Suncor Energy (SU) Q3 2026 Earnings Report
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SU Q3 2026 EPS Results
- Actual EPS
- $2.84
- Consensus EPS
- $2.54
- Beat/Miss
- Beat by +$0.31
- One Year Ago EPS
- $1.06
SU Q3 2026 Revenue Results
- Actual Revenue
- $13.51B
- Expected Revenue
- $12.08B
- Beat/Miss
- Beat by +$1.43B
- YoY Revenue Growth
- +50.40%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- After Close
- Conference Call
- Tuesday, November 3, 2026
SU Upcoming Earnings
Suncor Energy's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
SU Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record adjusted funds from operations and free funds flow, high production and utilization, record product sales, major turnaround improvements, a stronger balance sheet, increased shareholder returns and continued growth opportunities. The company also discussed operational disruptions, wider WCS differentials, regulatory uncertainty and a lower production target following the offshore asset sale, but management characterized these issues as manageable within Suncor's integrated operating model.
Company Guidance
Suncor said its 2026 I-Day commitments to grow free funds flow by an additional $2 billion a year and reduce its WTI breakeven by a further $5 per barrel through 2028 remain unchanged; an additional $150 million reduction is included in its 2028 targets. The in situ growth plan remains fundamentally 6 phases of in situ projects over a decade as the base case, while the company is evaluating whether to do more or go faster. The 100 kbd growth target does not add up to that level after the asset sale and “the 100 becomes 60.” Suncor is tracking toward the low end of capital guidance, plans a future at or below $6 billion in capital, and said monthly buybacks increased from $500 million a month to $750 million a month, a level it can sustain for an extended period; it also said it is on track to deliver record annual shareholder returns in 2026.
- Strong Safety PerformanceThe third quarter was Suncor's safest quarter of the year for both personnel safety and process safety. Projects Manager and EHS Leader Emma Todd also received the Alberta Mine Safety Association's 2026 Trailblazer Safety Leader award.
- Upstream Production ReboundUpstream production averaged 853,000 barrels per day, a rebound of 92,000 barrels per day from the very wet second quarter and Suncor's second-highest third quarter ever, despite Syncrude's 47-day coker turnaround.
- High Upgrader and Refinery UtilizationUpgrader utilization was 98% in the quarter and 96% year-to-date. Base plant operated at 107% of nameplate capacity, while refining throughput reached 488,000 barrels per day, with 95% utilization in the third quarter.
- Refinery Integration Preserved Throughput and Created ValueDuring the Edmonton fluid catalytic cracking unit turnaround, Suncor temporarily stored gas oil and blended it with Oil Sands upgrader streams to create a marketable sweet synthetic crude. This preserved 46,000 barrels per day of throughput, added 3% to Edmonton's annual average utilization rate and 1% to Suncor's overall utilization rate, and generated more than $50 million in incremental free funds.
- Record Product Sales and Global Market GrowthProduct sales reached a quarterly record of 677,000 barrels per day, 30,000 barrels per day above the prior record, and every month in 2026 had achieved a new sales record. This was the ninth consecutive quarter above 600,000 barrels per day, compared with no previous quarter above that level.
- Retail, Jet and Export Sales GrowthRetail remained Suncor's highest-value channel with the number-one market share, and year-to-date retail volumes were up 4.3% year over year. Jet sales increased 65% year over year to 38,000 barrels per day, while exports increased 80% year over year to 75,000 barrels per day.
- Turnaround Cost and Duration ImprovementsSuncor reduced turnaround costs by $250 million per year within two years, versus the three-year commitment, and achieved its expanded target of $350 million in annual reductions in 2026. Montreal, Edmonton and Syncrude each achieved their best-ever turnaround cost and duration, and 2026 marked the third consecutive year with turnaround costs below $1 billion.
- Improved Turnaround Schedule PerformanceTurnaround schedule performance improved from the third and fourth quartiles to the first and second quartiles in North America. Suncor also has an additional $150 million of reductions included in its 2028 targets.
- Strategic Sale of Non-Core Offshore AssetsSuncor agreed to sell its interests in Terra Nova, White Rose and West White Rose to Ithaca Energy for $1.2 billion in upfront cash and potential additional payments of up to $350 million based on future oil prices over 27 months. Ithaca will assume future asset obligations, including a $500 million regulatory well compliance program at Terra Nova starting in 2027 and estimated abandonment liabilities totaling $1.4 billion.
- Record Adjusted Funds from Operations and Free Funds FlowSuncor delivered record third-quarter adjusted funds from operations of $6.7 billion and record free funds flow of $5.2 billion.
- Higher Earnings Despite Lower Benchmark Oil PricesThrough the first nine months of 2026, WTI, SYN and WTS benchmark prices averaged roughly 15% below 2022 levels, yet Oil Sands AFFO increased by $160 million to $11.1 billion, supported by higher production and higher margins.
- Significant Downstream AFFO GrowthThrough the first nine months of 2026, the New York Harbor 2-1-1 crack spread net of RVO averaged 16% higher than in 2022, while downstream AFFO grew by more than 60% to $7.9 billion, supported by record throughput and stronger margin capture.
- Improved Cash Flow and Per-Share ValueYear-to-date adjusted funds from operations was 15% higher than in 2022 and free funds flow was 18% higher. On a per-share basis, both measures were roughly 40% higher.
