Filing Flows › California Resources (CRC) › Q3 2025
California Resources (CRC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
California Resources (CRC) reported revenue of $855M for the third quarter 2025 (Q3 2025), -37% from a year earlier and -13% from the quarter before. Operating margin was 11.5%, net earnings $64.0M (7.5% of revenue).
California Resources, Q3 2025: revenue $855M (-37% year over year), operating margin 11.5%, net earnings $64.0M, operating cash flow $279M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $855M | -13% | -37% |
| Operating profit | $98.0M | -63% | -81% |
| Net earnings | $64.0M | -63% | -81% |
| Operating cash flow | $279M | +69% | +27% |
| Free cash flow | $188M | — | +33% |
What changed
Revenue was $855.0M in Q3 2025, down 37% year over year and down 13% from the previous quarter. Oil was the largest line at 76% of revenue. Oil lost $151.0M year over year (down 19%), 30% of the total change.
Operating profit was $98.0M, a 11.5% margin (down 26.8 points year over year). Total costs fell 9% while revenue fell 37%. Net earnings were $64.0M, down 81% year over year. The effective tax rate was 14.7%.
Operating cash flow was $279.0M (up 27% year over year), 436% of net earnings. Non-cash charges added back $123.0M of depreciation and amortization. Working capital and other items added $92.0M. After capital investments ($91.0M), free cash flow as the company reports it was $188.0M.
Questions
What was California Resources' revenue in the third quarter 2025?
California Resources (CRC) reported revenue of $855M for the third quarter 2025 (Q3 2025), -37% from a year earlier and -13% from the quarter before.
Was California Resources profitable in the third quarter 2025?
Operating profit was $98.0M (11.5% of revenue) and net earnings $64.0M.