Crescent Energy Co (CRGY) · Nov 2, 2026 · Earnings

Crescent Energy earnings beat as free cash flow surges

Beat — Adjusted EPS $0.77 vs ~$0.59 consensus

Crescent Energy’s Q3 earnings beat on adjusted EPS, revenue and free cash flow, while integration of its major Eagle Ford acquisition becomes the next test.

Crescent is a U.S. oil-and-gas consolidator focused on the Eagle Ford, Permian and Uinta, using acquisition-led growth while trying to turn scale into recurring free cash flow. Its standing story before this release was already one of operational outperformance: second-quarter results had lifted 2026 production guidance to 327–335 MBoe/d and cut adjusted operating-cost guidance to $11.00–$12.00/Boe.

The quarter cleared the market’s earnings bar. Adjusted EPS was $0.77 versus published consensus near $0.59, while revenue was $1.351 billion versus roughly $1.24 billion. The beat came from production, oil prices and cost control rather than a change in the company’s basic strategy.

Metric	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$1.351B (+55.9%)	$866.6M	~$1.24B
Adjusted EPS (Adjusted Net Income reconciliation)	$0.77 (+113.9%)	$0.36	~$0.59
Adjusted EBITDAX (non-GAAP reconciliation)	$785.8M (+61.5%)	$486.5M
Levered Free Cash Flow (non-GAAP reconciliation)	$366.7M (+79.3%)	$204.5M
Total production (Operational Summary)	328 MBoe/d (+29.6%)	253 MBoe/d	327–335 guidance
Adjusted operating expense (Operational Summary)	$11.35/Boe (-11.5%)	$12.83/Boe	$11.00–$12.00 guidance

Execution remains ahead of the operating plan, but not dramatically outside it. Production of 328 MBoe/d landed inside the raised full-year guidance range and near its midpoint, while adjusted operating expense of $11.35/Boe was comfortably within the updated $11.00–$12.00 target. 〔0〕 The important signal is repeatability: Crescent generated $367 million of quarterly levered free cash flow despite spending $326 million on development, reinforcing the operating case behind its acquisition strategy.

The Permian integration is progressing faster, but the next value test is much larger. Crescent raised its Permian synergy target to more than $300 million and said roughly $295 million had been captured, up from the $250 million–$300 million target disclosed in the second quarter. That is a genuine improvement, but the company is simultaneously preparing to close the already-announced, all-cash Devon Eagle Ford acquisition for approximately $3.85 billion net. The deal adds about 68 MBoe/d and more than 600 Tier 1 locations, but it also makes balance-sheet execution and integration more consequential.

Cash generation improved even as GAAP earnings stayed noisy. Crescent posted a small GAAP net loss because derivative losses and interest expense overwhelmed operating income, while adjusted results excluded much of that volatility. That makes adjusted cash flow the cleaner read for this quarter, but it also means the headline GAAP profit trend remains less useful than the underlying operating figures.

Bottom line: This was a clear earnings beat and another solid operating quarter, strengthening Crescent’s execution case without rewriting the story. The bigger question now is whether it can carry that execution into the heavily leveraged, soon-to-close Devon Eagle Ford expansion.⟧

What to watch next

Devon Eagle Ford acquisition closing, Q4 2026 or early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Crescent Energy earnings beat as free cash flow surges

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