Crescent Energy (CRGY) Q3 2026 Earnings
GAAP diluted EPS was $(0.01). The GAAP result includes a $405.8 million loss on derivatives ($245.0 million unrealized), $40.1 million of transaction and nonrecurring expenses, and a $6.1 million gain on sale of assets. These are excluded from Adjusted EPS.
How Did CRGY Stock React to Q3 2026 Earnings?
Did CRGY Beat Earnings? Q3 2026 Results
Yes. Crescent Energy reported Q3 2026 earnings of $0.77 a share on Nov 2, 2026, beating the $0.60 consensus estimate by 27.4%. Revenue was $1.4B against a $1.2B estimate.
Crescent Energy delivered a strong third-quarter beat, posting adjusted EPS of $0.77 against a consensus estimate of $0.60, a 27.44% beat that marked the company's fifth consecutive quarter of exceeding Wall Street's earnings expectations. Revenue of $1.35 billion topped the $1.25 billion consensus by 8.13% and surged 55.9% year over year, with the bulk of that growth reflecting the Permian acquisition of Vital Energy that substantially expanded the company's production footprint. Output averaged 328 MBoe/d, up from 253 MBoe/d a year earlier, while operating costs fell to $14.41 per Boe from $16.65, amplifying the impact of stronger realized prices. On a GAAP basis, a $405.83 million loss on derivatives, including $244.97 million unrealized, held net loss attributable to Crescent to just $2.17 million. Looking ahead, management raised its Permian synergy target above $300 million and anticipates closing its roughly $3.85 billion all-cash Eagle Ford acquisition from Devon Energy in Q4 2026 or early 2027, adding Tier 1 inventory adjacent to existing operations as the company continues prioritizing deleveraging and shareholder returns.
- Production of 328 MBoe/d vs 253 MBoe/d in Q3 2025, including 134 MBo/d of oil
- Realized oil price before derivatives of $84.52/Bbl vs $63.07/Bbl a year ago
- Permian Acquisition integration, with about $295 million of synergies captured to date
- Operating expense of $14.41/Boe vs $16.65/Boe a year ago
- Permian marketing and midstream optimization improving cost and realizations via access to premium Gulf Coast markets
- Lower well costs across the portfolio expanding economic inventory
- Adjusted EBITDAX of $785.8 million and Levered Free Cash Flow of $366.7 million
- Minerals and royalties Adjusted EBITDAX of $43.9 million vs $22.8 million a year ago
- $405.8 million loss on derivatives weighed on GAAP net income
“Our market-leading operational execution continues to drive strong results and differentiated value creation. We delivered higher production, lower capital and higher free cash flow than market expectations this quarter.”
Crescent Energy CEO, on the earnings call
What Is Crescent Energy's Outlook?
Crescent says the next phase of its value creation is largely within its control and its focus is on execution. - **Eagle Ford acquisition:** the all-cash purchase from Devon Energy (about $3.85 billion net purchase price) is expected to close in Q4 2026 or early 2027, subject to customary closing conditions. Management says the Tier 1 inventory will immediately compete for capital. - **Permian synergies:** the target was raised to more than $300 million, with about $295 million captured to date. - **Shareholder returns:** the company will continue its fixed quarterly dividend and opportunistic buyback framework. - **Balance sheet:** management is prioritizing deleveraging.
CRGY YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.4B | $866.6M | +55.9% |
| Operating Income | $478.7M | $30.8M | +1,454.1% |
| Net Income | −$2.2M | −$1.2M | +77.2% |
CRGY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.