Jun 2026 (Q2 FY26) — Aug 4, 2026
Crescent Energy Q2 FY26 — Record Free Cash Flow and Tripled Permian Synergy Target
Read the full callCrescent Energy (CRGY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Crescent Energy earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,395 | +55.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 41.6 | +32.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 493 | +221.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Permian synergy target after doubling | synergy target 100% higher than underwritten, about $190 million annually | Dec 2025 | As a result, we have captured approximately $190 million of annualized synergies to date and are increasing our total target to $250 million to $300 million, approximately 3x our original target. | Achieved |
| Full-year 2026 levered free cash flow | approximately $1 billion of levered free cash flow in 2026 at current prices | Mar 2026 | At current prices, we expect to generate more than $1 billion of levered free cash flow in 2026, giving us the ability to further reduce debt, fund accretive M&A and repurchase shares when appropriate. | Revised Up |
| Full-year 2026 adjusted operating expense per BOE | $11 to $12 per barrel of oil equivalent | Jun 2026 | We are also improving our adjusted operating expense guidance by $0.50 to $11 to $12 per barrel of oil equivalent, reflecting structural improvements across field operations, workovers, procurement and infrastructure optimization. | New |
1 of Crescent Energy Co's 40 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Generated record levered free cash flow of $418 million in Q2 FY26.
- Increased Permian synergy target to $250 million-$300 million, approximately 3x the original target.
- Raised full-year total production guidance to 327,000-335,000 boe/d.
- Improved full-year adjusted operating expense guidance by $0.50 to $11-$12 per boe.
- Eagle Ford well costs improved approximately 5% year-over-year and are over 25% below 2023 levels.
Qualified
Price
$13.7 −0.51% · −$0.07
Performance +66.1% 1Y
1Y: $8.25 on 17 Oct 2025 → $13.7. High $15.37 (15 Sept 2026), low $7.75 (7 Jan 2026).
- Previous close
- $13.77
- 52-week range
- $7.75 – $15.37
- One year
- +69.14%
Overview
- Symbol
- CRGY
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Permian synergy target after doubling | synergy target 100% higher than underwritten, about $190 million annually | Dec 2025 | As a result, we have captured approximately $190 million of annualized synergies to date and are increasing our total target to $250 million to $300 million, approximately 3x our original target. | Achieved |
| Full-year 2026 levered free cash flow | approximately $1 billion of levered free cash flow in 2026 at current prices | Mar 2026 | At current prices, we expect to generate more than $1 billion of levered free cash flow in 2026, giving us the ability to further reduce debt, fund accretive M&A and repurchase shares when appropriate. | Revised Up |
| Full-year 2026 adjusted operating expense per BOE | $11 to $12 per barrel of oil equivalent | Jun 2026 | We are also improving our adjusted operating expense guidance by $0.50 to $11 to $12 per barrel of oil equivalent, reflecting structural improvements across field operations, workovers, procurement and infrastructure optimization. | New |
Claimed
- Generated record levered free cash flow of $418 million in Q2 FY26.
- Increased Permian synergy target to $250 million-$300 million, approximately 3x the original target.
- Raised full-year total production guidance to 327,000-335,000 boe/d.
- Improved full-year adjusted operating expense guidance by $0.50 to $11-$12 per boe.
- Eagle Ford well costs improved approximately 5% year-over-year and are over 25% below 2023 levels.
