CNX Resources (CNX) Q2 2026 earnings summary

Executive summary

• Management reaffirmed commitment to long-term value per share and flexible capital allocation, emphasizing opportunistic equity buybacks amid a soft near-term macro environment but strong long-term gas outlook.

• Achieved 26 consecutive quarters of positive free cash flow, with Q2 2026 FCF at $138 million.

• Net income for Q2 2026 was $203 million ($1.32 per diluted share), down from $433 million ($2.53 per diluted share) in Q2 2025, primarily due to lower realized prices and a smaller unrealized gain on commodity derivatives.

• Released second quarter 2026 financial and operational results, including prepared remarks and supplemental data.

• Maintains a 162-year regional legacy with a substantial asset base and ongoing technology innovation.

Financial highlights

• Annual monetization from 45Z credits and environmental attributes is targeted at approximately $90 million, with $40 million from 45Z credits expected in 2027.

• Q2 2026 free cash flow of $138 million; year-to-date FCF guidance reaffirmed at ~$525 million for 2026.

• Q2 2026 natural gas, NGLs, and oil revenue was $389 million, down from $485 million in Q2 2025; six-month revenue was $1.11 billion, up from $1.04 billion year-over-year.

• Q2 2026 included an unrealized gain on commodity derivatives of $131 million, compared to $456 million in Q2 2025.

• Operating expenses for Q2 2026 were $341 million, nearly flat year-over-year.

Outlook and guidance

• Full-year 2026 capital expenditures are expected to range between $556 million and $586 million.

• Production is scheduled to surge in Q4, with a large Marcellus pad coming online in Q3 and a Utica pad in Q4.

• 2026 production volumes are projected between 605.0 Bcfe and 620.0 Bcfe.

• 2026E leverage ratio expected at 1.6x, assuming FCF is used to reduce net debt.

• The company remains focused on cost efficiency and expects to maintain compliance with all debt covenants.