Canadian Natural Resources Limited (CNQ) Q2 FY2026 Financial Statements: Revenue $10.65B, Net earnings $3.25B
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PeriodQ2 FY2026
Published
Canadian Natural Resources reported net earnings of $3.25 billion, or $1.55 per diluted share, for Q2 FY2026, the quarter ended June 30, 2026, up 83.1% from $1.78 billion a year earlier. Revenue, net of royalties, was $10.65 billion, up 69.5%. Production averaged a record 1,676,754 barrels of oil equivalent per day, up 18.1%. Adjusted funds flow, a company-defined measure, was $4.96 billion, up 110.5% from a year earlier.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $10,650,372,846 | up 69.5% |
| Net earnings | $3,253,417,606 | up 83.1% |
| Diluted EPS | $1.55 | up 83.8% |
| Daily production | 1,676,754 | up 18.1% |
| Adjusted funds flow | $4,960,685,161 | up 110.5% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | CNQ |
|---|---|
| CIK | 0001017413 |
| Company | Canadian Natural Resources Limited |
| Business type | oil and gas exploration and production (with oil sands mining and upgrading) |
| Schema template | oil and gas producer: product sales, royalties and revenue net of royalties; production, blending and feedstock, transportation and depletion expense; earnings before taxes, income tax, net earnings and EPS; cash, debt, assets, liabilities, equity; operating cash flow, capital expenditures, free cash flow, dividends and buybacks; company-defined non-GAAP adjusted net earnings from operations, adjusted funds flow and net capital expenditures; daily production volumes |
| Reporting currency | CAD |
| Converted to USD | yes |
| Units | actual US dollars (not millions), converted from Canadian dollars; per-share amounts in US dollars per common share (Canadian Natural's common shares are listed directly on the New York Stock Exchange; there is no ADR); share counts in actual shares; production volumes in barrels of oil equivalent, barrels or million cubic feet per day as labelled |
CNQ annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 40-F | 40-F | 40-F |
| Non GAAP | |||
| Source accession | 40-F | 40-F | 40-F |
| Adjusted net earnings from operations | 5,326,182,149 | 5,412,220,054 | 6,322,098,821 |
| Adjusted funds flow | 11,061,630,310 | 10,847,070,108 | 11,316,505,027 |
| Net capital expenditures | 4,707,274,632 | 10,534,630,105 | 3,637,077,594 |
| Operating | |||
| Source accession | 40-F | 40-F | 40-F |
| Total production boe per day | 1,570,757 | 1,363,496 | 1,332,105 |
| Crude oil and ngls production bbl per day | 1,146,175 | 1,005,603 | 973,530 |
| Natural gas production mmcf per day | 2,547 | 2,147 | 2,151 |
| Income statement | |||
| Product sales | 31,601,489,385 | 30,301,570,303 | 30,254,647,295 |
| Royalties | 3,867,277,608 | 4,272,690,043 | 3,605,959,799 |
| Revenue | 27,734,211,777 | 26,028,880,260 | 26,648,687,496 |
| Production expense | 6,550,402,683 | 5,907,890,059 | 6,282,831,127 |
| Blending and feedstock | 5,774,800,662 | 5,789,630,058 | 5,728,638,004 |
| Transportation | 1,968,340,555 | 1,498,690,015 | 1,163,212,838 |
| Depletion depreciation and amortization | 6,714,252,188 | 4,877,130,049 | 4,751,391,040 |
| Administration | 440,032,512 | 367,190,004 | 334,886,753 |
| Share based compensation | 128,790,004 | 203,670,002 | 363,781,849 |
| Asset retirement obligation accretion | 271,890,008 | 283,970,003 | 271,169,362 |
| Interest and other financing expense | 596,727,017 | 432,160,004 | 471,212,335 |
| Risk management loss gain | -12,879,000 | 129,210,001 | -1,481,800 |
| Foreign exchange loss gain | -545,211,015 | 697,150,007 | -206,711,071 |
| Gain on acquisitions disposition and remeasurement | 3,626,869,602 | 0.0 | 0.0 |
| Gain from investment | 0.0 | 40,880,000 | 41,490,394 |
