Crescent Energy Co. - Class A

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.