Revenue growth has exhibited extreme volatility, ranging from a 72.6% increase in 2025Q1 to a 5.9% contraction by 2025Q4, while operating income remains pressured by SG&A expenses that reached $333 million in the final quarter of 2025.
| 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 |
|---|
| Sales/Revenue | 3.54B | 3.6B | 2.96B | 2.81B | 3.26B | 2.56B | 1.61B | 2.69B | 3.06B | 2.1B | 1.75B | 2.35B | 4.18B | 4.28B | 4.07B |
| Revenue Growth % | 5.96% | 21.88% | 5.12% | -13.66% | 27.02% | 59.42% | -40.25% | -12.08% | 46.14% | 19.57% | -25.44% | -43.7% | -2.48% | 5.13% | - |
| Cost of Goods Sold | 1.62B | 2.18B | 1.75B | 1.49B | 1.52B | 1.32B | 1.21B | 1.43B | 1.48B | 1.47B | 1.38B | 1.99B | 2.36B | 2.33B | 2.39B |
| COGS % of Revenue | - | 60.38% | 59.35% | 52.86% | 46.65% | 51.38% | 74.95% | 53.14% | 48.16% | 69.99% | 78.84% | 84.69% | 56.51% | 54.32% | 58.63% |
| Gross Profit | 1.31B | 1.43B | 1.2B | 1.33B | 1.74B | 1.25B | 403M | 1.26B | 1.59B | 629M | 371M | 360M | 1.82B | 1.96B | 1.69B |
| Gross Margin % | 37.15% | 39.62% | 40.65% | 47.14% | 53.35% | 48.62% | 25.05% | 46.86% | 51.84% | 30.01% | 21.16% | 15.31% | 43.49% | 45.68% | 41.37% |
| Gross Profit Growth % | - | 18.8% | -9.35% | -23.71% | 39.37% | 209.43% | -68.07% | -20.53% | 152.46% | 69.54% | 3.06% | -80.18% | -7.16% | 16.08% | - |
| Operating Expenses | 1.26B | 576M | 551M | 432M | 384M | 345M | 396M | 411M | 448M | 385M | 385M | 534M | 498M | 511M | 463M |
| OpEx % of Revenue | - | 15.98% | 18.63% | 15.36% | 11.79% | 13.45% | 24.61% | 15.26% | 14.63% | 18.37% | 21.96% | 22.71% | 11.93% | 11.93% | 11.37% |
| Selling, General & Admin | 605M | 571M | 321M | 267M | 222M | 200M | 252M | 290M | 299M | 249M | 271M | 354M | 404M | 266M | 273M |
| SG&A % of Revenue | - | 15.84% | 10.86% | 9.49% | 6.81% | 7.8% | 15.66% | 10.77% | 9.76% | 11.88% | 15.46% | 15.06% | 9.67% | 6.21% | 6.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 5M | 230M | 165M | 162M | 145M | 144M | 121M | 149M | 136M | 114M | 180M | 94M | 245M | 190M |
| Operating Income | 654M | 852M | 651M | 894M | 1.35B | 902M | 7M | 851M | 1.14B | 73M | -14M | -174M | 1.32B | 1.45B | 1.22B |
| Operating Margin % | 18.49% | 23.64% | 22.02% | 31.78% | 41.56% | 35.17% | 0.44% | 31.6% | 37.22% | 3.48% | -0.8% | -7.4% | 31.56% | 33.75% | 30% |
| Operating Income Growth % | - | 30.88% | -27.18% | -33.97% | 50.11% | 12785.71% | -99.18% | -25.35% | 1461.64% | 621.43% | 91.95% | -113.2% | -8.79% | 18.25% | - |
| EBITDA | 1.28B | 1.48B | 1.13B | 1.17B | 1.59B | 1.17B | 369M | 1.36B | 1.69B | 644M | 548M | 839M | 2.62B | 2.66B | 2.28B |
| EBITDA Margin % | 36.16% | 40.98% | 38.08% | 41.41% | 48.96% | 45.42% | 22.93% | 50.69% | 55.01% | 30.73% | 31.26% | 35.69% | 62.67% | 62.14% | 55.88% |
| EBITDA Growth % | -3.11% | 31.17% | -3.35% | -26.96% | 36.91% | 215.72% | -72.97% | -18.99% | 161.65% | 17.52% | -34.68% | -67.94% | -1.65% | 16.92% | - |
| D&A (Non-Cash Add-back) | 625M | 625M | 475M | 271M | 241M | 263M | 362M | 514M | 545M | 571M | 562M | 1.01B | 1.3B | 1.22B | 1.05B |
