10-Q · August 10, 2026
CRC delivered a strong Q2 2026 result, with $1.297 billion of revenue and $5.76 diluted EPS versus consensus estimates of $919.6 million and $1.36, respectively. Free cash flow improved to $114 million from negative $34…
CRC earnings analysis
10-Q · Filed November 3, 2026 · Our reading of the company's report
The latest report
CRC delivered a strong operating quarter relative to consensus, with $1.096 billion of revenue before commodity derivatives, adjusted diluted EPS of $1.17 and $147 million of free cash flow. Revenue rose approximately…
Read full summary
CRC delivered a strong operating quarter relative to consensus, with $1.096 billion of revenue before commodity derivatives, adjusted diluted EPS of $1.17 and $147 million of free cash flow. Revenue rose approximately 28% year over year and production increased 2% sequentially, but EPS declined sharply from $5.76 in 2Q26 and GAAP results included a $315 million net loss driven in part by a $540 million non-cash derivative loss. Management provided 4Q26 production, capital and adjusted EBITDAX targets and expects $450 million–$475 million of 2027 drilling, completion and workover capital, while no material risk-factor changes were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.17
What stood out
-
Revenue exceeded consensus and prior year
Revenue before commodity derivatives was $1.096 billion, up from $1.09 billion in 2Q26 and $855 million in 3Q25, representing approximately 28% year-over-year growth and a 15.7% beat versus the $946.984 million consensus estimate.
-
EPS beat estimates
Adjusted diluted EPS was $1.17 versus consensus of $0.96, a 21.88% beat. EPS declined from $5.76 in 2Q26 but increased from $0.76 in 3Q25.
-
Free cash flow improved sequentially
Free cash flow was $147 million, up from $114 million in 2Q26 but below $188 million in 3Q25.
-
Production increased sequentially
Production increased 2% sequentially to 152 MBoe/d, according to the related quarterly earnings disclosure.
-
Share repurchases continued
The company has authorized share repurchases of up to $1.78 billion through December 31, 2027; it repurchased 559,826 shares during the quarter at an average price of $53.48.
-
2027 capital outlook provided
The company expects 2027 drilling, completion and workover capital of $450 million–$475 million, providing a quantified view of next year's capital intensity.
What to watch
-
GAAP loss despite adjusted profitability
GAAP results included a $315 million net loss, despite adjusted diluted EPS of $1.17, indicating significant below-the-line volatility.
-
Large derivative-related loss
Commodity derivative activity produced a $540 million non-cash loss during the quarter, materially distorting reported results relative to operating performance.
-
No material risk-factor changes
The filing states that there were no material changes to the risk factors in the 2025 Annual Report during the three months ended September 30, 2026; therefore, no new risk-factor update was identified.
Management's outlook
The report does not establish a comparable prior outlook. Management provided 4Q26 targets of 150–152 MBoe/d production, $110 million–$130 million of capital investments and $340 million–$380 million of adjusted EBITDAX, plus expected 2027 drilling, completion and workover capital of $450 million–$475 million.
Earlier filings 4
10-Q · May 6, 2026
California Resources Corporation (CRC) reported Q1 2026 financial results with revenue of $967 million, surpassing estimates of $936.8 million. However, earnings per share (EPS) were slightly below expectations at $0.88…
10-K · March 2, 2026
The 2025 10‑K positions CRC as the largest operator in California following the December 18, 2025 Berry merger (adding 93 MMBoe proved reserves) and emphasizes integration synergies, balance‑sheet strength and…
10-Q · November 5, 2025
The 10-Q shows mixed operational progress: Q3 revenue of $855.0M with gross margin of 54.4% and operating margin of 14.7%, but EPS weakened to $0.76 (quarterly history). Management points to materially stronger…
Smart money in CRC
Totals from the last full session. Insider and politician figures cover 90 days.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.
See every CRC trade live.
The free pages stop at the last full session. Trader shows every trade as it prints.
Start tracking No card needed.