Qualified
The full ledger
Open Crescent Energy Co’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Crescent Energy Q1 FY26 — Record Production & Permian Integration Ahead of Plan
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Crescent Energy Q4 FY25 — Transformational Year with Strong Free Cash Flow and Increased Permian Synergies
Read the full callEvery analysed call
Crescent Energy earnings calls (CRGY)
Financials
What the filings say
Net profit, year on year: +222% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 745 | 875 | 950 | 898 | 867 | 865 | 1,183 | 1,395 |
| Operating profit | -7 | -28 | 172 | 80 | 31 | -53 | 327 | 581 |
| Operating margin | −1.0% | −3.1% | 18.1% | 8.9% | 3.5% | −6.2% | 27.7% | 41.6% |
| Other income | 0 | -179 | -164 | 124 | -45 | 57 | -829 | 83 |
| Interest | 62 | 69 | 73 | 75 | 73 | 77 | 105 | 100 |
| Profit before tax | -7 | -207 | 9 | 204 | -14 | 4 | -501 | 664 |
| Tax rate | 22.7% | 17.8% | 30.6% | 20.2% | 28.2% | −131.9% | 16.4% | 25.6% |
| Net profit | -10 | -118 | -2 | 153 | -10 | -9 | -420 | 493 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Reserves | — | — | -19 | 62 | 95 | -65 | 0 |
| Total liabilities | — | 1,014 | 2,138 | 2,721 | 3,168 | 4,793 | 7,278 |
| Fixed assets | — | 3,642 | 4,555 | 5,438 | 6,116 | 8,145 | 10,276 |
| Total assets | — | 3,907 | 5,157 | 6,020 | 6,803 | 9,161 | 12,443 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 486 | 411 | 233 | 1,012 | 936 | 1,223 | 1,680 |
| Cash from investing | -328 | -125 | -245 | -1,124 | -1,399 | -1,198 | -923 |
| Cash from financing | -153 | -272 | 105 | -8 | 456 | 207 | -245 |
| Net cash flow | — | — | 94 | -120 | -7 | 232 | 512 |
| Capital expenditure | -339 | -126 | -271 | -1,219 | -1,431 | -1,244 | -1,770 |
| Free cash flow | 147 | 285 | -38 | -207 | -495 | -21 | -90 |
CRGY revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +55.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CRGY operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Production | 268K boe/dWe produced 268,000 barrels of oil equivalent per day for the quarter, including 106,000 barrels of oil per day and generated approximately $239 million of levered free cash flow.Source: earnings call transcript | 341K boe/dWe produced a record 341,000 barrels of oil equivalent per day for the quarter, including 140,000 barrels of oil per day and generated $192 million of levered free cash flow.Source: earnings call transcript | ~335K boe/dWe produced approximately 335,000 barrels of oil equivalent per day during the quarter, including approximately 140,000 barrels of oil per day and generated a record $418 million of levered free cash flow.Source: earnings call transcript | — |
| Oil production | 106K bbl/dWe produced 268,000 barrels of oil equivalent per day for the quarter, including 106,000 barrels of oil per day and generated approximately $239 million of levered free cash flow.Source: earnings call transcript | 140K bbl/dWe produced a record 341,000 barrels of oil equivalent per day for the quarter, including 140,000 barrels of oil per day and generated $192 million of levered free cash flow.Source: earnings call transcript | ~140K bbl/dWe produced approximately 335,000 barrels of oil equivalent per day during the quarter, including approximately 140,000 barrels of oil per day and generated a record $418 million of levered free cash flow.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
30 filings between Dec 16, 2025 and Sep 23, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$402.49M
2 sales by 2 insiders
Compensation
not trading decisions- 10
- Award — granted as compensation
- 2
- Tax withheld — shares kept back by the company to cover tax
Also filed: 11 other filings, 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Liberty Mutual Foundation Inc. | — | $401.96M | May 7, 2026 |
