CNX Resources (CNX) Q3 2025 earnings summary

Executive summary

• Q3 net income was $202 million ($1.21 per diluted share), up from $66 million ($0.37 per diluted share) in Q3 2024, on higher gas prices, sales volumes, derivative gains and asset sales.

• Q3 production totaled 161.3 Bcfe, with average daily production of 1,753.3 MMcfe.

• Q3 free cash flow was $226 million, including $68 million from asset sales, extending the positive-FCF streak to 23 quarters.

• The Apex acquisition expanded central Pennsylvania leasehold and infrastructure, contributing to higher production.

• Production and spending are expected to remain in 2026 maintenance mode, at levels similar to 2025, pending clarity on long-term gas demand.

Financial highlights

• Q3 revenue and other operating income was $584 million, versus $424 million in Q3 2024.

• Q3 natural gas, NGL and oil revenue was $401 million; commodity derivative gain was $132 million, including $110 million unrealized, and net gain on asset sales and abandonments was $68 million.

• Q3 cash operating margin was 62%; fully burdened cash costs before DD&A were $1.09 per Mcfe.

• Q3 operating cash flow was $234 million and capital expenditures were $76 million.

• Nine-month operating cash flow was $732 million, up from $547 million in the prior-year period.

Outlook and guidance

• 2025 production guidance increased to 620–625 Bcfe, from 615–620 Bcfe, with 7–8% liquids.

• 2025 FCF guidance is $575–$640 million; the $640 million upper end includes $115 million of asset sales, while FCF excluding $65 million of additional asset sales is $575 million.

• Adjusted 2025 EBITDAX guidance decreased to $1.20–$1.225 billion from $1.225–$1.275 billion due to weaker natural gas prices.

• 2025 capital spending guidance is $475–$500 million, including $310–$330 million D&C and $160–$165 million non-D&C.

• 2025 FCF per share guidance is $4.07–$4.75, reflecting higher FCF guidance and a lower share count.