Canadian Natural Resources Limited (CNQ) Releases Q4 2025 Earnings: Revenue Up but EPS Down

Canadian Natural Resources Limited (CNQ) reported fourth-quarter 2025 results with total revenue of $6.83 billion, up 3.59% year‑over‑year.

Gross profit: $3.31 billion (down 0.29% YoY).

Operating profit: $778.5 million (down 56.86% YoY).

Net income attributable to common shareholders: $430.9 million (down 45.66% YoY); diluted earnings per share: $0.21 (down 44.74% YoY).

Operating cash flow strengthened, with cash from operating activities rising to $2.75 billion, a 14.79% increase year‑over‑year. The company increased its investment in property, plant and equipment, spending $1.06 billion, up 18.68% YoY.

Cash and cash equivalents: $490.3 million (up 437.14% YoY).

Total liabilities: $34.58 billion (up 8.14% YoY).

Key takeaways:

Modest revenue growth of 3.59% helped offset a higher cost base, with cost of sales at $3.53 billion (up 7.51% YoY).

Profitability was pressured, with operating profit and net income down sharply year‑over‑year.

Operating cash flow improved, supporting the business despite lower earnings.

Capital spending increased, indicating ongoing investment in production and assets.

Cash balances rose significantly while overall liabilities also increased, leaving a mixed balance sheet picture.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

Canadian Natural Resources Limited Hedge Fund Activity

We have seen 339 institutional investors add shares of Canadian Natural Resources Limited stock to their portfolio, and 329 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

CAPITAL RESEARCH GLOBAL INVESTORS added 35,067,143 shares (+31.5%) to their portfolio in Q4 2025, for an estimated $1,187,022,790
CIBC WORLD MARKET INC. added 21,338,041 shares (+93.6%) to their portfolio in Q4 2025, for an estimated $722,292,687
ROYAL BANK OF CANADA removed 20,900,327 shares (-15.6%) from their portfolio in Q4 2025, for an estimated $707,476,068
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 17,000,625 shares (-41.1%) from their portfolio in Q4 2025, for an estimated $575,471,156
GOLDMAN SACHS GROUP INC removed 15,460,085 shares (-80.2%) from their portfolio in Q4 2025, for an estimated $523,323,877
FMR LLC added 14,309,894 shares (+18.6%) to their portfolio in Q4 2025, for an estimated $484,389,911
TORONTO DOMINION BANK removed 13,098,071 shares (-41.4%) from their portfolio in Q4 2025, for an estimated $443,369,703

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Canadian Natural Resources Limited Congressional Stock Trading

Members of Congress have traded $CNQ stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $CNQ stock by members of Congress over the last 6 months:

REPRESENTATIVE VAL T. HOYLE sold up to $15,000 on 09/23.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

Canadian Natural Resources Limited Analyst Ratings

Wall Street analysts have issued reports on $CNQ in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Scotiabank issued a "Sector Outperform" rating on 10/09/2025
TD Securities issued a "Buy" rating on 09/30/2025
RBC Capital issued a "Outperform" rating on 09/24/2025

To track analyst ratings and price targets for Canadian Natural Resources Limited, check out Quiver Quantitative's $CNQ forecast page.

Canadian Natural Resources Limited Price Targets

Multiple analysts have issued price targets for $CNQ recently. We have seen 5 analysts offer price targets for $CNQ in the last 6 months, with a median target of $55.0.

Here are some recent targets:

Neil Mehta from Goldman Sachs set a target price of $35.0 on 01/02/2026
Sam Margolin from Wells Fargo set a target price of $47.0 on 10/17/2025
Kevin Fisk from Scotiabank set a target price of $58.0 on 10/09/2025
Menno Hulshof from TD Securities set a target price of $55.0 on 09/30/2025
Greg Pardy from RBC Capital set a target price of $62.0 on 09/24/2025