Ovintiv Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Ovintiv Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,443	5,939	7,013	6,087	10,468	14,263	10,883	9,152	8,908
General and administrative	254	157	489	395	442	422	393	365	331
Operating expenses	3,375	4,245	6,128	11,484	7,139	8,611	8,019	7,573	7,777
Operating income	1,068	1,694	598	-5,397	1,519	3,853	2,864	1,579	1,131
Interest expense	363	351	382	371	340	311	355	412	376
Other non-operating income	42	-17	-23	55	37	33	20	165	46
Pre-tax income	1,430	1,163	315	-5,730	1,239	3,560	2,510	1,351	770
Income tax	603	94	81	367	-177	-77	425	226	-472
Net income	827	1,069	234	-6,097	1,416	3,637	2,085	1,125	1,242
EBITDA	1,901	2,966	2,613	-3,563	2,709	4,966	4,689	3,869	3,310
EPS, basic	4.25	5.57	0.90	-23.47	5.44	14.34	8.02	4.25	4.83
EPS, diluted	4.25	5.57	0.90	-23.47	5.32	14.08	7.90	4.21	4.78
Shares, basic (weighted)	195	192	261	260	260	254	260	265	257
Shares, diluted (weighted)	195	192	261	260	266	258	264	267	260
Dividend per share	0.30	0.30	0.38	0.38	0.47	0.95	1.15	1.20	1.20

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	719	1,058	190	10	195	5	3	42	35
Short-term investments									245
Other current assets		44	41	38	67	70	59	42	40
Total current assets		2,676	1,869	1,247	1,587	1,695	1,676	1,369	1,523
Property, plant and equipment		8,972	15,191	9,450	8,761	9,468	14,640	14,364	14,244
Lease right-of-use assets		0	1,047	991	929	870	894	788	1,187
Goodwill		2,553	2,611	2,625	2,628	2,584	2,599	2,546	2,576
Long-term investments		22	28	30	27	21	26	33	20
Other non-current assets		147	1,213	1,143	1,079	1,004	1,015	965	1,299
Total assets		15,344	21,487	14,469	14,055	15,056	19,987	19,254	20,390
Accounts payable		233	355	306	328	436	586	435	390
Short-term debt		500	0	518	0	393	284	600	810
Total current liabilities		2,016	2,432	2,423	2,748	2,780	2,812	2,681	2,795
Long-term debt		3,698	6,974	6,367	4,786	3,177	5,453	4,853	4,392
Lease liabilities		0	977	938	889	814	832	737	1,105
Other non-current liabilities		1,769	464	358	190	131	132	114	100
Total liabilities		7,897	11,557	10,632	8,981	7,367	9,617	8,923	9,195
Total debt		4,198	6,974	6,885	4,786	3,570	5,737	5,453	5,202
Paid-in capital		1,358	1,402	8,531	8,458	7,776	8,620	8,045	7,779
Retained earnings		435	421	-5,773	-4,479	-1,081	697	1,506	2,440
Other comprehensive income	1,042	998	1,046	1,076	1,092	991	1,050	777	973
Shareholders' equity	6,728	7,447	9,930	3,837	5,074	7,689	10,370	10,331	11,195
Total equity	6,728	7,447	9,930	3,837	5,074	7,689	10,370	10,331	11,195
Total liabilities and equity		15,344	21,487	14,469	14,055	15,056	19,987	19,254	20,390
Shares outstanding	195	191	260	260	258	246	272	260	253

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	827	1,069	234	-6,097	1,416	3,637	2,085	1,125	1,242
Depreciation and amortization	833	1,272	2,015	1,834	1,190	1,113	1,825	2,290	2,179
Stock-based compensation	110	-46	39	33	138	202	47	66	57
Deferred income tax	666	149	94	381	-21	-87	144	144	-514
Change in payables	-226	141	-44	-26	275	50	-304	-247	-177
Cash from operations	1,050	2,300	2,921	1,895	3,129	3,866	4,167	3,721	3,652
Capital expenditures	-1,796	-1,975	-2,626	-1,736	-1,519	-1,831	-2,744	-2,303	-2,147
Acquisitions	0	0	94	0	0	0	-3,225	12	0
Cash from investing	-1,037	-1,555	-2,556	-1,864	-525	-1,786	-5,519	-2,457	-2,884
Share buybacks	0	-250	-1,250	0	-111	-719	-426	-597	-307
Dividends paid	-57	-56	-102	-97	-122	-239	-307	-316	-308
Cash from financing	-139	-396	-1,238	-206	-2,419	-2,268	1,359	-1,231	-762
Exchange rate effect	11	-10	5	-5	0
Net change in cash	-115	339	-868	-180	185	-190	-2	39	-7
Free cash flow	-746	325	295	159	1,610	2,035	1,423	1,418	1,505
Interest paid	370	367	415	385	370	376	308	426	383
Income taxes paid	-77	-246	-22	-52	-176	-38	-19	295	62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $60.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.7%	Operating income / revenue.
EBITDA margin	31.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.8%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	23.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.4%	Cash from operations / revenue.
Effective tax rate	-233.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.3%	Capital expenditures / revenue.
D&A / revenue	22.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-33.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	10.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-30.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	13.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-30.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	56.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	26.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.2%	Total debt / total assets.
Liabilities / assets	40.4%	Total liabilities / total assets.
Net debt	$3.00B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.96x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.45x	Operating income / interest expense.
Working capital	$17.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.18B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	0.74x	Revenue / average property, plant and equipment.
FCF conversion	246.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	49.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.77	Revenue / diluted weighted shares.
FCF per share	$8.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.80	Cash from operations / diluted weighted shares.
Book value per share	$41.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.17	Tangible book value / shares outstanding.
Cash per share	$2.53	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	26.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.00B	Share price x shares outstanding.
Enterprise value	$19.99B	Market cap + total debt - cash - short-term investments.
P/E	18.5x	Market cap / net income. Only when net income is positive.
P/S	1.73x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.85x	Market cap / tangible book value, when positive.
P/FCF	7.50x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.82x	Market cap / cash from operations, when positive.
EV/Sales	2.04x	Enterprise value / revenue.
EV/EBIT	21.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.44x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.82x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.3%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was Ovintiv Inc.'s revenue in fiscal 2025?

Ovintiv Inc. reported revenue of $8.91B for fiscal 2025, 2.7% lower than the year before.

Was Ovintiv Inc. profitable in fiscal 2025?

Yes. Net income was $1.24B, a net margin of 13.9%.

How much free cash flow did Ovintiv Inc. generate in fiscal 2025?

Cash from operations of $3.65B minus capital expenditures of $2.15B left free cash flow of $1.51B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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