Oil Sands was the largest of Cenovus Energy Inc.’s 6 reported lines in fiscal 2025, at $50.81B — 51% of $99.39B.
| Segments [axis] | FY 2015 | FY 2018 | FY 2020 | FY 2021 | FY 2025 |
|---|---|---|---|---|---|
| U.S. Refining | $48.24B | ||||
| Oil Sands | $50.81B | ||||
| U.S. Manufacturing | — | ||||
| Refining & Marketing | — | ||||
| Canadian Refining | $10.16B | ||||
| Offshore | $2.86B | ||||
| Conventional | $5.21B | ||||
| Canadian Manufacturing | — | ||||
| Corporate & Eliminations | -$17.88B | ||||
| Total | $99.39B |
In fiscal 2025, which ended December 31, 2025, the 6 segments Cenovus Energy Inc. reported in this breakdown added up to $99.39B. Oil Sands was the largest segment, at $50.81B or 51.1% of the total, followed by U.S. Refining ($48.24B, 48.5%) and Canadian Refining ($10.16B, 10.2%). Together, the two largest segments made up 99.7% of this total.
Figures are shown as reported, so the total is net of Corporate & Eliminations, which was -$17.88B in fiscal 2025. The table also keeps 3 segments that Cenovus Energy Inc. no longer reports, so earlier years can still be read on their original basis; use "Show 3 discontinued" beneath the table to see them. This breakdown covers 5 fiscal years between 2015 and 2025, as reported in Cenovus Energy Inc.'s annual filings.
United States was the largest of Cenovus Energy Inc.’s 3 reported lines in fiscal 2025, at $49.79B — 50% of $99.39B.
| Geography | FY 2015 | FY 2018 | FY 2020 | FY 2025 |
|---|---|---|---|---|
| Canada | $47.58B | |||
| United States | $49.79B | |||
| China | $2.02B | |||
| Total | $99.39B |
In fiscal 2025, which ended December 31, 2025, the 3 regions Cenovus Energy Inc. reported in this breakdown added up to $99.39B. United States was the largest region, at $49.79B or 50.1% of the total, followed by Canada ($47.58B, 47.9%) and China ($2.02B, 2.0%). Together, the two largest regions made up 98.0% of this total.
This breakdown covers 4 fiscal years between 2015 and 2025, as reported in Cenovus Energy Inc.'s annual filings.
Upstream was the largest of Cenovus Energy Inc.’s 2 reported lines in fiscal 2025, at $50.81B — 51% of $99.05B.
| Product and Service | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Upstream | $8.28B | $61.95B | $65.22B | $50.81B | ||
| Downstream | $76.02B | $12.47B | $10.62B | $48.24B | ||
| Total | $84.30B | $74.41B | $75.84B | $99.05B |
In fiscal 2025, which ended December 31, 2025, the 2 revenue lines Cenovus Energy Inc. reported in this breakdown added up to $99.05B. That was up 30.6% from $75.84B in fiscal 2024. Upstream was the largest revenue line, at $50.81B or 51.3% of the total, followed by Downstream ($48.24B, 48.7%).
Compared with fiscal 2024, Downstream grew the fastest, rising 354.2% to $48.24B. Upstream fell the most, down 22.1% to $50.81B. Over fiscal 2022 to 2025, revenue across these revenue lines went from $84.30B to $99.05B, a compound annual growth rate of 5.5%. Upstream's share of the total rose from 9.8% to 51.3% over the same years.
This breakdown covers every fiscal year from 2020 to 2025, as reported in Cenovus Energy Inc.'s annual filings.
Cenovus Energy Inc. (CVE) breaks its revenue down by segment, region and revenue line. In fiscal 2025, its largest segment was Oil Sands, with $50.81B or 51.1% of the total, followed by U.S. Refining at $48.24B (48.5%).
Oil Sands was Cenovus Energy Inc.'s largest segment in fiscal 2025, with $50.81B in revenue, 51.1% of the $99.39B reported across its 6 segments.
United States was Cenovus Energy Inc.'s largest region in fiscal 2025, with $49.79B in revenue, 50.1% of the $99.39B reported across its 3 regions.
Upstream was Cenovus Energy Inc.'s largest revenue line in fiscal 2025, with $50.81B in revenue, 51.3% of the $99.05B reported across its 2 revenue lines.
Of the Cenovus Energy Inc. revenue lines reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Downstream grew the fastest, rising 354.2% from $10.62B to $48.24B.
Every figure is taken from Cenovus Energy Inc.'s annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by segment covers fiscal 2015 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.