California Resources Corp (CRC) financial statements: income statement, balance sheet and cash flow

California Resources Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), California Resources Corp reported revenue of $3.7B (+14.7% year on year) and net income of $363.0M (-3.5% year on year).

Income statement

California Resources Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Oil, natural gas and natural gas liquids sales	$2.9B	$2.5B	$2.2B	$2.6B
Net gain (loss) from commodity derivatives	$266.0M	$241.0M	($12.0M)	($551.0M)
Other revenue	$493.0M	$420.0M	$658.0M	$615.0M
Total operating revenues	$3.7B	$3.2B	$2.8B	$2.7B
Operating costs	$1.3B	$966.0M	$822.0M	$785.0M
General and administrative expenses	$333.0M	$321.0M	$267.0M	$222.0M
Depreciation, depletion and amortization	$511.0M	$388.0M	$225.0M	$198.0M
Asset impairment	$59.0M	$14.0M	$3.0M	$2.0M
Taxes other than on income	$242.0M	$242.0M	$165.0M	$162.0M
Cost of sales	$299.0M	$314.0M	$391.0M	$490.0M
Accretion expense	$114.0M	$87.0M	$46.0M	$43.0M
Net loss on natural gas purchase derivatives	$50.0M	$30.0M	—	—
Measurement period adjustments, net	$1.0M	($12.0M)	—	—
Other operating expenses, net	$209.0M	$183.0M	$66.0M	$48.0M
Total operating expenses	$3.1B	$2.6B	$2.0B	$2.0B
(Loss) gain on asset divestitures	($1.0M)	$11.0M	$32.0M	$59.0M
OPERATING INCOME	$598.0M	$620.0M	$808.0M	$812.0M
Interest and debt expense, net	($106.0M)	($87.0M)	($56.0M)	($53.0M)
Loss on early extinguishment of debt	($1.0M)	($5.0M)	($1.0M)	$0
Equity loss from unconsolidated subsidiaries	($4.0M)	($10.0M)	($9.0M)	($1.0M)
Other non-operating income (expense), net	$15.0M	($2.0M)	$6.0M	$3.0M
INCOME BEFORE INCOME TAXES	$502.0M	$516.0M	$748.0M	$761.0M
Income tax provision	($139.0M)	($140.0M)	($184.0M)	($237.0M)
NET INCOME	$363.0M	$376.0M	$564.0M	$524.0M
Basic (in dollars per share)	$4.17	$4.74	$8.10	$6.94
Diluted (in dollars per share)	$4.15	$4.62	$7.78	$6.75
Basic (in shares)	87.0M	79.3M	69.6M	75.5M
Diluted (in shares)	87.4M	81.4M	72.5M	77.6M

California Resources Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Oil, natural gas and natural gas liquids sales	$1.1B	$905.0M	$715.0M	$702.0M
Net gain (loss) from commodity sales derivatives	$205.0M	($848.0M)	($23.0M)	$157.0M
Other revenue	$36.0M	$62.0M	$163.0M	$119.0M
Total operating revenues	$1.3B	$119.0M	$855.0M	$978.0M
Operating costs	$347.0M	$365.0M	$316.0M	$295.0M
General and administrative expenses	$97.0M	$106.0M	$87.0M	$79.0M
Depreciation, depletion and amortization	$131.0M	$133.0M	$123.0M	$128.0M
Taxes other than on income	$66.0M	$67.0M	$70.0M	$47.0M
Costs of sales	$55.0M	$54.0M	$74.0M	$66.0M
Accretion expense	$27.0M	$27.0M	$28.0M	$28.0M
Net loss (gain) from natural gas purchase derivatives	$5.0M	$24.0M	$27.0M	$3.0M
Measurement period adjustments, net	($2.0M)	$0	$0	$0
Other operating expenses, net	$60.0M	$54.0M	$29.0M	$65.0M
Total operating expenses	$786.0M	$830.0M	$756.0M	$711.0M
OPERATING INCOME (LOSS)	$511.0M	($711.0M)	$98.0M	$267.0M
Interest and debt expense, net	($28.0M)	($29.0M)	($25.0M)	($25.0M)
Loss on early extinguishment of debt	($28.0M)	($21.0M)	$0	$0
Equity loss from unconsolidated subsidiaries	($2.0M)	($2.0M)	($2.0M)	$0
Other non-operating income, net	$5.0M	$3.0M	$4.0M	$0
INCOME (LOSS) BEFORE INCOME TAXES	$458.0M	($760.0M)	$75.0M	$242.0M
Income tax benefit (provision)	$56.0M	$49.0M	($11.0M)	($70.0M)
NET INCOME (LOSS)	$514.0M	($711.0M)	$64.0M	$172.0M
Basic (in dollars per share)	$5.79	-$8.02	$0.76	$1.93
Diluted (in dollars per share)	$5.76	-$8.02	$0.76	$1.92
Basic (in shares)	88.8M	88.7M	83.7M	89.0M
Diluted (in shares)	89.3M	88.7M	84.4M	89.4M

