CNR earnings analysis
What we found in CNR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up Year-over-Year
- Total revenue increased to $1.084 billion, up $67 million from Q1 2025.
- 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.
- Metallurgical Segment Growth
- Metallurgical segment revenues grew by $38 million due to increased pricing and sales volume.
- Cost Management Improvements
- General and administrative costs dropped from $89 million in Q1 2025 to $36 million in Q1 2026.
- Increased Operational Capacity
- Throughput tons at Core Marine Terminal increased from 4.3 million to 4.8 million year-over-year.
- Enhanced Liquidity Position
- Total liquidity at March 31, 2026 was $935 million, including $413 million in cash.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Missed Consensus Estimates
- Reported revenue of $1.084 billion fell short of the estimated $1.47 billion.
- Operating Margin Pressure
- Operating margins decreased from -1.2% in Q1 2025 to a worse -12.6% in Q1 2026 due to cost increases.
- Increased Debt Burden
- Long-term debt obligations of $461 million may pressure future liquidity and financial flexibility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.41
- Gross margin
- 13.8%
- Operating margin
- -12.5%
- Segment
- Metallurgical
- Segment
- Core Marine Terminal
- Segment
- High CV Thermal
- Segment
- PRB
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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