Filing Flows › Crescent Energy (CRGY) › Q4 2025
Crescent Energy (CRGY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Crescent Energy (CRGY) reported revenue of $865M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -0.2% from the quarter before. Operating margin was -6.2%, net earnings $9.0M (1.0% of revenue).
Crescent Energy, Q4 2025: revenue $865M (-1% year over year), operating margin -6.2%, net earnings $9.0M, operating cash flow $371M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $865M | -0.2% | -1% |
| Operating profit | −$53.4M | -273% | — |
| Net earnings | $9.0M | — | — |
| Operating cash flow | $371M | -22% | -3% |
| Free cash flow | $111M | -57% | -33% |
What changed
Revenue was $865.0M in Q4 2025, down 1% year over year and roughly flat from the previous quarter. Oil was the largest line at 64% of revenue.
Operating costs exceeded revenue by $53.4M, an operating margin of -6.2%. Total costs grew 2% against a revenue fall of 1%. The fastest-growing cost line was General & admin (+150%). Net earnings were −$8.7M. The tax line was a benefit of $5.1M on pre-tax earnings of $3.9M. Non-operating items added $57.3M, 1473% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $371.0M (down 3% year over year), 4112% of net income including minority interests. Non-cash charges added back $288.8M of depreciation and amortization and $102.2M of share-based compensation. Working capital and other items used $29.0M. Capital expenditures of $259.7M left free cash flow of $111.4M.
Questions
What was Crescent Energy's revenue in the fourth quarter 2025?
Crescent Energy (CRGY) reported revenue of $865M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -0.2% from the quarter before.
Was Crescent Energy profitable in the fourth quarter 2025?
Operating loss was $53.4M (-6.2% of revenue) and net earnings $9.0M.
Source: Crescent Energy 10-K on SEC EDGAR.