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California Resources

CRC NYSE Oil & Gas Exploration & Production Financials FY2015–FY2025

California Resources' revenue rose 14.7% to $3.7 billion in fiscal 2025. Its operating margin was 16.3%, down from 19.4% a year earlier. Free cash flow was $543 million, up 53.0%. It paid out $513 million in dividends and buybacks, 94% of free cash flow. The diluted share count rose 7.4%.

Last close · Oct 23, 2026

$54.53

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$3.7B
14.7% vs prior year
Operating margin Operating income as a share of revenue.
16.3%
3.1 pts
Net income Profit after all expenses, interest and tax.
$363M
3.5%
Free cash flow Cash from operations minus capital spending.
$543M
53.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.5%
4.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What California Resources does

No business description yet.

Legal name
California Resources Corp
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001609253-26-000051
0001609253

Revenue and margins

California Resources had $3.7B of revenue in fiscal 2025, up 14.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $543M in fiscal 2025, 14.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

California Resources returned $513M to shareholders in fiscal 2025, 94% of free cash flow. The diluted share count rose 7.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value California Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$1.2B and divides by 87.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably California Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $305M$307M$496M$372M$132M
Debt incl. finance leases $589M$592M$540M$1.1B$1.3B
Net debt / EBITDA 0.6x0.3x0.0x0.8x1.0x
Debt / equity 0.4x0.3x0.2x0.3x0.4x
Interest coverage 10.5x18.9x14.4x7.1x5.6x
Current ratio 0.9x1.0x1.5x1.0x0.9x
Quick ratio 0.8x0.9x1.4x1.0x0.8x
Total assets $3.8B$4.0B$4.0B$7.1B$7.4B
Total liabilities $2.2B$2.1B$1.8B$3.6B$3.7B
Shareholders' equity $1.7B$1.9B$2.2B$3.5B$3.7B
Net debt (− = net cash) $284M$285M$44.0M$763M$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.3M

2 insiders

Sold, 12 months

$223M

7 insiders

Of sales under plans

1%

$2.7M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Jay A. BysEVP & Chief Commercial Officer Sold plan 11,907 $54.00 $0.6M Form 4
Aug 10, 2026 Jay A. BysEVP & Chief Commercial Officer Sold plan 11,907 $54.00 $0.6M Form 4
Jul 13, 2026 Jay A. BysEVP & Chief Commercial Officer Sold plan 11,907 $54.00 $0.6M Form 4
Jun 4, 2026 Jay A. BysEVP & Chief Commercial Officer Sold plan 11,907 $61.68 $0.7M Form 4
May 12, 2026 Michael L. PrestonEVP, Chf Strategy Officer & GC Sold 26,409 $59.82 $1.6M Form 4
Mar 12, 2026 Canada Pension Plan Investment Board10% owner Sold 3,500,000 $61.10 $214M Form 4
Mar 11, 2026 Christopher D. GouldEVP & Chief Sustainability Off Sold 24,347 $62.21 $1.5M Form 4
Mar 9, 2026 Omar HayatEVP & Chief Operating Officer Sold 23,000 $65.87 $1.5M Form 4
Mar 6, 2026 Mark Allen McFarlandDirector Sold 16,372 $64.83 $1.1M Form 4
Mar 5, 2026 Noelle M. RepettiSenior VP and Controller Sold 8,564 $63.71 $0.5M Form 4
Nov 12, 2025 Francisco LeonPresident and CEO, Director Bought 5,425 $47.71 $0.3M Form 4
Nov 12, 2025 William B RobyDirector Bought 467 $47.63 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 84 / 84 / 8
Accruals ratio −2.2%−4.2%−6.9%
Altman Z'' 4.342.422.32

