Crescent Energy (CRGY) FY2025 results: revenue $3.6 billion, up 22.1% on the year
Crescent Energy Co. (CRGY) reported revenue of $3.6 billion for fiscal 2025, the year ended 31 December 2025, up 22.1% on the year before. Net income was $133 million, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised.
- Full-year net income and Adjusted Net Income: Full-year 2025 net income was $167 million and Adjusted Net Income was $470 million, with Adjusted EPS of $1.80. Full-year results were above the 2025 guidance expectations, which were enhanced several times during the year.
- Cash flow and EBITDAX totals: Adjusted EBITDAX was $536 million in the fourth quarter and $2.1 billion for 2025. Full-year operating cash flow was $1.7 billion and levered free cash flow was $856 million, up from $630 million in 2024.
- About $4 billion of acquisitions in 2025: The company completed about $4 billion of acquisitions in 2025, including Central Eagle Ford assets for $905 million upfront ($830 million cash plus about 5.5 million shares) and minerals assets for about $72 million.
- Fourth-quarter oil price lower than prior quarter: Realized oil before derivatives was $57.01 per Bbl in the fourth quarter, against $63.07 in the third quarter and $67.51 a year earlier. The full-year average was $62.21.
- Operating expense per Boe higher year on year: Operating expense was $16.52 per Boe in the fourth quarter, $16.65 in the third quarter and $15.08 in the fourth quarter of 2024. The full-year figure was $16.71.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 3,580 | 2,931 | 2,383 | +22.1% | |
| Operating income | 229 | 218 | 325 | +5.0% | |
| Operating margin | 6.4% | 7.5% | 13.6% | ||
| Interest expense | 298 | 216 | 146 | +38.0% | |
| Pre-tax income | 202 | -169 | 345 | ||
| Income tax | 34.5 | -31.1 | 23.2 | ||
| Effective tax rate | 17.1% | n/a | 6.7% | ||
| Net income | 133 | -115 | 67.6 | ||
| Net margin | 3.7% | -3.9% | 2.8% | ||
| Diluted EPS | $0.54 | -$0.88 | $1.02 |
$ million except per share.
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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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,680 | 1,223 | 936 | +37.4% | |
| Cash from investing | -923 | -1,198 | -1,399 | ||
| Cash from financing | -245 | 207 | 456 | ||
| Depreciation and amortisation | 1,167 | 949 | 676 | +22.9% | |
| Share-based compensation | 245 | 186 | 82.9 | +32.2% | |
| Buybacks | 33.5 | 7.8 | 0.0 | +326.6% | |
| Dividends paid | 115 | 65.1 | 34.1 | +76.9% | |
| Diluted shares, weighted | 245m | 131m | 67m | +87.5% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 5,165 | 3,140 | 1,735 | +64.5% | |
| Redeemable equity | 0.0 | 1,228 | 1,901 | ||
| Debt | 5,524 | 3,049 | 1,694 | +81.2% | |
| Finance lease liabilities | 3.2 | 3.5 | 7.1 | -8.5% | |
| Other liabilities | 1,750 | 1,740 | 1,466 | +0.6% | |
| Total liabilities and equity | 12,443 | 9,161 | 6,803 | +35.8% | |
| Goodwill | n/a | n/a | 0.0 | ||
| Cash and equivalents | 10.2 | 133 | 3.0 | -92.4% | |
| Other assets | 12,433 | 9,028 | 6,800 | +37.7% | |
| Total assets | 12,443 | 9,161 | 6,803 | +35.8% |
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.