| Total expenses | 18,260,276,011 | 20,145,810,201 | 19,117,440,043 |
| Earnings before taxes | 9,473,935,765 | 5,883,070,059 | 7,531,247,453 |
| Current income tax expense | 1,367,320,538 | 1,117,630,011 | 1,392,150,906 |
| Deferred income tax expense | 364,905,010 | 308,060,003 | 39,267,695 |
| Net earnings | 7,741,710,217 | 4,457,380,045 | 6,099,828,852 |
| Basic EPS | 3.6991 | 2.0951 | 2.7932 |
| Diluted EPS | 3.6920 | 2.0805 | 2.7710 |
| Income tax expense | 1,732,225,549 | 1,425,690,014 | 1,431,418,601 |
| Weighted average basic shares | 2,091,134,000 | 2,125,804,000 | 2,182,623,000 |
| Weighted average diluted shares | 2,097,906,000 | 2,140,429,000 | 2,204,248,000 |
| Dividends declared per share | 1.6814 | 1.5622 | 1.3707 |
| Balance sheet | |||
| Cash and cash equivalents | 490,751,557 | 90,940,204 | |
| Accounts receivable | 2,916,070,546 | 2,864,269,316 | |
| Inventory | 1,911,233,033 | 1,938,900,679 | |
| Total current assets | 5,588,588,313 | 5,140,551,209 | |
| Exploration and evaluation assets | 1,933,109,031 | 1,753,549,271 | |
| Property plant and equipment | 56,618,729,063 | 50,964,000,869 | |
| Lease assets | 2,188,329,009 | 967,714,839 | |
| Total assets | 66,962,430,161 | 59,256,220,206 | |
| Accounts payable | 805,765,930 | 749,041,830 | |
| Accrued liabilities | 3,102,745,729 | 3,141,255,128 | |
| Current income taxes payable | 435,332,362 | 63,866,403 | |
| Current portion of long term debt | 321,577,172 | 1,666,080,068 | |
| Total current liabilities | 5,879,539,087 | 6,685,840,471 | |
| Long term debt noncurrent | 11,795,538,171 | 11,398,070,263 | |
| Other long term liabilities | 8,703,730,441 | 6,457,448,662 | |
| Deferred income taxes | 8,231,938,082 | 7,316,174,097 | |
| Total liabilities | 34,610,745,782 | 31,857,533,493 | |
| Share capital | 8,328,192,474 | 7,680,629,112 | |
| Retained earnings | 23,863,797,119 | 19,509,103,392 | |
| Accumulated other comprehensive income | 159,694,786 | 208,954,208 | |
| Total equity | 32,351,684,379 | 27,398,686,712 | |
| Total debt | 12,117,115,343 | 13,064,150,330 | |
| Net debt | 11,626,363,786 | 12,973,210,127 | |
| Common shares outstanding | 2,081,578,000 | 2,102,996,000 | |
| Cash flow | |||
| Depletion depreciation and amortization | 6,714,252,188 | 4,877,130,049 | 4,751,391,040 |
| Abandonment expenditures | -551,650,515 | -471,580,005 | -377,118,048 |
| Net change in non cash working capital | 480,816,013 | -542,390,005 | -1,790,755,051 |
| Cash flows from operating activities | 10,808,343,303 | 9,771,780,098 | 9,152,336,428 |
| Dividends paid | -3,485,200,598 | -3,233,170,032 | -2,882,841,499 |
| Share repurchases | -1,036,759,529 | -1,941,800,019 | -2,458,305,858 |
| Cash flows from financing activities | -5,635,993,658 | -27,010,000 | -5,584,903,424 |
| Net expenditures on exploration and evaluation assets | -82,282,502 | -67,160,001 | -32,599,595 |
| Net expenditures on property plant and equipment | -4,776,678,134 | -3,862,430,039 | -3,604,477,999 |
| Cash flows from investing activities | -4,784,548,634 | -10,289,350,103 | -3,599,291,700 |
| Capital expenditures | -4,858,960,636 | -3,929,590,039 | -3,637,077,594 |
| Free cash flow | 5,949,382,667 | 5,842,190,058 | 5,515,258,833 |
| Conversion | |||
| Currency | CAD | CAD | CAD |
| Average | |||
| Cad per USD | 1.397624 | 1.369863 | 1.34971 |
| Closing | |||
| Cad per USD | 1.371366 | 1.440507 | |
- Accounting basis, FY2025. IFRS Accounting Standards; audited consolidated financial statements in the FY2025 annual report filed on Form 40-F
- Accounting basis, FY2024. IFRS Accounting Standards; audited consolidated financial statements in the FY2025 annual report filed on Form 40-F; prior-year comparative column
