Core Natural Resources (CNR) Reports Q4 2025 Results: $1.04B Revenue, $103M Adj. EBITDA, and 2026 Guidance.
Core Natural Resources, Inc.
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Filing Summary
Core Natural Resources (CNR) Q4 2025 Earnings Report
Financial Highlights: • Revenue: $1.042 Billion • Net Loss: $79.0 Million (($1.54) per diluted share) • Adjusted EBITDA: $103.1 Million • Cash Flow: $107.3M operating cash flow; $27.0M free cash flow.
Operational Updates: • Resumed longwall mining at Leer South. • Completed transition to new seam at West Elk. • 2026 Guidance: Sales volume expected between 85.6 - 91.4 million tons.
Capital Returns: • Repurchased 264,487 shares ($21.7M) in Q4. • Declared quarterly dividend of $0.10 per share.
Comprehensive Analysis
Q4 2025 Earnings Overview
Core Natural Resources, Inc. (NYSE: CNR) reported fourth-quarter 2025 results, highlighting a transition period for its operations. The company reported a Net Loss of $79.0 million and Adjusted EBITDA of $103.1 million. Revenue for the quarter stood at $1.042 billion.
Operational Highlights
- Leer South: Resumed longwall mining after fire extinguishment efforts (costs totaled $36.4M combined with idle costs).
- West Elk: Completed transition to the B-Seam, expecting better seam thickness and quality.
- Sales Volumes: High C.V. thermal coal sales increased 9% QoQ to 7.8 million tons.
Capital Allocation
- Share Repurchases: Repurchased 264,487 shares for $21.7 million in Q4. Total program to date: 3.1 million shares for $224.3 million.
- Dividend: Declared a quarterly dividend of $0.10 per share.
- Liquidity: Total liquidity of $948.9 million, including $432.2 million in cash.
2026 Guidance
Management provided 2026 guidance projecting total sales volumes between 85.6 and 91.4 million tons, with a capital expenditure budget of $325-$375 million.
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