Balance sheet

California Resources Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$132.0M	$372.0M	$496.0M	$307.0M
Trade receivables	$333.0M	$330.0M	$216.0M	$326.0M
Inventory	$106.0M	$90.0M	$72.0M	$60.0M
Assets held for sale	$0	$10.0M	$13.0M	$5.0M
Receivables from affiliate	$14.0M	$46.0M	$19.0M	—
Other current assets, net	$353.0M	$176.0M	$113.0M	$133.0M
Total current assets	$938.0M	$1.0B	$929.0M	$864.0M
PROPERTY, PLANT AND EQUIPMENT	$7.5B	$6.7B	$3.4B	$3.2B
Accumulated depreciation, depletion and amortization	($1.6B)	($1.1B)	($667.0M)	($442.0M)
Total property, plant and equipment, net	$5.9B	$5.7B	$2.8B	$2.8B
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES	$111.0M	$86.0M	$19.0M	$13.0M
DEFERRED INCOME TAXES	$76.0M	$73.0M	$132.0M	$164.0M
OTHER NONCURRENT ASSETS	$373.0M	$272.0M	$148.0M	$140.0M
TOTAL ASSETS	$7.4B	$7.1B	$4.0B	$4.0B
Accounts payable	$452.0M	$369.0M	$245.0M	$345.0M
Accrued liabilities	$598.0M	$611.0M	$358.0M	$298.0M
Total current liabilities	$1.1B	$980.0M	$616.0M	$894.0M
Long-term debt, net	$1.3B	$1.1B	$540.0M	$592.0M
Asset retirement obligations	$913.0M	$995.0M	$422.0M	$432.0M
Deferred tax liabilities	$154.0M	$113.0M	—	—
Other long-term liabilities	$329.0M	$377.0M	$201.0M	$185.0M
Preferred stock (20,000,000 shares authorized at $0.01 par value); no shares outstanding at December 31, 2025 and 2024	0	0	0	0
Common stock (200,000,000 shares authorized at $0.01 par value); (110,645,691 and 109,613,585 shares issued; 88,754,165 and 91,100,322 shares outstanding at December 31, 2025 and 2024, respectively)	1.0M	1.0M	1.0M	1.0M
Treasury stock (21,891,526 shares held at cost at December 31, 2025 and 18,513,263 shares held at December 31, 2024)	-944.0M	-796.0M	-604.0M	-461.0M
Additional paid-in capital	$2.6B	$2.6B	$1.3B	$1.3B
Retained earnings	$1.9B	$1.7B	$1.4B	$938.0M
Accumulated other comprehensive income	$87.0M	$75.0M	$74.0M	$81.0M
Total stockholders' equity	$3.7B	$3.5B	$2.2B	$1.9B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$7.4B	$7.1B	$4.0B	$4.0B

