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

Companies in Canada with the highest operating cash flow

Operating cash flow is the cash the business itself produced over the year, before anything is spent on new assets or paid out to lenders and shareholders. It strips out the non-cash charges that separate profit from cash. 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 1–93 of 93 · Fiscal year 2025 · Data as of September 25, 2026

Royal Bank of Canada (RY) tops the list with $39.5B in operating cash flow for fiscal 2025, ahead of Manulife Financial ($23.0B) and Brookfield ($11.0B). The top 10 together report $131B in operating cash flow; the gap between #1 and #10 is ×6.71. 93 companies in Canada report operating cash flow, 3.7% of the 2517-filer universe. The last place on the list, Birks Group, comes in at $121,679.

Operating cash flow
#CompanyOperating cash flowYoY15-year trend
1Royal Bank of CanadaRYCAFinancials$39.5B+133.9%
2Manulife FinancialMFCCAFinancials$23.0B+18.8%
3BrookfieldBNCAReal estate$11.0B+44.8%
4Canadian Natural ResourcesCNQCAEnergy$10.8B+10.6%
5Canadian Imperial Bank of CommerceCMCAFinancials$9.9B+22.3%
6EnbridgeENBCAEnergy$8.8B−4.6%
7Barrick MiningBCAMaterials$7.7B+71.2%
8Bank of MontrealBMOCAFinancials$7.3B−62.4%
9Agnico Eagle MinesAEMCAMaterials$6.8B+72.1%
10Cenovus EnergyCVECAEnergy$5.9B−12.7%
11TC EnergyTRPCAUtilities$5.3B−6.4%
12Canadian National RailwayCNICAIndustrials$5.0B+3.1%
13BceBCECACommunication services$5.0B−1.9%
14Imperial OilIMOCAEnergy$4.8B+9.9%
15Rogers CommunicationsRCICACommunication services$4.3B+4.5%
16NutrienNTRCAMaterials$4.0B+13.4%
17Bank of Nova ScotiaBNSCAFinancials$3.9B−66.1%
18Canadian Pacific Kansas CityCPCAIndustrials$3.8B−1.2%
19Kinross GoldKGCCAMaterials$3.8B+53.7%
20Magna InternationalMGACAConsumer discretionary$3.6B−1.0%
21TelusTUCACommunication services$3.5B−1.6%
22FortisFTSCAUtilities$2.9B+2.6%
23Thomson ReutersTRICACommunication services$2.7B+7.9%
24Waste ConnectionsWCNCAUtilities$2.4B+8.3%
25Pembina PipelinePBACAEnergy$2.4B+0.7%
26ShopifySHOPCATechnology$2.0B+25.8%
27Sun Life FinancialSLFCAFinancials$2.0B+8.3%
28Hydro OneHRNNFCAUtilities$1.9B+4.2%
29Wheaton Precious MetalsWPMCAMaterials$1.9B+85.4%
30Lululemon AthleticaLULUCAConsumer discretionary$1.6B−29.5%
31Franco NevadaFNVCAMaterials$1.5B+80.1%
32Bausch Health CompaniesBHCCAHealthcare$1.4B−12.3%
33Pan American SilverPAASCAMaterials$1.3B+84.1%
34EmeraEMACAUtilities$1.3B−33.3%
35IamgoldIAGCAMaterials$1.1B+135.1%
36Baytex EnergyBTECAEnergy$1.1B−23.7%
37Teck ResourcesTECKCAMaterials$1.1B−48.0%
38MethanexMEOHCAMaterials$1.0B+37.8%
39CamecoCCJCAMaterials$1.0B+52.5%
40RB GlobalRBACATechnology$978M+5.0%
41Tfi InternationalTFIICAIndustrials$978M−8.0%
42BRPDOOCAIndustrials$868M+72.7%
43Open TextOTEXCATechnology$831M−14.2%
44Equinox GoldEQXCAMaterials$818M+119.9%
45Alamos GoldAGICAMaterials$795M+20.3%
46South BowSOBOCAEnergy$717M+35.5%
47Hudbay MineralsHBMCAMaterials$707M+6.2%
48Vermilion EnergyVETCAEnergy$707M−6.9%
49CelesticaCLSCATechnology$660M+39.2%
50StantecSTNCAIndustrials$618M+40.2%
51Gildan ActivewearGILCAConsumer discretionary$606M+20.9%
52Algonquin Power & UtilitiesAQNCAUtilities$594M+23.2%
53First Majestic SilverAGCAMaterials$526M+246.1%
54Allied GoldAAUCCAMaterials$514M+363.8%
55TransaltaTACCAUtilities$462M−20.5%
56FirstserviceFSVCAReal estate$446M+56.1%
57Eldorado GoldEGOCAMaterials$426M+156.7%
58Ero CopperEROCAMaterials$395M+171.7%
59Aris MiningARISCAMaterials$373M+164.1%
60Fortuna MiningFSMCAMaterials$366M+23.2%
61Boyd Group ServicesBGSICAConsumer discretionary$353M+12.7%
62EnerflexEFXTCAIndustrials$345M+6.5%
63Colliers InternationalCIGICAReal estate$330M+1.3%
64Gran Tierra EnergyGTECAEnergy$313M+30.9%
65Triple Flag Precious MetalsTFPMCAFinancials$313M+46.5%
66Precision DrillingPDSCAEnergy$296M−16.1%
67Bausch & LombBLCOCAHealthcare$283M+22.0%
68Descartes SystemsDSGXCATechnology$266M+21.4%
69Or RoyaltiesORCAMaterials$246M+53.6%
70North American ConstructionNOACAEnergy$189M+7.3%
71Obsidian EnergyOBECAEnergy$172M−35.1%
72Galiano GoldGAUCAMaterials$158M+183.4%
73Trekor MetalsTGBCAMaterials$157M−7.5%
74Aurinia PharmaceuticalsAUPHCAHealthcare$136M+205.6%
75ImaxIMAXCAConsumer discretionary$127M+79.4%
76SprottSIICAFinancials$97.7M+41.3%
77Greenfire ResourcesGFRCAEnergy$97.7M−7.5%
78West Fraser TimberWFGCAIndustrials$96.0M−85.5%
79Integra ResourcesITRGCAMaterials$72.3M+$82.3M
80Endeavour SilverEXKCAMaterials$67.4M+252.9%
81Hive Digital TechnologiesHIVECAFinancials$62.3M+274.8%
82SNDLSNDLCAHealthcare$50.8M+26.6%
83BlackberryBBCATechnology$50.3M+204.8%
84TelesatTSATCACommunication services$47.7M+4.7%
85DoceboDCBOCATechnology$28.2M−3.7%
86Cronos GroupCRONCAHealthcare$25.9M+37.3%
87Lionsgate StudiosLIONCACommunication services$24.8M+$191M
88TerrascendTSNDFCAConsumer staples$21.5M−43.3%
89High TideHITICAConsumer discretionary$17.1M−34.2%
90Mercer InternationalMERCCAMaterials$8.6M−90.5%
91McewenMUXCAMaterials$6.9M−76.7%
92Ianthus CapitalITHUFCAConsumer staples$3.1M−74.9%
93Birks GroupBGICFCAConsumer discretionary$121,679+$2.0M

All figures from SEC filings · FY2025 · 93

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

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CompaniesRanked. (September 25, 2026). Companies in Canada with the highest operating cash flow. CompaniesRanked. https://companiesranked.com/en/companies-with-the-highest-operating-cash-flow-in-canada

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@misc{companiesranked-en-companies-with-the-highest-operating-cash-flow-in-canada-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in Canada with the highest operating cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-operating-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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