Canadian Natural Resources (CNQ) Gross Margin (2009 - 2026)
Canadian Natural Resources (CNQ) reported Gross Margin of 85.25% for Q1 2026, up 146.0% on a YoY basis from 34.66% in Q1 2025, and down 3.71% sequentially from 88.54% in Q4 2025.
Canadian Natural Resources (CNQ) Gross Margin (2009 - 2026) Analysis & Trends
Canadian Natural Resources (CNQ) has 18 years of Gross Margin data on file, last reported at 85.25% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin rose 146.0% year-over-year to 85.25%; the trailing twelve-month figure through Mar 2026 stood at 86.46% (up 328.0% YoY), and the FY2025 full-year result was 87.76%, up 186.0% from the prior year.
- Gross Margin retreated to 85.25% in Q1 2026, from 88.54% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 89.36% in Q1 2023 to a low of 79.63% in Q2 2022.
- A 5-year average of 84.9% and a median of 85.25% in 2026 frame the typical range for Gross Margin.
- Across the five-year window, Gross Margin sank 1119 bps in 2022 and soared 825 bps in 2023, its largest moves.
- Tracing CNQ's Gross Margin over 5 years: stood at 86.35% in 2022, then grew by 2 bps to 88.21% in 2023, then declined by 6 bps to 83.14% in 2024, then grew by 6 bps to 88.54% in 2025, then fell by 4 bps to 85.25% in 2026.
- Business Quant data shows CNQ's Gross Margin at 85.25% in Q1 2026, 88.54% in Q4 2025, and 83.67% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 141.43 Bn | 135.06 Bn | 9.48 Bn | 60.14% |
| 2 | Eog Resources | 74.61 Bn | 70.76 Bn | - | - |
| 3 | Diamondback Energy | 55.39 Bn | 55.39 Bn | 4.22 Bn | 99.43% |
| 4 | Woodside Energy | 41.28 Bn | 35.34 Bn | 2.71 Bn | 89.26% |
| 5 | Occidental Petroleum | 32.80 Bn | 28.99 Bn | 4.87 Bn | 93.19% |
| 6 | Eqt | 32.48 Bn | 32.37 Bn | 1.42 Bn | 78.73% |
| 7 | Texas Pacific Land | 27.36 Bn | 27.11 Bn | - | - |
| 8 | Devon Energy | 26.53 Bn | 24.72 Bn | 3.61 Bn | 80.17% |
| 9 | Expand Energy | 21.67 Bn | 19.37 Bn | 4.21 Bn | 95.79% |
| 10 | Canadian Natural Resources | 13.17 Bn | 12.58 Bn | 6.72 Bn | 85.25% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 85.25% |
| Dec 31, 2025 | 88.54% |
| Sep 30, 2025 | 83.67% |
| Jun 30, 2025 | 88.77% |
| Mar 31, 2025 | 83.79% |
| Dec 31, 2024 | 83.14% |
| Sep 30, 2024 | 83.04% |
| Jun 30, 2024 | 82.64% |
| Mar 31, 2024 | 85.71% |
| Dec 31, 2023 | 88.21% |
| Sep 30, 2023 | 81.13% |
| Jun 30, 2023 | 87.88% |
| Mar 31, 2023 | 89.36% |
| Dec 31, 2022 | 86.35% |
| Sep 30, 2022 | 79.76% |
| Jun 30, 2022 | 79.63% |
| Mar 31, 2022 | 86.37% |
| Dec 31, 2021 | 89.40% |
| Sep 30, 2021 | 89.50% |
| Jun 30, 2021 | 90.82% |