CNX earnings analysis
What we found in CNX'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
CNX Resources reported a strong financial performance for Q1 2026 with revenues soaring to $787 million, up from $82 million in Q1 2025, and a notable transformation in profitability, swinging from a net loss of $198 million to a net income of $348 million. Key drivers include higher commodity prices and effective operational strategies, while management highlighted ongoing volatility in the marketplace as a caution.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Revenue reached $787 million, up significantly from $82 million in Q1 2025, reflecting strong demand and higher prices.
- Profit Turnaround
- Net income improved to $348 million, contrasting sharply with a net loss of $198 million in the prior year.
- EPS Improvement
- Diluted EPS increased to $2.18 from a loss per share of $1.34 year-over-year.
- Strong Free Cash Flow
- Free cash flow for the quarter was $84 million, indicating robust cash generation capacity.
- Segment Performance
- The Shale segment generated $663 million in revenue, up from $155 million in Q1 2025, driven by higher sales volumes and improved prices.
- Hedging Position
- Total hedged natural gas production for Q2 2026 is 115.1 Bcf, indicating proactive measures to manage price volatility.
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.
- Commodity Price Volatility
- Market conditions remain unpredictable, as noted by management, which could adversely impact revenues and cash flows.
- Inflation Pressures
- Continued inflation, especially in operating costs, poses a risk to profitability if not managed effectively.
- Increased Debt Levels
- Total debt stands at $2.214 billion, which could pressures financial flexibility amid fluctuating operational performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.18
- Segment
- Shale
- Segment
- CBM
- Segment
- Other
What they said about what is next.
Management expects continued volatility in commodity prices but did not provide specific numerical guidance for Q2 2026.
The filing reads better than the one before it.
What came before.
- 10-K · February 10, 2026
- CNX positions itself as a low‑carbon intensity Appalachian natural gas producer with a focus on shale development, midstream ownership and technology-enabled efficiency. The company reports 9.7 Tcfe of proved reserves…
- 10-Q · October 30, 2025
- CNX reported a strong quarter: total revenue and other operating income of $583,840,000 in Q3 2025, up $159,627,000 (37.6%) versus Q3 2024. Operating margin expanded to 41.6% (operating income $242,948,000) from 24.8% a…
- 10-Q · July 24, 2025
- CNX reported a sharply profitable quarter driven by large commodity derivative gains: Total Revenue and Other Operating Income was $962,422,000 for the three months ended June 30, 2025 vs $321,443,000 a year earlier,…
- 10-K · February 11, 2025
- CNX presents itself as a large, Appalachian-focused low‑carbon intensity natural gas producer with a strategy that emphasizes its acreage position, midstream ownership, technology development and disciplined capital…
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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