| EBIT | 663M | 852M | 603M | 804M | 814M | 283M | 2.09B | 483M | 808M | 81M | 517M | -5.15B | -2.35B | 1.45B | 1.18B |
| Net Interest Income | -85M | -106M | -61M | -16M | -30M | -54M | 0 | -383M | -379M | -343M | -328M | -326M | -72M | 0 | 0 |
| Interest Income | -6M | 0 | 26M | 40M | 23M | 0 | 217M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 79M | 106M | 87M | 56M | 53M | 54M | 217M | 383M | 379M | 343M | 328M | 326M | 72M | 0 | 0 |
| Other Income/Expense | -1.07B | -350M | -135M | -146M | -593M | -673M | 1.86B | -751M | 0 | -335M | 494M | -5.3B | -3.74B | 2M | -41M |
| Pretax Income | -420M | 502M | 516M | 748M | 761M | 229M | 1.87B | 100M | 429M | -262M | 201M | -5.48B | -2.42B | 1.45B | 1.18B |
| Pretax Margin % | -11.87% | 13.93% | 17.45% | 26.59% | 23.36% | 8.93% | 116.28% | 3.71% | 14.01% | -12.5% | 11.47% | -232.92% | -57.97% | 33.79% | 29% |
| Income Tax | 43M | 139M | 140M | 184M | 237M | -396M | 0 | 1M | 101M | 340M | -78M | -1.92B | -987M | 578M | 482M |
| Effective Tax Rate % | -10.24% | 27.69% | 27.13% | 24.6% | 31.14% | -172.93% | 0% | 1% | 23.54% | -129.77% | -38.81% | 35.1% | 40.77% | 39.94% | 40.81% |
| Net Income | -463M | 363M | 376M | 564M | 524M | 612M | 1.88B | -28M | 328M | -266M | 279M | -3.55B | -1.43B | 869M | 699M |
| Net Margin % | -13.09% | 10.07% | 12.72% | 20.05% | 16.08% | 23.86% | 116.97% | -1.04% | 10.71% | -12.69% | 15.92% | -151.17% | -34.34% | 20.29% | 17.16% |
| Net Income Growth % | -192.42% | -3.46% | -33.33% | 7.63% | -14.38% | -67.48% | 6821.43% | -108.54% | 223.31% | -195.34% | 107.85% | -147.84% | -265.02% | 24.32% | - |
| Net Income (Continuing) | -463M | 363M | 376M | 564M | 524M | 625M | 1.87B | 99M | 429M | -262M | 279M | -3.55B | -1.43B | 869M | 699M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 44M | 895M | 870M | 94M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.22 | 4.15 | 4.62 | 7.78 | 6.75 | 7.37 | 22.59 | -0.57 | 6.77 | -6.26 | 6.76 | -92.79 | -37.54 | 17.31 | 13.93 |
| EPS Growth % | -194.37% | -10.17% | -40.62% | 15.26% | -8.41% | -67.37% | 4063.16% | -108.42% | 208.15% | -192.6% | 107.29% | -147.18% | -316.87% | 24.26% | - |
| EPS (Basic) | - | 4.17 | 4.74 | 8.10 | 6.94 | 7.46 | 22.59 | -0.57 | 6.77 | -6.26 | 6.76 | -92.79 | -37.54 | 17.31 | 13.93 |
| Diluted Shares Outstanding | 88.7M | 87.4M | 81.4M | 72.5M | 77.6M | 83M | 83.32M | 49.2M | 47.4M | 42.5M | 40.4M | 38.3M | 38.2M | 49.4M | 49.4M |
| Basic Shares Outstanding | 88.7M | 87M | 79.3M | 69.6M | 75.5M | 82M | 83.32M | 49M | 47.4M | 42.49M | 40.4M | 38.3M | 38.2M | 49.4M | 49.4M |
| Dividend Payout Ratio | - | 37.47% | 30.05% | 14.36% | 11.26% | 2.29% | - | - | - | - | - | - | - | 87.8% | - |
Regulatory and Permitting Constraints
According to quarterly financial disclosures, CRC's revenue growth has exhibited significant volatility, swinging from a 72.6% increase in 2025Q1 to a 5.9% contraction by 2025Q4, reflecting the company's high sensitivity to commodity price fluctuations and the challenging permitting environment inherent to its California-centric operational footprint.
