CANADIAN NATURAL RESOURCES Ltd (CNQ)
CANADIAN NATURAL RESOURCES Ltd reported revenue of CA$38.8B in fiscal 2025, up 8.7% from a year earlier. Net income was CA$10.8B, a net margin of 27.9%. At December 31, 2025 it held CA$673M in cash against CA$16.6B of debt. Its latest periodic report to the SEC is the annual report (Canadian issuer) (40-F) filed on March 26, 2026.
Key facts about CANADIAN NATURAL RESOURCES Ltd
- Net worth
- CANADIAN NATURAL RESOURCES Ltd has a market value (market cap) of $99.5B at the latest share price, and shareholders' equity of CA$44.4B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was CA$38.8B (+8.7% year on year), with net income of CA$10.8B.
- Cash flow
- In fiscal 2025 operations brought in CA$15.1B of cash.
- Latest report
- The latest periodic report (annual report (Canadian issuer), 40-F) was filed with the SEC on March 26, 2026 and covers the period to December 31, 2025. Open on SEC EDGAR
What CANADIAN NATURAL RESOURCES Ltd does
Canadian Natural Resources is an energy producer that explores for, develops, and produces crude oil, natural gas liquids, and synthetic crude oil. Its main operations are located in Western Canada, including oil sands mining, thermal recovery operations, and conventional oil and gas fields. It sells its production to refiners and pipeline operators. Its shares trade on NYSE under the ticker CNQ.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | CA$38.8B | CA$10.8B | CA$5.16 | n/a |
| 2024 | CA$35.7B | CA$6.1B | CA$2.85 | n/a |
| 2023 | CA$36B | CA$8.2B | CA$3.74 | n/a |
| 2022 | CA$42.3B | CA$10.9B | CA$4.76 | n/a |
| 2021 | CA$30.1B | CA$7.7B | CA$3.23 | n/a |
| 2020 | CA$16.9B | -CA$435M | -CA$0.19 | n/a |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where CNQ ranks in Energy
Dividends
It paid out CA$4.9B in cash dividends, 45% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | CA$4.9B | 45% |
| 2024 | n/a | CA$4.4B | 73% |
| 2023 | n/a | CA$3.9B | 47% |
| 2022 | n/a | CA$4.9B | 45% |
| 2021 | n/a | CA$2.2B | 28% |
| 2020 | n/a | CA$2B | n/a |
Latest SEC filings
What CANADIAN NATURAL RESOURCES Ltd has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 5, 2026
- November 5, 2026
- August 12, 2026Passive stake changed SCHEDULE 13G/A
- August 6, 2026
- August 6, 2026
- July 27, 2026Passive stake (5% or more) SCHEDULE 13G
- June 23, 2026
- May 12, 2026
- May 11, 2026
- May 7, 2026
Insider trades
What the people running CANADIAN NATURAL RESOURCES Ltd did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
Who owns CNQ
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Capital Research Global Investors13G, passive | 5.6% | August 12, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 745 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Capital World Investors | 217,960,835 | +20,281,072 |
| Royal Bank of Canada | 137,606,544 | +12,793,594 |
| Capital Research Global Investors | 116,067,730 | -48,364,929 |
| Bank of Montreal | 64,790,046 | +886,881 |
| Fmr LLC | 64,243,259 | -20,960,566 |
| Vanguard Capital Management LLC | 58,776,966 | +742,871 |
| Goldman Sachs Group Inc | 50,811,234 | +24,652,519 |
| Canada Pension Plan Investment Board | 38,636,215 | -1,645,100 |
| Mackenzie Financial Corp | 27,195,960 | -234,582 |
| TD Asset Management Inc | 31,168,077 | -8,772,820 |
| Healthcare of Ontario Pension Plan Trust Fund | 30,793,200 | -6,664,300 |
| Cibc World Market Inc. | 30,371,087 | -14,515,387 |
| 1832 Asset Management L.P. | 28,134,122 | +197,564 |
| Manufacturers Life Insurance Company, The | 26,542,998 | -203,246 |
| Geode Capital Management, LLC | 24,141,192 | +2,815,163 |
| National Bank of Canada | 19,011,978 | +7,007,557 |
| Vanguard Fiduciary Trust Co | 18,104,686 | +129,030 |
| CIBC Asset Management Inc | 16,720,694 | +1,021,985 |
| Yacktman Asset Management LP | 16,462,508 | -79,090 |
| Jpmorgan Chase & Co | 16,456,010 | +375,837 |
Insiders
Questions about CNQ
What does CANADIAN NATURAL RESOURCES Ltd do?
Canadian Natural Resources is an energy producer that explores for, develops, and produces crude oil, natural gas liquids, and synthetic crude oil. Its main operations are located in Western Canada, including oil sands mining, thermal recovery operations, and conventional oil and gas fields. It sells its production to refiners and pipeline operators. Its shares trade on NYSE under the ticker CNQ.
What is CANADIAN NATURAL RESOURCES Ltd's net worth?
CANADIAN NATURAL RESOURCES Ltd has a market value (market cap) of $99.5B at the latest share price, and shareholders' equity of CA$44.4B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is CANADIAN NATURAL RESOURCES Ltd profitable?
Yes. In fiscal 2025 it reported net income of CA$10.8B on revenue of CA$38.8B, a net margin of 27.9%.
How much revenue does CANADIAN NATURAL RESOURCES Ltd make?
In fiscal 2025 CANADIAN NATURAL RESOURCES Ltd reported revenue of CA$38.8B. That is 8.7% more than a year earlier.
When did CANADIAN NATURAL RESOURCES Ltd last report?
Its most recent periodic report is the annual report (Canadian issuer) (40-F) filed on March 26, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the foreign issuer update from November 5, 2026.
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Where the numbers come from
Financial figures are the values CANADIAN NATURAL RESOURCES Ltd tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.