Suncor dividend
Suncor paid C$5,938 million in dividends and buybacks in 2025, or 95.2% of free cash flow. That left little free cash flow unspent, so coverage was tight.
How much does Suncor pay per share?
The base dividend remains C$2.40 per share in 2027, then rises to C$2.52 in 2028 and C$2.64 in 2029. The path starts from the declared C$0.60 quarterly dividend and applies measured growth, while the bear case eventually cuts annual DPS to C$1.92 and the bull case raises it to C$3.00.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Funds flow per share | 10.49 | 10.87 | 10.19 | 13.05 | 6.89 |
| Free cash flow per share | 5.11 | 7.06 | 4.64 | 7.36 | 4.62 |
| − Dividends paid, per share | 2.30 | 2.20 | 2.10 | 1.87 | 1.04 |
| − Share buybacks, per share | 2.56 | 2.28 | 1.70 | 3.69 | 1.55 |
| = FCF not paid out, per share | 0.23 | 2.57 | 0.82 | 1.79 | 2.03 |
Is Suncor's dividend covered by its cash?
In 2025, dividends and buybacks returned C$5,938 million, or 95.2% of free cash flow. A buyback reduces the number of shares, increasing each remaining share’s ownership fraction. But its value depends on the price paid and the cash the business later earns. Suncor also cut its quarterly dividend by 55% during the 2020 crisis, showing that distributions can be flexible.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 6,235 | 9,006 | 6,077 | 10,231 | 6,884 |
| − Dividends paid | 2,809 | 2,803 | 2,749 | 2,596 | 1,550 |
| − Share buybacks | 3,129 | 2,908 | 2,233 | 5,135 | 2,304 |
| = Free cash flow not paid out | 280 | 3,279 | 1,079 | 2,491 | 3,021 |
| Paid to shareholders | 5,938 | 5,711 | 4,982 | 7,731 | 3,854 |
| Paid out, % of free cash flow | 95.2% | 63.4% | 82.0% | 75.6% | 56.0% |
What could change Suncor's dividend?
The bear case slows repurchases if cash weakens; the bull case sustains the full announced pace. That distinction matters because the pace is discretionary and the 2020 crisis showed that shareholder distributions can change.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 13,664 (4,810 / 20,190) | 16,127 (7,595 / 23,195) | 16,936 (8,836 / 25,586) |
| Shares (millions) | 1,104 (1,121 / 1,079) | 1,056 (1,096 / 1,014) | 1,013 (1,073 / 959) |
| Dividends per share | 2.40 (2.40 / 2.52) | 2.52 (1.92 / 2.76) | 2.64 (1.92 / 3.00) |
| Enterprise value to ebitda | 6.00 (4.50 / 7.00) | 6.20 (4.80 / 7.40) | 6.30 (5.00 / 7.80) |
| Net debt | 7,062 (11,402 / 4,237) | 9,003 (15,191 / 3,021) | 10,356 (18,004 / 88.00) |
What is Suncor's dividend yield today?
Equity value is what shareholders collectively own. Enterprise value is a rough measure of the operating business’s value to both shareholders and lenders, like a house’s value before subtracting its mortgage. On October 13, 2026, Suncor’s equity value was C$120,519 million and its enterprise value was C$125,000 million. The difference is a valuation snapshot, not a complete list of liabilities; Suncor reported about C$4.5 billion of net debt at June 30, 2026.