Imperial Oil (IMO) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income was $539 million, down from $1,237 million in Q3 2024, primarily due to non-cash impairment and restructuring charges totaling $555 million after-tax.

• Excluding identified items, Q3 2025 net income was $1,094 million, nearly flat year-over-year and up $145 million sequentially, reflecting strong operating performance.

• Cash flows from operating activities reached $1,798 million in Q3 2025, up from $1,487 million in Q3 2024.

• Achieved record upstream production at 462,000 boe/d, with Kearl setting a new record at 316,000 bbl/d and high refinery utilization.

• Returned $1,835 million to shareholders via dividends and share repurchases in Q3 2025.

Financial highlights

• Q3 2025 revenues were $12,049 million, down from $13,259 million in Q3 2024; Q3 net income was $539 million ($1.07/share), adjusted net income $1,094 million ($2.17/share).

• Cash flows from operating activities for the nine months were $4,790 million, up from $4,192 million in the prior year.

• Capital and exploration expenditures for Q3 2025 were $505 million, up from $486 million in Q3 2024.

• Cash and cash equivalents at September 30, 2025, were $1,861 million.

• Paid $366 million in dividends and repurchased 12.2 million shares for $1,469 million in Q3 2025.

Outlook and guidance

• Full-year outlook remains consistent with prior guidance, with annual guidance for 2026 to be issued in mid-December.

• Accelerated share repurchase program expected to complete by year-end 2025.

• Leming SAGD project first oil anticipated in coming weeks, ramping to 9,000 barrels/day.

• No material near-term financial impacts expected from recent U.S. and Canadian trade tariffs.