Downstream was Imperial Oil’s largest segment in fiscal 2025, bringing in $52.09B of $47.08B (111%).
| Segment | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Downstream | $64.99B | $55.86B | $56.94B | $52.09B | ||
| Upstream | $19.76B | $16.51B | $18.02B | $15.95B | ||
| Chemical | $1.98B | $1.58B | $1.45B | $1.38B | ||
| Corporate & Other | $79.00M | $143.00M | $86.00M | $65.00M | ||
| Eliminations | -$27.13B | -$23.13B | -$24.96B | -$22.40B | ||
| Total | $59.67B | $50.97B | $51.53B | $47.08B |
Imperial Oil brought in $47.08B from its five segments in fiscal 2025, the year ended December 31, 2025. That was down 8.6% from $51.53B in fiscal 2024. Downstream was the largest at $52.09B (110.6%), ahead of Upstream at $15.95B (33.9%) and Chemical at $1.38B (2.9%). The remaining segment, Corporate & Other, brought in $65.00M.
Compared with fiscal 2024, every segment above 2% of revenue shrank. Chemical held up best, down 5.0% to $1.38B, and Upstream fell the most, down 11.5% to $15.95B. From fiscal 2022 to 2025, combined revenue from these segments fell from $59.67B to $47.08B, a compound annual decline of 7.6%. Downstream's share of the total rose from 108.9% to 110.6%.
The total is net of Eliminations, which took $22.40B off revenue in fiscal 2025.
Imperial Oil (IMO) reports its revenue by segment. In fiscal 2025, Downstream was its largest segment, bringing in $52.09B (110.6% of the total), followed by Upstream at $15.95B (33.9%).
Downstream was Imperial Oil's largest segment in fiscal 2025, bringing in $52.09B, or 110.6% of the $47.08B total across its five segments.
Every figure comes from Imperial Oil's annual financial filings, as reported. Each line keeps the name Imperial Oil gives it, and years follow its fiscal calendar.
Imperial Oil's revenue by segment goes back to fiscal 2020, 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.