Canadian Natural Resources (CNQ) Balance Sheet: Assets & Liabilities

Canadian Natural Resources (CNQ) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Canadian Natural Resources reported total assets of CAD 91.83B and total liabilities of CAD 47.46B. Shareholders' equity was CAD 44.37B, up 12.4% from CAD 39.47B a year earlier. Total debt stood at CAD 16.99B against CAD 673.00M in cash and short-term investments, a net debt position of CAD 16.32B. That puts debt-to-equity at 0.38, compared with 0.51 a year earlier.

Canadian Natural Resources Balance Sheet Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Canadian Natural Resources Limited (CNQ) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	0.67	0.13	0.88	0.92	0.74	0.18	0.14	0.10	0.14
Short-Term Investments	0.00	0.00	0.53	0.49	0.31	0.31	0.49	0.52	0.89
Cash & Short-Term Investments	0.67	0.13	1.40	1.41	1.05	0.49	0.63	0.63	1.03
Accounts Receivable	4.00	4.13	3.19	3.56	3.11	2.50	2.48	1.15	2.72
Inventory	2.62	2.79	2.03	1.82	1.55	1.06	1.15	0.96	0.89
Other Current Assets	0.37	0.36	0.54	0.28	0.23	0.31	0.23	0.29	0.25
Total Current Assets	7.66	7.41	7.17	7.06	5.94	4.36	4.49	3.02	4.90
Non-Current Assets
Property, Plant & Equipment (Net)	80.65	77.33	68.25	68.53	70.16	69.83	72.41	67.20	67.80
Long-Term Investments	0.00	0.00	0.00	0.01	0.00	0.00	0.28	0.29	0.20
Other Non-Current Assets	3.52	0.62	0.54	0.55	0.57	0.95	1.22	1.06	1.17
Total Non-Current Assets	84.17	77.95	68.79	69.09	70.72	70.92	73.63	68.54	68.97
Total Assets	91.83	85.36	75.96	76.14	76.67	75.28	78.12	71.56	73.87
Current Liabilities
Accounts Payable	1.11	1.08	1.42	1.34	0.80	0.67	0.82	0.78	0.78
Short-Term Debt	0.81	2.66	0.98	0.40	1.00	1.53	2.62	1.14	1.88
Current Portion of Long-Term Debt	0.44	2.40	0.98	0.40	1.00	1.34	-	-	-
Accrued Liabilities	4.26	4.53	3.53	4.21	3.06	2.47	-	-	-
Deferred Revenue	0.00	0.00	0.00	0.00	0.00	2.35	2.61	0.15	2.60
Other Current Liabilities	2.26	5.81	5.04	1.37	0.95	0.53	0.59	2.54	1.01
Total Current Liabilities	8.06	9.63	7.44	8.65	7.42	5.08	6.64	4.76	6.26
Non-Current Liabilities
Long-Term Debt	16.18	17.63	11.08	11.04	13.69	21.61	20.17	19.48	20.58
Deferred Tax Liabilities	11.29	10.54	10.18	10.11	10.22	10.14	10.54	11.45	10.98
Other Non-Current Liabilities	23.23	8.09	7.43	8.16	8.38	6.06	5.79	3.89	4.40
Total Non-Current Liabilities	39.40	36.26	28.69	29.32	32.30	37.82	36.49	34.82	35.95
Total Liabilities	47.46	45.89	36.12	37.97	39.72	42.90	43.13	39.59	42.21
Stockholders' Equity
Common Stock	11.42	11.06	10.71	10.29	10.17	9.61	9.53	9.32	9.11
Retained Earnings	32.73	28.10	28.95	27.67	26.78	22.77	25.42	22.53	22.61
Accumulated Other Comprehensive Income	0.22	0.30	0.17	0.21	0.00	0.01	0.03	0.12	-0.07
Shares Outstanding	2.08	2.10	2.14	2.21	2.34	-	-	-	-
Total Stockholders' Equity	44.37	39.47	39.83	38.18	36.95	32.38	34.99	31.97	31.65
Total Liabilities & Equity	91.83	85.36	75.96	76.14	76.67	75.28	78.12	71.56	73.87

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Canadian Natural Resources Balance Sheet

How much debt does Canadian Natural Resources have?

Canadian Natural Resources had total debt of CAD 16.99B as of Dec 31, 2025, against CAD 673.00M in cash and short-term investments. Its debt-to-equity ratio was 0.38. Total debt was CAD 20.28B a year earlier.

What are Canadian Natural Resources's total assets?

Canadian Natural Resources reported total assets of CAD 91.83B as of Dec 31, 2025, up 7.6% from CAD 85.36B a year earlier. Total liabilities were CAD 47.46B.

What is Canadian Natural Resources's shareholders' equity?

Canadian Natural Resources's shareholders' equity was CAD 44.37B as of Dec 31, 2025, or about CAD 21.31 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition