CNX Resources (CNX) Q2 2025 earnings summary

Executive summary

• Achieved 22nd consecutive quarter of positive free cash flow, generating $188 million in Q2 2025.

• Net income of $433 million for Q2 2025, reversing a prior year loss, driven by higher prices, increased volumes, and derivative gains.

• Apex Energy II acquisition expanded undeveloped leasehold and infrastructure in central Pennsylvania, supporting future growth.

• Maintains a substantial asset base with 8.54 Tcf of proved natural gas reserves as of December 31, 2024.

• Focuses on ultra-low carbon intensive natural gas development and production in Appalachia.

Financial highlights

• Q2 2025 free cash flow reached $188 million; trailing twelve-month leverage ratio at 2.2x.

• Q2 2025 revenue and other operating income reached $962 million, up from $321 million in Q2 2024.

• Diluted EPS was $2.53 in Q2 2025 versus a loss of $0.12 in Q2 2024.

• Six-month net income was $235 million, or $1.37 per diluted share, compared to a $11 million loss in the prior year period.

• Q2 2025 cash operating margin was 65%; fully burdened cash costs before DD&A at $1.05 per Mcfe.

Outlook and guidance

• 2025 production guidance is 615–620 Bcfe; capital expenditures expected between $450–$500 million.

• 45Z tax credits expected to be first eligible in 2025, with cash realization in 2026; program runs through 2029, pending final rulemaking.

• 2025 free cash flow guidance reaffirmed at ~$575 million, including ~$50 million from expected asset sales.

• CapEx and production are front-half weighted in 2025, with a lull in Q3 and activity picking up in Q4 ahead of winter 2026.

• 2025E cash operating margin projected at 63%; leverage ratio expected to improve to 1.9x.