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Oil & gas E&P · Energy · Fiscal year ends Dec 31
California Resources reported revenue of $2.9B in the fiscal year ended Dec 2025, up 14.7% from the year before. Operating income was $598M, an operating margin of 20.5%, and net income was $363M. Operating cash flow of $865M less capital expenditure of $322M left free cash flow of $543M. Net debt was $1.2B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,048 | 2,643 | 2,155 | 2,537 | 2,910 |
| Selling, general & admin | 200 | 222 | 267 | 321 | 333 |
| Operating incomederived: pre-tax income + interest | 293 | 812 | 808 | 620 | 598 |
| Interest expense | – | – | 56.0 | 87.0 | 106 |
| Pre-tax income | 229 | 761 | 748 | 516 | 502 |
| Income tax | −396 | 237 | 184 | 140 | 139 |
| Net income | 612 | 524 | 564 | 376 | 363 |
| Diluted EPS | 7.37 | 6.75 | 7.78 | 4.62 | 4.15 |
| Diluted shares | 83.0 | 77.6 | 72.5 | 81.4 | 87.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 305 | 307 | 496 | 372 | 132 |
| Receivables | 245 | 326 | 216 | 330 | 333 |
| Inventory | 60.0 | 60.0 | 72.0 | 90.0 | 106 |
| Current assets | 753 | 864 | 929 | 1,024 | 938 |
| Net PP&E | 2,599 | 2,786 | 2,770 | 5,680 | 5,905 |
| Total assets | 3,846 | 3,967 | 3,998 | 7,135 | 7,403 |
| Payables | 266 | 345 | 245 | 369 | 452 |
| Deferred revenue | – | – | – | 25.0 | 19.0 |
| Current liabilities | 854 | 894 | 616 | 980 | 1,050 |
| Short-term debt | – | – | – | 0.0 | – |
| Long-term debt | 589 | 592 | 540 | 1,132 | 1,283 |
| Total liabilities | 2,158 | 2,103 | 1,779 | 3,597 | 3,729 |
| Shareholders' equity | 1,688 | 1,864 | 2,219 | 3,538 | 3,674 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 660 | 690 | 653 | 610 | 865 |
| Capital expenditure | 194 | 379 | 185 | 255 | 322 |
| Free cash flow | 466 | 311 | 468 | 355 | 543 |
| Depreciation & amortisation | 213 | 198 | 225 | 388 | 511 |
| Stock-based compensation | 19.0 | 30.0 | 48.0 | 40.0 | 39.0 |
| Acquisitions | 52.0 | 0.0 | 0.0 | 853 | 440 |
| Share buybacks | 148 | 313 | 143 | 192 | 377 |
| Dividends paid | 14.0 | 59.0 | 81.0 | 113 | 136 |
| Dividend per share | 0.17 | 0.79 | 1.16 | 1.40 | 1.57 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.1% | −18.5% | 17.7% | 14.7% |
| Operating income growth (YoY) | – | 177.1% | −0.5% | −23.3% | −3.5% |
| EPS growth (YoY) | – | −8.4% | 15.3% | −40.6% | −10.2% |
| Operating margin | 14.3% | 30.7% | 37.5% | 24.4% | 20.5% |
| Net margin | 29.9% | 19.8% | 26.2% | 14.8% | 12.5% |
| Return on equityBlank when equity is negative | 36.3% | 28.1% | 25.4% | 10.6% | 9.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.8% | 26.4% | 23.9% | 10.1% | 9.4% |
| Free cash flow margin | 22.8% | 11.8% | 21.7% | 14.0% | 18.7% |
| Cash conversion (CFO ÷ net income) | 1.08x | 1.32x | 1.16x | 1.62x | 2.38x |
| Receivable days | 44 | 45 | 37 | 47 | 42 |
| Interest cover | – | – | 14.4x | 7.13x | 5.64x |
| Debt ÷ equity | 0.35x | 0.32x | 0.24x | 0.32x | 0.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 284 | 285 | 44.0 | 760 | 1,151 |
| Current ratio | 0.88x | 0.97x | 1.51x | 1.04x | 0.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.