Cenovus Energy Inc. (CVE) financials

NYSE · Energy · Oil & Gas Integrated · 7,211 employees · CEO Jonathan McKenzie

Price: $32.73 +1.87%
Market cap: $60.4B
Enterprise value: CA$92.9B
Last report: Q2 '26 filed 2026-07-29
Next report: 2026-11-04

Revenue (TTM)CA$53.9B-4.8% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)19.4%+12.6 pp vs a year agoOperating income CA$10.4B

Net income (TTM)CA$6.66B+149.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)CA$7.56B+154.2% vs a year agoCapex CA$4.8B

Diluted EPS (TTM)CA$3.58+152.1% vs a year agoSum of the last 4 quarters

Net cash-CA$8.46B-6.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $60.4B
Revenue: CA$53.9B
Revenue growth: +31%
Profit margin: 12.4%
P/E: 12.7×
P/S: 1.6×
EV / EBITDA: 6.2×
Free cash flow: CA$7.56B
Net income: CA$6.66B
Revenue estimate: CA$65.1B
Earnings: 2026-11-04
Dividend: $0.61

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: 34.7% year on yearQ2 '26 revenue CA$17.4B, against an average of -16.2% over the four quarters before.
Operating margin 19.4% (TTM), +12.6 pp on a year agoOperating income grew 171.0% while revenue grew -4.8%.
24.7% of pre-tax profit is eaten by non-operating lossesPre-tax income CA$8.36B vs operating income CA$10.4B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 8.9% of revenue (a year ago 9.2%)CA$4.8B invested in the last 4 quarters (-8.0% on a year earlier). Free cash flow CA$7.56B = 113.5% of net income.
Returned CA$5.02B to shareholders = 66.4% of free cash flowBuybacks CA$3.5B (a year earlier CA$1.37B), dividends CA$1.52B, stock-based pay CA$75M (TTM).
Diluted share count up 2.2% in a year1.87B diluted shares in Q2 '26, 1.83B a year earlier.
Net debt CA$8.46BCash + short-term investments CA$3.17B, debt incl. leases CA$11.6B; a year ago net debt CA$7.92B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	CA$17.4B	CA$12.9B	+34.7%
Gross margin	25.4%	20.0%	+5.4 pp
Operating income	CA$4.22B	CA$690M	+511.4%
Operating margin	24.2%	5.3%	+18.9 pp
Net income	CA$2.87B	CA$851M	+237.4%
Diluted EPS	CA$1.53	CA$0.46	+232.6%
Operating cash flow	CA$5.64B	CA$2.37B	+137.5%
Capex	CA$1.22B	CA$1.16B	+5.1%
Free cash flow	CA$4.41B	CA$1.21B	+264.9%
R&D	CA$0	CA$0	–
Stock-based compensation	CA$0	CA$12M	-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '20	y/y	Share	TTM	TTM y/y	12 quarters
Upstream	CA$17M	–	100.0%	–	–

Revenue by region

share of total

Segment	Q4 '20	y/y	Share	TTM	TTM y/y	12 quarters
CANADA	CA$2.31B	–	67.4%	–	–
United States	CA$1.12B	–	32.6%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: CA$12.4B
Capex: -CA$4.8B
Buybacks: -CA$3.5B
Dividends: -CA$1.52B
Acquisitions: -CA$2.15B
Net debt issued: CA$245M
Stock-based compensation: CA$75M
Free cash flow: CA$7.56B
Returned to shareholders / FCF: 66.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	12.7×	19.1×	8.0× – 53.5×
EV / EBITDA	6.2×	5.2×	4.2× – 6.6×
EV / Sales	1.7×	0.9×	0.8× – 1.1×
Price / FCF	11.2×	10.3×	6.7× – 13.5×
Price / Book	2.5×	1.5×	1.3× – 1.9×
FCF yield	9.0%	10.3%	7.4% – 14.9%
Return on invested capital	14.3%	8.6%	3.3% – 15.8%
Return on equity	21.0%	12.6%	2.5% – 23.4%

Analysts

Consensus target $36.00 (+10.0%)
range $36.00 – $36.00 · rating Hold

Strong buy0

Buy11

Hold15

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CA$65.1B	+31.1%	CA$5.79	+169.4%	–	5
FY2027	CA$60.6B	-6.9%	CA$5.22	-9.8%	–	5
FY2028	CA$58.3B	-3.8%	CA$4.57	-12.6%	–	8
FY2029	CA$55B	-5.6%	CA$5.02	+10.0%	–	5
FY2030	CA$55.4B	+0.7%	CA$5.42	+7.9%	–	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-02 · Amounts in CAD as reported; price and market cap in USD.