Revenue growth reached 24.5% in 2026Q1, yet profitability remains volatile with a net margin of -35.5% and significant non-operating charges impacting bottom-line results.
| Sales/Revenue | 3.81B | 3.58B | 2.93B | 2.38B | 3.06B | 1.48B | 754.22M | 1.09B |
| Revenue Growth % | 18.27% | 22.14% | 23.01% | -22.06% | 106.98% | 95.83% | -30.63% | - |
| Cost of Goods Sold | 1.13B | 2.77B | 528.82M | 1.08B | 438.75M | 243.5M | 202.18M | 255.11M |
| COGS % of Revenue | - | 77.42% | 18.04% | 45.26% | 14.35% | 16.49% | 26.81% | 23.46% |
| Gross Profit | 2.68B | 808.45M | 2.4B | 1.3B | 2.62B | 1.23B | 552.04M | 832.13M |
| Gross Margin % | 70.31% | 22.58% | 81.96% | 54.74% | 85.65% | 83.51% | 73.19% | 76.54% |
| Gross Profit Growth % | - | -66.34% | 84.17% | -50.19% | 112.27% | 123.44% | -33.66% | - |
| Operating Expenses | 2.19B | 334.73M | 2.18B | 979.52M | 1.33B | 749.74M | 925.67M | 605.02M |
| OpEx % of Revenue | - | 9.35% | 74.5% | 41.11% | 43.64% | 50.76% | 122.73% | 55.65% |
| Selling, General & Admin | 359.2M | 472.16M | 639.58M | 428.48M | 265.08M | 276.24M | 196.05M | 154.36M |
| SG&A % of Revenue | - | 13.19% | 21.82% | 17.98% | 8.67% | 18.7% | 25.99% | 14.2% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | -137.43M | 1.54B | 551.04M | 1.07B | 473.49M | 729.62M | 450.66M |
| Operating Income | 488.12M | 473.73M | 218.46M | 324.74M | 1.28B | 483.74M | -373.63M | 227.11M |
| Operating Margin % | 12.8% | 13.23% | 7.45% | 13.63% | 42.01% | 32.75% | -49.54% | 20.89% |
| Operating Income Growth % | - | 116.85% | -32.73% | -74.71% | 165.47% | 229.47% | -264.51% | - |
| EBITDA | 1.73B | 1.64B | 1.17B | 1B | 1.82B | 796.53M | -1.33M | 538.3M |
| EBITDA Margin % | 45.29% | 45.83% | 39.85% | 41.99% | 59.44% | 53.93% | -0.18% | 49.51% |
| EBITDA Growth % | 31.58% | 40.47% | 16.73% | -44.94% | 128.13% | 60079.37% | -100.25% | - |
| D&A (Non-Cash Add-back) | 1.24B | 1.17B | 949.48M | 675.78M | 532.93M | 312.79M | 372.3M | 311.19M |
| EBIT | 745.89M | 500.1M | 47.51M | 491.02M | 612.83M | -381.79M | -178M | 100.31M |
| Net Interest Income | -329.82M | -298.43M | -216.26M | -145.81M | -95.94M | -50.74M | -38.11M | -53.58M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 329.82M | 298.43M | 216.26M | 145.81M | 95.94M | 50.74M | 38.11M | 53.58M |
| Other Income/Expense | -796.42M | -272.06M | -387.22M | 20.48M | -767.27M | -916.27M | 157.52M | -180.38M |
| Pretax Income | -308.31M | 201.67M | -168.75M | 345.22M | 516.89M | -432.53M | -216.11M | 46.74M |
| Pretax Margin % | -8.09% | 5.63% | -5.76% | 14.49% | 16.91% | -29.29% | -28.65% | 4.3% |
| Income Tax | -50.38M | 34.5M | -31.07M | 23.23M | 36.29M | -306K | 14K | 28K |
| Effective Tax Rate % | 16.34% | 17.11% | 18.41% | 6.73% | 7.02% | 0.07% | -0.01% | 0.06% |
| Net Income | -284.79M | 132.91M | -114.61M | 67.61M | 96.67M | -19.38M | 0 | 0 |
| Net Margin % | -7.47% | 3.71% | -3.91% | 2.84% | 3.16% | -1.31% | - | - |
| Net Income Growth % | -207.6% | 215.97% | -269.51% | -30.06% | 598.94% | - | - | - |
| Net Income (Continuing) | -257.92M | 167.17M | -137.68M | 321.99M | 480.6M | -432.23M | -216.12M | 46.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.44M | 7.53M | 1.24B | 1.93B | 2.45B | 2.34B | 176.27M | 830.33M |
| EPS (Diluted) | -0.87 | 0.54 | -0.88 | 0.45 | 2.20 | -0.46 | 0.00 | 0.00 |
| EPS Growth % | -65.27% | 161.36% | -295.56% | -79.55% | 578.26% | - | - | - |
| EPS (Basic) | - | 0.54 | -0.88 | 0.45 | 2.20 | -0.46 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 328.27M | 245.06M | 201.23M | 151.2M | 168.97M | 169.49M | 43.1M | 43.1M |
| Basic Shares Outstanding | 328.27M | 242.06M | 201.23M | 150.99M | 168.72M | 169.49M | 43.1M | 43.1M |
| Dividend Payout Ratio | - | 86.62% | - | 50.47% | 28.46% | - | - | - |
Hedging and Acquisition Complexity