- Accounting basis, FY2023. IFRS Accounting Standards; audited consolidated financial statements in the FY2025 annual report filed on Form 40-F; second prior-year comparative column (statements of earnings and cash flows only; the balance sheet is not presented for this year)
- Non GAAP: source. company-defined non-GAAP measures, reconciled in the management's discussion and analysis included in the FY2025 annual report on Form 40-F
- Operating: source. daily production before royalties, from the FY2025 management's discussion and analysis (Form 40-F)
- Conversion: average source, FY2025. FY2025 MD&A (Form 40-F, accession 0001017413-26-000018), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7155' for 2025, applied as its reciprocal
- Conversion: average source, FY2024. FY2025 MD&A (Form 40-F, accession 0001017413-26-000018), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7300' for 2024, applied as its reciprocal
- Conversion: average source, FY2023. FY2025 MD&A (Form 40-F, accession 0001017413-26-000018), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7409' for 2023, applied as its reciprocal
- Conversion: closing source, FY2025. FY2025 MD&A (Form 40-F, accession 0001017413-26-000018), Benchmark Commodity Prices: 'US/Canadian dollar year end exchange rate (US$) 0.7292' at December 31, 2025, applied as its reciprocal
- Conversion: closing source, FY2024. FY2025 MD&A (Form 40-F, accession 0001017413-26-000018), Benchmark Commodity Prices: 'US/Canadian dollar year end exchange rate (US$) 0.6942' at December 31, 2024, applied as its reciprocal
CNQ quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal quarter | 2 | 2 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 6-K | 6-K |
| Non GAAP | ||
| Source accession | 6-K | 6-K |
| Adjusted net earnings from operations | 3,300,380,107 | 1,080,860,035 |
| Adjusted funds flow | 4,960,685,161 | 2,356,795,077 |
| Net capital expenditures | 1,737,612,556 | 1,383,587,545 |
| Operating | ||
| Source accession | 6-K | 6-K |
| Total production boe per day | 1,676,754 | 1,420,358 |
| Crude oil and ngls production bbl per day | 1,248,889 | 1,019,149 |
| Natural gas production mmcf per day | 2,567 | 2,407 |
| Income statement | ||
| Product sales | 12,437,115,404 | 6,990,187,727 |
| Royalties | 1,786,742,558 | 705,882,523 |
| Revenue | 10,650,372,846 | 6,284,305,204 |
| Production expense | 1,812,030,059 | 1,559,877,551 |
| Blending and feedstock | 2,332,952,576 | 1,270,155,041 |
| Transportation | 498,525,016 | 510,807,517 |
| Depletion depreciation and amortization | 1,374,195,045 | 1,275,212,541 |
| Administration | 114,877,504 | 109,097,504 |
| Share based compensation | -141,610,005 | 5,780,000 |
| Asset retirement obligation accretion | 70,805,002 | 65,025,002 |
| Interest and other financing expense | 171,955,006 | 171,955,006 |
| Risk management loss gain | 31,790,001 | -75,140,002 |
| Foreign exchange loss gain | 130,772,504 | -580,167,519 |
| Gain on acquisitions disposition and remeasurement | 0.0 | 57,800,002 |
| Total expenses | 6,396,292,708 | 4,254,802,638 |
| Earnings before taxes | 4,254,080,138 | 2,029,502,566 |
| Current income tax expense | 775,242,525 | 316,455,010 |
| Deferred income tax expense | 225,420,007 | -63,580,002 |
| Net earnings | 3,253,417,606 | 1,776,627,558 |
| Basic EPS | 1.5678 | 0.8453 |
| Diluted EPS | 1.5534 | 0.8453 |
| Income tax expense | 1,000,662,533 | 252,875,008 |
| Weighted average basic shares | 2,077,894,000 | 2,093,135,000 |
| Weighted average diluted shares | 2,089,836,000 | 2,099,665,000 |
| Dividends declared per share | 0.4516 | 0.4245 |
| Balance sheet | ||
| Cash and cash equivalents | 1,843,071,410 | |
| Accounts receivable | 3,717,822,810 | |
| Inventory | 1,964,159,371 | |
| Total current assets | 7,972,797,449 | |
| Exploration and evaluation assets | 1,955,007,374 | |
| Property plant and equipment | 55,436,462,260 | |
