Imperial Oil Limited

TSX:IMO Stock Report

Market Cap: CA$88.9b

Imperial Oil Future Growth

Future criteria checks 2/6

Imperial Oil is forecast to grow earnings and revenue by 5.3% and 1.1% per annum respectively. EPS is expected to grow by 8.1% per annum. Return on equity is forecast to be 20.1% in 3 years.

Key information

5.3%

Earnings growth rate

8.11%

EPS growth rate

Oil and Gas earnings growth10.1%
Revenue growth rate1.1%
Future return on equity20.09%
Analyst coverage

Good

Last updated21 May 2026

Recent future growth updates

Analysis Article • May 07

Imperial Oil Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Imperial Oil Limited ( TSE:IMO ) missed earnings with its latest quarterly results, disappointing overly-optimistic...

Recent updates

Narrative Update • May 21

IMO: Future Cash Returns Will Rely On Execution And Production Discipline

Imperial Oil's updated analyst price target edges slightly lower to about CA$205 from roughly CA$205.25. This reflects a modest recalibration as analysts weigh a series of recent target hikes from several firms against more cautious views tied to valuation and fundamentals.
Analysis Article • May 11

We Think You Can Look Beyond Imperial Oil's (TSE:IMO) Lackluster Earnings

Shareholders appeared unconcerned with Imperial Oil Limited's ( TSE:IMO ) lackluster earnings report last week. We...
Analysis Article • May 07

Imperial Oil Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Imperial Oil Limited ( TSE:IMO ) missed earnings with its latest quarterly results, disappointing overly-optimistic...
Narrative Update • May 06

IMO: Future Cash Returns Will Depend On Execution And Cash Discipline

Analysts have raised their fair value estimate for Imperial Oil by about CA$55 to CA$205.25, citing a higher assumed revenue growth rate, a slightly higher discount rate, a modestly lower profit margin, and a marginally reduced future P/E expectation. Analyst Commentary Recent Street research shows a cluster of higher price targets for Imperial Oil, with several bullish analysts adjusting their fair value assumptions upward in fairly quick succession.
Narrative Update • Apr 20

IMO: Future Returns Will Depend On Stretch P/E Holding After Outperformance

Imperial Oil's fair value estimate has been raised to CA$118 from CA$98 as analysts update their price targets and P/E expectations in light of recent research that revisits the stock's valuation against company fundamentals. Analyst Commentary Recent research on Imperial Oil reflects a mixed picture, with several firms lifting their price targets while others highlight valuation risks and potential downside relative to peers.
Narrative Update • Apr 06

IMO: Future Returns Will Likely Weaken As Valuation Disconnect Risk Persists

Narrative Update The updated analyst price target for Imperial Oil rises to CA$132.81 from CA$116.65. This reflects analysts' recent target increases from several firms who highlight revised fair value assumptions, higher modeled revenue growth and slightly adjusted profit margin and P/E expectations.
Narrative Update • Mar 22

IMO: Limited Margin For Error Will Pressure Returns After Outperformance

Analysts have raised the fair value estimate for Imperial Oil by CA$6 to CA$98, citing recent target moves around CA$110 to CA$116, a shift to an Underperform view from some firms, updated assumptions for a higher discount rate, softer revenue growth, improved profit margin, and a slightly lower future P/E. Analyst Commentary Recent research on Imperial Oil highlights a mix of higher price targets and more cautious ratings, with some firms flagging valuation and return risks even as target prices cluster in the CA$110 to CA$116 range.
Narrative Update • Mar 07

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.
Narrative Update • Feb 21

IMO: Future Returns Will Likely Weaken As Execution Risks Persist

Narrative Update: Imperial Oil Analyst Price Target Analysts have adjusted their implied fair value for Imperial Oil to about CA$116.65, a change of roughly CA$1.24. They cite updated assumptions around revenue growth and future P/E expectations reflected in recent Street research, including price target revisions.
Narrative Update • Feb 07

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
Analysis Article • Feb 03

Imperial Oil (TSE:IMO) Is Increasing Its Dividend To CA$0.87

Imperial Oil Limited ( TSE:IMO ) has announced that it will be increasing its dividend from last year's comparable...
Narrative Update • Jan 23

