Fourth Quarter Highlights

• Generated $3.2 billion in adjusted funds from operations and $1.7 billion in free funds flow.
• Returned approximately $1.5 billion to shareholders, with $775 million in share repurchases and $719 million in dividends.
• Record quarterly upstream production of 909,000 barrels per day (bbls/d), 34,000 bbls/d higher than the prior year quarter.
• Record quarterly refining throughput of 504,000 bbls/d, 18,000 bbls/d higher than the prior year quarter.
• Record quarterly asset utilization levels, with upgraders at 106% and refineries at 108%.

"Suncor's record fourth quarter contributed to another record-breaking year, which also saw the company achieve its 2024 Investor Day targets a full year early, demonstrating our focus on best-ever safety results, best-in-class execution and operational excellence," said Rich Kruger, President and Chief Executive Officer. "As we look ahead to 2026, Suncor is poised to build on this momentum and deliver superior shareholder value and resilient cash flows, powered by one of the industry's most integrated and high-performing asset portfolios."

Annual 2025 Highlights

• Generated $12.8 billion in adjusted funds from operations and $6.9 billion in free funds flow.
• Returned approximately $5.8 billion to shareholders, with $3.0 billion in share repurchases and $2.8 billion in dividends.
• Record upstream production of 860,000 bbls/d, 33,000 bbls/d higher than 2024, included record upgrader utilization of 99%.
• Record refining throughput of 480,000 bbls/d, 15,000 bbls/d higher than 2024, included record refinery utilization of 103%.
• Record refined product sales of 623,000 bbls/d, 23,000 bbls/d higher than 2024.
• Suncor achieved its ambitious 2024 Investor Day three-year targets a full year ahead of schedule. These targets included:
• Increase in normalized free funds flow of $3.3 billion per year.
• Reduction in corporate WTI breakeven of US$10 per barrel.
• Increase in upstream production of 100,000 bbls/day.
• Reduce annual capital expenditures to $5.7 billion.
• Achieved net debt target of $8 billion, with 100% of excess funds to shareholders thereafter.

Financial Results

• Suncor's adjusted operating earnings were $1.325 billion ($1.10 per common share) in the fourth quarter of 2025, compared to $1.566 billion ($1.25 per common share) in the prior year quarter, with the decrease primarily due to lower upstream price realizations net of decreased royalties, and a foreign exchange loss on working capital items compared to a gain in the prior year quarter, partially offset by increased refinery margins and increased upstream production, downstream throughput and sales volumes.
• Net earnings were $1.476 billion ($1.23 per common share) in the fourth quarter of 2025, compared to $818 million ($0.65 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the fourth quarter of 2025 and the prior year quarter were impacted by the items shown in the table above.
• Adjusted funds from operations were $3.218 billion ($2.68 per common share) in the fourth quarter of 2025, compared to $3.493 billion ($2.78 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings.
• Cash flow provided by operating activities, which includes changes in non-cash working capital, were $3.921 billion ($3.27 per common share) in the fourth quarter of 2025, compared to $5.083 billion ($4.05 per common share) in the prior year quarter.
• Operating, selling and general (OS&G) expenses were $3.518 billion in the fourth quarter of 2025, compared to $3.411 billion in the prior year quarter, with the increase primarily due to higher commodity input costs. Operations, selling and corporate costs remained relatively flat despite higher production and sales volumes in both upstream and downstream.

Operating 

• Total Oil Sands bitumen production increased to a quarterly record of 992,700 bbls/d, compared to 951,500 bbls/d in the prior year quarter, primarily due to strong mining performance, and included record fourth quarter production at Fort Hills, which achieved 90% of nameplate capacity in 2025 delivering on the three-year mine improvement plan.
• The company's net synthetic crude oil (SCO) production increased to a quarterly record of 557,000 bbls/d, compared to 543,600 bbls/d in the prior year quarter, as the company's production mix benefited from increased upgrader availability due to decreased planned maintenance activities in the current quarter and continued strong upgrader reliability.
• Non-upgraded bitumen production increased to 288,400 bbls/d in the fourth quarter of 2025, compared to 273,900 bbls/d in the prior year quarter, primarily due to record bitumen production, partially offset by increased upgrader availability.
• Exploration and Production (E&P) production increased to 63,600 bbls/d in the fourth quarter of 2025, compared to 57,500 bbls/d in the prior year quarter, and included increased production at Hebron and the addition of production at White Rose, which restarted in the first quarter of 2025.
• Refining throughput increased to a quarterly record of 504,200 bbls/d with refinery utilization of 108%, compared to 486,200 bbls/d and 104%, respectively in the prior year quarter. The increase was primarily due to continued strong operating performance through the current quarter, which saw all four refineries exceed 100% utilization.
• Refined product sales increased to a fourth quarter record of 640,400 bbls/d, compared to 613,300 bbls/d in the prior year quarter, primarily due to higher refinery production and continued investment in retail growth, as well as leveraging strategic partnerships.

Corporate and Strategy Updates

• Share repurchases increased by 10% per month. In 2026, it is expected that 100% of excess funds will continue to be returned to shareholders highlighted by a 10% increase in share repurchases to $275 million per month from $250 million per month as of December 2025, projecting $3.3 billion of share repurchases for 2026.
• Quarterly dividend increased. Suncor increased its quarterly dividend by approximately 5% to $0.60 per common share.

Board appointment

Jennifer Kneale was appointed to Suncor's Board of Directors on February 3, 2026 and is a member of both the audit committee and the environment, health, safety and sustainable development committee. She is currently the President of Targa Resources Corp., an integrated midstream company headquartered in Houston, Texas. Prior to joining Targa, Ms. Kneale spent more than 10 years in the financial services industry, primarily in roles in private equity, asset management and investment banking.

KeyFacts Energy: Suncor Energy Canada country profile