Suncor Energy Inc. (SU) Earnings
Suncor Energy Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.96. SU has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +8.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.45 | $1.41 | -2.8% | $10.4B | +12.9% |
| Feb 3, 2026 | $0.77 | $0.79 | +2.6% | $8.8B | -2.3% |
| Nov 4, 2025 | $0.85 | $1.07 | +25.9% | $9.0B | +2.5% |
| Feb 5, 2025 | $0.82 | $0.89 | +8.5% | $8.7B | -1.8% |
| Feb 21, 2024 | $0.79 | $0.93 | +17.7% | $9.6B | +27.9% |
| Aug 14, 2023 | $0.59 | $0.71 | +20.3% | $8.8B | +38.9% |
| Feb 14, 2023 | $1.26 | $1.33 | +5.6% | $10.4B | +6.9% |
| Nov 2, 2022 | $1.40 | $1.44 | +2.9% | $10.9B | +15.6% |
| Aug 4, 2022 | $2.51 | $2.71 | +8.0% | $12.5B | +21.0% |
| Feb 2, 2022 | $0.94 | $0.89 | -5.3% | $8.7B | +1.2% |
| Oct 27, 2021 | $0.58 | $0.56 | -3.4% | $8.0B | +6.1% |
| Jul 28, 2021 | $0.49 | $0.48 | -2.0% | $7.4B | -2.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Safety: First quarter best ever process safety performance. - Upstream: Focus on production, Fort Hills at record, E&P growth, Firebag near record but impacted by natural gas curtailment. - Downstream: High refining throughput, refineries exceeding last year's throughput, product sales record. - Operational improvement: Continuous improvement across board, applying best practices, recognizing and rewarding teams. - Investor Day: Outlined new commitments, long-term oil sands outlook with large reserves, development plans, and value growth. - Fort Hills: Short-term focus on incremental volumes from Syncrude Aurora, longer term focus on opening North Pit 2.
Guidance
- Continued focus on operational performance and value creation. - Investor Day commitments including upstream production growth, refining capacity increase, cost reduction, and free funds flow growth. - Confidence in business plan with ability to deliver consistent cash returns to shareholders even in different commodity price environments. - Expectation of driving down unit costs at Fort Hills as building blocks are put in place.
Segment performance
Upstream: First quarter upstream production was 875,000 barrels a day, highest first quarter ever. Fort Hills at record 187,000 barrels a day. E&P at 76,000 barrels a day, 14,000 barrels a day higher year on year. Firebag near record rates at 247,000 barrels a day but impacted by 14,000 - 15,000 barrels a day due to natural gas curtailment. Downstream: Refining throughput 498,000 barrels a day, highest first quarter ever. All four refineries exceeded last year's quarterly throughput. Edmonton maximized distillate and had best ever throughput of 160,000 barrels a day. Montreal introduced jet fuel and had best ever quarter at 155,000 barrels a day. Refining utilization 107% on previous capacity or 97% on new re-rated capacity. Product sales: 681,000 barrels a day, highest quarter ever. Petro Canada retail volumes up 9% year on year.
Analyst Q&A
Q: Comment on refined product sales conservativeness and market share.
A: Strategic shift is work in progress, teams aggressively pursue value, higher sales volumes from increased throughput, non-crude inputs, and export opportunities.
Q: Fort Hills unit cost reduction story.
A: Short-term focus on incremental volumes from Syncrude Aurora to support reducing unit costs, longer term focus on opening North Pit 2 expected in first quarter of 2027 to improve unit cost.
Q: Flexibility around base plan to upgrade and improve profitability.
A: Integration allows craft cocktails, e.g., Edmonton refinery with non-crude inputs improving yields and volumes.
Q: Firebag update and long-term implications of current conflict.
A: Spring turnaround going well, looking at ways to improve, continuing to focus on laid-out plans despite current geopolitical environment.
Q: Refinery sales to throughput ratio outlook.
A: Focus on adding value through retail growth, export channels, non-crude inputs, and upgrading value chain.
Q: Net debt timing and release to equity shareholder.
A: Look at expected cash flows and sustainability of buyback, aiming for consistency and not being pro-cyclical.
Q: U.S. refining side and pipeline egress capacity.
A: Supportive of expanding existing pipeline capacities as North America benefits from optimized energy network.
Q: Repeatability of global marketing push.
A: Depends on market opportunity, but have growing logistics capabilities to capture opportunities if market is there.