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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Crescent Energy reported revenue of $3.6B in the fiscal year ended Dec 2025, up 22.1% from the year before. Operating income was $229M, an operating margin of 6.4%, and net income was $133M. Operating cash flow of $1.7B less capital expenditure of $819M left free cash flow of $861M. Net debt was $5.5B.
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 | 1,477 | 3,057 | 2,383 | 2,931 | 3,580 |
| Operating income | 484 | 1,284 | 325 | 218 | 229 |
| Interest expense | 50.7 | 95.9 | 146 | 216 | 298 |
| Pre-tax income | −433 | 517 | 345 | −169 | 202 |
| Income tax | −0.3 | 36.3 | 23.2 | −31.1 | 34.5 |
| Net income | −19.4 | 96.7 | 67.6 | −115 | 133 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 129 | 0.0 | 3.0 | 133 | 10.2 |
| Receivables | 322 | 457 | – | – | – |
| Current assets | 480 | 517 | 616 | 788 | 1,861 |
| Net PP&E | 4,555 | 5,438 | 6,116 | 8,145 | 10,276 |
| Goodwill | 76.6 | 0.0 | 0.0 | – | – |
| Total assets | 5,157 | 6,020 | 6,803 | 9,161 | 12,443 |
| Payables | 87.3 | 104 | 125 | – | – |
| Current liabilities | 616 | 894 | 750 | 827 | 1,259 |
| Long-term debt | 1,030 | 1,248 | 1,694 | 3,049 | 5,524 |
| Total liabilities | 2,138 | 2,721 | 3,168 | 4,793 | 7,278 |
| Shareholders' equity | 695 | 862 | 1,735 | 3,140 | 5,165 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 233 | 1,012 | 936 | 1,223 | 1,680 |
| Capital expenditure | 115 | 627 | 849 | 559 | 819 |
| Free cash flow | 118 | 386 | 86.5 | 664 | 861 |
| Depreciation & amortisation | 313 | 533 | 676 | 949 | 1,167 |
| Stock-based compensation | 39.9 | 38.1 | 82.9 | 186 | 245 |
| Share buybacks | 18.4 | 0.0 | 0.0 | 7.8 | 33.5 |
| Dividends paid | 0.0 | 27.5 | 34.1 | 65.1 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 107.0% | −22.1% | 23.0% | 22.1% |
| Operating income growth (YoY) | – | 165.5% | −74.7% | −32.7% | 5.0% |
| Operating margin | 32.8% | 42.0% | 13.6% | 7.5% | 6.4% |
| Net margin | −1.3% | 3.2% | 2.8% | −3.9% | 3.7% |
| Return on equityBlank when equity is negative | −2.8% | 11.2% | 3.9% | −3.7% | 2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 25.1% | 5.4% | 2.6% | 2.1% |
| Free cash flow margin | 8.0% | 12.6% | 3.6% | 22.7% | 24.1% |
| Cash conversion (CFO ÷ net income) | −12.0x | 10.5x | 13.8x | −10.7x | 12.6x |
| Receivable days | 80 | 55 | – | – | – |
| Interest cover | 9.53x | 13.4x | 2.23x | 1.01x | 0.77x |
| Debt ÷ equity | 1.48x | 1.45x | 0.98x | 0.97x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 902 | 1,248 | 1,691 | 2,916 | 5,514 |
| Current ratio | 0.78x | 0.58x | 0.82x | 0.95x | 1.48x |
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.