California Resources (CRC) FY2025 results: revenue $3.7 billion, up 14.7% on the year
California Resources Corp. (CRC) reported revenue of $3.7 billion for fiscal 2025, the year ended 31 December 2025, up 14.7% on the year before. Net income was $363 million, down 3.5%, and diluted earnings per share $4.15. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$3.7 billion
+14.7% on the year
FY2018FY2025
Operating margin
16.3%
19.4% a year earlier
FY2018FY2025
Net income
$363 million
-3.5% on the year
FY2018FY2025
Diluted EPS
$4.15
-10.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
Additional $250 million notes offered: CRC intends to offer $250 million of 7.000% senior unsecured notes due 2034 to eligible purchasers, subject to market and other conditions.
Offered under existing indenture: The notes are additional notes under the October 8, 2025 indenture, under which $400 million of 7.000% notes were issued earlier.
Proceeds to redeem 2029 notes: Net proceeds, plus cash on hand and/or revolver borrowings, are intended to fund redemption of $250 million of 8.250% notes due 2029.
Redemption conditional on offering: The 2029 notes redemption is expected to be conditioned on completion of the offering.
Special redemption if merger lapses: The earlier notes carry a special mandatory redemption if the Berry Merger does not close by March 14, 2026, extendable by up to two three-month periods.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
865
610
653
+41.8%
Capital expenditure
322
255
185
+26.3%
Free cash flow
543
355
468
+53.0%
Free cash flow margin
14.8%
11.1%
16.7%
Cash from investing
-725
-1,077
-175
Cash from financing
-380
343
-289
Depreciation and amortisation
511
388
225
+31.7%
Share-based compensation
39.0
40.0
48.0
-2.5%
Buybacks
377
192
143
+96.4%
Dividends paid
136
113
81.0
+20.4%
Dividend per share
$1.57
$1.40
$1.16
+12.4%
Diluted shares, weighted
87m
81m
72m
+7.4%
Shares outstanding at period end
89m
91m
69m
-2.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,674
3,538
2,219
+3.8%
Debt
1,283
1,132
540
+13.3%
Operating lease liabilities
61.0
76.0
55.0
-19.7%
Finance lease liabilities
1.0
2.0
0.0
-50.0%
Other liabilities
2,384
2,387
1,184
-0.1%
Total liabilities and equity
7,403
7,135
3,998
+3.8%
Cash and equivalents
132
372
496
-64.5%
Receivables
333
330
216
+0.9%
Inventory
106
90.0
72.0
+17.8%
Other assets
6,832
6,343
3,214
+7.7%
Total assets
7,403
7,135
3,998
+3.8%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.