Filing Flows › California Resources (CRC) › Q2 2025
California Resources (CRC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
California Resources (CRC) reported revenue of $978M for the second quarter 2025 (Q2 2025), +90% from a year earlier and +7% from the quarter before. Operating margin was 27.3%, net earnings $172M (17.6% of revenue).
California Resources, Q2 2025: revenue $978M (+90% year over year), operating margin 27.3%, net earnings $172M, operating cash flow $165M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $978M | +7% | +90% |
| Operating profit | $267M | +44% | +603% |
| Net earnings | $172M | +50% | 22× |
| Operating cash flow | $165M | -11% | +70% |
| Free cash flow | $109M | — | +73% |
What changed
Revenue was $978.0M in Q2 2025, up 90% year over year and up 7% from the previous quarter. Oil was the largest line at 66% of revenue. Oil added $291.0M year over year (up 82%), 63% of the total change. Natural gas liquids declined 13%.
Operating profit was $267.0M, a 27.3% margin (up 19.9 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 7% margin then. Total costs grew 49% against revenue growth of 90%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $172.0M, up 2050% year over year. The effective tax rate was 28.9%.
Operating cash flow was $165.0M (up 70% year over year), 96% of net earnings. Non-cash charges added back $128.0M of depreciation and amortization. Working capital and other items used $135.0M. After capital investments ($56.0M), free cash flow as the company reports it was $109.0M.
Questions
What was California Resources' revenue in the second quarter 2025?
California Resources (CRC) reported revenue of $978M for the second quarter 2025 (Q2 2025), +90% from a year earlier and +7% from the quarter before.
Was California Resources profitable in the second quarter 2025?
Operating profit was $267M (27.3% of revenue) and net earnings $172M.