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
California Resources CRC $4.9B 14.7% 16.3% 14.8% 9.5% — 4
Matador Resources MTDR $7.4B 5.5% 33.2% 7.3% — 10.3x — Compare →
Crescent Energy CRGY — 22.1% 6.4% — 2.3% — — Compare →
SM Energy SM $9.6B 17.3% 31.7% — 11.1% — 6 Compare →
Range Resources RRC $10.8B 28.9% — 18.9% 13.7% 12.6x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY15FY16FY17FY18FY19FY21FY22FY23FY24FY25
Income statement
Revenue $2.4B $1.5B $2.0B $3.1B $2.6B $1.9B $2.7B $2.8B $3.2B $3.7B
Gross profit — — $73.0M $769M $429M — — — — —
Operating income −$5.1B −$293M $73.0M $769M $429M $293M $812M $808M $620M $598M
Interest expense $326M $328M $343M $379M $383M $28.0M $43.0M $56.0M $87.0M $106M
Pretax income −$5.5B $201M −$262M $429M $100M $229M $761M $748M $516M $502M
Income tax −$1.9B −$78.0M $0.0M $0.0M $1.0M −$396M $237M $184M $140M $139M
Net income −$3.6B $279M −$266M $328M −$28.0M $612M $524M $564M $376M $363M
Diluted EPS −$92.79 $6.76 −$6.26 $6.77 −$0.57 $7.37 $6.75 $7.78 $4.62 $4.15
Diluted shares 0.04B 0.04B 0.04B 0.05B 0.05B 0.08B 0.08B 0.07B 0.08B 0.09B
Cash flow
Cash from operations $403M $130M $248M $461M $676M $660M $690M $653M $610M $865M
Capital expenditure $401M $75.0M $371M $690M $455M $194M $379M $185M $255M $322M
Free cash flow $2.0M $55.0M −$123M −$229M $221M $466M $311M $468M $355M $543M
Depreciation and amortization $1.0B $559M $544M $502M $471M $213M $198M $225M $388M $511M
Stock-based compensation $37.0M $30.0M $29.0M $45.0M $32.0M $19.0M $30.0M $48.0M $40.0M $39.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $52.0M $0.0M $0.0M $853M $440M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $148M $313M $143M $192M $377M
Dividends paid $12.0M $0.0M $0.0M $0.0M $0.0M $14.0M $59.0M $81.0M $113M $136M
Dividends and buybacks $12.0M $0.0M $0.0M $0.0M $0.0M $162M $372M $224M $305M $513M
Balance sheet
Cash and short-term investments $12.0M $12.0M $20.0M $17.0M $17.0M $305M $307M $496M $372M $132M
Total debt $6.1B $5.3B $5.3B $5.3B $5.0B $589M $592M $540M $1.1B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $2.0M $0.0M $0.0M $0.0M $3.0M $2.0M
Current assets $438M $425M $483M $640M $491M $753M $864M $929M $1.0B $938M
Current liabilities $605M $726M $732M $607M $709M $854M $894M $616M $980M $1.1B
Inventory $58.0M $58.0M $56.0M $69.0M $67.0M $60.0M $60.0M $72.0M $90.0M $106M
Property and equipment, net $6.3B $5.9B $5.7B $6.5B $6.4B $2.6B $2.8B $2.8B $5.7B $5.9B
Total assets $7.1B $6.4B $6.2B $7.2B $7.0B $3.8B $4.0B $4.0B $7.1B $7.4B
Total liabilities $8.0B $6.9B $6.9B $7.4B $7.3B $2.2B $2.1B $1.8B $3.6B $3.7B
Shareholders' equity −$916M −$557M −$814M −$361M −$389M $1.7B $1.9B $2.2B $3.5B $3.7B
Margins
Gross margin — — 3.6% 25.1% 16.3% — — — — —
Operating margin −214.0% −18.9% 3.6% 25.1% 16.3% 15.5% 30.0% 28.9% 19.4% 16.3%
EBITDA margin −172.2% 17.2% 30.8% 41.5% 34.2% 26.8% 37.3% 36.9% 31.5% 30.2%
Net margin −147.9% 18.0% −13.3% 10.7% −1.1% 32.4% 19.4% 20.1% 11.8% 9.9%
FCF margin 0.1% 3.6% −6.1% −7.5% 8.4% 24.7% 11.5% 16.7% 11.1% 14.8%
Returns
Return on capital −57.3% −5.9% 1.2% 16.1% 8.8% — 27.1% 27.6% 13.8% 9.5%
Return on capital employed −57.3% −4.9% 1.3% 12.8% 6.7% — 26.8% 25.0% 13.0% 9.6%
Return on equity −419.4% — — — — — 29.5% 27.6% 13.1% 10.1%
Return on assets −36.5% 4.2% −4.2% 4.9% −0.4% — 13.4% 14.2% 6.8% 5.0%
Growth
Revenue growth −42.4% −35.6% 29.7% 52.7% −14.0% — 43.3% 3.5% 14.2% 14.7%
Net income growth — — −195.3% — −108.5% — −14.4% 7.6% −33.3% −3.5%
EPS growth — — −192.6% — −108.4% — −8.4% 15.3% −40.6% −10.2%
FCF growth −99.3% 2,650.0% −323.6% — — — −33.3% 50.5% −24.2% 53.0%
Share count change 0.3% 5.5% 5.2% 11.5% 3.4% — −6.5% −6.6% 12.3% 7.4%
Financial health
Net debt / EBITDA — 19.8x 8.6x 4.1x 5.5x 0.6x 0.3x 0.0x 0.8x 1.0x
Debt / equity — — — — — 0.4x 0.3x 0.2x 0.3x 0.4x
Interest coverage −15.8x −0.9x 0.2x 2.0x 1.1x 10.5x 18.9x 14.4x 7.1x 5.6x
Current ratio 0.7x 0.6x 0.7x 1.1x 0.7x 0.9x 1.0x 1.5x 1.0x 0.9x
Quick ratio 0.6x 0.5x 0.6x 0.9x 0.6x 0.8x 0.9x 1.4x 1.0x 0.8x
Capital allocation
Capex / revenue 16.7% 4.9% 18.5% 22.5% 17.3% 10.3% 14.0% 6.6% 8.0% 8.8%
Stock comp / revenue 1.5% 1.9% 1.5% 1.5% 1.2% 1.0% 1.1% 1.7% 1.3% 1.1%
Payouts / FCF 600.0% 0.0% — — 0.0% 34.8% 119.6% 47.9% 85.9% 94.5%
Quality scores
Piotroski F-score 2.0 4.0 4.0 8.0 3.0 — — 8.0 4.0 4.0
Altman Z'' −7.8 −3.5 −3.3 −1.7 −2.4 1.6 3.0 4.3 2.4 2.3
Accruals ratio −40.6% 2.2% −8.2% −2.0% −10.0% — −4.3% −2.2% −4.2% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0001609253). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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