Suncor reports $3.814 billion in quarterly profit, raises its dividend 10 per cent and signs a $1.2 billion deal to sell offshore assets
Suncor increases monthly share buybacks to $750 million and agrees to sell offshore assets for $1.2 billion, plus potential additional payments
CALGARY – BUSINESS – Suncor Energy reported third-quarter net earnings of $3.814 billion, or $3.27 per share, more than double the $1.619 billion, or $1.34 per share, earned a year earlier.
The results, released November 3, show record quarterly adjusted funds from operations of $6.705 billion and free funds flow of $5.196 billion. All financial figures below are unaudited and in Canadian dollars.
Financial comparison — millions of dollars, except per-share amounts
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Net earnings | $3,814 | $1,619 |
| Basic earnings per share | $3.27 | $1.34 |
| Adjusted operating earnings* | $4,631 | $1,794 |
| Adjusted operating earnings per share* | $3.97 | $1.48 |
| Adjusted funds from operations* | $6,705 | $3,831 |
| Cash flow from operating activities | $6,196 | $3,785 |
| Free funds flow* | $5,196 | $2,347 |
| Capital expenditures, including capitalized interest | $1,509 | $1,484 |
| Operating, selling and general expenses | $3,552 | $3,270 |
| Dividends and share repurchases | $2,048 | $1,438 |
| Net debt at quarter-end* | $1,751 | $7,147 |
Suncor attributed the earnings increase to higher prices received for oil, stronger refining margins and increased high-value export sales. Higher royalties and taxes partly offset those gains.
Reported earnings also included a $1.080 billion non-cash, pre-tax write-down tied to the planned offshore asset sale.
Higher mining activity, share-based compensation and commodity costs increased operating expenses. Current income tax and royalty expenses totalled $3.518 billion for the quarter and $8.067 billion for the first nine months of 2026.
Suncor returned $2.048 billion to shareholders during the quarter, including nearly $1.4 billion in share repurchases and nearly $700 million in dividends. Those figures exclude taxes on share repurchases.
After the quarter, the board raised the quarterly dividend by 10 per cent to 66 cents per share from 60 cents. Planned monthly buybacks increased to $750 million from $500 million beginning in October. Suncor projects full-year 2026 repurchases of $5.5 billion.
At September 30, Suncor held $8.001 billion in cash and cash equivalents against $9.752 billion in total debt, leaving net debt of $1.751 billion.
For the first nine months, adjusted funds from operations reached $16.064 billion, compared with $9.565 billion a year earlier. Free funds flow increased to $12.089 billion from $5.228 billion.
Suncor also agreed to sell its 48 per cent interest in Terra Nova, 40 per cent interest in White Rose and 38.6 per cent interest in West White Rose. The price is $1.2 billion, with up to $350 million in additional payments depending on future oil prices.
The purchaser will assume associated investment commitments and liabilities, including a $500 million well-compliance program at Terra Nova starting in 2027 and estimated future abandonment and lease liabilities with a present value of $1.4 billion.
The sale has an effective date of July 1, 2026, and is expected to close in early 2027, subject to closing conditions, regulatory approvals and partner consents. The assets averaged production of 17,000 barrels per day during the first nine months of 2026.
Total upstream production averaged 852,500 barrels per day, down from 870,000 a year earlier. Refinery throughput was 487,700 barrels per day, compared with 491,700. Refined product sales reached a third-quarter record of 676,900 barrels per day, up from 646,800.
Suncor left its 2026 guidance unchanged from the August 4 update.
Measures marked with an asterisk are company-defined, non-GAAP figures. They are not standardized across companies and do not replace GAAP results. Free funds flow equals adjusted funds from operations minus capital expenditures, including capitalized interest.
