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California Resources (CRC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · California Resources (CRC) Q3 2026 earnings results →

Q3 2026 Revenue down 51% year over year to $421M · 75¢ of every $1 of revenue lost · operating margin -96.7%

California Resources made $421M in Q3 2026 (-51% Y/Y). Operating margin -96.7%, net loss $315M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$421M
Year over year-51%
Operating margin-96.7%
Net earnings−$315M
Operating cash flow$305M

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California Resources Q3 2026 revenue breakdown: Sankey diagram of revenue (Revenue from contracts with customers), costs, profit and cash flow
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What changed this quarter

Revenue was $421.0M in Q3 2026, down 51% year over year and down 68% from the previous quarter. Oil was the largest line, $929.0M against total revenue of $421.0M (other lines net negative).

Operating costs exceeded revenue by $407.0M, an operating margin of -96.7%. Total costs grew 9% against a revenue fall of 51%. The fastest-growing cost line was Other operating costs (+10%). The quarter ended with a net loss of $315.0M, after a profit of $514.0M the previous quarter.

Operating cash flow was $305.0M (up 9% year over year). Non-cash charges added back $137.0M of depreciation and amortization. Working capital and other items added $483.0M. After capital investments ($158.0M), free cash flow as the company reports it was $147.0M.

Quarterly history

California Resources revenue by quarterCalifornia Resources revenue by quarter$912MQ1 2025$978MQ2 2025$855MQ3 2025$924MQ4 2025$119MQ1 2026$1.3BQ2 2026$421MQ3 2026
California Resources net earnings by quarterCalifornia Resources net earnings by quarter$115MQ1 2025$172MQ2 2025$64.0MQ3 2025$12.0MQ4 2025−$711MQ1 2026$514MQ2 2026−$315MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$421M-51%-96.7%−$315M$305M
Q2 202610-QAug 10, 2026$1.3B+33%39.4%$514M$263M
Q1 202610-QMay 6, 2026$119M-87%-597.5%−$711M$99.0M
Q4 202510-KMar 2, 2026$924M+5%5.1%$12.0M$235M
Q3 202510-QNov 5, 2025$855M-37%11.5%$64.0M$279M
Q2 202510-QAug 6, 2025$978M+90%27.3%$172M$165M
Q1 202510-QMay 7, 2025$912M+101%20.4%$115M$186M

Charts

California Resources: revenue growth, year over year and quarter over quarterCalifornia Resources: revenue growth, year over year and quarter over quarterY/YQ/Q+101%Q1 2025+90%+7%Q2 2025-37%-13%Q3 2025+5%+8%Q4 2025-87%-87%Q1 2026+33%+400%Q2 2026-51%-68%Q3 2026
Latest (Q3 2026): Y/Y -51%, Q/Q -68%.
California Resources: where the cash came from (+) and went (−), TTM to Q3 2026California Resources: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$902MCapital spending−$558MAcquisitions−$508MOther financing$211MCash drawn (+) / kept (−)$148MDividends−$142MBuybacks−$65.0MOther investing$18.0MTaxes on employees’ shares−$13.0MAsset & business sales$6.0MShares issued$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
California Resources: profit against cash, quarter by quarterCalifornia Resources: profit against cash, quarter by quarterNet incomeOperating cash flow$33.0M$206MQ4 2024$115M$186MQ1 2025$172M$165MQ2 2025$64.0M$279MQ3 2025$12.0M$235MQ4 2025−$711M$99.0MQ1 2026$514M$263MQ2 2026−$315M$305MQ3 2026
Latest (Q3 2026): Net income −$315M, Operating cash flow $305M.
California Resources: diluted shares by fiscal yearCalifornia Resources: diluted shares by fiscal year49MFY201983MFY202178MFY202272MFY202381MFY202487MFY2025
+78.4% since FY2019: more shares outstanding (issuance, stock pay).
California Resources: long-term debt falling due (FY2024)California Resources: long-term debt falling due (FY2024)$245M2026$900M2029
Cash $372M, short-term investments —, long-term debt $1.1B at 2024-12-31.
California Resources in its industry: growth against margin (79 companies, SIC 1311)California Resources in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNCRC (-51%, -97%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

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About California Resources

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

In its own words, from its 8-K, filed Aug 10, 2026.

California Resources against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -51% against the peers' median +46%. Operating margin: -96.7% against the peers' median 19.5%.

CompanyQuarterRevenueY/YOp. margin
CRC California ResourcesQ3 2026$421M-51%-96.7%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%

Source: California Resources 10-Q on SEC EDGAR · CIK 1609253 · Crude Petroleum & Natural Gas

Guidance and outlook

California Resources: what its forward-looking statements are about (10-Q filed 2026-11-03)California Resources: what its forward-looking statements are about (10-Q filed 2026-11-03)Other17Margins4Supply chain2Capital spending1Legal & regulation1Products1Costs1Deals1
28 statements; tone -0.07 (−1 all cautious, +1 all confident); 2 hedged.
California Resources: outlook statements against the filing beforeCalifornia Resources: outlook statements against the filing beforeConfident3Cautious5

13F: who owns CRC and who is buying

Largest holders of CRC (13F)Largest holders of CRC (13F)BlackRock$633MVanguard Group$392MCanada Pension Plan Investment Bo…$370MGimbel Daniel Scott$330MVanguard Portfolio Management LLC$279MSourcerock Group LLC$259MState Street$228MDimensional Fund Advisors LP$210MVanguard Capital Management LLC$197MAmerican Century Companies$144M
Funds' net buying of CRC by quarter (13F)Funds' net buying of CRC by quarter (13F)$91.4M2024-09−$124M2024-12−$127M2025-03$148M2025-06$89.7M2025-09$387M2025-12−$107M2026-03−$106M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CRC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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