Revenue scaled roughly 2.2x since 2024Q2 with year-over-year growth of 55.9% in 2026Q3, but reported gross margin swings from 82% in 2025 to 35.4% in 2026Q3 and operating margin compressed to 3.6% in 2025Q3 suggest earnings have not scaled in line with the revenue base.
Crescent Energy Company (CRGY) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 4.79B | 3.58B | 2.93B | 2.38B | 3.06B | 1.48B | 754.22M | 1.09B |
| Revenue Growth % | 33.54% | 22.14% | 23.01% | -22.06% | 106.98% | 95.83% | -30.63% | - |
| Cost of Goods Sold | 992.69M | 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 | 3.8B | 808.45M | 2.4B | 1.3B | 2.62B | 1.23B | 552.04M | 832.13M |
| Gross Margin % | 79.29% | 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 | 2.36B | 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 | 66.53M | 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 | 1.44B | 473.73M | 218.46M | 324.74M | 1.28B | 483.74M | -373.63M | 227.11M |
| Operating Margin % | 29.98% | 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 | 2.81B | 1.64B | 1.17B | 1B | 1.82B | 796.53M | -1.33M | 538.3M |
| EBITDA Margin % | 58.68% | 45.83% | 39.85% | 41.99% | 59.44% | 53.93% | -0.18% | 49.51% |
| EBITDA Growth % | 75.77% | 40.47% | 16.73% | -44.94% | 128.13% | 60079.37% | -100.25% | - |
| D&A (Non-Cash Add-back) | 1.38B | 1.17B | 949.48M | 675.78M | 532.93M | 312.79M | 372.3M | 311.19M |
| EBIT | 182.55M | 500.1M | 47.51M | 491.02M | 612.83M | -381.79M | -178M | 100.31M |
| Net Interest Income | -376.01M | -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 | 376.01M | 298.43M | 216.26M | 145.81M | 95.94M | 50.74M | 38.11M | 53.58M |
| Other Income/Expense | -1.27B | -272.06M | -387.22M | 20.48M | -767.27M | -916.27M | 157.52M | -180.38M |
| Pretax Income | 171.46M | 201.67M | -168.75M | 345.22M | 516.89M | -432.53M | -216.11M | 46.74M |
| Pretax Margin % | 3.58% | 5.63% | -5.76% | 14.49% | 16.91% | -29.29% | -28.65% | 4.3% |
| Income Tax | 88.5M | 34.5M | -31.07M | 23.23M | 36.29M | -306K | 14K | 28K |
| Effective Tax Rate % | 51.61% | 17.11% | 18.41% | 6.73% | 7.02% | 0.07% | -0.01% | 0.06% |
| Net Income | 62.09M | 132.91M | -114.61M | 67.61M | 96.67M | -19.38M | 0 | 0 |
| Net Margin % | 1.3% | 3.71% | -3.91% | 2.84% | 3.16% | -1.31% | - | - |
| Net Income Growth % | 163.93% | 215.97% | -269.51% | -30.06% | 598.94% | - | - | - |
| Net Income (Continuing) | 82.96M | 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 | 8.66M | 7.53M | 1.24B | 1.93B | 2.45B | 2.34B | 176.27M | 830.33M |
| EPS (Diluted) | 0.19 | 0.54 | -0.88 | 0.45 | 2.20 | -0.46 | 0.00 | 0.00 |
| EPS Growth % | 91.17% | 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 | 330.42M | 245.06M | 201.23M | 151.2M | 168.97M | 169.49M | 43.1M | 43.1M |
| Basic Shares Outstanding | 330.42M | 242.06M | 201.23M | 150.99M | 168.72M | 169.49M | 43.1M | 43.1M |
| Dividend Payout Ratio | - | 86.62% | - | 50.47% | 28.46% | - | - | - |
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.
Key Metrics
Top Statement Risk
Unverified leverage and acquisition integration
Metrics are mathematically derived from official filings.
Acquisition-Driven Revenue Step-Ups Dominate Trend
Based on reported quarterly figures, CRGY's revenue rose from $653.3M in 2024Q2 to roughly $1.4B in 2026Q2 and 2026Q3, with year-over-year growth of 55.3% and 55.9%, a pattern that appears driven largely by acquisitions rather than organic volume expansion alone.
The sharp step-up in 2026 revenue coincides with the SilverBow Resources acquisition, which suggests a meaningful portion of the top-line gain is inorganic and may not be repeatable without further deals. Growth from 2024 to 2025 was more modest and tracked a fairly stable base near $870M to $950M, so the durability of the current run-rate depends on successful integration. Investors should monitor whether per-unit production and realized pricing, rather than acquired volumes alone, support the figures going forward.
Gross Margin Volatility Reflects Reporting Shifts
As reported in the quarterly income statements, CRGY's gross margin swung from roughly 82% through 2025 to 35.4% in 2026Q3 and above 91% in 2026Q1 and Q2, a pattern that likely reflects changes in cost classification rather than a clean operating trend.
A gross margin near 83% for most of 2024 and 2025 followed by a collapse to 18.4% in 2025Q4 and 35.4% in 2026Q3 is inconsistent with a stable lifting-cost profile, suggesting cost-line reclassification or hedge accounting effects. The reported 22.58% margin noted in the company context appears low against E&P peers, which warrants closer inspection of what is included in COGS. Analysts should rely on cash margin per Boe rather than the reported gross margin until the classification is clarified.
Net Income Swings Track Non-Operating Items
According to reported quarterly results, CRGY's net income moved from $492.8M in 2026Q2 to a loss of $419.8M in 2026Q1, while operating income stayed positive in most quarters, indicating large non-operating or hedge-related swings.
The gap between operating income and net income in several quarters, including a $327.5M operating income against a $419.8M net loss in 2026Q1, suggests material non-operating charges such as derivative fair-value movements. Diluted EPS of 1.30 in 2026Q2 followed by -1.28 in 2026Q1 indicates earnings are highly sensitive to mark-to-market effects. Stock-based compensation of $20M to $100M per quarter also warrants attention when assessing the true earnings base.
Operating Margin Compression Despite Scale Gains
Based on reported figures, CRGY's operating margin fell from 18.1% in 2025Q1 to 5.8% in 2025Q4 and reached 3.6% in 2025Q3, suggesting operating income has not scaled proportionally with the expanding revenue base.
Rising SG&A, which moved from about $176M in 2025Q1 to $248M in 2025Q2, indicates overhead costs grew faster than the production base during that period. The negative SG&A reading in 2025Q4 likely reflects an accounting adjustment rather than genuine efficiency, and should not be treated as evidence of discipline. Operating leverage will need to be demonstrated once integration costs roll off.
Reported Leverage Figure Requires Verification
The reported debt-to-equity of 1.11 appears low for an acquisitive E&P that recently consolidated SilverBow, which may indicate a stale reporting period or incomplete consolidation of acquired debt.
If the SilverBow debt was not fully reflected, the balance sheet may be more strained than the headline ratio implies, which would matter for financing flexibility. Short-sellers would likely focus on the gap between a modest leverage ratio and a large, recent acquisition funded in part by debt. Investors should verify the balance sheet against the latest filings before relying on the current risk profile.