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…
Earnings analysis · 10-Q
CNX earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
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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.
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.
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
- $2.18
- Segment
- Shale
- Segment
- CBM
- Segment
- Other
What stood out
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Revenue Growth
Revenue reached $787 million, up significantly from $82 million in Q1 2025, reflecting strong demand and higher prices.
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Profit Turnaround
Net income improved to $348 million, contrasting sharply with a net loss of $198 million in the prior year.
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EPS Improvement
Diluted EPS increased to $2.18 from a loss per share of $1.34 year-over-year.
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Strong Free Cash Flow
Free cash flow for the quarter was $84 million, indicating robust cash generation capacity.
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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.
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Hedging Position
Total hedged natural gas production for Q2 2026 is 115.1 Bcf, indicating proactive measures to manage price volatility.
What to watch
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Commodity Price Volatility
Market conditions remain unpredictable, as noted by management, which could adversely impact revenues and cash flows.
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Inflation Pressures
Continued inflation, especially in operating costs, poses a risk to profitability if not managed effectively.
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Increased Debt Levels
Total debt stands at $2.214 billion, which could pressures financial flexibility amid fluctuating operational performance.
Management's outlook
Management expects continued volatility in commodity prices but did not provide specific numerical guidance for Q2 2026.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.