Canadian Natural Resources Limited (CNQ) Earnings
Canadian Natural Resources Limited is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $1.39. CNQ has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +16.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.74 | $0.85 | +14.9% | $7.8B | +2.4% |
| Mar 5, 2026 | $0.49 | $0.59 | +21.6% | $7.0B | +0.6% |
| Nov 6, 2025 | $0.54 | $0.62 | +14.8% | $6.8B | +2.8% |
| Aug 7, 2025 | $0.44 | $0.51 | +15.9% | $7.1B | +0.7% |
| May 8, 2025 | $0.73 | $0.81 | +11.0% | $8.9B | +39.4% |
| Mar 6, 2025 | $0.69 | $0.66 | -4.3% | $7.7B | +24.0% |
| Oct 31, 2024 | $0.67 | $0.71 | +6.0% | $7.7B | +19.9% |
| Jul 31, 2024 | $0.62 | $0.64 | +3.2% | $6.6B | +50.2% |
| May 2, 2024 | $0.52 | $0.51 | -1.9% | $6.1B | +48.2% |
| Feb 29, 2024 | $0.80 | $0.86 | +7.5% | $7.2B | +41.1% |
| Nov 2, 2023 | $0.81 | $0.96 | +18.5% | $8.7B | +67.1% |
| Aug 3, 2023 | $0.44 | $0.43 | -2.3% | $6.7B | +63.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Management hopes for regulatory and fiscal framework to enable oil sands growth. Seeks balance between buybacks and dividends. Applies Pike 1 learnings to Pike 2. Optimizes oil sands mining with continuous improvement. Focuses capital allocation on liquids-rich, high-return production.
Guidance
Expects to reach net debt target this year with good operating performance. Working capital in Q2 and Q3 is regular. Egress and market diversification outlook is positive.
Segment performance
Oil sands mining operations have best-in-class operating costs, with continuous improvement leading to cost reduction and production increase. Pike 1 and 2 reservoirs are similar, allowing learnings to be applied. DuVernay asset shows strong performance with reduced capital and operating costs.
Risks & headwinds
Risks include uncertainty in regulatory framework and commodity price volatility.
Analyst Q&A
Q: Yeah, thanks so much. First question is just on natural gas. You talked about your marketing strategy around oil, but there's obviously been a lot of volatility around natural gas. Maybe your perspective on how that changes your activity plans in gas Western Canada how you're thinking about marketing it and then can you talk a little bit about the global gas picture you've got this interesting agreement in 2030 with Chenier are there is there an opportunity to layer more of that in
A: Neil if you if you if you looked at the opportunity to expand on that to capture you know strong global pricing and we continue to talk to folks we'll look at those opportunities as they present themselves and you know more to come on that but we we are certainly thinking about diversification it is part of our strategy in terms of the development on the gas side for some time now we've been messaging that our focus has been on the liquids rich production and We're really not drilling any dry gas in the basin, and we're looking at where the strongest returns are. That's how we manage our capital portfolio. We're focused on that. And, yes, we do have significant Montigny dry gas opportunities as well, but we'll keep those in the bank for the future, and we'll capitalize in those areas that have the the significant liquids production for now. So it's really a focus on liquids production, high returns, and not any significant focus on drilling any dry gas wells.