CNQ FY 2025 Earnings Report — Canadian Natural Resources Limited Revenue & Financial Results | Market Cap Arena

Canadian Natural Resources LimitedCNQ

FY 2025 Earnings

Reported March 25, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$28.3B	—	$26.1B	—	8.6%
Op. Income	$6.0B	—	$12.3B	—	-51.1%
Gross Margin	23.3%	—	49.3%	—	-26.0pp
Net Margin	27.9%	—	17.1%	—	10.8pp
EPS (Diluted)	$3.77	—	$2.08	—	81.1%
Free Cash Flow	$6.2B	—	$5.9B	—	4.1%

Revenue Flow

Item	Amount
REVENUE	$28.3B
Cost of Revenue	$21.7B
GROSS PROFIT	$6.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$580M
Other Expenses	$0
Operating Expenses	$580M
Cost & Expenses	$22.3B
OPERATING INCOME	$6.0B
Interest Income	$0
Interest Expense	$609M
Other Income/Expenses	$3.7B
INCOME BEFORE TAX	$9.7B
Income Tax Expense	$1.8B
Net Income from Continuing Ops	$7.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$7.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$7.9B
D&A	$7.1B
EBIT	$6.0B
EBITDA	$13.1B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$28.3B
Cost of Revenue	$21.7B
GROSS PROFIT	$6.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$580M
Other Expenses	$0
Operating Expenses	$580M
Cost & Expenses	$22.3B
OPERATING INCOME	$6.0B
Interest Income	$0
Interest Expense	$609M
Other Income/Expenses	$3.7B
INCOME BEFORE TAX	$9.7B
Income Tax Expense	$1.8B
Net Income from Continuing Ops	$7.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$7.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$7.9B
D&A	$7.1B
EBIT	$6.0B
EBITDA	$13.1B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$7.9B
Depreciation & Amortization	$7.1B
Stock-Based Compensation	$0
Deferred Income Tax	$372M
Other Non-Cash Items	-$4.9B
Change in Working Capital	$491M
OPERATING CASH FLOW	$11.0B
Capital Expenditure	-$4.9B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$76M
NET CASH FROM INVESTING	-$4.9B
Net Debt Issuance	-$1.1B
Common Stock Repurchased	-$1.1B
Common Dividends Paid	-$3.6B
Other Financing Activities	-$264M
NET CASH FROM FINANCING	-$5.8B
FREE CASH FLOW	$6.2B
Net Change in Cash	$400M

Balance Sheet

Item	Amount
Cash & Equivalents	$491M
Short-Term Investments	$0
Net Receivables	$2.9B
Inventory	$1.9B
Other Current Assets	$271M
TOTAL CURRENT ASSETS	$5.6B
PP&E (Net)	$58.9B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2.6B
TOTAL NON-CURRENT ASSETS	$61.5B
TOTAL ASSETS	$67.1B
Account Payables	$807M
Short-Term Debt	$594M
Deferred Revenue	$0
Other Current Liabilities	$3.8B
TOTAL CURRENT LIABILITIES	$5.9B
Long-Term Debt	$11.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$8.2B
Other Non-Current Liabilities	$6.7B
TOTAL NON-CURRENT LIABILITIES	$28.8B
TOTAL LIABILITIES	$34.7B
Common Stock	$8.3B
Additional Paid-In Capital	$0
Retained Earnings	$23.9B
Treasury Stock	$0
Accum. Other Comp. Income	$160M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$32.4B
Minority Interest	$0
TOTAL EQUITY	$32.4B
TOTAL LIABILITIES & EQUITY	$67.1B
Total Debt	$14.4B
Net Debt	$13.9B