Canadian Natural Resources Limited

CNQ.TOTSXEnergy● Active

$64.83

+$1.07(+1.68%)

Market Cap$135.2B

P/E Ratio—

52W High$70.99

52W Low$40.62

Avg Volume16.8M

Open$64.27

Beta0.88

Free Cash Flow Financials Revenue

Canadian Natural Resources Limited (CNQ.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CNQ.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

CNQ.TO · FCF · TTM · margin & CAGR

Free cash flow was $8.43B for FY2025 (fiscal year ending 2025-12-31), up 5.3% year-over-year The FCF margin was 21.8%. Five-year CAGR stands at +31.3%.

FY2025 Free Cash Flow$8.43B▲ +5.3% YoY

Trailing 12M (TTM)$6.52Btrailing 4 quarters sum

FCF Margin21.8%$8.43B ÷ revenue

3-Year CAGR-16.1%FY2022 → FY2025

5-Year CAGR+31.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CNQ.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$15.11B(6.68B)$8.43B▲ +5.3%21.8%

FY2024$13.39B(5.38B)$8.00B▲ +7.5%19.3%

FY2023$12.35B(4.91B)$7.44B▼ 47.9%18.2%

FY2022$19.39B(5.10B)$14.29B▲ +43.1%28.9%

FY2021$14.48B(4.49B)$9.99B▲ +362.5%30.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CNQ.TO · P/FCF · FCF yield · FCF per share

Canadian Natural Resources Limited (CNQ.TO) trades at a FCF yield of 4.82% and a price-to-free-cash-flow ratio of 20.8x. FCF per share stands at $3.12, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.82%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.12

TTM FCF ÷ Shares Outstanding

Price / FCF

x20.8

Share Price ÷ FCF per Share

EV / FCF (TTM)

x23.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CNQ.TO · cash flow statement · operating / investing / financing

For FY2025, Canadian Natural Resources Limited generated $15.11B in operating cash flow and spent 6.68B in capital expenditures, yielding $8.43B in free cash flow.

Operating Activities

+$15.11B

Cash from core business operations

2025-12-31

Investing Activities

−$6.69B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$7.88B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($15.11B) − |CapEx| (6.68B) = FCF ($8.43B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

CNQ.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Canadian Natural Resources LimitedYOU

CNQ.TO

$8.43B+5.3%21.7%

36%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Canadian Natural Resources Limited (CNQ.TO) reported free cash flow of $8.43B for FY2025 (fiscal year ending 2025-12-31), up 5.3% year-over-year. The FCF margin was 21.8%.

Based on available data, Canadian Natural Resources Limited has maintained positive free cash flow for at least 13 fiscal year(s). FCF peaked at $14.29B in FY2022. The 5-year CAGR stands at +31.3%.

Canadian Natural Resources Limited's FCF yield is 4.82% and price-to-FCF ratio is 20.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CNQ.TO free cash flow · 8 questions

Canadian Natural Resources Limited free cash flow was $8.43B for FY2025, up 5.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $6.52B.

CNQ.TO free cash flowCNQ.TO FCFCNQ.TO FCF 2025CNQ.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Canadian Natural Resources Limited · Canadian Natural Resources Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026