Imperial Oil

Q2 FY2026 EarningsQ2 FY2026 results demonstrated a strong earnings beat despite revenue being essentially in-line with consensus. Diluted GAAP EPS of $4.52 exceeded the $4.31 mean estimate, driven by robust upstream price realizations and a significantly lower-than-expected effective tax rate of 23.4% vs. the 27.7% forecast. Cash flow from operations of $2,704M outperformed the $2,514M consensus by 7.6%. However, management revised full-year downstream throughput guidance lower to 370k–380k bpd, citing unplanned downtime and rail logistics challenges at the Strathcona refinery.