Core Natural Resources (CNR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.145B, net income was $9.0M and adjusted EBITDA was $165.2M, up from $141.2M YoY.

• Free cash flow was $80.3M; geological variability and weather-related shipment delays affected quarter-over-quarter results, while stronger October operations supported the Q4 outlook.

• Secured 29.4M tons of future sales commitments at prices expected to support advantageous operating margins.

Financial highlights

• Q3 operating cash flow was $174.6M; free cash flow was $80.3M after $94.4M of capital expenditures.

• Q3 diluted EPS was $0.18 versus $0.61 YoY; net income was $9.0M versus $31.6M, while revenue increased to $1.145B from $1.003B.

• Adjusted EBITDA rose YoY to $165.2M from $141.2M; Q2's $323.6M included substantial Leer South insurance recoveries, while Q3 was affected by geologic variability and shipment delays.

• Nine-month revenue was $3.370B and adjusted EBITDA was $668.7M; results included $135.1M of Leer South insurance recoveries and prior-year merger-related items.

Outlook and guidance

• FY 2026 sales volume guidance: coking coal 9.0–9.5M tons, High CV Thermal 31.5–32.5M, PRB 47.5–49.5M and total 88.0–91.5M tons; capex guidance is $600–$650M.

• 2026 cash-cost guidance is $88–$90/ton for met, $40–$41/ton for High CV Thermal and $13.75–$14.00/ton for PRB; met guidance tightened while thermal and PRB increased modestly.

• High CV Thermal 2026 contracted volume is 31.4M tons at ~$59/ton realized revenue; 2026 met commitments include 7.6M fixed-price tons and 1.7M market-priced tons.

• PRB contracted volume is ~48.5M tons at $14.28/ton; management expects PRB 2027 sales of 48–50M tons and higher High CV Thermal pricing Q4-over-Q3.

• Fixed-price or reasonably estimable contracted coal revenue totaled $3.4B at Sept. 30; ~24% is expected in Q4 2026, 45% in 2027 and the balance thereafter.