CNX

MKT CAP:$5B

CNX Resources Corporation

Market Cap

$5B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$38.55+$2.09 (+5.73%)

Apr 22, 2026

Company Details

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It...

CEO

Alan K. Shepard

IPO Date

Apr 30, 1999

Website

www.cnx.com

Key Metrics TTM

Revenue

$2.3B

+67.8% YoY

Net Income

$633M

EPS (Diluted)

$3.68

Free Cash Flow

$534M

Revenue / Share

$14.62

Gross Margin

72.8%

Operating Margin

51.4%

Net Margin

28.0%

FCF Margin

23.6%

P/S

2.4x

P/E

8.6x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 10, 2026

$2.1B+59.2%EPS $3.95

Q4 2025

Feb 10, 2026

$655M+100.2%EPS $1.28

Q3 2025

Oct 30, 2025

$452M+35.1%EPS $1.21

Q2 2025

Jul 24, 2025

$541M+76.1%EPS $2.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$812M	$654M	$621M
Q2 22	$1.1B	$913M	$879M
Q3 22	$1.2B	$1.0B	$988M
Q4 22	$861M	$673M	$637M
Q1 23	$514M	$355M	$317M
Q2 23	$296M	$181M	$272M
Q3 23	$302M	$168M	$138M
Q4 23	$351M	$212M	$179M
Q1 24	$377M	$239M	$200M
Q2 24	$307M	$181M	$300M
Q3 24	$335M	$189M	$156M
Q4 24	$327M	$197M	$150M
Q1 25	$611M	$473M	$432M
Q2 25	$541M	$398M	$347M
Q3 25	$452M	$162M	$112M
Q4 25	$655M	$610M	$269M

Valuation

Quarter	P/S	P/E
Q1 22	1.5x	—
Q2 22	1.1x	—
Q3 22	0.7x	—
Q4 22	0.7x	—
Q1 23	0.7x	1.8x
Q2 23	1.0x	1.5x
Q3 23	1.7x	1.4x
Q4 23	2.2x	1.8x
Q1 24	2.8x	3.6x
Q2 24	2.7x	6.9x
Q3 24	3.6x	8.7x
Q4 24	4.2x	—
Q1 25	2.9x	—
Q2 25	2.7x	31.0x
Q3 25	2.4x	15.9x
Q4 25	2.3x	8.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$336M	$214M
Q2 22	$192M	$55M
Q3 22	$264M	$131M
Q4 22	$442M	$269M
Q1 23	$249M	$79M
Q2 23	$199M	$3M
Q3 23	$206M	$349.0K
Q4 23	$161M	$53M
Q1 24	$185M	$17M
Q2 24	$192M	$40M
Q3 24	$170M	$55M
Q4 24	$269M	$163M
Q1 25	$216M	$84M
Q2 25	$282M	$169M
Q3 25	$234M	$158M
Q4 25	$297M	$123M

Capital Expenditures

Quarter	CapEx
Q1 22	$122M
Q2 22	$137M
Q3 22	$134M
Q4 22	$173M
Q1 23	$170M
Q2 23	$196M
Q3 23	$206M
Q4 23	$108M
Q1 24	$168M
Q2 24	$152M
Q3 24	$115M
Q4 24	$105M
Q1 25	$131M
Q2 25	$114M
Q3 25	$76M
Q4 25	$174M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+85.2%	+24.3%
Q2 22	+161.3%	+36.8%
Q3 22	+88.3%	+25.5%
Q4 22	-5.3%	+11.8%
Q1 23	-36.8%	+2.4%
Q2 23	-72.4%	-87.4%
Q3 23	-74.3%	-13.7%
Q4 23	-59.3%	-23.4%
Q1 24	-26.7%	-10.0%
Q2 24	+3.8%	-68.8%
Q3 24	+10.7%	+9.2%
Q4 24	-6.7%	+3.2%
Q1 25	+62.0%	+0.9%
Q2 25	+76.1%	+2460.0%
Q3 25	+35.1%	+89.9%
Q4 25	+100.2%	+117.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	0.9%
Q2 22	$4M	0.3%
Q3 22	$4M	0.3%
Q4 22	$0	0.0%
Q1 23	$9M	1.7%
Q2 23	$5M	1.5%
Q3 23	$3M	0.9%
Q4 23	$4M	1.2%
Q1 24	$7M	2.0%
Q2 24	$4M	1.4%
Q3 24	$4M	1.3%
Q4 24	$4M	1.3%
Q1 25	$9M	1.4%
Q2 25	$5M	0.9%
Q3 25	$5M	1.1%
Q4 25	$5M	0.7%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	—	$33M
Q2 22	—	$34M
Q3 22	—	$28M
Q4 22	—	$36M
Q1 23	—	$38M
Q2 23	—	$31M
Q3 23	—	$30M
Q4 23	—	$34M
Q1 24	—	$39M
Q2 24	—	$33M
Q3 24	—	$33M
Q4 24	—	$47M
Q1 25	—	$40M
Q2 25	—	$30M
Q3 25	$31M	—
Q4 25	—	$42M

Revenue Segments

Quarter	NG Ls	Natural Gas	Oil and Condensate	Oil and Gas, Purchased
Q1 22	$65M	$675M	$5M	$46M
Q2 22	$64M	$934M	$6M	$47M
Q3 22	$61M	$1.1B	$3M	$32M
Q4 22	$52M	$718M	$7M	$61M
Q1 23	$46M	$404M	$6M	$37M
Q4 23	$43M	$289M	$2M	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$9M	$0	$9M
Q2 22	$238.0K	$0	$238.0K
Q3 22	$2M	$0	$2M
Q4 22	$21M	$0	$21M
Q1 23	$3M	$0	$3M
Q2 23	$23M	$0	$23M
Q3 23	$9M	$0	$9M
Q4 23	$443.0K	$0	$443.0K
Q1 24	$2M	$0	$2M
Q2 24	$4M	$0	$4M
Q3 24	$1M	$0	$1M
Q4 24	$17M	$0	$17M
Q1 25	$3M	$0	$3M
Q2 25	$3M	$0	$3M
Q3 25	$5M	$0	$5M
Q4 25	$779.0K	$0	$779.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	200M	-8.0%	-12.6%
Q2 22	224M	+12.3%	+2.1%
Q3 22	188M	-16.4%	-13.1%
Q4 22	207M	+10.4%	-4.7%
Q1 23	197M	-4.8%	-1.4%
Q2 23	193M	-2.1%	-14.0%
Q3 23	191M	-1.2%	+1.7%
Q4 23	187M	-2.1%	-9.8%
Q1 24	156M	-16.4%	-20.8%
Q2 24	153M	-2.3%	-20.9%
Q3 24	179M	+17.4%	-6.1%
Q4 24	151M	-15.5%	-19.0%
Q1 25	148M	-2.3%	-5.4%
Q2 25	172M	+16.2%	+12.5%
Q3 25	172M	0.0%	-4.1%
Q4 25	155M	-10.0%	+2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	441
Q2 22	$2M	441
Q3 22	$3M	441
Q4 22	$2M	466
Q1 23	$1M	466
Q2 23	$635.0K	466
Q3 23	$649.0K	466
Q4 23	$746.0K	470
Q1 24	$801.6K	470
Q2 24	$653.4K	470
Q3 24	$712.2K	470
Q4 24	$714.5K	458
Q1 25	$1M	458
Q2 25	$1M	458
Q3 25	$987.2K	458
Q4 25	$2M	390

Revenue / Employee