CNR

MKT CAP:$4B

Core Natural Resources, Inc.

Market Cap

$4B

Energy·Coal·🇺🇸 United States·NYSE

Energy·Coal·🇺🇸·NYSE

Stock Price

$87.23-$2.66 (-2.95%)

Apr 23, 2026

Company Details

Core Natural Resources, Inc., together with its subsidiaries, produces and sells bituminous coal in the United States and internationally. It operates through two segments, Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The ...

CEO

James A. Brock

IPO Date

Nov 14, 2017

Website

corenaturalresources.com

Key Metrics TTM

Revenue

$3.6B

+63.5% YoY

Net Income

-$86M

EPS (Diluted)

-$1.27

Free Cash Flow

-$29M

Revenue / Share

$70.82

Gross Margin

11.4%

Operating Margin

-4.9%

Net Margin

-2.4%

FCF Margin

-0.8%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 12, 2026

$4.2B+93.8%EPS -$2.98

Q4 2025

Mar 12, 2026

$1.0B+83.0%EPS -$1.54

Q3 2025

Nov 7, 2025

$1.0B+82.4%EPS $0.61

Q1 2025

May 13, 2025

$1.0B+86.1%EPS -$1.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$335M	$247M	$33M
Q1 22	$536M	$442M	$186M
Q2 22	$605M	$497M	$224M
Q3 22	$530M	$433M	$173M
Q4 22	$609M	$500M	$222M
Q1 23	$678M	$551M	$273M
Q2 23	$654M	$508M	$206M
Q3 23	$541M	$414M	$100M
Q4 23	$634M	$499M	$169M
Q1 24	$547M	$136M	$124M
Q2 24	$491M	$92M	$72M
Q3 24	$550M	$433M	$93M
Q4 24	$570M	$436M	$13M
Q1 25	$1.0B	$26M	-$54M
Q3 25	$1.0B	$24M	-$10M
Q4 25	$1.0B	-$71M	-$128M

Valuation

Quarter	P/S	P/E
Q4 21	3.4x	127.3x
Q1 22	3.0x	1333.7x
Q2 22	2.5x	34.6x
Q3 22	2.2x	11.1x
Q4 22	1.9x	9.3x
Q1 23	1.8x	6.2x
Q2 23	1.8x	5.8x
Q3 23	1.8x	6.3x
Q4 23	1.7x	6.6x
Q1 24	1.8x	8.2x
Q2 24	2.0x	10.4x
Q3 24	2.0x	10.5x
Q4 24	2.0x	15.2x
Q1 25	1.7x	37.7x
Q3 25	1.4x	48.9x
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$52M	$23M
Q1 22	$148M	$112M
Q2 22	$198M	$159M
Q3 22	$153M	$95M
Q4 22	$151M	$114M
Q1 23	$249M	$215M
Q2 23	$228M	$185M
Q3 23	$163M	$121M
Q4 23	$219M	$169M
Q1 24	$77M	$35M
Q2 24	$116M	$61M
Q3 24	$161M	$122M
Q4 24	$121M	$80M
Q1 25	-$110M	-$174M
Q3 25	$88M	$39M
Q4 25	$107M	$26M

Capital Expenditures

Quarter	CapEx
Q4 21	$29M
Q1 22	$37M
Q2 22	$39M
Q3 22	$58M
Q4 22	$37M
Q1 23	$34M
Q2 23	$42M
Q3 23	$42M
Q4 23	$50M
Q1 24	$42M
Q2 24	$55M
Q3 24	$39M
Q4 24	$41M
Q1 25	$65M
Q3 25	$49M
Q4 25	$81M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+24.7%	+2.6%
Q1 22	+62.1%	+18.3%
Q2 22	+99.5%	+37.9%
Q3 22	+81.5%	+24.6%
Q4 22	+81.7%	+28.2%
Q1 23	+26.4%	+15.7%
Q2 23	+8.1%	+17.7%
Q3 23	+2.0%	+23.3%
Q4 23	+4.2%	+20.1%
Q1 24	-19.3%	+4.4%
Q2 24	-25.0%	-6.5%
Q3 24	+1.7%	+3.7%
Q4 24	-10.2%	+19.6%
Q1 25	+86.1%	+153.5%
Q3 25	+104.3%	+141.8%
Q4 25	+89.7%	+156.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	0.6%
Q1 22	$4M	0.8%
Q2 22	$1M	0.2%
Q3 22	$1M	0.2%
Q4 22	$1M	0.2%
Q1 23	$5M	0.7%
Q2 23	$2M	0.3%
Q3 23	$2M	0.3%
Q4 23	$2M	0.2%
Q1 24	$5M	0.9%
Q2 24	$2M	0.5%
Q3 24	$2M	0.4%
Q4 24	$2M	0.3%
Q1 25	$36M	3.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	—	$20M
Q1 22	$37M	—
Q2 22	$28M	—
Q3 22	$30M	—
Q4 22	$22M	—
Q1 23	$17M	—
Q2 23	$25M	—
Q3 23	$37M	—
Q4 23	$24M	—
Q1 24	$21M	—
Q2 24	$21M	—
Q3 24	$36M	—
Q4 24	$38M	—
Q1 25	$40M	—
Q3 25	—	$34M
Q4 25	—	$57M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$223M	$0	$223M
Q2 22	$262M	$0	$262M
Q3 22	$269M	$0	$269M
Q4 22	$273M	$0	$273M
Q1 23	$193M	$75M	$268M
Q2 23	$190M	$101M	$290M
Q3 23	$168M	$81M	$249M
Q4 23	$199M	$82M	$281M
Q1 24	$173M	$83M	$255M
Q2 24	$216M	$83M	$299M
Q3 24	$332M	$84M	$416M
Q4 24	$408M	$52M	$460M
Q1 25	$388M	$0	$388M
Q2 25	$413M	$0	$413M
Q3 25	$445M	$0	$445M
Q4 25	$432M	$0	$432M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	36M	+3.1%	+33.1%
Q1 22	35M	-2.5%	-1.1%
Q2 22	36M	+3.1%	+1.8%
Q3 22	36M	+0.1%	+3.8%
Q4 22	36M	+0.1%	+0.7%
Q1 23	35M	-1.8%	+1.4%
Q2 23	34M	-3.4%	-4.9%
Q3 23	32M	-4.6%	-9.5%
Q4 23	31M	-4.0%	-13.1%
Q1 24	30M	-3.3%	-14.4%
Q2 24	30M	-1.3%	-12.6%
Q3 24	30M	+0.1%	-8.3%
Q4 24	30M	-0.2%	-4.7%
Q1 25	50M	+69.6%	+67.1%
Q3 25	52M	+2.7%	+73.8%
Q4 25	51M	-0.6%	+72.7%

Shares Outstanding