The erratic revenue trajectory suggests that organic production growth remains elusive, likely hampered by CalGEM permit delays rather than purely market-driven factors. Investors should monitor whether the recent acquisition of Aera Energy provides the necessary scale to stabilize these top-line swings or if it merely compounds the regulatory exposure.
As reported in recent income statements, CRC's gross margin has fluctuated between 35.5% and 44.0%, indicating that while the company benefits from Brent-linked pricing premiums, its profitability is structurally constrained by the high costs of California's stringent environmental compliance and energy-intensive steam-flooding operations.
The compression in gross margins observed in late 2025 suggests that rising regulatory costs and potential GHG allowance expenses are beginning to erode the benefits of regional pricing power. This trend warrants further investigation into whether the company can successfully offset these costs through the eventual monetization of its Carbon TerraVault assets.
Based on the provided income statement data, CRC's operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q4 period where SG&A expenses spiked to $333 million, significantly outpacing the $309 million in gross profit generated during that same quarter.
This lack of operating leverage appears to indicate that the company is incurring substantial fixed costs, potentially related to the integration of new assets or the administrative burden of its carbon sequestration pivot. Such overhead volatility suggests that management's expense discipline may be challenged by the complexity of its dual-track business model.
Financial filings reveal that CRC's net income is subject to extreme volatility, including a significant $711 million loss in 2026Q1, which appears disconnected from the company's operational performance and suggests that non-operating charges or accounting adjustments are heavily influencing the bottom-line results reported to shareholders.
The wide variance between operating income and net income suggests that investors should exercise caution when relying on EPS as a proxy for core profitability. These distortions may stem from ARO adjustments or hedge settlements, which obscure the underlying cash-generating capability of the firm's oil and gas assets.
While management emphasizes the transition to carbon management, the income statement data suggests that the core E&P business remains the primary driver of cash flow, raising concerns that the company's long-term viability may be overly dependent on speculative carbon sequestration revenue streams that remain unproven.
Short-sellers may focus on the potential for the CCS pivot to act as a capital sink rather than a revenue engine, particularly if regulatory hurdles continue to delay project execution. The reliance on legacy production to fund these future-oriented investments appears to be a precarious balancing act that could be disrupted by any further deterioration in the permitting environment.
Quick answers to the most common questions about buying CRC stock.
For fiscal year 2025, California Resources Corporation (CRC) reported total revenue of $3.60B. This represents a 11.5% decline compared to $4.07B in 2012.
California Resources Corporation (CRC) is profitable, generating $363.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
California Resources Corporation (CRC) reported an operating income of $852.0M, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
California Resources Corporation (CRC) generated $1.43B in gross profit for the year, representing a gross profit margin of 39.6%. This demonstrates the company's core pricing power and production efficiency.