IMO: Future Margin Delivery Concerns Will Constrain Upside After Production Guidance

Analysts have raised their fair value estimate for Imperial Oil to $92.00 from $82.39, reflecting updated price targets across the Street as firms incorporate new 2025 guidance, early 2026 commentary, and revisions to future P/E and margin expectations. Analyst Commentary Street research on Imperial Oil has been active, with several firms updating their price targets as they fold in new 2025 guidance and preliminary 2026 commentary.
Narrative Update • Jan 08

IMO: Future Returns Will Likely Hinge On Execution Versus C$113 Fair Value

Narrative Update Our updated fair value estimate for Imperial Oil moves slightly to $113.00, reflecting recent analyst price target revisions in the C$101 to C$118 range as they incorporate updated 2025 guidance, early 2026 commentary, and modest tweaks to long term margin and P/E assumptions. Analyst Commentary Recent research on Imperial Oil clusters around price targets between C$101 and C$118, with ratings spanning from Sell to Sector Perform and Underperformer.
Analysis Article • Jan 03

Imperial Oil Limited's (TSE:IMO) Popularity With Investors Is Under Threat From Overpricing

It's not a stretch to say that Imperial Oil Limited's ( TSE:IMO ) price-to-earnings (or "P/E") ratio of 15.2x right now...
Narrative Update • Dec 23

IMO: Centralized Operations And Cost Cuts Will Support Durable Cash Returns

Our analyst price target for Imperial Oil has risen modestly in line with recent Street revisions, with multiple firms nudging targets higher by C$1 to C$7 as analysts factor in updated 2025 and early 2026 guidance, improved growth and margin expectations, and the company’s strong balance sheet and shareholder return profile. Analyst Commentary Bullish analysts highlight that recent price target increases reflect growing confidence in Imperial Oil’s ability to execute on its updated 2025 plan and early 2026 guidance.
Narrative Update • Dec 09

IMO: Future Returns Will Likely Disappoint As Workforce Faces 20% Cuts

Imperial Oil's fair value estimate in our model has edged higher to approximately C$113.06 from C$112.94. This reflects analysts' modestly increased price targets across the Street as they factor in updated 2025 guidance, early 2026 outlook commentary, and the company's balance sheet strength and shareholder return commitments.
Narrative Update • Nov 25

IMO: Workforce Will Face 20% Cuts Amid Challenging Operating Environment

Imperial Oil’s analyst price target has risen modestly, increasing from C$112.06 to C$112.94. Analysts cite updated guidance, improving profit margin expectations, and resilient capital management as key supporting factors.
Narrative Update • Nov 07

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.
Narrative Update • Oct 24

Operational Restructuring And Workforce Cuts Will Shape Energy Sector Execution

Imperial Oil's analyst price target has been increased by approximately C$1.59 to C$111.35. This reflects positive updates from analysts citing the company's strong balance sheet and commitments to shareholder returns, despite some rating downgrades in recent research.
Narrative Update • Oct 10

Kearl, Cold Lake And Strathcona Will Drive Future Operational Gains

Analysts have modestly increased their price target for Imperial Oil, raising it from C$108.29 to C$109.76. This adjustment is attributed to factors such as improved revenue growth estimates, a lower discount rate, and a strengthened financial outlook.
Narrative Update • Sep 26

Kearl, Cold Lake And Strathcona Will Drive Future Operational Gains

The consensus analyst price target for Imperial Oil was modestly raised to CA$108.29, as analysts cite the company’s strong balance sheet, low break-even costs, and reliable shareholder returns as key strengths supporting both growth and resilience. Analyst Commentary Bullish analysts highlight Imperial Oil's strong balance sheet, positioning the company to withstand market volatility and pursue growth opportunities.
Narrative Update • Sep 04

Kearl, Cold Lake And Strathcona Will Drive Future Operational Gains

Imperial Oil's fair value metrics, including consensus price target and future P/E ratio, remained essentially unchanged this period, with only marginal increases leading to a slight upward revision in the price target to CA$106.88. What's in the News Imperial Oil reported Q2 gross oil-equivalent production of 427,000 barrels per day, up from 404,000 barrels a year ago; net oil-equivalent production rose to 382,000 barrels per day from 340,000 barrels per day.
Analysis Article • Aug 07