According to recent income statement filings, Crescent Energy achieved a 24.5% revenue growth rate in 2026Q1, signaling an aggressive expansion phase that appears driven by inorganic asset integration rather than organic production increases, which warrants close scrutiny regarding the sustainability of this growth trajectory moving forward.
The company's revenue profile exhibits significant volatility, reflecting its reliance on commodity price fluctuations and the timing of major acquisitions. While the recent jump to $1.2B in quarterly revenue suggests successful scale-up, investors should monitor whether this growth is masking underlying production decline rates in legacy basins.
As reported in financial statements, the company's gross margin experienced a sharp contraction to 18.4% in 2025Q4 before rebounding, highlighting the sensitivity of its cost structure to operational integration and the inherent difficulty in maintaining consistent profitability across a diverse, multi-basin legacy asset portfolio.
The wide variance in gross margins suggests that the company's cost base is highly susceptible to regional service inflation and the specific economics of acquired wells. The inability to maintain a stable margin profile implies that the company may be struggling to achieve the operational efficiencies typically expected from a large-scale consolidator.
Based on the provided income statement data, net income has been frequently impacted by significant non-operating charges, including a $419.8M loss in 2026Q1, which suggests that GAAP earnings are currently an unreliable indicator of the company's underlying cash-generating capability and operational health for equity holders.
The frequent swings between profitability and substantial losses appear heavily influenced by derivative hedging settlements and the complex Up-C organizational structure. Analysts should focus on adjusted cash flow metrics rather than reported EPS to strip away the noise created by these non-cash accounting items.
Analysis of recent quarterly filings indicates that SG&A expenses have fluctuated significantly, reaching a negative value in 2025Q4, which suggests potential accounting adjustments or reversals that complicate the assessment of management's long-term expense discipline and the true overhead burden of the current corporate structure.
The erratic nature of SG&A spending makes it difficult to determine if the company is successfully capturing synergies from its recent acquisitions. Investors should investigate whether these cost fluctuations are indicative of one-time integration expenses or a lack of control over administrative and general operating costs.
Data from the income statement suggests that the company's reliance on continuous M&A to drive top-line growth may be masking a deteriorating core, as evidenced by the inconsistent operating margins and the significant capital required to maintain production levels across its aging, multi-basin asset base.
Short-term growth figures may be misleading if the company is forced to continuously acquire assets to offset the natural decline of its legacy portfolio. The market may be right to remain skeptical of the long-term value creation potential if the cost of these acquisitions continues to pressure the balance sheet.
Quick answers to the most common questions about buying CRGY stock.
For fiscal year 2025, Crescent Energy Company (CRGY) reported total revenue of $3.58B. This represents a 229.3% increase compared to $1.09B in 2019.
Crescent Energy Company (CRGY) is profitable, generating $132.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Crescent Energy Company (CRGY) reported an operating income of $473.7M, resulting in an operating profit margin of 13.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Crescent Energy Company (CRGY) generated $808.5M in gross profit for the year, representing a gross profit margin of 22.6%. This demonstrates the company's core pricing power and production efficiency.