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10-K annual report · filed Feb 25, 2026

Crescent Energy Co (CRGY) FY2025 10-K Annual Report

CRGY overviewOriginal on SEC EDGAR
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Crescent Energy Co (CRGY) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $3.6B (+22.1% year over year) and net income of $133M.

  • Top risk flagged: Governance risk: Specified Rights Agreement grants PT Independence director designation rights tied to Liberty Mutual's Class B shares (≥33.33% ownership)

FY2025 key financial metrics · XBRL

Revenue
$3.6B
+22.1% YoY
Net income
$133M
+216.0% YoY
Operating margin
6.4%
−1.0 pp YoY
ROE
2.6%
+6.2 pp YoY
Operating cash flow
$1.7B
+37.4% YoY

Source: XBRL data from the Crescent Energy Co (CRGY) FY2025 10-K on SEC EDGAR. USD.

Crescent Energy Co FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Management Discussion & Analysis

  • No revenue, profitability or segment performance data disclosed in MD&A
  • Cash distributions from operating subsidiaries essential for funding corporate expenses; subject to legal and debt restrictions
  • Dividend or share repurchase details not provided; capital allocation specifics absent
  • Management highlights tax law changes and governance risks with controlling Preferred Stockholder limiting common stock influence
  • Key risks: cybersecurity threats, legal proceedings, asset disposals, operational hazards, and geopolitical tensions impacting operations and financial condition

Risk Factors

  • Governance risk: Specified Rights Agreement grants PT Independence director designation rights tied to Liberty Mutual's Class B shares (≥33.33% ownership)
  • Structural risk: Manager Executives compensated by Manager, not directly by company, obscuring full executive compensation transparency
  • Operational risk: Management Agreement places day-to-day management with external Manager, no required time dedication or fee allocation for Manager Executives
  • Market risk: Equity awards to CEOs and COOs tied to absolute/relative total shareholder return over 3 years, with 0%-240% payout potential
  • Financial risk: No employment agreements or guaranteed severance, but “double trigger” acceleration of equity vesting upon qualifying termination plus CIC benefits for key executives

Generated from the filing text; verify against the original. How to read a 10-K

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