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Imperial Oil cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.6B in Q3 2026 · $6.3B over twelve months

Operating cash flow$3.2B
Capital spending−$662M
Free cash flow+$2.6B
Cash / net income1.3×

Analysis

In Q3 2026, Imperial Oil generated $3.2B of operating cash flow and spent $662M on capital projects, leaving free cash flow of $2.6B. That is $1.3B more than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $8.6B; the largest uses were buybacks ($3.9B), capital spending ($2.3B), dividends ($1.6B); besides operations, cash came from other investing ($156M); the cash balance rose by $1.0B.

Operating cash flow was $3.2B against net income of $2.5B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$966M, payables +$797M, income taxes payable +$583M.

Free cash flow

Imperial Oil: free cash flow by quarterImperial Oil: free cash flow by quarter$1.4BQ4 2024$1.1BQ1 2025$994MQ2 2025$1.3BQ3 2025$1.3BQ4 2025$281MQ1 2026$2.2BQ2 2026$2.6BQ3 2026
Operating cash flow less capital spending.
Imperial Oil: operating cash flow against capital spendingImperial Oil: operating cash flow against capital spendingOperating cash flowCapital spending$1.8B$423MQ4 2024$1.5B$398MQ1 2025$1.5B$471MQ2 2025$1.8B$504MQ3 2025$1.9B$632MQ4 2025$756M$475MQ1 2026$2.7B$530MQ2 2026$3.2B$662MQ3 2026
Latest (Q3 2026): Operating cash flow $3.2B, Capital spending $662M.

Capital allocation, year by year

Imperial Oil: where the cash came from (up) and went (down), by fiscal yearImperial Oil: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $5.5BFY2021: Net borrowing −$131MFY2021: Asset sales $81.0MFY2021: Capital spending −$1.1BFY2021: Buybacks −$2.2BFY2021: Dividends −$706M$5.6BFY2021FY2022: Operating cash flow $10.5BFY2022: Net borrowing −$1.0BFY2022: Asset sales $904MFY2022: Capital spending −$1.5BFY2022: Buybacks −$6.4BFY2022: Dividends −$851M$11.4BFY2022FY2023: Operating cash flow $3.7BFY2023: Net borrowing −$22.0MFY2023: Asset sales $86.0MFY2023: Capital spending −$1.8BFY2023: Buybacks −$3.8BFY2023: Dividends −$1.1B$3.8BFY2023FY2024: Operating cash flow $6.0BFY2024: Net borrowing −$122MFY2024: Asset sales $25.0MFY2024: Capital spending −$1.9BFY2024: Buybacks −$2.7BFY2024: Dividends −$1.2B$6.0BFY2024FY2025: Operating cash flow $6.7BFY2025: Net borrowing −$18.0MFY2025: Asset sales $101MFY2025: Capital spending −$2.0BFY2025: Buybacks −$3.2BFY2025: Dividends −$1.4B$6.8BFY2025
Over these 5 years operating cash flow totalled $32.4B; the largest uses were buybacks ($18.4B) and capital spending ($8.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$3.5B
Net debt$573M

Imperial Oil funds itself: free cash flow was $6.3B over the last twelve months, and $2.9B of cash and investments stands against $3.5B of debt.

Where the cash came from and went

Imperial Oil: sources (+) and uses (−) of cash, Q3 2026Imperial Oil: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.2BBuybacks−$2.1BCapital spending−$662MDividends−$420MCash drawn (+) / kept (−)−$54.0MNet borrowing (+) / repaid (−)−$6.0M
Imperial Oil: sources (+) and uses (−) of cash, TTM to Q3 2026Imperial Oil: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$8.6BBuybacks−$3.9BCapital spending−$2.3BDividends−$1.6BCash drawn (+) / kept (−)−$1.0BOther investing$156MNet borrowing (+) / repaid (−)−$18.0M

From profit to cash

Imperial Oil: net income to operating cash flow, Q3 2026Imperial Oil: net income to operating cash flow, Q3 2026Net income$2.5BDepreciation & amortization$500MGains on disposals$5.0MReceivables−$966MPayables$797MIncome taxes payable$583MOther operating capital$173MOperating cash flow$3.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$3.2B−$662M−$2.1B−$420M−$6.0M−$54.0M$2.6B
Q2 2026$2.7B−$530M—−$421M−$3.0M−$1.8B$2.2B
Q1 2026$756M−$475M−$64.0M−$350M−$5.0M$113M$281M
Q4 2025$1.9B−$632M−$1.7B−$361M−$4.0M$719M$1.3B
Q3 2025$1.8B−$504M−$1.5B−$366M−$6.0M$525M$1.3B
Q2 2025$1.5B−$471M—−$367M−$4.0M−$622M$994M
Q1 2025$1.5B−$398M−$54.0M−$307M−$4.0M−$785M$1.1B
Q4 2024$1.8B−$423M−$1.5B−$317M−$4.0M$511M$1.4B

Imperial Oil: income statement and cash flow

Imperial Oil, Q3 2026: revenue $11.6B (+34% year over year), operating margin 19.9%. The chart follows the revenue to costs, profit and cash.

Imperial Oil: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.