Oil Sands was Cenovus Energy’s largest segment in fiscal 2025, bringing in $50.81B of $99.39B (51%).
| 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 |
Cenovus Energy brought in $99.39B from its six segments in fiscal 2025, the year ended December 31, 2025. Oil Sands was the largest at $50.81B (51.1%), ahead of U.S. Refining at $48.24B (48.5%) and Canadian Refining at $10.16B (10.2%). The other two segments brought in $8.07B combined.
The total is net of Corporate & Eliminations, which took $17.88B off revenue in fiscal 2025.
United States was Cenovus Energy’s largest region in fiscal 2025, bringing in $49.79B of $99.39B (50%).
| Geography | FY 2015 | FY 2018 | FY 2020 | FY 2025 |
|---|---|---|---|---|
| Canada | $47.58B | |||
| United States | $49.79B | |||
| China | $2.02B | |||
| Total | $99.39B |
Cenovus Energy brought in $99.39B from its three regions in fiscal 2025, the year ended December 31, 2025. United States was the largest at $49.79B (50.1%), ahead of Canada at $47.58B (47.9%) and China at $2.02B (2.0%).
Upstream was Cenovus Energy’s largest product and service line in fiscal 2025, bringing in $50.81B of $99.05B (51%).
| 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 |
Cenovus Energy brought in $99.05B from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 30.6% from $75.84B in fiscal 2024. Upstream was the largest at $50.81B (51.3%), ahead of Downstream at $48.24B (48.7%).
Compared with fiscal 2024, Downstream grew 354.2% to $48.24B, while Upstream fell 22.1% to $50.81B. From fiscal 2022 to 2025, combined revenue from these lines grew 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%.
Cenovus Energy (CVE) reports its revenue by segments [axis], by geography and by product and service. In fiscal 2025, Oil Sands was its largest segment, bringing in $50.81B (51.1% of the total), followed by U.S. Refining at $48.24B (48.5%).
Oil Sands was Cenovus Energy's largest segment in fiscal 2025, bringing in $50.81B, or 51.1% of the $99.39B total across its six segments.
United States was Cenovus Energy's largest region in fiscal 2025, bringing in $49.79B, or 50.1% of the $99.39B total across its three regions.
Upstream was Cenovus Energy's largest product and service line in fiscal 2025, bringing in $50.81B, or 51.3% of the $99.05B total across its two product and service lines.
Downstream grew faster than Upstream in fiscal 2025, up 354.2% from $10.62B to $48.24B. Upstream fell 22.1% to $50.81B.
Every figure comes from Cenovus Energy's annual financial filings, as reported. Each line keeps the name Cenovus Energy gives it, and years follow its fiscal calendar.
Cenovus Energy's revenue by segments [axis] goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.