Liquidity has tightened substantially as cash reserves plummeted from $1.0 billion in 2024Q2 to just $40 million in 2026Q1, despite the company previously allocating $217 million to share buybacks in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 778M | 865M | 605M | 645M | 690M | 660M | 106M | 676M | 461M | 248M | 130M | 403M | 2.37B | 2.48B | 2.22B |
| Operating CF Margin % | - | 24% | 20.46% | 22.93% | 21.18% | 25.73% | 6.59% | 25.1% | 15.05% | 11.83% | 7.42% | 17.14% | 56.78% | 57.82% | 54.58% |
| Operating CF Growth % | 59.15% | 42.98% | -6.2% | -6.52% | 4.55% | 522.64% | -84.32% | 46.64% | 85.89% | 90.77% | -67.74% | -83% | -4.24% | 11.38% | - |
| Net Income | -463M | 363M | 376M | 564M | 524M | 612M | 1.88B | -28M | 321M | -266M | 273M | -3.55B | -1.43B | 869M | 699M |
| Depreciation & Amortization | 607M | 634M | 475M | 271M | 241M | 263M | 362M | 514M | 545M | 571M | 562M | 1.01B | 1.3B | 1.22B | 1.05B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 85M | 71M | 35M | 226M | -396M | 0 | 0 | 0 | 0 | -78M | -1.95B | -1.15B | 260M | 603M |
| Other Non-Cash Items | 653M | -76M | -220M | -231M | -244M | 288M | -2.18B | 196M | -189M | 40M | -516M | 5.35B | 3.52B | 29M | 69M |
| Working Capital Changes | -19M | -141M | -97M | 6M | -57M | -107M | 40M | -6M | -216M | -97M | -111M | -147M | 143M | 102M | -202M |
| Change in Receivables | 0 | 83M | 58M | 110M | -81M | -68M | 100M | 22M | -23M | -45M | -33M | 47M | 146M | -8M | 20M |
| Change in Inventory | 0 | -6M | -1M | -12M | 0 | 0 | 0 | 0 | -6M | 2M | 0 | 0 | 2M | 8M | -23M |
| Change in Payables | 0 | -220M | -182M | -92M | -11M | 8M | -68M | -27M | -178M | -52M | -103M | -212M | 128M | 100M | -150M |
| Cash from Investing | -782M | -725M | -1.08B | -175M | -317M | -161M | -39M | -345M | -360M | -215M | -61M | -757M | -2.31B | -1.71B | -2.75B |
| Capital Expenditures | -267M | -322M | -255M | -185M | -379M | -194M | -47M | -455M | -690M | -371M | -75M | -401M | -2.02B | -1.67B | -2.33B |
| CapEx % of Revenue | 7.55% | 8.93% | 8.62% | 6.58% | 11.63% | 7.56% | 2.92% | 16.9% | 22.53% | 17.7% | 4.28% | 17.06% | 48.37% | 38.98% | 57.23% |
| Acquisitions | -432M | -432M | -844M | 27M | 63M | 15M | 39M | 207M | 267M | 131M | 20M | -151M | -292M | -48M | -427M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -83M | 29M | 22M | -17M | -1M | 18M | -31M | -97M | 63M | 25M | -6M | -205M | 0 | 4M | 3M |
| Cash from Financing | -170M | -380M | 348M | -281M | -371M | -222M | -56M | -331M | -104M | -25M | -69M | 352M | -45M | -763M | 532M |
| Debt Issued (Net) | 268M | 145M | 567M | -56M | 0 | -12M | -367M | -181M | -26M | -18M | 277M | 356M | 6.29B | 0 | 0 |
| Equity Issued (Net) | -279M | -374M | -60M | -141M | -312M | -146M | 446M | 4M | 54M | 3M | 4M | 8M | 0 | 0 | 0 |
| Dividends Paid | -137M | -136M | -113M | -81M | -59M | -14M | 0 | 0 | 0 | 0 | 0 | -12M | -6B | -763M | 0 |
| Share Repurchases | -286M | -377M | -192M | -143M | -313M | -148M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -22M | -15M | -46M | -3M | 0 | -50M | -135M | -154M | -132M | -10M | -350M | 0 | -335M | 0 | 532M |
| Net Change in Cash | -174M | -240M | -124M | 189M | 2M | 277M | 11M | 0 | -3M | 8M | 0 | -2M | -45M | 0 | 0 |
| Free Cash Flow | 511M | 543M | 350M | 460M | 311M | 466M | 59M | 221M | -229M | -123M | 55M | 2M | 351M | 807M | -108M |
| FCF Margin % | 14.45% | 15.07% | 11.84% | 16.35% | 9.55% | 18.17% | 3.67% | 8.21% | -7.48% | -5.87% | 3.14% | 0.09% | 8.41% | 18.85% | -2.65% |
| FCF Growth % | 12.06% | 55.14% | -23.91% | 47.91% | -33.26% | 689.83% | -73.3% | 196.51% | -86.18% | -323.64% | 2650% | -99.43% | -56.51% | 847.22% | - |
| FCF per Share | 5.76 | 6.21 | 4.30 | 6.34 | 4.01 | 5.61 | 0.71 | 4.49 | -4.83 | -2.89 | 1.36 | 0.05 | 9.19 | 16.34 | -2.19 |
