The earnings call highlighted Canadian Natural's strong operational and financial performance, marked by record production levels and significant shareholder returns. Despite some challenges in specific segments like Pelican Lake and ongoing price pressures in the natural gas market, the overall sentiment remains positive due to successful acquisitions, dividend growth, and a strong balance sheet.

Company Guidance

During Canadian Natural's 2025 Third Quarter Earnings Call, the company provided updated guidance, highlighting significant production records and strategic acquisitions. The quarter saw record corporate production of approximately 1.62 million BOEs per day, with liquids production at 1.18 million barrels per day and natural gas at 2.7 Bcf per day, marking a 19% increase from Q3 2024. Following the closing of the AOSP swap with Shell Canada Limited, Canadian Natural now fully owns the Albian oil sands mines and retains an 80% interest in the Scotford Upgrader. This transaction added 31,000 barrels per day of zero-decline bitumen production. Consequently, the company raised its 2025 corporate production guidance to between 1.56 and 1.58 million BOEs per day while maintaining its operating capital forecast at approximately $5.9 billion. Industry-leading operating costs were also achieved, with oil sands mining costs at $21 per barrel and thermal in situ operations costs at $10.35 per barrel. The company emphasized its diversified asset base, operational efficiency, and commitment to shareholder value, projecting a 16% production growth per share compared to 2024.

Record Production Levels

Canadian Natural achieved record quarterly corporate production during the quarter, with approximately 1.62 million BOEs per day. This includes new records for both liquids and natural gas production, marking a 19% increase from Q3 2024 levels.

Strong Financial Performance

The company reported strong financial results, including quarterly adjusted funds flow of approximately $3.9 billion and adjusted net earnings of $1.8 billion. Returns to shareholders in the quarter totaled $1.5 billion, contributing to year-to-date shareholder returns of approximately $6.2 billion.

Successful Acquisitions

The acquisition of the Duvernay and Montney assets contributed significantly to production increases, with North American natural gas production increasing by 30% compared to Q3 2024.

Dividend Growth

Canadian Natural has increased its dividend for 25 consecutive years, with a CAGR of 21%, highlighting its commitment to returning value to shareholders.

Strong Balance Sheet

The company maintained a strong balance sheet with a debt-to-EBITDA ratio of 0.9x and liquidity of over $4.3 billion.

Canadian Natural (CNQ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CNQ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 26, 2026	2025 (Q4)	0.51 / -	0.664	―	―	―
Nov 06, 2025	2025 (Q3)	0.55 / 0.61	0.692	-11.34% (-0.08)	―
Aug 07, 2025	2025 (Q2)	0.45 / 0.51	0.628	-19.32% (-0.12)	―
May 08, 2025	2025 (Q1)	0.74 / 0.83	0.489	69.34% (+0.34)	―
Mar 06, 2025	2024 (Q4)	0.66 / 0.66	0.835	-20.51% (-0.17)	―
Oct 31, 2024	2024 (Q3)	0.65 / 0.69	0.924	-25.10% (-0.23)	―
Aug 01, 2024	2024 (Q2)	0.57 / 0.63	0.406	54.66% (+0.22)	―
May 02, 2024	2024 (Q1)	0.50 / 0.49	0.603	-18.93% (-0.11)	―
Feb 29, 2024	2023 (Q4)	0.77 / 0.84	0.7	19.39% (+0.14)	―
Nov 02, 2023	2023 (Q3)	0.86 / 0.92	1.103	-16.18% (-0.18)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CNQ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2025	$31.49	$31.66	+0.54%
Aug 07, 2025	$30.93	$30.03	-2.91%
May 08, 2025	$28.02	$29.26	+4.43%
Mar 06, 2025	$26.36	$26.87	+1.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Canadian Natural (CNQ) report earnings?

Canadian Natural (CNQ) is schdueled to report earning on Feb 26, 2026, Before Open (Confirmed).

What is Canadian Natural (CNQ) earnings time?

Canadian Natural (CNQ) earnings time is at Feb 26, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is CNQ EPS forecast?

CNQ EPS forecast for the fiscal quarter 2025 (Q4) is 0.51.

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