EarningsQ2 2026 Earnings Report

Imperial Oil (IMO) Q2 2026 Earnings Report

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Previous Report: Q1 2026

IMO Q2 2026 EPS Results

Actual EPS$3.18

Consensus EPS$2.94

Beat/MissBeat by +$0.24

One Year Ago EPS$1.31

IMO Q2 2026 Revenue Results

Actual Revenue$11.21B

Expected Revenue$10.93B

Beat/MissBeat by +$280.39M

YoY Revenue Growth+46.83%

Earnings Announcement Details

QuarterQ2 2026

Date07/31/2026

TimeBefore Open

Conference CallFriday, July 31, 2026

IMO Upcoming Earnings

Imperial Oil's next earnings date is estimated for October 30, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

IMO Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 31, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strong financial performance and healthy liquidity position, driven by higher commodity prices and margin improvements, supported by disciplined capital allocation (accelerated buybacks and a growing dividend). Operationally there were notable execution wins (Kearl turnaround ahead of schedule/below budget, Strathcona turnaround, renewable diesel economics) and meaningful progress on growth pilots (Aspen EBRT) and restructuring. However, the company also disclosed several near-term operational headwinds — lowered downstream throughput guidance (~6%), Q2 refinery throughput drop (~-13.8% sequentially), unplanned maintenance, weather-related impacts and rail congestion — which have tempered near-term volume outlook and pushed full-year upstream toward the low end of guidance. On balance the strong earnings, cash flow, and clear capital-return actions outweigh the operational challenges and the tone is constructive about remediation and future growth.

Company Guidance

Imperial lowered downstream throughput guidance by about 6% and now expects full‑year upstream production to be toward the low end of its prior guidance after H1 averaged 414,000 gross boe/d (Kearl 257,000 bpd, Cold Lake 149,000 bpd, Syncrude 73,000 bpd); refinery throughput averaged 331,000 bpd (76% utilization) and petroleum product sales were 446,000 bpd, with management forecasting higher volumes and throughput in H2 now that major turnarounds are largely complete. Financial and capital metrics reiterated include Q2 net income of $2.19 billion, cash from operations >$2.7 billion (≈$2.522 billion excluding working capital), cash on hand >$2.8 billion, Q2 CapEx $531 million (Upstream $359 million), Q2 dividends paid $421 million and a Q3 dividend of $0.87/share, and an accelerated NCIB with the intent to repurchase all remaining allowable shares by year‑end. Key operational and timing targets noted were the Aspen enhanced‑bitumen‑recovery pilot on track for start‑up in early 2027, a Kearl unit OpEx goal of US$18/boe (with Cold Lake at US$13/boe referenced) by 2027, the next Kearl turnaround not until 2029, a Syncrude coker turnaround of ~50 days starting in late August, and an expected ~$150 million of lower cash OpEx by 2028 from restructuring.

Strong Net Income and Sequential Improvement

Reported net income of $2.190 billion in Q2 2026, up $1.241 billion year-over-year (≈+131%) and up $1.250 billion sequentially (≈+133%), driven primarily by higher commodity prices.

Robust Cash Flow and Liquidity

Cash flows from operating activities were over $2.7 billion; excluding working capital effects cash flow was $2.522 billion (up ≈$1.1 billion YoY, ≈+77%). Cash on hand exceeded $2.8 billion at quarter end.

Business-line Earnings Strength

Upstream earnings of $1.299 billion (up $829 million sequentially, ≈+176%), Downstream earnings of $787 million (up $176 million sequentially, ≈+29%) and Chemicals earnings of $65 million (up $41 million sequentially, ≈+171%), reflecting improved commodity and product pricing.

Operational Execution at Kearl and Turnaround Efficiency

Kearl produced 257,000 bbl/d and completed planned turnaround ahead of schedule and below budget; turnaround interval extended to industry-leading 4 years, lowering future downtime and unit cash costs. Flotation column commissioning starting Q3 with production expected Q4.

Downstream Strategic Advantage — Renewable Diesel

Strathcona turnaround completed (10-year run length on crude unit). Management prioritized renewable diesel due to strong economics; Strathcona renewable diesel facility is the largest in Canada and contributes to margin improvement despite reducing crude throughput.

Capital Allocation and Shareholder Returns

Declared Q3 dividend of $0.87 per share; paid $421 million in dividends in the quarter. Announced acceleration of NCIB with intent to repurchase all remaining allowable shares by year-end and indicated potential for additional buybacks (SIB) depending on commodity prices. Dividend growth streak now 31 consecutive years.

Cost and Restructuring Targets

Restructuring implementation underway with target of $150 million lower cash OpEx by 2028; Q2 CapEx was $531 million (≈+12% YoY) supporting sustaining and preparatory work for growth.

Progress on Longer-term Growth Projects

Advancing enhanced bitumen recovery pilot at Aspen (on track to start up in 2027); continued work and delineation activity at Corner and Clark Creek supporting the potential to double gross operated upstream production over time.

IMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 30, 2026	2026 (Q3)	3.24 / -	1.528	―
Jul 31, 2026	2026 (Q2)	2.94 / 3.18	1.31	143.01% (+1.87)
May 01, 2026	2026 (Q1)	1.69 / 1.37	1.775	-23.02% (-0.41)
Jan 30, 2026	2025 (Q4)	1.32 / 1.39	1.669	-16.88% (-0.28)
Oct 31, 2025	2025 (Q3)	1.38 / 1.53	1.641	-6.87% (-0.11)
Aug 01, 2025	2025 (Q2)	1.15 / 1.31	1.486	-11.85% (-0.18)
May 02, 2025	2025 (Q1)	1.53 / 1.78	1.571	13.00% (+0.20)
Jan 31, 2025	2024 (Q4)	1.46 / 1.67	1.74	-4.05% (-0.07)
Nov 01, 2024	2024 (Q3)	1.45 / 1.64	1.944	-15.58% (-0.30)
Aug 02, 2024	2024 (Q2)	1.38 / 1.49	0.81	83.48% (+0.68)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed