Crescent Energy Co CRGY
Crescent is a differentiated energy company committed to delivering value through a disciplined, returns-driven growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines significant cash flow from stable production with a deep, high-quality development inventory. Our activities are focused in the Eagle Ford, Permian and Uinta Basins, and we own minerals and royalty interests across premier U.S. oil and natural gas basins, primarily operated by large, well-capitalized companies, with a core focus in the Eagle Ford. Our Class A Common Stock trades on the NYSE under the symbol "CRGY."
Our free cash flow-focused portfolio includes a balanced set of proven onshore oil and natural gas assets, in which we hold working interests, characterized by a stable production base, a lower decline rate and an acreage position that is approximately 96% held by production as of December 31, 2025. As a result of this overall lower decline profile, we require relatively modest capital expenditures to maintain production levels and cash flows. We maintain a robust inventory of attractive operated undeveloped locations, providing flexibility to sustain or grow our production base in a disciplined manner. While many operators in our industry have historically pursued capital intensive production growth, our management team has focused on selectively acquiring cash flow-oriented assets, operating them more efficiently and making disciplined, returns-focused reinvestment decisions to drive sustainable free cash flow generation. Our portfolio is further enhanced by our mineral interests in the core areas of major onshore oil and natural gas basins, which are primarily operated by large, well-capitalized operators, as well as midstream infrastructure investments, which provide operational advantages and contribute to enhanced cash flow margins.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.58B | $2.93B | $2.38B | $3.06B | $1.48B | $754.2M | $1.09B | — |
| SG&A | $472.2M | $336.2M | $140.9M | $85.0M | $78.3M | $16.5M | $2.4M | — |
| Total operating expenses | $3.35B | $2.71B | $2.06B | $1.77B | $993.2M | $1.13B | $860.1M | — |
| Operating income | $229.3M | $218.5M | $324.7M | $1.28B | $483.7M | -$373.6M | $227.1M | — |
| Interest expense | $298.4M | $216.3M | $145.8M | $95.9M | $50.7M | $38.1M | $53.6M | — |
| Pre-tax income | $201.7M | -$168.8M | $345.2M | $516.9M | -$432.5M | -$216.1M | $46.7M | — |
| Income tax | $34.5M | $31.1M | $23.2M | $36.3M | $306.0K | $14.0K | $28.0K | — |
| Net income | $132.9M | -$114.6M | $67.6M | $96.7M | -$19.4M | $0 | $0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.2M | $132.8M | $3.0M | $15.3M | $135.1M | $41.4M | $27.4M | $23.3M |
| Receivables | — | — | — | $457.1M | $321.9M | $111.8M | — | — |
| Total current assets | $1.86B | $788.1M | $615.7M | $516.7M | $479.6M | $220.4M | — | — |
| Goodwill | — | — | $0 | $0 | $76.6M | $0 | — | — |
| Total assets | $12.44B | $9.16B | $6.80B | $6.02B | $5.16B | $3.91B | — | — |
| Accounts payable | — | — | $125.0M | $104.3M | $87.3M | $15.0M | — | — |
| Total current liabilities | $1.26B | $827.4M | $750.3M | $893.7M | $616.1M | $120.7M | — | — |
| Long-term debt | $5.52B | $3.05B | $1.69B | $1.25B | $1.03B | $751.1M | — | — |
| Total liabilities | $7.28B | $4.79B | $3.17B | $2.72B | $2.14B | $1.01B | — | — |
| Retained earnings | $0 | -$64.8M | $95.4M | $62.0M | -$19.4M | — | — | — |
| Total equity | $5.17B | $3.14B | $1.73B | $862.3M | $694.6M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.68B | $1.22B | $935.8M | $1.01B | $233.1M | $411.0M | $485.5M | — |
| Depreciation and amortisation | $1.17B | $949.5M | $675.8M | $532.9M | $312.8M | $372.3M | $311.2M | — |
| Stock-based compensation | $245.5M | $185.6M | $82.9M | $38.1M | $39.9M | -$797.0K | -$2.7M | — |
| Investing cash flow | -$922.7M | -$1.20B | -$1.40B | -$1.12B | -$244.6M | -$124.9M | -$328.2M | — |
| Financing cash flow | -$245.1M | $207.4M | $456.5M | -$7.8M | $105.1M | -$272.1M | -$153.2M | — |
| Dividends paid | $115.1M | $65.1M | $34.1M | $27.5M | $0 | $0 | — | — |
| Buybacks | $33.5M | $7.8M | $0 | $0 | $18.4M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001866175-26-000026.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $1.09B | $754.2M | $1.48B | $3.06B | $2.38B | $2.93B | $3.58B |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | $0 | $0 | -$19.4M | $96.7M | $67.6M | -$114.6M | $132.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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