CRC

MKT CAP:$6B

California Resources Corporation

Market Cap

$6B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$65.26+$18.87 (+40.68%)

Apr 23, 2026

Company Details

California Resources Corporation operates as an independent oil and natural gas company. The company explores for, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids for marketers, California refinerie...

CEO

Francisco J. Leon

IPO Date

Oct 28, 2020

Website

www.crc.com

Key Metrics TTM

Revenue

$3.5B

+17.6% YoY

Net Income

$363M

EPS (Diluted)

$4.08

Free Cash Flow

$543M

Revenue / Share

$39.77

Gross Margin

37.4%

Operating Margin

20.8%

Net Margin

10.4%

FCF Margin

15.6%

P/S

1.7x

P/E

15.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 2, 2026

$3.6B+21.9%EPS $4.15

Q4 2025

Mar 2, 2026

$871M-5.9%EPS $0.14

Q3 2025

Nov 5, 2025

$878M-11.9%EPS $0.76

Q2 2025

Aug 6, 2025

$821M+61.3%EPS $1.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$715M	$415M	$333M
Q2 22	$847M	$483M	$385M
Q3 22	$882M	$454M	$351M
Q4 22	$814M	$386M	$285M
Q1 23	$982M	$467M	$360M
Q2 23	$560M	$250M	$137M
Q3 23	$664M	$330M	$217M
Q4 23	$607M	$279M	$180M
Q1 24	$525M	$201M	$106M
Q2 24	$509M	$213M	$111M
Q3 24	$997M	$439M	$248M
Q4 24	$926M	$347M	$184M
Q1 25	$906M	$350M	$207M
Q2 25	$821M	$304M	$178M
Q3 25	$878M	$337M	$180M
Q4 25	$871M	$309M	$159M

Valuation

Quarter	P/S	P/E
Q1 22	2.1x	10.8x
Q2 22	1.9x	6.9x
Q3 22	1.8x	5.0x
Q4 22	1.8x	11.0x
Q1 23	1.6x	5.8x
Q2 23	1.8x	6.3x
Q3 23	1.9x	12.5x
Q4 23	2.0x	10.2x
Q1 24	2.4x	22.8x
Q2 24	2.5x	35.1x
Q3 24	2.2x	10.8x
Q4 24	1.9x	15.3x
Q1 25	1.7x	11.5x
Q2 25	1.6x	8.7x
Q3 25	1.6x	15.0x
Q4 25	1.7x	15.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$160M	$61M
Q2 22	$181M	$83M
Q3 22	$235M	$128M
Q4 22	$114M	$39M
Q1 23	$310M	$263M
Q2 23	$108M	$69M
Q3 23	$104M	$71M
Q4 23	$123M	$57M
Q1 24	$79M	$25M
Q2 24	$100M	$66M
Q3 24	$220M	$141M
Q4 24	$206M	$118M
Q1 25	$186M	$131M
Q2 25	$165M	$109M
Q3 25	$278M	$187M
Q4 25	$236M	$116M

Capital Expenditures

Quarter	CapEx
Q1 22	$99M
Q2 22	$98M
Q3 22	$107M
Q4 22	$75M
Q1 23	$47M
Q2 23	$39M
Q3 23	$33M
Q4 23	$66M
Q1 24	$54M
Q2 24	$34M
Q3 24	$79M
Q4 24	$88M
Q1 25	$55M
Q2 25	$56M
Q3 25	$91M
Q4 25	$120M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.1%	-5.2%
Q2 22	+48.9%	+24.5%
Q3 22	+23.7%	+21.0%
Q4 22	+15.1%	+24.8%
Q1 23	+37.3%	+62.8%
Q2 23	-33.9%	-8.4%
Q3 23	-24.7%	-15.8%
Q4 23	-25.4%	-19.3%
Q1 24	-46.5%	-32.6%
Q2 24	-9.1%	-5.9%
Q3 24	+50.2%	+67.6%
Q4 24	+52.6%	+73.8%
Q1 25	+72.6%	+66.8%
Q2 25	+61.3%	+61.6%
Q3 25	-11.9%	-6.8%
Q4 25	-5.9%	-4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$48M	—
Q2 22	$56M	—
Q3 22	$59M	—
Q4 22	$59M	—
Q1 23	$65M	—
Q2 23	$71M	—
Q3 23	$65M	—
Q4 23	$66M	—
Q1 24	$57M	—
Q2 24	$63M	—
Q3 24	$106M	—
Q4 24	$95M	—
Q1 25	$72M	—
Q2 25	$79M	—
Q3 25	$87M	—
Q4 25	$95M	$238M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$328M	$0	$328M
Q2 22	$324M	$0	$324M
Q3 22	$358M	$0	$358M
Q4 22	$307M	$0	$307M
Q1 23	$477M	$0	$477M
Q2 23	$448M	$0	$448M
Q3 23	$479M	$0	$479M
Q4 23	$496M	$0	$496M
Q1 24	$403M	$0	$403M
Q2 24	$1.0B	$0	$1.0B
Q3 24	$241M	$0	$241M
Q4 24	$372M	$0	$372M
Q1 25	$214M	$0	$214M
Q2 25	$72M	$0	$72M
Q3 25	$196M	$0	$196M
Q4 25	$132M	$0	$132M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	79M	-4.3%	-5.8%
Q2 22	79M	+0.4%	-5.2%
Q3 22	76M	-3.2%	-7.4%
Q4 22	75M	-1.7%	-8.5%
Q1 23	74M	-2.0%	-6.4%
Q2 23	72M	-2.2%	-8.8%
Q3 23	69M	-4.5%	-10.0%
Q4 23	71M	+3.0%	-5.7%
Q1 24	69M	-2.5%	-6.1%
Q2 24	70M	+1.4%	-2.6%
Q3 24	91M	+30.3%	+32.8%
Q4 24	92M	+1.1%	+30.3%
Q1 25	91M	-1.1%	+32.2%
Q2 25	89M	-2.0%	+27.7%
Q3 25	84M	-5.6%	-7.5%
Q4 25	87M	+3.6%	-5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$737.1K	970
Q2 22	$873.2K	970
Q3 22	$909.3K	970
Q4 22	$767.9K	1K
Q1 23	$926.4K	1K
Q2 23	$528.3K	1K
Q3 23	$626.4K	1K
Q4 23	$625.8K	970
Q1 24	$541.2K	970
Q2 24	$524.7K	970
Q3 24	$1M	970
Q4 24	$597.4K	2K
Q1 25	$584.5K	2K
Q2 25	$529.7K	2K
Q3 25	$566.5K	2K
Q4 25	$348.4K	3K

Revenue / Employee