CNX Resources (CNX) Q3 2026 earnings summary

Executive summary

• Q3 free cash flow was $125 million, the 27th consecutive positive quarter; 2026 guidance increased to $525–$550 million, or $3.55–$3.85 per share.

• Q3 net income was $165 million and diluted EPS was $1.12, down YoY; production fell to 156.3 Bcfe while adjusted EBITDAX was $294 million versus $298 million.

• Strategy remains focused on maintenance production, disciplined capital allocation and repurchases, with incremental volumes tied to stronger prices and long-term per-share value.

Financial highlights

• Q3 revenue and other operating income was $580 million versus $584 million YoY; net income was $165 million versus $202 million and diluted EPS was $1.12 versus $1.21.

• Q3 adjusted net income was $90 million versus $82 million YoY; adjusted EBITDAX was $294 million versus $298 million.

• Q3 operating cash flow was $254 million and free cash flow was $125 million; cumulative free cash flow since Q1 2020 reached $3.3 billion.

• 9M revenue was $1.985 billion versus $1.629 billion, net income was $716 million versus $437 million, and diluted EPS was $4.70 versus $2.57; results included $465 million in unrealized derivative gains.

Outlook and guidance

• FY2026 production guidance narrowed to 612.5–617.5 Bcfe; adjusted EBITDAX guidance is $1.29–$1.31 billion and capex guidance is $571–$586 million, including a $16 million Utica rights payment.

• 2026 free cash flow guidance rose from $525 million to $550 million at the high end; per-share guidance increased from $3.55 to $3.85, based on October 14 NYMEX pricing of $3.54/MMBtu.

• The 2026 plan includes 34 wells: 24 SWPA Marcellus, 3 CPA Marcellus and 7 Utica; planned lateral lengths are 13,750, 7,880 and 13,400 feet, respectively.

• 2027 activity is expected to remain in maintenance mode; SWPA Marcellus development may continue another 4–5 years before activity shifts predominantly to CPA Utica and CPA Marcellus.