Imperial Oil (TSE:IMO)
TSX:IMO
Earnings Data
Report Date
May 01, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.78Last Year’s EPS
2.52Same Quarter Last Year
Moderate Sell
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive picture: strong cash generation, heavy shareholder returns (large buybacks and the largest nominal dividend increase in company history), record annual production and downstream resilience. These positives were tempered by several one-time charges (Norman Wells cessation, inventory write-down), weather-related disruption at Kearl that reduced Q4 production, and lower upstream realizations that weighed on quarterly net income. Management emphasized confidence in its cost-reduction programs, production ramp plans (e.g., Leming, Mahihkan) and the restructuring savings trajectory, supporting a constructive outlook despite the near-term operational and one-time financial hits.Company Guidance
Strong cash flow generation
Generated $1.918 billion in cash flow from operations in Q4 and $6.7 billion for full-year 2025; produced nearly $1.4 billion of free cash flow in Q4 (WTI < $60) and ~$4.8 billion free cash flow for 2025.
Substantial shareholder returns
Returned $2.1 billion to shareholders in Q4 and $4.6 billion for 2025 (including $1.7 billion in accelerated repurchases in Q4); paid $361 million in dividends in the quarter and repurchased 34% of outstanding shares since 2020.
Largest nominal dividend increase in company history
Declared a Q1 2026 dividend of $0.87 per share (increase of $0.15 per share), described as just over a 20% increase versus prior dividend and cited a 295% increase in quarterly dividend per share over the past decade.
Record annual production
Achieved highest annual production in over 30 years at 438,000 boe/d for 2025; liquids production was the highest on record for the company.
Kearl performance recovery and cost trajectory
Kearl produced 274,000 bbl/d gross in Q4 (298,000 bbl/d in December, second-highest monthly ever); full-year unit cash cost $19.50 (impacted by ~$1 from inventory optimization) and on a path to sub-$20 (targeting ~$18/boe).
Cold Lake ramp and unit-cost progress
Cold Lake averaged 153,000 bbl/d in Q4 (up 3,000 bbl/d vs Q3); Leming SAGD achieved first production in November and is ramping (~4,000 bbl/d currently toward ~9,000 bbl/d peak); Cold Lake full-year unit cash cost $14.67 (impacted ~$0.25 by inventory optimization) with a target of $13/boe by 2027.
Syncrude and incremental premium volumes
Imperial share of Syncrude production averaged 87,000 bbl/d in Q4 (up 9,000 bbl/d vs Q3 and 6,000 bbl/d YoY); interconnect pipeline enabled ~7,000 bbl/d of additional premium production capture.
Resilient downstream operations and margins
Refined an average of 408,000 bbl/d in Q4 (94% utilization) and 402,000 bbl/d for full year (93% utilization); downstream earnings improved sequentially (reported $519 million in Q4) driven by strong November margins and tactical tilt to distillate production; Strathcona renewable diesel facility started midyear and is operating well.
CapEx disciplined and in-line with guidance
Q4 CapEx of $651 million (full-year CapEx $2.0 billion, consistent with guidance and up from $1.9 billion in 2024); Q4 upstream spend $508 million focused on sustaining capital at Kearl, Syncrude and Cold Lake.
Restructuring and long-term cost saves
Restructuring announced in September progressing on plan, including workforce realignment and increased use of global capability centers; management expects roughly $150 million per year of structural cost savings beginning in 2028.
TSE:IMO Earnings History
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
TSE:IMO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 30, 2026 | C$141.88 | C$136.84 | -3.55% |
Oct 31, 2025 | C$126.47 | C$122.72 | -2.96% |
Aug 01, 2025 | C$113.61 | C$112.99 | -0.55% |
May 02, 2025 | C$91.69 | C$92.82 | +1.22% |
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 Imperial Oil (TSE:IMO) report earnings?
Imperial Oil (TSE:IMO) is schdueled to report earning on May 01, 2026, TBA (Confirmed).
What is Imperial Oil (TSE:IMO) earnings time?
Imperial Oil (TSE:IMO) earnings time is at May 01, 2026, TBA (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 TSE:IMO EPS forecast?
TSE:IMO EPS forecast for the fiscal quarter 2026 (Q1) is 1.78.
