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

Largest companies in Canada by operating income

Operating income is profit from the core business before interest and tax. It strips out financing decisions, so it compares operations rather than balance sheets. 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 1–66 of 66 · Fiscal year 2025 · Data as of September 25, 2026

Enbridge (ENB) tops the list with $7.8B in operating income for fiscal 2025, ahead of Rogers Communications ($7.0B) and TC Energy ($5.8B). The top 10 together report $44.7B in operating income; the gap between #1 and #10 is ×3.14. 66 companies in Canada report operating income, 3.1% of the 2135-filer universe. The last place on the list, Birks Group, comes in at $2.2M.

Operating income
#CompanyOperating incomeYoY15-year trend
1EnbridgeENBCAEnergy$7.8B+11.3%
2Rogers CommunicationsRCICACommunication services$7.0B+0.1%
3TC EnergyTRPCAUtilities$5.8B−1.1%
4Canadian National RailwayCNICAIndustrials$4.7B+3.3%
5Canadian Pacific Kansas CityCPCAIndustrials$4.0B+6.1%
6NutrienNTRCAMaterials$3.7B+101.3%
7Kinross GoldKGCCAMaterials$3.3B+112.8%
8Imperial OilIMOCAEnergy$3.1B−33.0%
9Agnico Eagle MinesAEMCAMaterials$2.8B+42.6%
10FortisFTSCAUtilities$2.5B+4.0%
11Lululemon AthleticaLULUCAConsumer discretionary$2.2B−11.8%
12Thomson ReutersTRICACommunication services$2.1B+1.1%
13Pembina PipelinePBACAEnergy$2.0B+20.7%
14Bausch Health CompaniesBHCCAHealthcare$1.8B+17.3%
15Waste ConnectionsWCNCAUtilities$1.7B+60.2%
16TelusTUCACommunication services$1.7B−17.4%
17Teck ResourcesTECKCAMaterials$1.6B+$1.6B
18Hydro OneHRNNFCAUtilities$1.6B+11.5%
19Wheaton Precious MetalsWPMCAMaterials$1.6B+154.8%
20ShopifySHOPCATechnology$1.5B+36.6%
21EmeraEMACAUtilities$1.4B+79.2%
22Franco NevadaFNVCAMaterials$1.4B+86.4%
23Magna InternationalMGACAConsumer discretionary$1.3B−15.2%
24Pan American SilverPAASCAMaterials$1.2B+132.2%
25Alamos GoldAGICAMaterials$1.1B+95.3%
26IamgoldIAGCAMaterials$1.1B+15.8%
27CelesticaCLSCATechnology$1.0B+73.7%
28Hudbay MineralsHBMCAMaterials$917M+129.0%
29Open TextOTEXCATechnology$893M+0.6%
30Eldorado GoldEGOCAMaterials$727M+73.4%
31RB GlobalRBACATechnology$713M−6.3%
32Gildan ActivewearGILCAConsumer discretionary$620M+0.3%
33Tfi InternationalTFIICAIndustrials$565M−21.4%
34Algonquin Power & UtilitiesAQNCAUtilities$505M+13.1%
35South BowSOBOCAEnergy$497M−54.4%
36Precision DrillingPDSCAEnergy$453M+89.0%
37CamecoCCJCAMaterials$442M+18.8%
38Equinox GoldEQXCAMaterials$432M+185.0%
39MethanexMEOHCAMaterials$431M+19.1%
40Fortuna MiningFSMCAMaterials$408M+161.5%
41First Majestic SilverAGCAMaterials$397M+$401M
42Colliers InternationalCIGICAReal estate$371M−4.7%
43Aris MiningARISCAMaterials$359M+206.0%
44FirstserviceFSVCAReal estate$338M+0.2%
45EnerflexEFXTCAIndustrials$306M+76.9%
46BRPDOOCAIndustrials$286M−29.4%
47Ero CopperEROCAMaterials$271M+148.4%
48Triple Flag Precious MetalsTFPMCAFinancials$221M+$239M
49Descartes SystemsDSGXCATechnology$210M+15.9%
50Or RoyaltiesORCAMaterials$197M+151.2%
51Bausch & LombBLCOCAHealthcare$113M−30.2%
52Aurinia PharmaceuticalsAUPHCAHealthcare$105M+$110M
53TransaltaTACCAUtilities$100M−76.5%
54Lionsgate StudiosLIONCACommunication services$97.1M+$115M
55ImaxIMAXCAConsumer discretionary$84.2M+92.0%
56North American ConstructionNOACAEnergy$78.1M−30.2%
57Integra ResourcesITRGCAMaterials$67.4M+$84.0M
58BlackberryBBCATechnology$48.3M+5,937.5%
59Canadian SolarCSIQCATechnology$43.2M+$73.2M
60TerrascendTSNDFCAConsumer staples$42.0M+8.0%
61Galiano GoldGAUCAMaterials$36.5M+78.4%
62Endeavour SilverEXKCAMaterials$35.7M+330.1%
63DoceboDCBOCATechnology$23.2M+9.1%
64Trekor MetalsTGBCAMaterials$14.3M−81.2%
65McewenMUXCAMaterials$2.7M+$53.2M
66Birks GroupBGICFCAConsumer discretionary$2.2M+$7.8M

All figures from SEC filings · FY2025 · 66

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{{cite web |title=Largest companies in Canada by operating income |url=https://companiesranked.com/en/largest-companies-in-canada-by-operating-income |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-largest-companies-in-canada-by-operating-income-2026,
  author       = {{CompaniesRanked}},
  title        = {{Largest companies in Canada by operating income}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/largest-companies-in-canada-by-operating-income}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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