| Lease assets | 2,060,607,341 | |
| Total assets | 67,994,410,242 | |
| Accounts payable | 1,098,943,648 | |
| Accrued liabilities | 3,374,974,920 | |
| Current income taxes payable | 694,143,778 | |
| Current portion of long term debt | 1,558,655,501 | |
| Total current liabilities | 7,967,165,451 | |
| Long term debt noncurrent | 10,510,716,637 | |
| Other long term liabilities | 8,565,565,259 | |
| Deferred income taxes | 8,006,589,438 | |
| Total liabilities | 35,050,036,784 | |
| Share capital | 8,342,397,330 | |
| Retained earnings | 24,417,528,186 | |
| Accumulated other comprehensive income | 184,447,941 | |
| Total equity | 32,944,373,458 | |
| Total debt | 12,069,372,138 | |
| Net debt | 10,226,300,728 | |
| Common shares outstanding | 2,068,840,000 | |
| Cash flow | ||
| Depletion depreciation and amortization | 1,374,195,045 | 1,275,212,541 |
| Abandonment expenditures | -131,495,004 | -139,442,505 |
| Net change in non cash working capital | 86,700,003 | 17,340,001 |
| Cash flows from operating activities | 4,929,617,660 | 2,249,865,073 |
| Dividends paid | -942,140,031 | -890,842,529 |
| Share repurchases | -793,305,026 | -259,377,508 |
| Cash flows from financing activities | -1,838,762,560 | -840,990,027 |
| Net expenditures on exploration and evaluation assets | -18,062,501 | -36,847,501 |
| Net expenditures on property plant and equipment | -1,719,550,056 | -1,346,740,044 |
| Cash flows from investing activities | -1,783,130,058 | -1,402,372,546 |
| Capital expenditures | -1,737,612,556 | -1,383,587,545 |
| Free cash flow | 3,192,005,104 | 866,277,528 |
| Conversion | ||
| Currency | CAD | CAD |
| Average | ||
| Cad per USD | 1.384083 | 1.384083 |
| Closing | ||
| Cad per USD | 1.420455 | |
- Accounting basis, Q2 2026. IFRS Accounting Standards (IAS 34); unaudited interim consolidated financial statements for the three and six months ended June 30, 2026, furnished as Exhibit 99.3 to Form 6-K
- Accounting basis, Q2 2025. IFRS Accounting Standards (IAS 34); unaudited interim consolidated financial statements for the three and six months ended June 30, 2026, furnished as Exhibit 99.3 to Form 6-K; prior-year comparative column (no balance sheet is presented at June 30, 2025)
- Non GAAP: source. company-defined non-GAAP measures, reconciled in the Q2 2026 management's discussion and analysis furnished as Exhibit 99.2 to Form 6-K
- Operating: source. daily production before royalties, from the Q2 2026 management's discussion and analysis (Form 6-K, Exhibit 99.2)
- Conversion: average source, Q2 2026. Q2 2026 MD&A (Form 6-K Exhibit 99.2, accession 0001017413-26-000043), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7225' for the three months ended June 30, 2026, applied as its reciprocal
- Conversion: average source, Q2 2025. Q2 2026 MD&A (Form 6-K Exhibit 99.2, accession 0001017413-26-000043), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7225' for the three months ended June 30, 2025, applied as its reciprocal
- Conversion: closing source, Q2 2026. Q2 2026 MD&A (Form 6-K Exhibit 99.2, accession 0001017413-26-000043), Foreign Exchange: 'The US/Canadian dollar exchange rate as at June 30, 2026 was US $0.7040', applied as its reciprocal
CNQ year-to-date income statement and cash flow
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 6-K | 6-K |
| Non GAAP | ||
| Source accession | 6-K | 6-K |
| Adjusted net earnings from operations | 5,090,059,362 | 2,790,146,497 |
| Adjusted funds flow | 8,156,867,299 | 5,529,201,807 |
| Net capital expenditures | 3,217,027,823 | 2,283,492,225 |
| Operating | ||
| Source accession | 6-K | 6-K |
| Total production boe per day | 1,660,050 | 1,500,905 |
| Crude oil and ngls production bbl per day | 1,223,625 | 1,096,049 |
| Natural gas production mmcf per day | 2,619 | 2,429 |