| ROWLAND MARCUS C | — | $530.0K | May 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | Kendall Brandi Chief Financial Officer | Other | 300,000 | $0 |
| Sep 23, 2026 | Rockecharlie David C. Chief Executive Officer | Other | 900,000 | $0 |
| Sep 23, 2026 | Rynd John Clayton EVP, Investments | Other | 300,000 | $0 |
| Aug 14, 2026 | ROWLAND MARCUS C Director | Gift | 3,500 | $0 |
| Jun 2, 2026 | Hall Jerome D JR Chief Operating Officer | Tax withheld | 44,731 | $536.3K |
| May 7, 2026 | Liberty Mutual Foundation Inc. 10% owner | Sale | 32,600,000 | $401.96M |
| May 6, 2026 | ROWLAND MARCUS C Director | Sale | 40,000 | $530.0K |
| Apr 1, 2026 | GWIN ROBERT G Director | Award | 17,411 | $0 |
| Apr 1, 2026 | FARLEY CLAIRE S Director | Award | 17,411 | $0 |
| Apr 1, 2026 | Albrecht William E Director | Award | 17,411 | $0 |
| Apr 1, 2026 | Brown Bevin Director | Award | 17,411 | $0 |
| Apr 1, 2026 | Shi Bo See Remarks | Tax withheld | 3,426 | $43.6K |
| Apr 1, 2026 | GOFF JOHN C Director | Award | 31,012 | $0 |
| Apr 1, 2026 | Simon Karen Jo Director | Award | 17,411 | $0 |
| Apr 1, 2026 | Hollingsworth Jarvis V. Director | Award | 17,411 | $0 |
| Apr 1, 2026 | ROWLAND MARCUS C Director | Award | 17,411 | $0 |
| Apr 1, 2026 | MCCAIN ELLIS L Director | Award | 17,411 | $0 |
| Apr 1, 2026 | Langenhagen Conrad V. Director | Award | 17,411 | $0 |
| Mar 16, 2026 | Rockecharlie David C. See remarks | Other | 43,359 | $511.6K |
| Mar 16, 2026 | Kendall Brandi See remarks | Other | 43,935 | $0 |
| Mar 16, 2026 | Kendall Brandi See remarks | Other | 11,259 | $132.9K |
| Mar 16, 2026 | Falk Todd See remarks | Other | 11,725 | $0 |
| Mar 16, 2026 | Falk Todd See remarks | Other | 3,400 | $40.1K |
| Mar 16, 2026 | Rockecharlie David C. See remarks | Other | 140,700 | $0 |
| Mar 16, 2026 | Rynd John Clayton See remarks | Other | 11,251 | $132.8K |
| Mar 16, 2026 | Rynd John Clayton See remarks | Other | 43,935 | $0 |
| Dec 17, 2025 | ROWLAND MARCUS C Director | Gift | 6,500 | $0 |
| Dec 17, 2025 | ROWLAND MARCUS C Director | Gift | 2,250 | $0 |
| Dec 17, 2025 | ROWLAND MARCUS C Director | Gift | 2,250 | $0 |
| Dec 16, 2025 | PT Independence Energy Holdings LLC Director | Gift | 36,813,628 | $0 |
| Sep 26, 2025 | Langenhagen Conrad V. Director | Award | 7,362 | $0 |
| Sep 26, 2025 | Hall Jerome D JR Chief Operating Officer | Award | 183,895 | $0 |
| Apr 4, 2025 | KKR Group Partnership L.P. 10% owner | Conversion | 26,185,773 | $0 |
| Apr 4, 2025 | Independence Energy Aggregator L.P. 10% owner | Other | 26,185,773 | $0 |
| Apr 4, 2025 | PT Independence Energy Holdings LLC Director | Conversion | 36,813,628 | $0 |
| Apr 4, 2025 | PT Independence Energy Holdings LLC Director | Other | 36,813,628 | $0 |
| Apr 4, 2025 | Independence Energy Aggregator L.P. 10% owner | Conversion | 26,185,773 | $0 |
| Apr 4, 2025 | KKR Group Partnership L.P. 10% owner | Other | 26,185,773 | $0 |
| Apr 1, 2025 | GWIN ROBERT G Director | Award | 11,043 | $0 |
| Apr 1, 2025 | DUGINSKI MICHAEL Director | Award | 11,043 | $0 |
| Apr 1, 2025 | GOFF JOHN C Director | Award | 19,669 | $0 |
| Apr 1, 2025 | ROWLAND MARCUS C Director | Award | 11,043 | $0 |
| Apr 1, 2025 | MCCAIN ELLIS L Director | Award | 11,043 | $0 |
| Apr 1, 2025 | PT Independence Energy Holdings LLC Director | Award | 22,086 | $0 |
| Apr 1, 2025 | Bobinsky Erich Director | Award | 11,043 | $0 |
| Apr 1, 2025 | Simon Karen Jo Director | Award | 11,043 | $0 |
| Apr 1, 2025 | Brown Bevin Director | Award | 11,043 | $0 |
| Apr 1, 2025 | Shi Bo See Remarks | Award | 10,352 | $0 |
| Apr 1, 2025 | Shi Bo See Remarks | Tax withheld | 3,438 | $38.1K |
| Apr 1, 2025 | FARLEY CLAIRE S Director | Award | 11,043 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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