The earnings call highlighted strong operational and financial performance, including record production and cash flow, and strategic restructuring plans aimed at future growth. However, notable restructuring and impairment charges, along with a decline in some earnings segments, tempered the positive news.

Company Guidance

During Imperial Oil's third quarter 2025 earnings call, the company reported cash flow from operations of nearly $1.8 billion and ended the quarter with approximately $1.9 billion in cash on hand. The company delivered over $1.8 billion to shareholders through dividends and buybacks. Record crude production was achieved, with Kearl delivering 316,000 barrels per day gross, marking the highest quarterly production in the asset's history. Cold Lake's production averaged 150,000 barrels per day, while Syncrude production averaged 78,000 barrels per day. Refinery utilization was high at 98%, even with planned turnaround activity. The company also announced restructuring plans aimed at reducing annual expenses by $150 million by 2028. These actions are expected to enhance cash flow growth through increased production, reduced downtime, and lower operating costs, while leveraging technology and ExxonMobil's expertise. The company recorded a restructuring charge of $330 million before tax, impacting earnings by $249 million after tax, and a noncash impairment charge of $406 million before tax from the sale of its Calgary campus. Net income for the quarter was $539 million, excluding identified items, resulting in $1.094 billion, down $143 million from the third quarter of 2024.

Record-Breaking Cash Flow and Shareholder Returns

Generated cash flow from operations of nearly $1.8 billion and returned over $1.8 billion to shareholders through dividends and buybacks.

Record Production at Kearl

Kearl delivered 316,000 barrels per day gross, the highest quarterly production in the asset's history.

Strong Downstream Utilization

Downstream utilization reached 98%, significantly higher quarter-over-quarter, even with planned turnaround activity.

Operational Efficiency Improvements

Unit cash costs at Kearl reduced to USD 15.13 per barrel, a decrease of nearly USD 4 per barrel compared to the second quarter.

Restructuring Plans for Future Growth

Announced restructuring plans to improve efficiency, with expected annual expense reductions of $150 million by 2028.

Imperial Oil (IMO) Earnings, Revenues Date & History

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IMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2026	2025 (Q4)	1.35 / -	1.679	―	―	―
Oct 31, 2025	2025 (Q3)	1.39 / 1.54	1.651	-6.87% (-0.11)	―
Aug 01, 2025	2025 (Q2)	1.15 / 1.32	1.495	-11.85% (-0.18)	―
May 02, 2025	2025 (Q1)	1.54 / 1.79	1.58	13.00% (+0.21)	―
Jan 31, 2025	2024 (Q4)	1.47 / 1.68	1.75	-4.05% (-0.07)	―
Nov 01, 2024	2024 (Q3)	1.46 / 1.65	1.956	-15.58% (-0.30)	―
Aug 02, 2024	2024 (Q2)	1.39 / 1.50	0.815	83.48% (+0.68)	―
Apr 26, 2024	2024 (Q1)	1.47 / 1.58	1.509	4.69% (+0.07)	―
Feb 02, 2024	2023 (Q4)	1.51 / 1.75	2.004	-12.66% (-0.25)	―
Oct 27, 2023	2023 (Q3)	1.81 / 1.96	2.061	-5.09% (-0.10)	―

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

IMO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2025	$91.25	$88.21	-3.33%
Aug 01, 2025	$82.98	$82.83	-0.18%
May 02, 2025	$67.18	$67.88	+1.04%
Jan 31, 2025	$69.98	$65.27	-6.73%

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.