Oil Sands was Cenovus Energy’s largest segment in fiscal 2025, bringing in $25.41B of $49.70B (51%).
| Segments [axis] | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Refining | $30.22B | $26.39B | $28.31B | $24.12B | |||||||
| Oil Sands | $30.19B | $23.13B | $25.17B | $25.41B | |||||||
| U.S. Manufacturing | — | — | — | — | |||||||
| Refining & Marketing | — | — | — | — | |||||||
| Canadian Refining | $7.79B | $6.23B | $5.31B | $5.08B | |||||||
| Conventional | $4.14B | $3.16B | $2.98B | $2.61B | |||||||
| Canadian Manufacturing | — | — | — | — | |||||||
| Offshore | $1.94B | $1.52B | $1.47B | $1.43B | |||||||
| Deep Basin | — | — | — | — | |||||||
| Corporate & Eliminations | -$7.39B | -$8.23B | -$8.97B | -$8.94B | |||||||
| Total | $66.90B | $52.20B | $54.28B | $49.70B |
Cenovus Energy brought in $49.70B from its six segments in fiscal 2025, the year ended December 31, 2025. That was down 8.4% from $54.28B in fiscal 2024. Oil Sands was the largest at $25.41B (51.1%), ahead of U.S. Refining at $24.12B (48.5%) and Canadian Refining at $5.08B (10.2%). The other two segments brought in $4.03B combined.
Compared with fiscal 2024, Oil Sands grew fastest, up 0.9% to $25.41B, while U.S. Refining fell the most, down 14.8% to $24.12B. From fiscal 2022 to 2025, combined revenue from these segments fell from $66.90B to $49.70B, a compound annual decline of 9.4%. Oil Sands' share of the total rose from 45.1% to 51.1%.
The total is net of Corporate & Eliminations, which took $8.94B off revenue in fiscal 2025.
United States was Cenovus Energy’s largest region in fiscal 2025, bringing in $24.90B of $49.70B (50%).
| Geography | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $33.31B | $25.13B | $26.79B | $23.79B | |||||||
| United States | $32.22B | $25.94B | $26.33B | $24.90B | |||||||
| China | $1.36B | $1.13B | $1.15B | $1.01B | |||||||
| Total | $66.90B | $52.20B | $54.28B | $49.70B |
Cenovus Energy brought in $49.70B from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 8.4% from $54.28B in fiscal 2024. United States was the largest at $24.90B (50.1%), ahead of Canada at $23.79B (47.9%) and China at $1.01B (2.0%).
Compared with fiscal 2024, every region above 2% of revenue shrank. United States held up best, down 5.5% to $24.90B, and China fell the most, down 12.2% to $1.01B. From fiscal 2022 to 2025, combined revenue from these regions fell from $66.90B to $49.70B, a compound annual decline of 9.4%. United States' share of the total rose from 48.2% to 50.1%.
Cenovus Energy (CVE) reports its revenue by segments [axis] and by geography. In fiscal 2025, Oil Sands was its largest segment, bringing in $25.41B (51.1% of the total), followed by U.S. Refining at $24.12B (48.5%).
Oil Sands was Cenovus Energy's largest segment in fiscal 2025, bringing in $25.41B, or 51.1% of the $49.70B total across its six segments.
United States was Cenovus Energy's largest region in fiscal 2025, bringing in $24.90B, or 50.1% of the $49.70B total across its three regions.
Among Cenovus Energy's segments that make up at least 2% of revenue, Oil Sands grew fastest in fiscal 2025, up 0.9% from $25.17B to $25.41B.
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.