Canadian Natural Resources (CNQ) Gross Margin (2009 - 2026)
Canadian Natural Resources (CNQ) posted Gross Margin of 87.15% for Q1 2026, down 2.87% sequentially from 89.72% in Q4 2025, and up 110.0% YoY from 41.5% in Q1 2025.
Canadian Natural Resources (CNQ) Gross Margin (2009 - 2026) Analysis & Trends
Canadian Natural Resources has reported Gross Margin for 18 years, with the latest figure at 87.15% in Q1 2026.
- Quarterly Gross Margin rose 110.0% year-over-year to 87.15% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 87.34% (up 344.0% YoY) and the FY2025 annual result came in at 87.76%, up 186.0% from the prior year.
- Gross Margin eased to 87.15% in Q1 2026 per CNQ's latest filing, from 89.72% in the prior quarter.
- Over five years, Gross Margin peaked at 90.39% in Q1 2023 and troughed at 82.64% in Q2 2024.
- A 5-year average of 86.3% and a median of 87.15% in 2026 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2025: Gross Margin plunged 851 bps in 2022, then soared 658 bps in 2025.
- Over 5 years, Gross Margin stood at 87.99% in 2022, then gained by 2 bps to 89.46% in 2023, then decreased by 7 bps to 83.14% in 2024, then increased by 8 bps to 89.72% in 2025, then fell by 3 bps to 87.15% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 87.15%, 89.72%, and 83.67% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 163.55 Bn | 155.86 Bn | 12.81 Bn | 65.62% |
| 2 | Canadian Natural Resources | 106.27 Bn | 104.37 Bn | 10.66 Bn | 85.63% |
| 3 | Eog Resources | 80.09 Bn | 75.19 Bn | - | - |
| 4 | Diamondback Energy | 59.30 Bn | 58.83 Bn | 5.55 Bn | 99.84% |
| 5 | Devon Energy | 46.23 Bn | 45.22 Bn | 6.02 Bn | 81.22% |
| 6 | Woodside Energy | 45.77 Bn | 39.83 Bn | 6.02 Bn | 91.41% |
| 7 | Occidental Petroleum | 39.39 Bn | 35.24 Bn | 7.73 Bn | 95.88% |
| 8 | Eqt | 33.71 Bn | 33.60 Bn | 1.42 Bn | 78.73% |
| 9 | Texas Pacific Land | 25.43 Bn | 25.18 Bn | - | - |
| 10 | Expand Energy | 22.90 Bn | 21.63 Bn | 2.33 Bn | 78.58% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 87.15% |
| Dec 31, 2025 | 89.72% |
| Sep 30, 2025 | 83.67% |
| Jun 30, 2025 | 88.77% |
| Mar 31, 2025 | 86.05% |
| Dec 31, 2024 | 83.14% |
| Sep 30, 2024 | 83.04% |
| Jun 30, 2024 | 82.64% |
| Mar 31, 2024 | 87.50% |
| Dec 31, 2023 | 89.46% |
| Sep 30, 2023 | 84.13% |
| Jun 30, 2023 | 89.19% |
| Mar 31, 2023 | 90.39% |
| Dec 31, 2022 | 87.99% |
| Sep 30, 2022 | 83.16% |
| Jun 30, 2022 | 83.08% |
| Mar 31, 2022 | 88.01% |
| Dec 31, 2021 | 90.41% |
| Sep 30, 2021 | 89.50% |
| Jun 30, 2021 | 91.59% |