10-K · February 17, 2026
Core Natural Resources completed its all‑stock merger with Arch on January 14, 2025 and describes a strategy to monetize a combined low‑cost metallurgical and thermal franchise, expand exports and return capital to…
Earnings analysis · 10-Q
CNR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Core Natural Resources, Inc. (CNR) reported Q1 2026 results with revenues of $1.084 billion, a $67 million increase year-over-year, while EPS was $0.41, significantly below expectations. Key segments like Metallurgical…
Read full summary
Core Natural Resources, Inc. (CNR) reported Q1 2026 results with revenues of $1.084 billion, a $67 million increase year-over-year, while EPS was $0.41, significantly below expectations. Key segments like Metallurgical and Core Marine Terminal showed revenue growth driven by price increases, despite some margin challenges and cost increases in other segments. Management anticipates continued growth with improvements in liquidity and operating performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.41
- Segment
- Metallurgical
- Segment
- Core Marine Terminal
- Segment
- High CV Thermal
- Segment
- PRB
What stood out
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Revenue Up Year-over-Year
Total revenue increased to $1.084 billion, up $67 million from Q1 2025.
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Positive Free Cash Flow
CNR generated positive operating cash flow of $119 million for the quarter, a $229 million change from a negative cash flow in Q1 2025.
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Metallurgical Segment Growth
Metallurgical segment revenues grew by $38 million due to increased pricing and sales volume.
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Cost Management Improvements
General and administrative costs dropped from $89 million in Q1 2025 to $36 million in Q1 2026.
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Increased Operational Capacity
Throughput tons at Core Marine Terminal increased from 4.3 million to 4.8 million year-over-year.
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Enhanced Liquidity Position
Total liquidity at March 31, 2026 was $935 million, including $413 million in cash.
What to watch
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Revenue Missed Consensus Estimates
Reported revenue of $1.084 billion fell short of the estimated $1.47 billion.
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Operating Margin Pressure
Operating margins decreased from -1.2% in Q1 2025 to a worse -12.6% in Q1 2026 due to cost increases.
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Increased Debt Burden
Long-term debt obligations of $461 million may pressure future liquidity and financial flexibility.
Management's outlook
Management expects Q2 2026 revenue in the range of $1.5 billion to $1.7 billion, with EPS guidance of $1.45 to $1.55.
Earlier filings 4
10-Q · November 6, 2025
Core Natural Resources reported Q3 revenue of $1,002,543,000, up $449,111,000 (≈81%) versus Q3 2024, and delivered diluted EPS of $0.61. Operationally the quarter produced a loss from operations of $(11,810,000) and…
10-K · February 9, 2024
CONSOL Energy presents a resource-heavy, cash-flow focused coal business with a large reserve base (PAMC: 583.5 million tons; Greenfield: ~1.3 billion tons) and a strategic push into metallurgical coal via the Itmann…
10-Q · August 8, 2023
CONSOL Energy reported a stronger quarter: total revenue and other income of $660,967 (Q2 2023) versus $544,619 (Q2 2022), net income of $167,723 versus $126,291 and diluted EPS of $4.94 versus $3.54 a year ago.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.