Imperial Oil Limited Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

TSX:IMO 1 Year Share Price vs Fair Value Explore Imperial Oil's Fair Values from the Community and select yours Last...
Analysis Article • Jul 21

Investors Will Want Imperial Oil's (TSE:IMO) Growth In ROCE To Persist

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to...
Analysis Article • Jul 01

Imperial Oil Limited's (TSE:IMO) Earnings Are Not Doing Enough For Some Investors

With a price-to-earnings (or "P/E") ratio of 11.3x Imperial Oil Limited ( TSE:IMO ) may be sending bullish signals at...
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New Narrative • Nov 07

Expanding Horizons With Digital Innovation And New Ventures Boosts Growth Potential

Record production levels and reduced costs are boosting upstream revenue and margins through efficient operations and higher output.

Earnings and Revenue Growth Forecasts

TSX:IMO - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202856,2144,5035,0787,1714
12/31/202758,6354,6385,8147,8457
12/31/202661,7386,8646,4359,0526
3/31/202646,8682,9203,8555,937N/A
12/31/202546,9183,2684,7036,708N/A
9/30/202548,2154,0014,7836,579N/A
6/30/202549,4364,6994,4906,268N/A
3/31/202551,5764,8834,6646,432N/A
12/31/202451,3594,7904,1145,981N/A
9/30/202451,8204,9303,5895,503N/A
6/30/202452,4785,2944,5606,375N/A
3/31/202450,8944,8363,7785,631N/A
12/31/202350,7024,8891,9493,734N/A
9/30/202352,0945,2513,4135,220N/A
6/30/202353,2925,6814,1335,950N/A
3/31/202358,8137,4156,0967,747N/A
12/31/202259,4137,3408,95610,482N/A
9/30/202257,3086,4267,8599,317N/A
6/30/202252,4515,3036,8388,175N/A
3/31/202243,1733,2605,1006,345N/A
12/31/202137,5082,4794,3685,476N/A
9/30/202131,2305203,2654,160N/A
6/30/202126,953-3852,3273,088N/A
3/31/202122,612-1,2776951,420N/A
12/31/202022,284-1,857-70798N/A
9/30/202024,389-4404551,506N/A
6/30/202027,139-196812,007N/A
3/31/202032,7011,7192,3343,849N/A
12/31/201934,0022,200N/A4,429N/A
9/30/201933,7312,782N/A4,276N/A
6/30/201934,7413,107N/A4,107N/A
3/31/201935,0292,091N/A3,940N/A
12/31/201834,9642,314N/A3,922N/A
9/30/201834,7411,324N/A4,131N/A
6/30/201831,740946N/A3,761N/A
3/31/201828,788673N/A3,394N/A
12/31/201729,125490N/A2,763N/A
9/30/201726,4932,071N/A2,434N/A
6/30/201725,9312,703N/A2,369N/A
3/31/201725,1772,599N/A2,320N/A
12/31/201623,3992,165N/A2,015N/A
9/30/201622,545823N/A1,669N/A
6/30/201623,106299N/A2,001N/A
3/31/201624,181600N/A1,935N/A
12/31/201525,1881,122N/A2,167N/A
9/30/201526,9701,691N/A2,853N/A
6/30/201529,5042,148N/A2,979N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMO's forecast earnings growth (5.3% per year) is above the savings rate (3%).

Earnings vs Market: IMO's earnings (5.3% per year) are forecast to grow slower than the Canadian market (10.7% per year).

High Growth Earnings: IMO's earnings are forecast to grow, but not significantly.

Revenue vs Market: IMO's revenue (1.1% per year) is forecast to grow slower than the Canadian market (4.5% per year).

High Growth Revenue: IMO's revenue (1.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IMO's Return on Equity is forecast to be high in 3 years time (20.1%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/21 05:00
End of Day Share Price 2026/05/21 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Imperial Oil Limited is covered by 31 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Patrick O'RourkeATB Cormark
Yim ChengBarclays