Crescent Energy (CRGY) Q4 2025 Earnings
How Did CRGY Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.32%.
Did CRGY Beat Earnings? Q4 2025 Results
Yes. Crescent Energy reported Q4 2025 earnings of $0.49 a share on Feb 25, 2026, beating the $0.34 consensus estimate by 46.3%. Revenue was $865.0M against a $883.3M estimate.
Crescent Energy capped a transformational year with a sharper-than-expected earnings beat in Q4 2025, as the company's aggressive portfolio reshaping began to show up in the bottom line even as revenue came in slightly soft. Adjusted EPS of $0.49 cleared the $0.39 consensus estimate by 26.68%, while revenue of $865.05 million trailed the $890.96 million consensus by 2.91% and edged down 1.2% from the prior-year period, reflecting the timing of roughly $900 million in non-core asset divestitures that exited the Barnett, Rockies, Mid-Continent, and DJ positions entirely. The standout driver was the $3.10 billion all-stock acquisition of Vital Energy, closed mid-December, which anchored a year defined by approximately $5.00 billion of transactions and pushed full-year production to a record 260 MBoe/d. Adjusted EBITDAX reached $535.74 million and levered free cash flow came in at $239.20 million for the quarter, prompting shares to surge on investor enthusiasm over doubled Permian synergies. Looking ahead, Crescent guided 2026 production of 320 to 335 MBoe/d with development capital of $1.33 billion to $1.43 billion across a flexible 6-7 rig program.
- Record annual production of 260 MBoe/d
- Approximately 15% year-over-year improvement in well costs
- Disciplined capital spending and strong operational execution
- Approximately $5 billion of portfolio-transforming acquisitions and divestitures in 2025
- Implementation of operational playbook on acquired Permian assets with 100% increase in annual synergy target
“2025 was a transformational year, and our value proposition has never been more compelling. Today, we operate scaled positions across three premier basins – the Eagle Ford, the Permian and the Uinta, complemented by a world-class minerals platform, and we believe there is significant upside embedded in our business.”
Crescent Energy CEO, on the earnings call
What Was Crescent Energy's Outlook in Q4 2025?
For 2026, Crescent expects total production of 320-335 MBoe/d (40-42% oil, 36-39% gas) with a flexible 6-7 rig program including 1-2 rigs in the Permian. Development capital is guided at $1,325-$1,425 million with approximately $30 million in corporate capital. Adjusted operating expense excluding production and other taxes is expected at $11.50-$12.50/Boe. Production taxes are projected at 6.0-7.0% of commodity revenue. Adjusted Recurring Cash G&A including Manager Compensation is guided at $1.15-$1.25/Boe with approximately $25 million in non-recurring transaction G&A. The outlook incorporates contributions from recently announced minerals acquisitions closed in Q1 2026.
CRGY YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $865.0M | $875.3M | −1.2% |
| Operating Income | −$53.4M | −$888.3M | −94.0% |
| Net Income | $9.0M | $4.3M | +107.6% |
CRGY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.