Imperial Oil (IMO) Cash Flow: Operating & Free Cash Flow

Imperial Oil (IMO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Imperial Oil generated CAD 6.71B of operating cash flow and spent CAD 2.00B on capital expenditures. That left free cash flow of CAD 4.70B, up 14.3% from CAD 4.11B a year earlier, or 10.0% of revenue. It returned CAD 4.63B to shareholders through CAD 1.40B in dividends and CAD 3.23B in share buybacks.

Imperial Oil Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Imperial Oil Limited (IMO) - 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
Operating Activities
Net Income	3.27	4.79	4.89	7.34	2.48	-1.86	2.20	2.31	0.49
Depreciation & Amortization	2.75	2.15	1.91	2.00	2.08	3.36	1.68	1.59	2.17
Deferred Income Tax	-0.16	-0.14	-0.09	-0.08	0.09	-0.52	-0.24	0.81	0.32
Change in Working Capital	1.01	-0.50	-2.70	1.48	0.36	-0.08	0.91	-0.70	0.00
Change in Accounts Receivable	1.39	-1.28	0.24	-0.86	-1.95	0.78	-0.17	0.22	-0.69
Change in Inventory	-0.29	0.34	-0.69	-0.48	0.05	0.08	-0.07	-0.34	-0.08
Change in Accounts Payable	-0.35	0.45	0.08	0.95	2.27	-1.09	1.01	-0.76	0.68
Change in Other Working Capital	0.26	-0.14	-0.20	1.87	0.62	0.15	0.15	0.18	0.09
Other Operating Activities	-0.17	-0.14	-0.16	-0.26	0.62	-0.10	-0.13	-0.09	-0.22
Net Cash from Operating Activities	6.71	5.98	3.73	10.48	5.48	0.80	4.43	3.92	2.76
Investing Activities
Capital Expenditures	-2.01	-1.87	-1.79	-1.53	-1.11	-0.87	-1.64	-1.49	-0.99
Acquisitions	0.10	0.03	0.09	0.90	0.08	0.08	0.08	0.06	0.23
Purchases of Investments	0.00	0.00	0.00	-0.01	0.00	-0.02	-0.15	-0.13	-0.02
Sales/Maturities of Investments	0.02	0.02	0.01	0.01	0.02	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-1.89	-1.83	-1.69	-0.62	-1.01	-0.80	-1.70	-1.56	-0.78
Financing Activities
Debt Repayment	-0.02	-0.02	-0.02	-1.02	-0.02	-0.02	0.01	-0.03	-0.03
Common Stock Repurchased	-3.23	-2.68	-3.80	-6.40	-2.25	-0.27	-1.37	-1.97	-0.63
Dividends Paid	-1.40	-1.24	-1.10	-0.85	-0.71	-0.65	-0.63	-0.57	-0.52
Net Cash from Financing Activities	-4.65	-4.04	-4.93	-8.27	-3.08	-0.94	-2.00	-2.57	-1.18
Summary
Net Change in Cash	0.16	0.12	-2.89	1.60	1.38	-0.95	0.73	-0.21	0.80
Cash at Beginning of Period	0.98	0.86	3.75	2.15	0.77	1.72	0.99	1.20	0.39
Cash at End of Period	1.14	0.98	0.86	3.75	2.15	0.77	1.72	0.99	1.20
Free Cash Flow	4.70	4.11	1.95	8.96	4.37	-0.07	2.79	2.43	1.77
Supplemental Disclosures
Interest Paid	0.03	0.04	0.07	0.06	0.04	-	-	-	-
Income Taxes Paid	1.44	1.77	4.15	0.37	-0.06	-	-	-	-

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

Frequently Asked Questions About Imperial Oil Cash Flow

What is Imperial Oil's free cash flow?

Imperial Oil generated free cash flow of CAD 4.70B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CAD 6.71B minus CAD 2.00B of capital expenditures. That was up 14.3% from CAD 4.11B a year earlier. Free cash flow equaled 10.0% of revenue.

How much does Imperial Oil spend on capital expenditures?

Imperial Oil spent CAD 2.00B on capital expenditures in fiscal 2025, compared with CAD 1.87B a year earlier. That equals 29.9% of operating cash flow.

Does Imperial Oil pay dividends or buy back shares?

Yes. In fiscal 2025 Imperial Oil returned CAD 1.40B in dividends and CAD 3.23B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition