Free cash flow generation remains highly erratic, swinging from a negative $726.8M in 2025Q1 to a positive $257.7M in 2025Q3, reflecting the heavy burden of capital expenditures that reached 112% of revenue in 2025Q1.
| Cash from Operations | 1.75B | 1.68B | 1.22B | 935.77M | 1.01B | 233.15M | 411.03M | 485.51M |
| Operating CF Margin % | - | 46.93% | 41.73% | 39.28% | 33.12% | 15.79% | 54.5% | 44.66% |
| Operating CF Growth % | 120.36% | 37.37% | 30.7% | -7.57% | 334.22% | -43.28% | -15.34% | - |
| Net Income | -284.79M | 167.17M | -137.68M | 321.99M | 480.6M | -432.23M | -216.12M | 46.71M |
| Depreciation & Amortization | 949.63M | 1.17B | 949.48M | 600.84M | 532.93M | 312.79M | 372.3M | 311.19M |
| Stock-Based Compensation | 116.7M | 245.47M | 185.61M | 82.94M | 38.06M | 39.92M | -797K | -2.72M |
| Deferred Taxes | -37.86M | 35.66M | -35.85M | 22.73M | 33.18M | -935K | 0 | 0 |
| Other Non-Cash Items | 788.18M | -16.6M | 311.23M | -165.11M | -64.14M | 331.22M | 243.34M | 112.81M |
| Working Capital Changes | 34.6M | 81.56M | -49.7M | 72.38M | -8.26M | -17.61M | 12.31M | 17.53M |
| Change in Receivables | 148.69M | 71.69M | 106.66M | -41.52M | -110.46M | -91.63M | 14.65M | 24.1M |
| Change in Inventory | 0 | 0 | 0 | -6.52M | 0 | 0 | 0 | 0 |
| Change in Payables | 18.06M | 508K | -153.16M | 112.59M | 139.66M | 30.75M | -14.48M | -5.49M |
| Cash from Investing | -547.42M | -922.69M | -1.2B | -1.4B | -1.12B | -244.59M | -124.94M | -328.16M |
| Capital Expenditures | -1.44B | 0 | -1.24B | -1.43B | -1.22B | -270.68M | -126.16M | -338.65M |
| CapEx % of Revenue | 37.87% | 26.57% | 42.45% | 60.04% | 39.89% | 18.33% | 16.73% | 31.15% |
| Acquisitions | 821.26M | -818.87M | 0 | 0 | -531.65M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 74.92M | -103.89M | 45.98M | 31.8M | 628.39M | 26.09M | 1.22M | 10.49M |
| Cash from Financing | -1.2B | -245.07M | 207.39M | 456.46M | -7.84M | 105.14M | -272.09M | -153.19M |
| Debt Issued (Net) | -966.24M | -61.48M | 159.17M | 448.68M | 215.25M | 142.55M | -221.03M | -11.6M |
| Equity Issued (Net) | -28.17M | -33.47M | 315.19M | 145.66M | 0 | 0 | 0 | 0 |
| Dividends Paid | -131.01M | -115.12M | -65.08M | -34.12M | -27.51M | -35.33M | -61.42M | -124.84M |
| Share Repurchases | -28.17M | -33.47M | -15.38M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -70.55M | -34.99M | -201.9M | -103.77M | -195.58M | -2.07M | 10.36M | -16.75M |
| Net Change in Cash | 5.76M | 512.4M | 232.18M | -6.58M | -119.81M | 93.7M | 14M | 4.17M |
| Free Cash Flow | 308.48M | 729.12M | -21.2M | -494.83M | -206.96M | -37.54M | 284.86M | 146.87M |
| FCF Margin % | 8.09% | 20.37% | -0.72% | -20.77% | -6.77% | -2.54% | 37.77% | 13.51% |
| FCF Growth % | 139.79% | 3539.57% | 95.72% | -139.1% | -451.35% | -113.18% | 93.96% | - |
| FCF per Share | 0.94 | 2.98 | -0.11 | -3.27 | -1.22 | -0.22 | 6.61 | 3.41 |
| FCF Conversion (FCF/Net Income) | -1.08x | 12.64x | -10.67x | 13.84x | 10.47x | -12.03x | - | - |
| Interest Paid | 0 | 0 | 141.76M | 0 | 81.92M | 35.05M | 33.9M | 0 |
| Taxes Paid | 0 | 0 | 1.85M | 0 | 8.16M | 562K | 14K | 0 |
Acquisition-driven cash volatility
As reported in financial statements, the company exhibits a persistent divergence between GAAP net income and operating cash flow, evidenced by a 2026Q1 OCF/NI ratio of -0.97, which suggests that non-cash charges and hedging impacts significantly distort the perceived profitability of the underlying asset base.
The frequent disconnect between net income and operating cash flow indicates that investors should prioritize cash-based metrics over GAAP earnings to assess true performance. This volatility appears to be driven by the company's complex hedging program and non-cash accounting adjustments, which may obscure the actual cash-generating capacity of the mature well portfolio.
Based on recent quarterly filings, the company's free cash flow trajectory remains highly erratic, swinging from a negative $726.8M in 2025Q1 to a positive $257.7M in 2025Q3, reflecting the heavy impact of lumpy capital expenditures and the integration of large-scale acquisitions on overall liquidity.
The inability to maintain consistent positive free cash flow suggests that the current business model is highly sensitive to the timing of capital deployment. Investors should monitor whether the company can stabilize its FCF margins as it integrates recent acquisitions, or if the capital intensity required to maintain production will continue to pressure cash availability.
According to the provided cash flow data, the company's capital intensity is substantial, with CapEx/Revenue ratios reaching as high as 112% in 2025Q1, indicating that a significant portion of top-line revenue is being reinvested to sustain production levels across its aging, multi-basin asset portfolio.
The elevated level of capital expenditure relative to revenue suggests that the company is heavily reliant on continuous drilling to offset natural decline rates in its mature assets. This high reinvestment requirement may limit the company's ability to generate sustainable shareholder returns without further debt-funded expansion.
As indicated by quarterly cash flow data, working capital changes have been a significant source of volatility, with fluctuations ranging from a $103.3M inflow in 2023Q4 to a $142.3M outflow in 2026Q1, suggesting inconsistent efficiency in managing receivables, payables, and inventory across the company's diverse operations.
The erratic nature of working capital movements warrants further investigation into the company's operational efficiency and collection cycles. Such swings may indicate underlying challenges in managing the cash conversion cycle, particularly during periods of rapid acquisition integration where operational processes may be temporarily disrupted.
Quick answers to the most common questions about buying CRGY stock.
Crescent Energy Company (CRGY) generated $1.68B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crescent Energy Company (CRGY) generated $729.1M 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.
Crescent Energy Company (CRGY) spent $0.0M 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, Crescent Energy Company (CRGY) returned $115.1M to shareholders via cash dividends and spent $33.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.