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Ovintiv (OVV) FY2025 results: revenue $8.9 billion, down 2.7% on the year

Ovintiv Inc. (OVV) reported revenue of $8.9 billion for fiscal 2025, the year ended 31 December 2025, down 2.7% on the year before. Net income was $1.2 billion, up 10.4%, and diluted earnings per share $4.78. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$8.9 billion
-2.7% on the year
FY2018FY2025
Operating margin
12.7%
17.3% a year earlier
FY2018FY2025
Net income
$1.2 billion
+10.4% on the year
FY2018FY2025
Diluted EPS
$4.78
+13.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 14 new, 1 kept.

  • Full year cash flow and free cash flow: Full year cash from operating activities was $3.7 billion and Non-GAAP Cash Flow was $3.8 billion. Non-GAAP Free Cash Flow was $1.6 billion after $2.1 billion of capital expenditures.
  • Full year earnings included impairments: Full year net earnings were $1.2 billion, or $4.78 per diluted share. This included after-tax ceiling test impairments of $703 million, or $2.71 per share. Full year risk management gains in revenues were $172 million before tax.
  • 2026 capital program announced: Management announced the 2026 capital program and the production and oil volumes it is expected to deliver. The figures are listed in the guidance section.
  • New 2026 return framework: The new framework returns at least 75% of 2026 Non-GAAP Free Cash Flow through base dividends and buybacks. The longer-term range is 50% to 100% of annual Non-GAAP Free Cash Flow.
  • $3.0 billion buyback authorization: The Board authorized a share buyback program totaling $3.0 billion to enable the framework. Management said buybacks are expected to start immediately.
Read the Q4 FY2025 earnings call summary

From this 10-K

Ovintiv explores for, develops, produces and markets oil, natural gas liquids (NGLs) and natural gas in the United States and Canada, and at December 31, 2025 all of its reserves and production were in North America. Its main positions are in the Permian in Texas and the Montney in Western Canada. Its principal office is in Denver, Colorado, and its shares trade on the NYSE and the TSX. It reports two segments, USA Operations and Canadian Operations.

Ovintiv Inc., the 10-K for 2025

Ovintiv explores for, develops, produces and markets oil, natural gas liquids (NGLs) and natural gas in the United States and Canada, and at December 31, 2025 all of its reserves and production were in North America. Its main positions are in the Permian in Texas and the Montney in Western Canada. Its principal office is in Denver, Colorado, and its shares trade on the NYSE and the TSX. It reports two segments, USA Operations and Canadian Operations.

USA Operations

In 2025 this segment drilled 151 net wells, mainly in the Permian, and its production averaged approximately 142.3 Mbbls/d of oil, approximately 87.3 Mbbls/d of NGLs and approximately 515 MMcf/d of natural gas. At December 31, 2025 it held approximately 720,000 net acres, including the Permian in west Texas and the Anadarko in west-central Oklahoma. During 2025 it divested substantially all of its Uinta assets, about 126,000 net acres, and on February 17, 2026 it announced an agreement to sell its Anadarko assets, about 360,000 net acres, which at the time of the filing had not closed.

Canadian Operations

In 2025 this segment drilled 80 horizontal net wells in the Montney, in northwest Alberta and northeast British Columbia, and its production averaged approximately 74.6 Mbbls/d of oil and NGLs and approximately 1,347 MMcf/d of natural gas. At December 31, 2025 it held approximately 1.1 million net acres. In 2025 it acquired Montney assets covering approximately 109,000 net acres in the Alberta Montney, and on February 3, 2026 it closed its acquisition of NuVista Energy, which added approximately 140,000 net acres in the Alberta Montney.

Reserves

At December 31, 2025 its total proved reserves included 442.7 MMbbls of oil, 726.8 MMbbls of NGLs and 6,933 Bcf of natural gas, and its total production in 2025 was 614.5 MBOE/d.

People

As of December 31, 2025 it employed 1,465 people, 765 in the U.S. and 700 in Canada.

From Ovintiv's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,9089,15210,883-2.7%
Operating income1,1311,5792,864-28.4%
Operating margin12.7%17.3%26.3%
Interest expense376412355-8.7%
Pre-tax income7701,3512,510-43.0%
Income tax-472226425
Effective tax rate-61.3%16.7%16.9%
Net income1,2421,1252,085+10.4%
Net margin13.9%12.3%19.2%
Diluted EPS$4.78$4.21$7.90+13.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,6523,7214,167-1.9%
Capital expenditure2,1472,3032,744-6.8%
Free cash flow1,5051,4181,423+6.1%
Free cash flow margin16.9%15.5%13.1%
Cash from investing-2,884-2,457-5,519
Cash from financing-762-1,2311,359
Depreciation and amortisation2,1792,2901,825-4.8%
Share-based compensation57.066.047.0-13.6%
Buybacks307597426-48.6%
Dividends paid308316307-2.5%
Dividend per share$1.20$1.20$1.150.0%
Diluted shares, weighted260m267m264m-2.9%
Shares outstanding at period end253m260m272m-2.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity11,19510,33110,370+8.4%
Debt5,2025,4535,737-4.6%
Operating lease liabilities1,105737832+49.9%
Finance lease liabilities0.012.020.0
Other liabilities2,8882,7213,028+6.1%
Total liabilities and equity20,39019,25419,987+5.9%
Fixed assets14,24414,36414,640-0.8%
Goodwill2,5762,5462,599+1.2%
Investments26533.026.0+703.0%
Cash and equivalents35.042.03.0-16.7%
Other assets3,2702,2692,719+44.1%
Total assets20,39019,25419,987+5.9%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.