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Canadian Natural Resources Limited (CNQ)

Canadian Natural Resources Limited files a 40-F with the SEC once a year, in Canadian dollars. In the year to 31 December 2025 it reported revenue of CAD 38,762 million, up 8.7% on the year before. Its profit was CAD 10,820 million, up 77.2%, and diluted earnings per share CAD 5.16.

Earnings per share are per ordinary share, in Canadian dollars. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on CNQ

Planned insider sales1 Form 144 notice in twelve months, $1.2 million; latest 27 March 2026
Options tapeput/call 0.98 by open interest on 26 September 2026; the straddle prices a 3.1% move to 2 October 2026
Holders8 of the followed funds hold it; largest Capital Research Global Investors; 3 Schedule 13D or 13G filings in twelve months
Congress0 House trades disclosed in six months
Short interest182.9 million shares short, 22.08 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017*Dec 2016*Dec 2015
Revenue38,76235,65635,96842,29830,05716,89322,87121,02717,34211,42712,363
Finance costs1,039673691670743828912798728431375
Profit before tax13,2418,05910,16513,7049,911-8734,9563,5222,873-1,063-667
Income tax2,4211,9531,9322,7672,247-438-460931476-859-30.0
Profit for the year10,8206,1068,23310,9377,664-4355,4162,5912,397-204-637
Profit attributable to shareholders10,8206,1068,23310,9377,664-4355,4162,5912,397-204-637

CAD million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. A year marked * shows the figure as the company restated it in a later annual report (Dec 2016, Dec 2017); the first-filed figure is in the CSV. Profit attributable to shareholders is the profit for the year; the company reports no minority interests. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017*Dec 2016*Dec 2015
Diluted EPS5.162.853.744.766.46-0.374.542.122.03-0.19-0.58
Basic EPS5.172.873.774.826.49-0.374.552.132.04-0.19-0.58

CAD per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017*Dec 2016*Dec 2015
Cash from operations15,10613,38612,35319,39114,4784,7148,82910,1217,2623,4525,632
Purchase of property, plant and equipmentn/an/an/an/an/an/an/a4,1754,5744,1525,118
Free cash flown/an/an/an/an/an/an/a5,9462,688-700514
Dividends paid4,8714,4293,8914,9262,1701,9501,7431,5621,2527581,251

CAD million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017*Dec 2016*Dec 2015
Total assets91,83085,35975,95576,14276,66575,27678,12171,55973,86758,648n/a
Equity attributable to shareholders44,36639,46839,83238,17536,94532,38034,99131,97431,65326,26727,381
Cash and cash equivalents67313187792074418413910113717.069.0
Borrowings, as filed16,61718,81910,79911,44514,69421,45320,98220,62322,45816,805n/a
Lease liabilities3,1061,4641,5551,5401,5841,6901,8090.0n/an/an/a
Inventories2,6212,7932,0341,8151,5481,0601,152955894689n/a

CAD million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017*Dec 2016*Dec 2015
Net margin27.9%17.1%22.9%25.9%25.5%-2.6%23.7%12.3%13.8%-1.8%-5.2%
Free cash flow marginn/an/an/an/an/an/an/a28.3%15.5%-6.1%4.2%
Return on year-end equity24.4%15.5%20.7%28.6%20.7%-1.3%15.5%8.1%7.6%-0.8%-2.3%
Effective tax rate18.3%24.2%19.0%20.2%22.7%n/a-9.3%26.4%16.6%n/an/a

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

FormYear toFiled
40-F31 December 202526 March 2026EDGAR
40-F31 December 202426 March 2025EDGAR
40-F31 December 202320 March 2024EDGAR
40-F31 December 202223 March 2023EDGAR
40-F31 December 202123 March 2022EDGAR
40-F31 December 202024 March 2021EDGAR
40-F31 December 201927 March 2020EDGAR
40-F31 December 201827 March 2019EDGAR
40-F31 December 201722 March 2018EDGAR
40-F/A31 December 201627 July 2017EDGAR
40-F31 December 201623 March 2017EDGAR
40-F31 December 201524 March 2016EDGAR

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