Canadian Natural Resources earnings: results of 5 November 2026

Canadian Natural Resources had a much stronger third quarter than a year ago, helped mostly by higher oil prices: sales rose about 41% to $15.6 billion (Canadian dollars) and its adjusted profit rose about 90%. It was softer than the second quarter, because oil prices eased and its big Horizon oil sands plant was shut for planned maintenance. With its debt now below its own target, the company is moving to hand nearly all its spare cash back to shareholders. ¹

Against what analysts expected

Analysts' average forecast on Nasdaq's earnings calendar was $1.05 a share, a figure for the shares traded in New York, which are priced in US dollars. The company reports in Canadian dollars: $1.45 a share on reported profit, which is the figure that forecast sits closer to, and $1.65 on its adjusted measure. So the two cannot be set directly side by side. ¹²

The strong points

• Adjusted net profit, the company's own figure that leaves out items such as currency and hedging effects, rose about 90% from a year ago to $3.4 billion. ¹
• Free cash flow, the cash left after dividends, investment and clean-up spending, was $2.1 billion, against $379 million a year earlier. ¹
• Net debt, which is debt minus cash, fell to about $12.1 billion, below the company's $13 billion target. ¹

The weak points

• Sales fell about 9% from the second quarter, because of lower oil prices and the planned Horizon shutdown. ¹
• Most of the fall in net debt came from a bigger cash pile rather than repayments, as total borrowings only eased to about $16.6 billion. ¹
• Cash from operations of $7.0 billion was lifted by short-term swings in money owed to and by the company, while its steadier cash measure fell about 20% from the second quarter. ¹

What the company expects

• The company plans to buy back $800 million of its own shares each month in November and December, and expects to put all of its free cash flow into buybacks in 2027. ¹
• Horizon's maintenance shutdown took 28 days instead of the planned 35, and the company expects that to add about 23,000 barrels a day of oil in the fourth quarter compared with its budget. ¹

Our verdict on the quarter

A strong report. Profit and free cash flow were far above a year ago, debt fell below the company's target, and it is now committing its spare cash to buybacks. It did not change its yearly forecasts, and the quarter was softer than the last as oil prices eased.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Canadian Natural Resources' results release, 5 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 5 November 2026. ↩