EarningsQ2 2026 Earnings Report
SU Q2 2026 EPS Results
Actual EPS$2.28
Consensus EPS$2.14
Beat/MissBeat by +$0.13
One Year Ago EPS$0.50
SU Q2 2026 Revenue Results
Actual Revenue$12.32B
Expected Revenue$11.68B
Beat/MissBeat by +$642.51M
YoY Revenue Growth+45.91%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
SU Upcoming Earnings
Suncor Energy's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
SU Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial picture: record cash generation, record downstream results, higher utilization and material turnaround cost and duration improvements. Management increased shareholder returns and highlighted expansion of trading and export capabilities. The primary negatives were a one-off but significant weather-related production hit in Q2, an RVO-driven margin accounting headwind, and remaining planned turnarounds in H2 that carry execution risk. On balance, the positives — structural improvements, record cash flow, cost reductions and stronger shareholder returns — materially outweigh the transitory challenges.Company Guidance
Record cash generation (AFFO)
Adjusted funds from operations of $5.3 billion in 2Q26 — nearly double year-ago levels and tied with the all-time quarterly record set in 2Q22. AFFO per share was $4.52, nearly 20% higher than the comparable 2022 quarter, delivered with WTI averaging ~$93/bbl (vs ~$108/bbl in 2Q22).
Record downstream performance and margin capture
Downstream segment AFFO was a record $2.3 billion in the quarter — nearly $200 million above the previous record (2Q22). Reported margin capture was 89%, and would be ~99% excluding a $5/bbl increase in RVO pricing from Q1 to Q2.
Strong upstream volumes and rapid rebound
Second-quarter production was 761,000 barrels per day. Management reported a rapid rebound with July preliminary production near 870,000 bpd (second-highest July ever). Over the last 3 years, 2Q production averaged ~59,000 bpd higher than the prior 3-year 2Q average.
High upgrader and refinery utilization (new records)
Upgrader utilization was 93% in 2Q and 94% year-to-date (a new record, +1 percentage point vs prior H1). Refining throughput was 471,000 bpd (second-highest 2Q ever, +28,000 bpd vs prior best 2Q). Montreal and Edmonton ran at 151,000 and 161,000 bpd respectively (combined utilization 99%). Network utilization was 92% in 2Q on rerated capacity of 511,000 bpd and 95% YTD (new record, +4 percentage points vs prior H1).
Record product sales and jet fuel growth
Product sales were 655,000 bpd in 2Q — the highest 2Q ever (+54,000 bpd vs prior best 2Q). This is the eighth consecutive quarter with sales >600,000 bpd. Jet sales were a record 51,000 bpd, up 90% from the previous record of 27,000 bpd.
Turnaround performance and cost efficiency gains
Turnaround program delivered material improvements: Firebag turnaround completed in 44 days vs 58 days in prior similar event (24% shorter) and cost $118 million vs $150 million previously (21% lower). Base plant coker completed in 46 days vs 60 in 2021 at $203 million (≈10% lower cost vs 2021). Company hit earlier targets to reduce turnaround capital (met $250M/yr target in 2 years vs 3, then advanced targets to $350M and now $400M/yr).
Shareholder returns ramped up
Returned $1.8 billion to shareholders in 2Q26 (≈$1.1 billion in buybacks and $706 million in dividends). Buybacks were increased to $500 million per month (from $350M/month in April and $275M/month earlier), reflecting higher excess funds generation.
Balance sheet strength
Company reported net debt of $4.5 million (as stated on the call) — characterized as ~5% lower than where the company started the decade and described as less than half of its 1x net debt-to-cash-flow guardrail at $50/bbl WTI, signifying strong leverage metrics per management.
Logistics, exports and trading capability expansion
Export capability scaled materially: 56 cargoes exported in H1 (nearly matching 58 cargoes in all of 2025) and West Coast logistics expanded to as many as 6 cargos/month in May. Integrated marketing and trading efforts converted regional dislocations into value.
Operational recognition and continuous improvement culture
Base plant mining received the John T. Ryan Award for best-in-class safety (second consecutive year). Multiple operational innovations (ROVs, drones, novel cleaning approaches) reduced durations/costs and extended turnaround cycles (e.g., extending Firebag plants to a 5-year turnaround cycle).
SU Earnings History
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