| Income statement | ||
| Product sales | 21,493,780,752 | 15,885,811,197 |
| Royalties | 2,951,421,646 | 1,951,399,508 |
| Revenue | 18,542,359,105 | 13,934,411,689 |
| Production expense | 3,553,026,894 | 3,215,196,790 |
| Blending and feedstock | 4,018,200,554 | 3,012,251,241 |
| Transportation | 986,951,915 | 965,055,757 |
| Depletion depreciation and amortization | 2,742,420,064 | 2,579,395,350 |
| Administration | 227,144,080 | 215,008,746 |
| Share based compensation | 325,113,572 | 24,126,394 |
| Asset retirement obligation accretion | 142,237,188 | 128,437,568 |
| Interest and other financing expense | 403,489,165 | 351,961,511 |
| Risk management loss gain | 293,908,475 | -90,828,777 |
| Foreign exchange loss gain | 321,485,072 | -600,321,449 |
| Gain on acquisitions disposition and remeasurement | 0.0 | 56,767,986 |
| Total expenses | 13,013,976,981 | 9,743,515,145 |
| Earnings before taxes | 5,528,382,125 | 4,190,896,544 |
| Current income tax expense | 1,181,439,498 | 673,410,230 |
| Deferred income tax expense | 100,872,291 | 28,383,993 |
| Net earnings | 4,246,070,335 | 3,489,102,321 |
| Basic EPS | 2.0392 | 1.6605 |
| Diluted EPS | 2.0320 | 1.6605 |
| Income tax expense | 1,282,311,790 | 701,794,223 |
| Weighted average basic shares | 2,081,188,000 | 2,096,817,000 |
| Weighted average diluted shares | 2,092,719,000 | 2,104,325,000 |
| Cash flow | ||
| Depletion depreciation and amortization | 2,742,420,064 | 2,579,395,350 |
| Abandonment expenditures | -311,325,273 | -270,357,532 |
| Net change in non cash working capital | -506,538,556 | 75,217,581 |
| Cash flows from operating activities | 7,333,197,869 | 5,249,619,477 |
| Dividends paid | -1,834,569,442 | -1,715,102,768 |
| Share repurchases | -1,022,511,212 | -600,321,449 |
| Cash flows from financing activities | -2,748,225,664 | -2,961,869,654 |
| Net expenditures on exploration and evaluation assets | -80,552,693 | -40,447,190 |
| Net expenditures on property plant and equipment | -3,245,330,121 | -2,243,045,035 |
| Cash flows from investing activities | -3,205,416,624 | -2,308,328,218 |
| Capital expenditures | -3,325,882,814 | -2,283,492,225 |
| Free cash flow | 4,007,315,055 | 2,966,127,253 |
| Conversion | ||
| Currency | CAD | CAD |
| Average | ||
| Cad per USD | 1.37798 | 1.409245 |
- Accounting basis, Six months ended June 30, 2026. IFRS Accounting Standards (IAS 34); unaudited interim consolidated financial statements for the three and six months ended June 30, 2026, furnished as Exhibit 99.3 to Form 6-K
- Accounting basis, Six months ended June 30, 2025. IFRS Accounting Standards (IAS 34); unaudited interim consolidated financial statements for the three and six months ended June 30, 2026, furnished as Exhibit 99.3 to Form 6-K; prior-year comparative column
- Non GAAP: source. company-defined non-GAAP measures, reconciled in the Q2 2026 management's discussion and analysis furnished as Exhibit 99.2 to Form 6-K
- Operating: source. daily production before royalties, from the Q2 2026 management's discussion and analysis (Form 6-K, Exhibit 99.2)
- Conversion: average source, Six months ended June 30, 2026. Q2 2026 MD&A (Form 6-K Exhibit 99.2, accession 0001017413-26-000043), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7257' for the six months ended June 30, 2026, applied as its reciprocal
- Conversion: average source, Six months ended June 30, 2025. Q2 2026 MD&A (Form 6-K Exhibit 99.2, accession 0001017413-26-000043), Benchmark Commodity Prices: 'US/Canadian dollar average exchange rate (US$) 0.7096' for the six months ended June 30, 2025, applied as its reciprocal
CNQ trailing twelve month income statement and cash flow
| Twelve months ended June 30, 2026 (derived) | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 6-K |
