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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Companies in Canada with the highest free cash flow

Free cash flow is operating cash flow minus capital expenditure: what is left once the company has paid to maintain and expand its asset base. We calculate it from two lines in the same filing, and a company is only ranked here if it reported both. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–62 of 62 · Fiscal year 2025 · Data as of September 25, 2026

Canadian Natural Resources (CNQ) tops the list with $7.6B in free cash flow for fiscal 2025, ahead of Bank of Montreal ($6.7B) and Cenovus Energy ($5.3B). The top 10 together report $40.9B in free cash flow; the gap between #1 and #10 is ×3.22. 62 companies in Canada report free cash flow, 3.0% of the 2084-filer universe. The last place on the list, Cronos Group, comes in at $149,000.

Free cash flow
#CompanyFree cash flowYoY15-year trend
1Canadian Natural ResourcesCNQCAEnergy$7.6B+121.5%
2Bank of MontrealBMOCAFinancials$6.7B+100.7%
3Cenovus EnergyCVECAEnergy$5.3B−$2.0B
4Agnico Eagle MinesAEMCAMaterials$4.4B+105.3%
5Barrick MiningBCAMaterials$3.9B+193.7%
6Imperial OilIMOCAEnergy$3.4B+12.0%
7Kinross GoldKGCCAMaterials$2.6B+87.2%
8Canadian National RailwayCNICAIndustrials$2.4B+5.5%
9EnbridgeENBCAEnergy$2.4B−45.1%
10BceBCECACommunication services$2.4B+4.4%
11Magna InternationalMGACAConsumer discretionary$2.3B+56.9%
12NutrienNTRCAMaterials$2.1B+40.7%
13Thomson ReutersTRICACommunication services$2.0B+9.0%
14ShopifySHOPCATechnology$2.0B+25.7%
15Sun Life FinancialSLFCAFinancials$1.9B+8.9%
16Canadian Pacific Kansas CityCPCAIndustrials$1.6B−11.5%
17Rogers CommunicationsRCICACommunication services$1.6B+36.2%
18TelusTUCACommunication services$1.5B−5.1%
19Franco NevadaFNVCAMaterials$1.5B+79.8%
20Waste ConnectionsWCNCAUtilities$1.2B+5.3%
21Pan American SilverPAASCAMaterials$1.0B+154.1%
22Bausch Health CompaniesBHCCAHealthcare$1.0B−20.4%
23Lululemon AthleticaLULUCAConsumer discretionary$922M−41.8%
24MethanexMEOHCAMaterials$917M+44.1%
25IamgoldIAGCAMaterials$849M+$922M
26CamecoCCJCAMaterials$770M+51.9%
27RB GlobalRBACATechnology$719M−5.9%
28Tfi InternationalTFIICAIndustrials$705M+5.2%
29Open TextOTEXCATechnology$687M−15.0%
30BRPDOOCAIndustrials$655M+207.5%
31South BowSOBOCAEnergy$576M−47.0%
32StantecSTNCAIndustrials$565M−35.3%
33Gildan ActivewearGILCAConsumer discretionary$500M+40.4%
34First Majestic SilverAGCAMaterials$464M+251.6%
35CelesticaCLSCATechnology$458M+51.3%
36EnerflexEFXTCAIndustrials$326M+5.8%
37FirstserviceFSVCAReal estate$318M+84.1%
38Boyd Group ServicesBGSICAConsumer discretionary$299M+26.6%
39Alamos GoldAGICAMaterials$288M+18.4%
40TransaltaTACCAUtilities$284M−19.8%
41Descartes SystemsDSGXCATechnology$261M+22.6%
42Colliers InternationalCIGICAReal estate$251M−3.6%
43Or RoyaltiesORCAMaterials$246M—
44Hudbay MineralsHBMCAMaterials$241M−24.6%
45Trekor MetalsTGBCAMaterials$135M+82.9%
46Ero CopperEROCAMaterials$132M+$316M
47Aris MiningARISCAMaterials$129M+$169M
48Equinox GoldEQXCAMaterials$126M+$166M
49ImaxIMAXCAConsumer discretionary$119M+90.5%
50Precision DrillingPDSCAEnergy$107M−44.8%
51Allied GoldAAUCCAMaterials$106M+$174M
52SprottSIICAFinancials$95.8M+42.4%
53BlackberryBBCATechnology$46.5M+247.0%
54Galiano GoldGAUCAMaterials$43.1M+$54.2M
55SNDLSNDLCAHealthcare$41.6M+23.0%
56DoceboDCBOCATechnology$27.2M−2.9%
57Integra ResourcesITRGCAMaterials$25.1M+$38.5M
58Greenfire ResourcesGFRCAEnergy$17.7M−57.6%
59TerrascendTSNDFCAConsumer staples$12.9M−58.5%
60Lionsgate StudiosLIONCACommunication services$11.4M+$191M
61High TideHITICAConsumer discretionary$9.9M−50.6%
62Cronos GroupCRONCAHealthcare$149,000−97.7%

All figures from SEC filings · FY2025 · 62

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{{cite web |title=Companies in Canada with the highest free cash flow |url=https://companiesranked.com/en/companies-with-the-highest-free-cash-flow-in-canada |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-companies-with-the-highest-free-cash-flow-in-canada-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in Canada with the highest free cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-free-cash-flow-in-canada}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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