California Resources Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$56.0M	$40.0M	$196.0M	$72.0M
Trade receivables	$342.0M	$454.0M	$286.0M	$297.0M
Inventory	$111.0M	$107.0M	$94.0M	$93.0M
Receivable from affiliate	$9.0M	$7.0M	$26.0M	$31.0M
Other current assets, net	$179.0M	$180.0M	$203.0M	$227.0M
Total current assets	$697.0M	$788.0M	$812.0M	$728.0M
PROPERTY, PLANT AND EQUIPMENT	$7.8B	$7.7B	$7.0B	$6.9B
Accumulated depreciation, depletion and amortization	($1.9B)	($1.8B)	($1.4B)	($1.3B)
Total property, plant and equipment, net	$5.9B	$5.9B	$5.5B	$5.6B
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES	$98.0M	$102.0M	$102.0M	$93.0M
DEFERRED TAX ASSETS	$100.0M	$81.0M	$27.0M	$33.0M
OTHER NONCURRENT ASSETS	$285.0M	$274.0M	$280.0M	$298.0M
TOTAL ASSETS	$7.1B	$7.1B	$6.8B	$6.7B
Accounts payable	$389.0M	$472.0M	$316.0M	$329.0M
Fair value of commodity derivative contracts	$147.0M	$421.0M	—	—
Accrued liabilities	$519.0M	$548.0M	$479.0M	$477.0M
Total current liabilities	$1.1B	$1.4B	$917.0M	$928.0M
Long-term debt, net	$1.3B	$1.3B	$889.0M	$888.0M
Fair value of derivative contracts	$70.0M	$169.0M	—	—
Asset retirement obligations	$923.0M	$906.0M	$965.0M	$969.0M
Deferred tax liabilities	$73.0M	$108.0M	$212.0M	$185.0M
Other long-term liabilities	$299.0M	$297.0M	$325.0M	$335.0M
Preferred stock (20,000,000 shares authorized at $0.01 par value) no shares outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common stock (200,000,000 shares authorized at $0.01 par value) (110,930,138 and 110,645,691 shares issued; 88,819,893 and 88,754,165 shares outstanding at June 30, 2026 and December 31, 2025)	1.0M	1.0M	1.0M	1.0M
Treasury stock (22,110,245 shares held at cost at June 30, 2026 and 21,891,526 shares held at cost at December 31, 2025)	-954.0M	-954.0M	-922.0M	-922.0M
Additional paid-in capital	$2.6B	$2.6B	$2.4B	$2.4B
Retained earnings	$1.6B	$1.2B	$1.9B	$1.9B
Accumulated other comprehensive income	$85.0M	$86.0M	$72.0M	$72.0M
Total stockholders' equity	$3.4B	$2.9B	$3.4B	$3.4B
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$7.1B	$7.1B	$6.8B	$6.7B

Cash flow statement

California Resources Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$363.0M	$376.0M	$564.0M	—
Depreciation, depletion and amortization	$511.0M	$388.0M	$225.0M	$198.0M
Asset impairments	$59.0M	$14.0M	$3.0M	$2.0M
Deferred income tax provision	$85.0M	$71.0M	$35.0M	$226.0M
Net (gain) loss from commodity derivatives	($216.0M)	($211.0M)	$20.0M	$551.0M
Net proceeds (payments) on settled commodity derivatives	$15.0M	—	—	—
Net loss on early extinguishment of debt	$1.0M	$5.0M	$1.0M	$0
Loss (gain) on asset divestitures	$1.0M	($11.0M)	($32.0M)	($59.0M)
Other non-cash charges to income, net	$187.0M	$139.0M	$103.0M	$43.0M
Decrease in trade receivables	$83.0M	$58.0M	$110.0M	($81.0M)
Increase in inventories	($6.0M)	($1.0M)	($12.0M)	$0
Decrease in other current assets, net	$2.0M	$28.0M	$0	$35.0M
Decrease in accounts payable and accrued liabilities	($220.0M)	($182.0M)	($92.0M)	($11.0M)
Net cash provided by operating activities	$865.0M	$610.0M	$653.0M	$690.0M
Capital investments	($322.0M)	($255.0M)	($185.0M)	($379.0M)
Changes in accrued capital investments	$35.0M	$29.0M	($13.0M)	$1.0M
Proceeds from asset divestitures	$8.0M	$15.0M	$32.0M	$80.0M
Purchase of a business, net of cash acquired	($440.0M)	($853.0M)	($5.0M)	—
Asset acquisitions	$0	($6.0M)	—	—
Other, net	($6.0M)	($7.0M)	($4.0M)	($2.0M)
Net cash used in investing activities	($725.0M)	($1.1B)	($175.0M)	($317.0M)
Proceeds from Revolving Credit Facility	$220.0M	$30.0M	$0	$0
Repayments of Revolving Credit Facility	($220.0M)	($30.0M)	$0	$0
Proceeds from Senior Notes, net	$393.0M	$888.0M	$0	$0
Repurchases of common stock	($377.0M)	($192.0M)	($143.0M)	($313.0M)
Common stock dividends	($136.0M)	($113.0M)	($81.0M)	($59.0M)
Dividend equivalents on equity-settled awards	($3.0M)	($4.0M)	—	—
Issuance of common stock	$3.0M	$2.0M	$2.0M	$1.0M
Bridge loan commitments	$0	($5.0M)	—	—
Stock warrants exercised	$0	$130.0M	—	—
Debt amendment costs	($3.0M)	($18.0M)	—	—
Shares cancelled for taxes	-12.0M	-42.0M	-3.0M	0
Debt redemption	($245.0M)	($303.0M)	($56.0M)	$0
Net cash (used in) provided by financing activities	($380.0M)	$343.0M	($289.0M)	($371.0M)
(Decrease) increase in cash and cash equivalents	($240.0M)	($124.0M)	$189.0M	$2.0M
Cash and cash equivalents—beginning of period	$372.0M	$496.0M	$307.0M	$305.0M
Cash and cash equivalents—end of period	$132.0M	$372.0M	$496.0M	—