- Large Government Tax and Royalty ContributionsSuncor's operations paid nearly $8 billion in income taxes and royalties to Canadian governments during the first nine months of 2026, reaching record high levels and representing about 40% of free funds flow before royalties and taxes.
- Expanded Export Capacity and Lower Contracted Freight CostsSuncor more than doubled export capacity at the Burrard Terminal. It exported 92 cargoes between Burrard and Montreal in the first nine months, nearly 60% higher than in all of 2025, at contracted costs below market freight rates.
- Commerce City Throughput ImprovementThe Commerce City team addressed a Plant 3 furnace constraint, increasing throughput from a historical maximum of 38,000 barrels per day to 43,000 barrels per day. The improvement is expected to generate roughly $50 million of value in the second half of 2026.
- Edmonton Refinery Optimization BenefitsAt Edmonton, custom blends from Oil Sands operations increased intermediate and conversion-unit utilization by 8,000 barrels per day year to date and generated $75 million of value. Additional diesel yields brought the total Edmonton value contribution to $140 million year to date.
- Sarnia Refinery Efficiency OpportunityAt Sarnia, replacing an 800-barrel-per-day specialty solvent stream allowed reformers to run at lower severity, reduced downtime from catalyst changeouts, increased reformer yields and is expected to provide a total benefit of $40 million per year.
- Stronger Balance Sheet and Shareholder ReturnsSuncor ended the quarter with $1.8 billion of net debt and returned more than $2 billion to shareholders during the quarter, including $1.4 billion of share buybacks and $700 million of dividends.
- Increased Buybacks and Dividend GrowthBeginning in October, monthly buybacks increased from $500 million to $750 million. Suncor also announced a 10% dividend increase, stated that the dividend remains sustainable through the cycle, and said it is on track to deliver record annual shareholder returns in 2026.
- Continued In Situ Growth ProgramProjects in the Investor Day plan were described as progressing well, fully staffed and with materials on the ground. Suncor is evaluating long-term engineering and construction partnerships under a portfolio approach for Lewis, Firebag and other in situ projects, including the six-phase in situ plan over a decade.
- Potential for Additional GrowthSuncor is evaluating what additional investments and timing would be required to grow faster than the March Investor Day plan, as well as further debottlenecking opportunities that could add incremental production of 5,000 to 10,000 barrels per day.
- Physical Integration Across the Asset BaseSuncor continued to leverage physical integration among Firebag, Fort Hills, base plant and Syncrude to keep upgraders full during maintenance events, increase upgrading rates and support higher price realizations. Record transfers from Fort Hills to the base plant upgrader reflected continued debottlenecking.
- Expanded Global Marketing ReachSuncor increased the countries it can market into from 21 at the 2024 Investor Day to 45 this year. It has nine time-chartered vessels for crude or product service and four MR product vessels, enabling lower freight costs and greater flexibility between domestic and global markets.
- Export Flexibility and Further Growth OpportunitySuncor exported products through both coasts using rail, chartered vessels and niche customer markets in locations including Alaska, Scandinavia, Iceland and Central America. The company stated that West Coast volumes have grown and that rail loading and unloading constraints are being reduced, leaving additional room to grow through the first quarter.
- Higher Downstream Capacity and Lower BreakevenSuncor rerated downstream flow capacity from 466,000 barrels per day to 511,000 barrels per day, with recent daily rates above 520,000 barrels per day. The company said these improvements are helping reduce its breakeven, which was expected to decline from around $43 to $38 in 2026, with the company expecting to achieve more than originally planned this year.
- Low Sensitivity to WCS DifferentialsManagement stated that Suncor's sensitivity to WCS differentials is uniquely low relative to peers because wider differentials can be offset through refining, upgrading, West Coast exports and the company's integrated asset base.
- Capital Discipline and GuidanceSuncor is tracking toward the low end of its full-year capital guidance, partly because of continued operating performance and best-ever turnaround results. The company reiterated plans for a future capital level at or below $6 billion and is evaluating whether a small amount of planned 2027 spending should be moved into 2026.
- Mining Automation DeploymentSuncor has approximately 140 ultra-class trucks operating with autonomous haulage at base plant and has seen reduced operating costs from the deployment. The company is scaling the system at Syncrude Mildred Lake, where just under 30 trucks were equipped and close to 40 were expected to be operating by year-end.
SU Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 2.63- | 0.79 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 2.542.84 | 1.06 | 168.24% (+1.78) | |
| Aug 04, 2026 | 2026 (Q2) | 2.182.31 | 0.51 | 354.93% (+1.80) | |
| May 05, 2026 | 2026 (Q1) | 1.251.38 | 0.94 | 47.33% (+0.44) | |
| Feb 03, 2026 | 2025 (Q4) | 0.740.79 | 0.89 | -12.00% (-0.11) | |
| Nov 05, 2025 | 2025 (Q3) | 0.821.06 | 1.06 | 0.00% (+0.00) | |
| Aug 05, 2025 | 2025 (Q2) | 0.530.51 | 0.91 | -44.09% (-0.40) | |
| May 06, 2025 | 2025 (Q1) | 0.890.94 | 1.01 | -7.09% (-0.07) | |
| Feb 05, 2025 | 2024 (Q4) | 0.830.89 | 0.9 | -0.79% (-0.01) | |
| Nov 12, 2024 | 2024 (Q3) | 0.801.06 | 1.09 | -2.63% (-0.03) |
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
