NYSE$CNQ
Canadian Natural Resources Ltd · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Canadian Natural Q1 2026: $10.8B revenue, $1.17 adjusted EPS on record E&P production
Canadian Natural Resources reported first-quarter 2026 results on May 7, 2026, with revenue of $10.81 billion and net earnings of $1.35 billion, or $0.65 per diluted share. Adjusted net earnings from operations were $2.45 billion, or $1.17 per share, and adjusted funds flow was $4.37 billion, or $2.10 per share. Total production averaged 1.64 million BOE per day, up 4% year over year, including record North American E&P production of 773,000 BOE per day. Oil sands mining and upgrading operating costs were $23.73 per barrel of SCO. The company returned about $1.5 billion to shareholders through dividends and buybacks and accelerated repurchases as net debt moved below $16 billion.
- Revenue was $10.81B and adjusted net earnings were $2.45B, or $1.17 per share.
- Total production averaged 1.64M BOE/d, up 4% year over year.
- North American E&P hit record quarterly production of 773,000 BOE/d.
- Oil sands mining and upgrading operating costs were $23.73/bbl of SCO.
- Direct shareholder returns totaled about $1.5B in the quarter via dividends and buybacks.
Headline financials
Revenue & EPS history
CNRL · Revenue · Quarterly
C$10.8B
Revenue by segment
CNRL · C$9.21B total across 2 segments · Q2 2025
- Crude oil and NGLs product salesC$8.61B—93.5%
- Natural gas product salesC$600M—6.5%
Forward guidance
Management is executing its updated March 2026 capital program and targets net debt of $13 billion, at which point it plans to return 100% of free cash flow to shareholders.
Tailwinds
- Record North American E&P production and strong oil sands cost performance support cash flow.
- Share repurchases accelerated in April 2026 as net debt fell below $16 billion.
Headwinds
- Large long-term oil sands expansion projects remain on hold pending regulatory and fiscal clarity.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+1.6%
Avg return
Earnings day
+1.9%
Avg return
5 days after
+4.4%
Avg return
30 days after
65%
40 / 62 earnings
Positive
+15.0%
Q4 2015
Best reaction
-9.1%
Q3 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.0% | +2.8% | +0.2% | |
| Q3 2025 | -1.3% | +1.6% | +8.7% | |
| Q2 2025 | -3.0% | -4.6% | -3.1% | |
| Q4 2024 | +1.9% | +12.0% | +9.8% | |
| Q1 2025 | +4.2% | +12.0% | +9.8% | |
| Q1 2024 | -0.4% | +2.0% | +2.5% | |
| Q4 2023 | +8.8% | +7.7% | +15.2% | |
| Q3 2023 | +3.5% | -1.4% | +4.9% | |
| Q2 2023 | +2.8% | +2.9% | +9.6% | |
| Q1 2023 | +2.6% | +1.5% | -0.2% | |
| Q4 2022 | +4.0% | -0.4% | -4.5% | |
| Q3 2022 | +2.1% | +1.5% | +0.1% | |
| Q2 2022 | -0.3% | +1.1% | +7.8% | |
| Q1 2022 | -2.9% | -11.0% | +3.1% | |
| Q4 2021 | -0.8% | +3.6% | +9.4% | |
| Q3 2021 | +2.6% | +2.6% | -4.8% | |
| Q2 2021 | +3.3% | +4.7% | +8.5% | |
| Q1 2021 | +5.7% | +3.1% | +15.7% | |
| Q4 2020 | +4.4% | +2.7% | +6.2% | |
| Q3 2020 | -2.1% | +24.2% | +50.1% | |
| Q2 2020 | +6.0% | +9.4% | +5.0% | |
| Q1 2020 | +7.5% | +10.3% | +40.6% | |
| Q4 2019 | -8.7% | -35.2% | -46.3% | |
| Q3 2019 | +7.9% | +8.0% | +13.3% | |
| Q2 2019 | -5.7% | -6.2% | -5.5% | |
| Q1 2019 | +0.8% | -0.8% | -4.8% | |
| Q4 2018 | +0.2% | +2.2% | +7.4% | |
| Q3 2018 | +4.8% | +9.2% | -7.9% | |
| Q2 2018 | -1.9% | -4.0% | -5.9% | |
| Q1 2018 | -1.5% | -5.0% | -4.5% | |
| Q4 2017 | -1.8% | -1.7% | +0.0% | |
| Q3 2017 | +2.9% | +3.3% | +0.6% | |
| Q2 2017 | +4.6% | +4.9% | +1.8% | |
| Q1 2017 | -1.7% | -2.2% | -8.5% | |
| Q4 2016 | +8.3% | +6.8% | +13.8% | |
| Q3 2016 | -4.9% | -3.0% | +8.4% | |
| Q2 2016 | +2.2% | +4.1% | +5.7% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +15.0% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +2.1% | — | — | |
| Q1 2015 | -1.1% | — | — | |
| Q4 2014 | +0.3% | — | — | |
| Q3 2014 | +7.1% | — | — | |
| Q2 2014 | +0.0% | — | — | |
| Q1 2014 | -3.7% | — | — | |
| Q4 2013 | +1.4% | — | — | |
| Q3 2013 | +1.3% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +1.9% | — | — | |
| Q4 2012 | +4.1% | — | — | |
| Q3 2012 | +2.3% | — | — | |
| Q2 2012 | -0.2% | — | — | |
| Q1 2012 | +2.5% | — | — | |
| Q4 2011 | +5.4% | — | — | |
| Q3 2011 | -9.1% | — | — | |
| Q2 2011 | +2.7% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +1.7% | — | — | |
| Q3 2010 | +5.3% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +7.0% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro