Canadian Natural Resources (CNQ) Operating Margin (2009 - 2026)
Canadian Natural Resources (CNQ) posted Operating Margin of 75.69% for Q1 2026, up 155.45% sequentially from 136.49% in Q4 2025, and down 737.0% YoY from 11.88% in Q1 2025.
Canadian Natural Resources (CNQ) Operating Margin (2009 - 2026) Analysis & Trends
Canadian Natural Resources has reported Operating Margin for 18 years, with the latest figure at 75.69% in Q1 2026.
- Quarterly Operating Margin fell 737.0% year-over-year to 75.69% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 23.87% (down 5490.0% YoY) and the FY2025 annual result came in at 29.98%, up 1056.0% from the prior year.
- Operating Margin rose to 75.69% in Q1 2026 per CNQ's latest filing, from 136.49% in the prior quarter.
- Over five years, Operating Margin peaked at 89.17% in Q4 2023 and troughed at 136.49% in Q4 2025.
- A 5-year average of 68.38% and a median of 79.41% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2025: Operating Margin jumped 903 bps in 2023, then plunged 20722 bps in 2025.
- Over 5 years, Operating Margin stood at 85.93% in 2022, then gained by 4 bps to 89.17% in 2023, then fell by 21 bps to 70.73% in 2024, then sank by 293 bps to 136.49% in 2025, then soared by 155 bps to 75.69% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 75.69%, 136.49%, and 76.84% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 163.55 Bn | 155.86 Bn | 12.81 Bn | 53.17% |
| 2 | Canadian Natural Resources | 106.27 Bn | 104.37 Bn | 10.66 Bn | 84.71% |
| 3 | Eog Resources | 80.09 Bn | 75.19 Bn | - | 40.93% |
| 4 | Diamondback Energy | 59.30 Bn | 58.83 Bn | 5.55 Bn | 45.16% |
| 5 | Devon Energy | 46.23 Bn | 45.22 Bn | 6.02 Bn | 32.14% |
| 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 | 39.52% |
| 8 | Eqt | 33.71 Bn | 33.60 Bn | 1.42 Bn | 21.77% |
| 9 | Texas Pacific Land | 25.43 Bn | 25.18 Bn | - | 77.96% |
| 10 | Expand Energy | 22.90 Bn | 21.63 Bn | 2.33 Bn | 22.33% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 75.69% |
| Dec 31, 2025 | -136.49% |
| Sep 30, 2025 | 76.84% |
| Jun 30, 2025 | 87.03% |
| Mar 31, 2025 | 83.06% |
| Dec 31, 2024 | 70.73% |
| Sep 30, 2024 | 81.99% |
| Jun 30, 2024 | 78.09% |
| Mar 31, 2024 | 79.41% |
| Dec 31, 2023 | 89.17% |
| Sep 30, 2023 | 77.49% |
| Jun 30, 2023 | 88.15% |
| Mar 31, 2023 | 87.10% |
| Dec 31, 2022 | 85.93% |
| Sep 30, 2022 | 76.05% |
| Jun 30, 2022 | 79.12% |
| Mar 31, 2022 | 83.14% |
| Dec 31, 2021 | 86.95% |
| Sep 30, 2021 | 81.49% |
| Jun 30, 2021 | 88.48% |