At a glance
Crescent Energy Co is worth $5.81B. Revenue grew 22.1% to $3.58B in fiscal 2025, with 3.7% kept as profit; over 5 years it has grown 36.5% a year. It pays no dividend; it spent $59.8M buying back its shares over FY2021–FY2025. The stock returned +77.2% over the past year with dividends reinvested, against +11.5% for the S&P 500. At its worst it fell 40.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Crescent Energy is a U.S. oil and natural gas producer. It holds working interests in wells. That means it pays a share of the costs and keeps a share of the output. Its assets are mainly in Texas and Utah, in the Eagle Ford, Permian and Uinta Basins. It also owns mineral and royalty interests, which pay it a cut of production from wells run by other companies, mostly large ones. It also has stakes in midstream assets, the pipelines and other equipment that gather and move oil and gas.
Crescent earns its revenue from the oil and gas it produces, so its results rise and fall with commodity prices. In 2025, revenue was $3.58 billion. Oil brought in 66.3%, natural gas 18.8%, natural gas liquids (such as propane) 10.9%, and midstream and other 4%. Output averaged 260 MBoe/d (thousand barrels of oil equivalent per day). The Eagle Ford is its core area. It supplied about two-thirds of that output and over half of the company's proved reserves, which is the oil and gas it is reasonably certain it can recover.
Crescent grows mainly through acquisitions, including the Vital Energy and SilverBow mergers, rather than through heavy drilling. An affiliate of the investment firm KKR runs the business under a management agreement. As of December 31, 2025, the fee was $78.5 million a year.
Price history
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CRGY +77.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil | $2.37B | 66.3% |
| Natural gas | $673.5M | 18.8% |
| Natural gas liquids | $390.6M | 10.9% |
| Midstream and other | $142.9M | 4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.35B, up 55.9% from a year earlier, and net income was $-2.2M.
- For fiscal 2025, revenue was $3.58B (+22.1% year over year; +36.5% a year from FY2020 to FY2025) with a 3.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +36.5% good |
|---|---|
| Operating margin | 6.4% watch |
| Return on equity (FY2025) | 2.6% weak |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-4.71B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $754.2M | $0.00 | — |
| FY2021 | $1.48B | $-19.4M | — |
| FY2022 | $3.06B | $96.7M | — |
| FY2023 | $2.38B | $67.6M | — |
| FY2024 | $2.93B | $-114.6M | — |
| FY2025 | $3.58B | $132.9M | — |
Valuation snapshot
| Market value | $5.81B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.49% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CRGY price data to Oct 28, 2026 | +68.6% | +77.2% | +8.1% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +68.6% |
| 2025 | -39.6% |
| 2024 | +15.1% |
| 2023 | +15.5% |
| 2022 | -1.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 11.3% over that stretch · deepest drop along the way 40.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (24 read): 0 open-market purchases and 2 sales ($402.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 7, 2026 | Liberty Mutual Foundation Inc. 10% owner | sell | $402.0M |
| May 6, 2026 | Marcus C Rowland Director | sell | $530K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.1% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 5.5% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5% | Mar 31, 2026 |
| Bank of New York Mellon Corp | 3.3% | Jun 30, 2025 |
| Pacer US Small Cap Cash Cows ETF | 1.21% | Mar 31, 2025 |
ETFs with the most weight in CRGY
| OILT Texas Capital Texas Oil Index ETF | 3.64% |
| PSCE Invesco S&P SmallCap Energy ETF | 3.33% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.82% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.74% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.61% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.48% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.45% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.43% |
What could go wrong
- An outside manager runs the company. Executives come from a KKR subsidiary, paid $78.5 million a year (as of December 31, 2025) plus stock awards targeting 10% of Class A shares. Conflicts over deals, or losing the manager, could hurt.
- Shareholders have limited control. Crescent is a "controlled company" under NYSE rules and skips some governance requirements. Its Preferred Stockholder holds significant voting power and, as far as law allows, need not weigh other shareholders' interests.
