Core Natural Resources (CNR) Q4 2025 earnings summary

Executive summary

• Completed transformational merger in January 2025, with integration nearly complete and operations unified for improved execution and financial uplift from synergies.

• Resumed longwall mining at Leer South and completed transition to a thicker seam at West Elk, both entering 2026 at targeted production rates.

• Increased contracted position by over 38 million tons for 2026–2030 at favorable margins.

• Returned $245.1 million to shareholders in 2025, nearly 100% of free cash flow, mainly via share repurchases and dividends.

• Generated $107.3 million in net cash from operating activities and $27.0 million in free cash flow in Q4.

Financial highlights

• Q4 2025 net loss of $79.0 million ($1.54 per share) and adjusted EBITDA of $103.1 million, impacted by $36.4 million in fire and idle mine costs, offset by $23.9 million in insurance proceeds.

• Full year 2025 net loss of $153 million ($2.98 per share) and adjusted EBITDA of $512 million, with $112 million in idling costs and $43 million in insurance recovery.

• Q4 2025 revenues reached $1.042 billion, with cost of sales at $934.5 million and depreciation, depletion, and amortization at $179.2 million.

• 2025 sales volume reached 89 million tons with revenue of $4.2 billion.

• Cash and cash equivalents at year-end 2025 were $432.2 million; total liquidity was $948.9 million.

Outlook and guidance

• 2026 guidance: Total sales volume of 85.6–91.4 million tons, with 8.6–9.4 million tons of coking coal and 47.0–50.0 million tons from the Powder River Basin.

• High CV thermal sales of 30–32 million tons (76% contracted), revenue over $57/ton, cash cost $38–$39.50/ton.

• Metallurgical sales expected at 8.6–9.4 million tons, revenue ~$120/ton, cash cost $88–$94/ton.

• PRB segment sales of 47–50 million tons, revenue ~$14.15/ton, cash cost $13–$13.50/ton.

• 2026 capital expenditures projected at $325–$375 million, with $25 million for rare earth and innovation projects.