| FCF Conversion (FCF/Net Income) | -1.10x | 2.38x | 1.61x | 1.14x | 1.32x | 1.08x | 0.06x | -24.14x | 1.41x | -0.93x | 0.47x | -0.11x | -1.65x | 2.85x | 3.18x |
| Interest Paid | 0 | 0 | 80M | 44M | 43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 105M | 121M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Permitting Constraints
As reported in recent financial statements, CRC's operating cash flow frequently diverges from net income, with the 2026Q1 period showing a $99 million operating cash inflow despite a $711 million net loss, highlighting significant non-cash accounting distortions that complicate the assessment of true operational performance.
The persistent gap between net income and operating cash flow suggests that bottom-line results are heavily influenced by non-cash charges, likely related to asset retirement obligations or impairment adjustments. Investors should monitor this divergence, as it implies that reported earnings may not be a reliable proxy for the company's ability to generate actual liquidity from its core energy production.
Based on quarterly cash flow data, CRC's free cash flow has exhibited high volatility, peaking at $187 million in 2025Q3 before declining, a trend that underscores the company's struggle to maintain consistent cash generation while navigating the capital-intensive requirements of its California-based oil and gas operations.
The inconsistency in free cash flow margins suggests that the company's ability to fund dividends and buybacks is highly sensitive to commodity price cycles and operational disruptions. This trajectory warrants further investigation into whether the current cash generation profile can support long-term capital allocation strategies without relying on external financing.
According to recent SEC filings, CRC's capital expenditure intensity has fluctuated significantly, reaching a high of 13.8% of revenue in 2025Q4, which indicates that the company is forced to commit substantial capital to maintain production levels in a highly regulated and mature basin environment.
The variability in capital spending suggests that management is balancing the need for maintenance capex against the uncertain returns of new drilling permits. This capital intensity may limit the company's flexibility to pivot toward carbon sequestration projects if core production assets require unexpected, high-cost interventions to sustain output.
Financial statements reveal that CRC has continued to prioritize shareholder returns, with buybacks totaling $217 million in 2025Q2, even as the company faces significant regulatory headwinds and the substantial cash requirements associated with its ongoing transition toward carbon management and sequestration infrastructure.
The commitment to share repurchases and dividends appears aggressive given the volatility in operating cash flow and the capital-intensive nature of the Carbon TerraVault pivot. Investors should monitor whether this capital allocation strategy remains sustainable if permit delays continue to constrain the company's ability to grow its core production base.
Quick answers to the most common questions about buying CRC stock.
California Resources Corporation (CRC) generated $865.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
California Resources Corporation (CRC) generated $543.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
California Resources Corporation (CRC) spent $322.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, California Resources Corporation (CRC) returned $136.0M to shareholders via cash dividends and spent $377.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.