- Acquisitions may disappoint and dilute owners. Crescent grows through deals like its SilverBow and Vital Energy mergers. Acquired wells may underperform or carry hidden liabilities, and the share count rose 29.4% between April 30, 2025 and July 31, 2026.
- A heavy debt load. Total debt was $5.17 billion against $265 million of cash and investments as of June 30, 2026. Borrowing limits on its credit lines are reset periodically and can shrink, especially when prices fall.
- Results swing with oil and gas prices. Oil alone brought in 66% of 2025 revenue. Sustained drops in oil, gas or NGL prices can cut cash flow, shrink reserves that are worth producing and force write-downs of asset values.
- Existing wells deplete without constant reinvestment. Reserve reports as of December 31, 2025 forecast a 29% decline in 2026 output from existing producing wells. Crescent must keep drilling or acquiring, and reserve estimates rest on assumptions that may prove wrong.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Quarterly results released; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Major agreement signed; Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement; Other company announcement
For income and retirement investors
Crescent pays a dividend. Its yield was 3.49% as of October 28, 2026. Total dividends paid rose from $27.5 million in 2022 to $115.1 million in 2025. The share count grew too, so this does not prove per-share raises. Dividends equaled about 87% of 2025 net income, a high payout. The company also reported $856.1 million of levered free cash flow (cash left after spending and interest). Buybacks were small, at $59.8 million over 2021–2025. Over a similar stretch, the share count rose 29.4% between April 2025 and July 2026.
The stock's short history misses the 2008 crisis and the 2020 COVID crash. Through the 2022 bear market the share price rose 11.3% overall, despite a 40.1% drop between April 14 and July 6, 2022. It had not regained that April high as of October 28, 2026. It fell 39.6% in 2025, then rose 68.6% in 2026 through October 28. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Crescent Energy make money?
Crescent Energy earns its revenue from the oil, natural gas and natural gas liquids its US wells produce. Most of those wells are in the Eagle Ford, Permian and Uinta Basins. In 2025, oil brought in 66.3% of its $3.58 billion in revenue. Natural gas added 18.8%, natural gas liquids 10.9%, and midstream and other activities 4%. It also collects royalties from wells run by other companies. Because its products are commodities, its revenue swings with oil and gas prices.
Who runs Crescent Energy, and what is its connection to KKR?
An outside manager runs Crescent Energy. That manager is an indirect subsidiary of the investment firm KKR and works under a management agreement. It provides the senior executive team and was entitled to $78.5 million a year as of December 31, 2025. A stock-performance incentive targets up to 10% of Class A shares for the manager. The agreement runs to December 7, 2027 and then renews automatically every three years. Crescent is also a “controlled company,” so a preferred stockholder holds significant voting power.
Does Crescent Energy pay a dividend?
Yes. Crescent Energy paid $115.1 million in dividends in 2025, up from $65.1 million in 2024 and $27.5 million in 2022. The dividend yield was 3.49% as of October 28, 2026. Some of that growth comes from having more shares: shares outstanding rose 29.4% between April 30, 2025 and July 31, 2026. So the growth in total payouts overstates the growth per share. The dividend is paid from oil and gas sales, which makes it exposed to commodity prices.
How much debt does Crescent Energy have?
As of June 30, 2026, Crescent Energy had about $5.17 billion of total debt and $264.9 million of cash and investments. That leaves net debt of roughly $4.90 billion, against shareholders' equity of $5.16 billion. In its annual report (the 10-K), the company warns that it has taken on significant additional debt. It says this could make it harder to raise more capital. It also notes that its credit facilities expose it to interest-rate risk, and that the amount it may borrow under them is reassessed from time to time.
Is CRGY a volatile stock?
Yes. As of October 28, 2026, the stock had returned 77.2% over one year and 68.6% year to date. But it lost 39.59% in calendar 2025. Over three years it returned 8.1% a year. At its worst, the stock fell 56.4% from a peak. Volatility, a measure of how much the price swings, was 47.5% a year over the past year. That is far higher than broad stock indexes usually show.