California Resources (CRC) Q2 FY2026 earnings: revenue $1.3 billion, up 32.6% on the year

California Resources Corp. (CRC) reported revenue of $1.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 32.6% on the same quarter a year earlier. Net income was $514 million, up 198.8% on the year, and diluted earnings per share $5.76. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$1.3 billionup 32.6%

Net income$514 millionup 198.8%

Diluted EPS$5.76

QuarterQ2 FY2026ended 30 June 2026

What management said

Guidance figures: 2 lowered, 4 new, 1 kept.

Berry merger synergies exceeded target ahead of schedule: CRC implemented more than 100% of its annual Berry merger synergy target, achieving $103 million of annualized savings six months ahead of the original schedule, strengthening confidence in operational performance into 2027 and beyond.
Ability to maintain production with fewer resources: Operational efficiencies across the portfolio enable CRC to maintain flat California production with fewer drilling rigs and reduced maintenance capital, creating both operational and financial momentum.
Carbon TerraVault I achieved operational status: Carbon TerraVault I, California's inaugural carbon capture and storage project, achieved first CO2 injection and began generating revenue, demonstrating operational and commercial viability of the CCS portfolio.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	1,297	119	978	+32.6%
Selling, general and administrative	97.0	106	79.0	+22.8%
Operating income	511	-711	267	+91.4%
Operating margin	39.4%	-597.5%	27.3%
Interest expense	28.0	29.0	25.0	+12.0%
Pre-tax income	458	-760	242	+89.3%
Income tax	-56.0	-49.0	70.0	n/a
Effective tax rate	-12.2%	n/a	28.9%
Net income	514	-711	172	+198.8%
Net margin	39.6%	-597.5%	17.6%
Diluted EPS	$5.76	-$8.02	$1.92	+200.0%

$ million except per share.

Free 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 and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	263	99.0	165	+59.4%
Capital expenditure	149	131	56.0	+166.1%
Free cash flow	114	-32.0	109	+4.6%
Free cash flow margin	8.8%	-26.9%	11.1%
Cash from investing	-153	-136	-51.0	n/a
Cash from financing	-94.0	-55.0	-256	n/a
Depreciation and amortisation	131	133	128	+2.3%
Buybacks	0.0	10.0	217	n/a
Dividends paid	36.0	36.0	35.0	+2.9%
Dividend per share	$0.41	$0.41	$0.39	+4.5%
Diluted shares, weighted	89m	89m	89m	-0.1%
Shares outstanding at period end	89m	89m	84m	+6.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	3,402	2,918	3,407	-0.1%
Debt	1,281	1,310	1,010	+26.8%
Operating lease liabilities	53.0	55.0	60.0	-11.7%
Other liabilities	2,367	2,866	2,235	+5.9%
Total liabilities and equity	7,103	7,149	6,712	+5.8%
Cash and equivalents	56.0	40.0	72.0	-22.2%
Receivables	342	454	297	+15.2%
Inventory	111	107	93.0	+19.4%
Other assets	6,594	6,548	6,250	+5.5%
Total assets	7,103	7,149	6,712	+5.8%

Questions

What was California Resources' revenue in Q2 FY2026?

California Resources (CRC) reported revenue of $1.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 32.6% on the same quarter a year earlier.

How much did California Resources earn in Q2 FY2026?

Net income for Q2 FY2026 was $514 million, up 198.8% on the year, and diluted earnings per share $5.76.

When did California Resources report Q2 FY2026 results?

California Resources filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	460	726	454	514	1,353	877	912	978	855	924	119	1,297
SG&A	65.0	66.0	57.0	63.0	106	95.0	72.0	79.0	87.0	95.0	106	97.0
Operating income	-15.0	283	-4.0	38.0	518	68.0	186	267	98.0	47.0	-711	511
Operating margin	-3%	39%	-1%	7%	38%	8%	20%	27%	11%	5%	-597%	39%
Interest expense	n/a	n/a	13.0	17.0	29.0	n/a	27.0	25.0	25.0	n/a	29.0	28.0
Pre-tax income	-30.0	267	-19.0	11.0	483	41.0	162	242	75.0	23.0	-760	458
Tax rate	n/a	30%	n/a	27%	29%	20%	29%	29%	15%	48%	n/a	-12%
Net income	-22.0	188	-10.0	8.0	345	33.0	115	172	64.0	12.0	-711	514
Net margin	-5%	26%	-2%	2%	25%	4%	13%	18%	7%	1%	-597%	40%
Diluted EPS	-$0.32	$2.60	-$0.14	$0.11	$3.78	$0.36	$1.26	$1.92	$0.76	$0.21	-$8.02	$5.76
Operating cash flow	104	131	87.0	97.0	220	206	186	165	279	235	99.0	263
Capital expenditure	33.0	66.0	54.0	34.0	79.0	88.0	55.0	56.0	91.0	120	131	149
Free cash flow	71.0	65.0	33.0	63.0	141	118	131	109	188	115	-32.0	114
Buybacks	20.0	0.0	58.0	35.0	42.0	57.0	101	217	34.0	25.0	10.0	0.0
Dividends paid	19.0	22.0	21.0	22.0	34.0	36.0	35.0	35.0	32.0	34.0	36.0	36.0
Shares outstanding	69m	69m	69m	68m	89m	91m	89m	84m	84m	89m	89m	89m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2026, filed 10 August 2026, accession 0001609253-26-000130: the filing on EDGAR. All of California Resources Corp.'s filings: EDGAR company page.

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