CNX Resources (CNX) Q2 2025 earnings summary

Executive summary

• Net income was $433 million in Q2 2025, versus an $18 million loss in Q2 2024, reflecting higher prices and volumes and unrealized derivative gains.

• Generated $188 million of Q2 free cash flow, extending the positive-FCF streak to 22 quarters; cumulative FCF since Q1 2020 reached $2.5 billion.

• Q2 production rose 25% year over year to 167.6 Bcfe, primarily from the Apex acquisition and new wells.

• Completed the $518 million Apex Energy II acquisition, expanding undeveloped leasehold and infrastructure in central Pennsylvania.

Financial highlights

• Q2 revenue and other operating income reached $962 million, versus $321 million in Q2 2024; diluted EPS was $2.53 versus a loss of $0.12.

• Q2 cash operating margin was 65%; fully burdened cash costs before DD&A were $1.05/Mcfe, down from $1.11/Mcfe in Q1 2025.

• Q2 realized cash settlements on commodity derivatives were a $35 million loss, while a $456 million unrealized derivative gain contributed to Other segment pre-tax earnings of $398 million.

• Six-month operating cash flow was $498 million; six-month net income was $235 million, or $1.37 per diluted share.

Outlook and guidance

• 2025 production guidance increased to 615–620 Bcfe from 605–620 Bcfe; capital expenditure guidance remains $450–$500 million and adjusted EBITDAX guidance is $1,225–$1,275 million.

• 2025 FCF guidance was reaffirmed at ~$575 million, including ~$50 million of expected asset-sale proceeds; FCF/share guidance rose to $4.07 from $3.97.

• 2025 production and CapEx are front-half weighted, with a Q3 lull and activity expected to pick up in Q4 ahead of winter 2026; no changes to E&P activity levels, with capital efficiency targeted at $0.85/Mcf.

• 45Z tax credits are expected to be first eligible in 2025, with cash realization in 2026; material federal cash taxes are now expected to begin in 2028–2029 following tax-law changes.

• Environmental-attribute/RMG-related FCF estimate fell to $65 million from $75 million as Pennsylvania Tier 1 REC prices softened; current-price FCF estimate was ~$575 million at NYMEX $3.59/MMBtu as of July 8.