Also trades as: CNQ.TO (TSX) · $vol 773M

$54.07

-1.04 (-1.89%)

Weekly Expected Move ±3.2%

$52 $53 $55 $57 $59

NYSE · Energy · Oil & Gas Exploration & Production · Tech Score Strong Buy · Power 76 · $111.5B mcap · 2.02B float · 0.350% daily turnover · Short 47% of daily vol

Credit Risk of going bust: lower than 80% of companies Debt: 9.9% of company value Bonds: $286.1M held by 294 funds, 84 bp over Treasuries → details ▾

If the stock fell to about $0.45 (down 99.2%), Canadian Natural Resources Limited would be worth roughly what it owes.
Total debt $12.21B against a stock market value of $111.47B.
Distance to default 9.75 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $6.89B (short-term plus half of long-term), stock volatility 30.9%; Altman Z'' 3.26. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Revenue Segmentation

By Product / Service

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$38.7B +8.6% ▲

5Y CAGR: +17.2%

Gross Profit

$9.0B -48.7% ▼

5Y CAGR: +165.0%

Operating Income

$8.2B -51.1% ▼

Net Income

$10.8B +77.1% ▲

EPS (Diluted)

$5.16 +81.1% ▲

EBITDA

$18.0B +10.5% ▲

5Y CAGR: +24.5%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$32.9B	$49.5B	$40.8B	$35.7B	$38.7B
YoY Growth	+87.8%	+50.8%	-17.6%	-12.7%	+8.6%
Cost of Revenue	$22.3B	$33.3B	$29.1B	$18.1B	$29.7B
Gross Profit	$10.6B	$16.3B	$11.8B	$17.6B	$9.0B
Gross Margin	32.2%	32.8%	28.8%	49.3%	23.3%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$880M	$1.2B	$943M	$782M	$794M
Operating Expenses	$1.1B	$1.5B	$1.3B	$782M	$794M
Operating Income	$9.5B	$14.8B	$10.5B	$16.8B	$8.2B
Operating Margin	29.0%	29.8%	25.6%	47.1%	21.2%
Interest Expense	$743M	$670M	$691M	$673M	$833M
Income Before Tax	$9.9B	$13.7B	$10.2B	$8.1B	$13.2B
Tax Expense	$2.2B	$2.8B	$1.9B	$2.0B	$2.4B
Net Income	$7.7B	$10.9B	$8.2B	$6.1B	$10.8B
Net Margin	23.3%	22.1%	20.2%	17.1%	27.9%
EPS (Diluted)	$3.24	$4.82	$3.74	$2.85	$5.16
EBITDA	$16.4B	$21.7B	$17.3B	$16.3B	$18.0B
Shares Outstanding	2.36B	2.27B	2.20B	2.14B	2.10B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$10.4B	$11.1B	$12.7B	$9.7B	$9.5B	$10.7B	$10.8B	$17.2B
Cost of Revenue	$7.4B	$8.2B	$9.2B	$7.4B	$4.9B	$8.6B	$7.4B	$10.8B
Gross Profit	$3.0B	$2.9B	$3.6B	$2.3B	$4.6B	$2.1B	$3.5B	$6.4B
Gross Margin	28.9%	25.8%	28.0%	23.9%	48.4%	20.0%	32.1%	37.2%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$80M	$171M	$178M	$159M	$215M	$243M	$800M	-$37M
Operating Expenses	$177M	$269M	$269M	$249M	$215M	$347M	$800M	$61M
Operating Income	$2.8B	$2.6B	$3.3B	$2.1B	$4.4B	$1.8B	$2.7B	$6.4B
Operating Margin	27.2%	23.4%	25.9%	21.3%	46.1%	16.8%	24.7%	36.9%
Interest Expense	$154M	$223M	$258M	$238M	$93M	$245M	$319M	$238M
Income Before Tax	$2.8B	$1.6B	$3.1B	$2.8B	$487M	$6.8B	$1.7B	$5.9B
Tax Expense	$543M	$448M	$639M	$350M	-$113M	$1.5B	$383M	$1.4B
Net Income	$2.3B	$1.1B	$2.5B	$2.5B	$600M	$5.3B	$1.4B	$4.5B
Net Margin	21.8%	10.3%	19.3%	25.4%	6.3%	49.5%	12.5%	26.2%
EPS (Diluted)	$1.06	$0.54	$1.17	$1.17	$0.29	$2.54	$0.64	$2.15
EBITDA	$4.6B	$3.7B	$5.2B	$4.8B	$3.9B	$9.6B	$4.0B	$8.0B
Shares Outstanding	2.13B	2.12B	2.11B	2.10B	2.07B	2.09B	2.10B	2.09B

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