 23	$91M	$413M	$504M
Q4 23	$641M	$384M	$1.0B
Q1 24	$561M	$438M	$999M
Q2 24	$669M	$0	$669M
Q3 24	$527M	$0	$527M
Q4 24	$96M	$0	$96M
Q1 25	$68M	$0	$68M
Q2 25	$75M	$0	$75M
Q3 25	$83M	$0	$83M
Q4 25	$491M	$0	$491M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	2.37B	+0.2%	-0.1%
Q1 21	2.37B	+0.2%	+0.2%
Q2 21	2.37B	-0.0%	+0.4%
Q3 22	2.26B	-4.5%	-4.2%
Q4 22	2.24B	-1.0%	-5.4%
Q1 23	2.22B	-0.7%	-6.2%
Q3 23	2.20B	-1.0%	-7.1%
Q4 23	2.16B	-1.9%	-4.6%
Q1 24	2.14B	-0.8%	-4.3%
Q2 24	2.15B	+0.3%	-3.4%
Q3 24	2.13B	-0.8%	-3.1%
Q4 24	2.12B	-0.6%	-1.8%
Q1 25	2.11B	-0.5%	-1.5%
Q2 25	2.10B	-0.4%	-2.3%
Q3 25	2.07B	-1.5%	-3.0%
Q4 25	2.09B	+1.0%	-1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$1M	3K
Q1 21	$2M	3K
Q2 21	$2M	3K
Q3 22	$3M	3K
Q4 22	$3M	3K
Q1 23	$2M	3K
Q3 23	$3M	3K
Q4 23	$3M	3K
Q1 24	$2M	3K
Q2 24	$3M	3K
Q3 24	$3M	3K
Q4 24	$3M	3K
Q1 25	$3M	3K
Q2 25	$3M	3K
Q3 25	$2M	3K
Q4 25	$3M	3K

Revenue / Employee