| Source accessions | 40-F, 6-K |
| Non GAAP | |
| Source accession | 6-K |
| Adjusted net earnings from operations | 7,618,918,021 |
| Adjusted funds flow | 13,685,968,263 |
| Net capital expenditures | 5,641,444,714 |
| Income statement | |
| Product sales | 37,202,845,187 |
| Royalties | 4,865,510,824 |
| Revenue | 32,337,334,363 |
| Depletion depreciation and amortization | 6,896,546,732 |
| Earnings before taxes | 10,823,264,409 |
| Income tax expense | 2,315,496,746 |
| Net earnings | 8,507,767,663 |
| Cash flow | |
| Cash flows from operating activities | 12,893,386,539 |
| Capital expenditures | -5,903,467,165 |
| Free cash flow | 6,989,919,374 |
| Dividends paid | -3,606,065,892 |
| Share repurchases | -1,456,323,680 |
| Conversion | |
| Currency | CAD |
| Average | |
| Cad per USD | 1.381561 |
- Derivation. FY2025 (Form 40-F, accession 0001017413-26-000018) plus the six months ended June 30, 2026, less the six months ended June 30, 2025 (Form 6-K, accession 0001017413-26-000043), for each line including the non-GAAP measures. Computed in Canadian dollars, then converted at the average daily US Federal Reserve rate for July 1, 2025 to June 30, 2026. Per-share amounts are not shown for this period because weighted share counts cannot be combined this way.
- Non GAAP: source. derived from the company-defined non-GAAP measures in the FY2025 and Q2 2026 management's discussion and analysis
- Conversion: average source. FRED DEXCAUS, average of 250 daily rates 2025-07-01 to 2026-06-30
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | Canadian Natural reports in Canadian dollars. Every money figure is converted to US dollars at the exchange rate the company itself prints, applied as its reciprocal (Canadian dollars per US dollar): income-statement, cash-flow and per-share figures at the US/Canadian dollar average exchange rate the company states for that period, balance-sheet figures at the rate it states for the balance-sheet date. The trailing twelve months, for which the company states no rate, use the average daily US Federal Reserve rate for July 1, 2025 to June 30, 2026. The rate used is recorded on each period under 'conversion'. |
Notes
- Periods covered: the FY2025 annual report on Form 40-F (accession 0001017413-26-000018) presents fiscal years 2025, 2024 and 2023 for the statements of earnings and cash flows and December 31, 2025 and 2024 for the balance sheet; the Q2 2026 interim report on Form 6-K (accession 0001017413-26-000043) presents the three and six months ended June 30, 2026 and 2025 and the balance sheet at June 30, 2026. Canadian Natural's fiscal year is the calendar year. The interim statements do not present the three months ended March 31, 2026 on their own, so that quarter is not a period in this record.
- Template: Canadian Natural is an oil and natural gas producer whose largest business is oil sands mining and upgrading, so the record follows its own statement of earnings (product sales, less royalties, giving revenue; then production, blending and feedstock, transportation, depletion and other expenses) rather than a cost-of-goods and gross-profit layout. It adds the company's daily production volumes and the non-GAAP measures it uses to report results.
- Signs: royalties are shown as a positive amount deducted from product sales, and revenue is the company's revenue line, net of royalties. Within expenses, share-based compensation, risk management and foreign exchange keep the statement's sign: a positive figure is an expense or loss, a negative figure a recovery or gain. Gains on acquisitions, disposition and remeasurement, and the gain from investment, are shown as positive gains; the statement presents them as reductions of total expenses. In the cash flow block, outflows are negative.