California Resources Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income (loss)	($197.0M)	($711.0M)	$351.0M	$287.0M
Depreciation, depletion and amortization	$264.0M	$133.0M	$382.0M	$259.0M
Deferred income tax (benefit) provision	($105.0M)	($50.0M)	$76.0M	$41.0M
Net (gain) loss from commodity derivatives	$672.0M	$872.0M	($116.0M)	($166.0M)
Net settlements from commodity derivatives	($258.0M)	($68.0M)	($12.0M)	($18.0M)
Net loss on early extinguishment of debt	$49.0M	$21.0M	$1.0M	$1.0M
Other non-cash charges to income, net	$122.0M	$50.0M	$110.0M	$69.0M
Net changes in operating assets and liabilities	($185.0M)	($148.0M)	($165.0M)	($122.0M)
Net cash provided by operating activities	$362.0M	$99.0M	$630.0M	$351.0M
Capital investments	($280.0M)	($131.0M)	($202.0M)	($111.0M)
Changes in accrued capital investments	($12.0M)	($10.0M)	($10.0M)	($15.0M)
Proceeds from asset divestitures	$0	—	$2.0M	$1.0M
Acquisitions	($2.0M)	($2.0M)	$0	$0
Distribution from unconsolidated subsidiary	$10.0M	$10.0M	—	—
Other, net	($5.0M)	($3.0M)	($7.0M)	($5.0M)
Net cash used in investing activities	($289.0M)	($136.0M)	($217.0M)	($130.0M)
Proceeds from Revolving Credit Facility	$745.0M	$245.0M	$150.0M	$0
Repayments of Revolving Credit Facility	($745.0M)	($220.0M)	($150.0M)	—
Proceeds from Senior Notes, net	$890.0M	$347.0M	$0	$0
Redemption of Senior Notes	($940.0M)	—	—	—
Repurchases of common stock	($10.0M)	($10.0M)	($352.0M)	($318.0M)
Common stock dividends	($72.0M)	($36.0M)	($102.0M)	($70.0M)
Dividend equivalents on equity-settled awards	($2.0M)	($2.0M)	($1.0M)	($1.0M)
Issuance of common stock	$0	$0	$2.0M	$2.0M
Shares cancelled for taxes	-13.0M	-12.0M	-12.0M	-11.0M
Debt issuance costs	($2.0M)	—	($1.0M)	—
Net cash used in financing activities	($149.0M)	($55.0M)	($589.0M)	($521.0M)
Increase (decrease) in cash and cash equivalents	($76.0M)	($92.0M)	($176.0M)	($300.0M)
Cash and cash equivalents—beginning of period	$132.0M	$132.0M	$372.0M	$372.0M
Cash and cash equivalents—end of period	$56.0M	$40.0M	$196.0M	$72.0M

California Resources Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.