- Capital expenditures and free cash flow: capital_expenditures is the sum of the two cash flow statement lines 'Net expenditures on exploration and evaluation assets' and 'Net expenditures on property, plant and equipment', which include net property acquisitions. It excludes the C$9,163 million acquisition of Chevron's assets in 2024 and the C$212 million of cash received in the 2025 AOSP asset swap, both presented on separate lines. free_cash_flow is cash flows from operating activities less those capital expenditures. It is not the company's own 'free cash flow' measure, which the company calculates as adjusted funds flow less dividends, net capital expenditures and abandonment expenditures, and which this record does not present.
- Non-GAAP measures: adjusted net earnings from operations is net earnings adjusted for share-based compensation, unrealized risk management, unrealized foreign exchange, realized foreign exchange on financing activities, gains on acquisitions, dispositions and remeasurement, gains from investments and recoverability charges, all net of tax. Adjusted funds flow is cash flows from operating activities before the net change in non-cash working capital, abandonment expenditures and movements in other long-term assets. Net capital expenditures is the company's capital spending measure, excluding lease assets and fair value adjustments. All three are defined by the company and are not IFRS measures.
- Currency: the company reports in Canadian dollars and states its US/Canadian dollar exchange rates in its management's discussion and analysis. Average rates (US$ per C$): 0.7225 for both Q2 2026 and Q2 2025, 0.7257 for the first half of 2026, 0.7096 for the first half of 2025, and 0.7155, 0.7300 and 0.7409 for 2025, 2024 and 2023. Period-end rates: 0.7040 at June 30, 2026, 0.7292 at December 31, 2025 and 0.6942 at December 31, 2024. Each is applied as its reciprocal (Canadian dollars per US dollar). Because flows and positions use different rates, a US-dollar figure here does not always equal the US-dollar figure for a related figure in another period or statement: the C$673 million of cash at December 31, 2025, for example, converts at the year-end rate on the balance sheet.
- 2025 includes large non-recurring items. A C$5,069 million pre-tax gain on acquisitions, disposition and remeasurement mainly reflects the AOSP asset swap completed November 1, 2025, under which the company took its interest in the Athabasca Oil Sands Project mines to 100%. It also includes the C$80 million gain on an acquisition in the second quarter of 2025. 2025 depletion, depreciation and amortization includes non-cash recoverability charges of C$1,462 million for North Sea abandonment and decommissioning costs and C$269 million for the Espoir field in Offshore Africa, plus a C$46 million derecognition of exploration and evaluation assets at Kossipo.
- Presentation change: in 2025 the company began showing transportation expense and blending and feedstock costs separately rather than combined, and updated all comparative periods in the FY2025 annual report.
- Share split: the company completed a two-for-one common share split in 2024. The FY2025 annual report states 2023 share counts and per-share amounts on the post-split basis, so no further adjustment is applied.
- Cash at the start of 2026: the company adopted amendments to IFRS 9 and IFRS 7 on January 1, 2026 without restating comparatives. Its six-month 2026 cash flow statement therefore opens with C$717 million of cash, C$44 million more than the C$673 million on the December 31, 2025 balance sheet.
- Debt: total_debt is the carrying amount of long-term debt including its current portion (C$17,144 million at June 30, 2026), as shown in the company's capital disclosures note. It excludes lease liabilities of C$3,039 million at June 30, 2026 and C$3,106 million at December 31, 2025. net_debt is the company's 'long-term debt, net', which is that debt less cash and cash equivalents.
- Dividends: annual dividends_declared_per_share is the 'Dividends declared per common share' in the FY2025 annual report (C$2.35, C$2.14 and C$1.85 for 2025, 2024 and 2023). The quarterly figures are the quarterly dividend rate in the interim report's share capital note: C$0.625 per share, approved March 4, 2026 and first paid April 7, 2026, and C$0.5875 per share, approved March 5, 2025. dividends_paid is the cash paid in the period, from the cash flow statement.
- Share count: common_shares_outstanding is the issued share count at the balance-sheet date, from the share capital note: 2,068,840 thousand at June 30, 2026, after 22,925 thousand shares were repurchased under the normal course issuer bid in the first half of 2026. Weighted average basic and diluted shares come from the net earnings per common share note.
- Production volumes are daily averages before royalties, from the management's discussion and analysis. Barrels of oil equivalent convert natural gas at six thousand cubic feet to one barrel.
- Trailing twelve months: each line is FY2025 plus the six months ended June 30, 2026, less the six months ended June 30, 2025. It is computed in Canadian dollars and converted at the average daily US Federal Reserve rate for the twelve months, because the company does not state a rate for that period.
Uncertainties
- The company states its exchange rates to four decimal places as US dollars per Canadian dollar. The record applies the reciprocal, rounded to six decimal places. US-dollar figures converted at other published rates will differ slightly.
- The trailing-twelve-month conversion uses a US Federal Reserve average rate rather than one the company states, so it is not fully consistent with the company-stated rates used for every other period.
- The quarterly dividends per share are the quarterly dividend rate stated in the share capital note, not a tabulated 'declared in the quarter' figure. The Q2 2025 rate of C$0.5875 relies on the note's statement that this rate was approved March 5, 2025.
- Production volumes and the non-GAAP measures come from the management's discussion and analysis, not from the audited or interim financial statements.
Company details
| Name | CANADIAN NATURAL RESOURCES Ltd |
|---|---|
| Ticker | CNQ |
| CIK | 0001017413 |
| Exchange | NYSE |
| State | |
| Incorporation | Alberta, Canada |
| SIC | 1311 |
| Office | Energy & Transportation |
| Industry | Crude Petroleum & Natural Gas |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 6-K |
| Accession | 0001017413-26-000043 |
| Fiscal year end | 1231 |
| Source | derived |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 40-F | 2025 | FY | FY25 | 2025-12-31 | 2026-03-26 | 0001017413-26-000018 | reported |
| quarterly | yes | 6-K | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-06 | 0001017413-26-000043 | derived |
FAQ · Canadian Natural Resources financial statements
How much did Canadian Natural Resources earn in Q2 FY2026?
Canadian Natural Resources reported net earnings of $3.25 billion, or $1.55 per diluted share, for Q2 FY2026, the quarter ended June 30, 2026. Net earnings were up 83.1% from $1.78 billion, or $0.85 per diluted share, in the same quarter a year earlier.
What was Canadian Natural Resources revenue in Q2 FY2026?
Canadian Natural Resources reported revenue, net of royalties, of $10.65 billion for Q2 FY2026, up 69.5% from $6.28 billion in the same quarter a year earlier. The company reports in Canadian dollars, and these amounts are converted to US dollars at the average exchange rate it states for each quarter.
How much oil and gas did Canadian Natural Resources produce in Q2 FY2026?
Canadian Natural Resources produced a record average of 1,676,754 barrels of oil equivalent per day before royalties in Q2 FY2026, up 18.1% from 1,420,358 in the same quarter a year earlier.
What was Canadian Natural Resources adjusted funds flow in Q2 FY2026?
Canadian Natural Resources reported adjusted funds flow of $4.96 billion for Q2 FY2026, up 110.5% from $2.36 billion a year earlier. Adjusted funds flow is a company-defined measure, not an IFRS measure: cash flow from operating activities before the net change in non-cash working capital, abandonment spending and movements in other long-term assets.
Where can I get Canadian Natural Resources Limited (CNQ) financial data in machine-readable form?
Ticker Scout publishes Canadian Natural Resources Limited's financial statements as JSON at https://tickerscout.ai/cnq/financials.json, free, with no API key and no signup. The 40-F and 6-K narrative and the 6-K events digest are published as Markdown at https://tickerscout.ai/cnq/narrative.md and https://tickerscout.ai/cnq/events.md. Canadian Natural Resources Limited's SEC CIK is 0001017413. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Canadian Natural Resources Limited (CNQ) next file with the SEC?
Canadian Natural Resources Limited (CNQ) is expected to file its next Form 6-K with the SEC on or around November 5, 2026. That date is a projection rather than a company-announced date: it is derived from Canadian Natural Resources Limited's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 6-K for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001017413-26-000043.
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How this page was built
This page was built from two of Canadian Natural Resources Limited's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names four such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Canadian Natural Resources Limited's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.