Core Natural Resources (CNR) FY2025 results: revenue $4.2 billion, up 92.4% on the year
Core Natural Resources, Inc. (CNR) reported revenue of $4.2 billion for fiscal 2025, the year ended 31 December 2025, up 92.4% on the year before. Net income was -$153 million, and diluted earnings per share $-2.98. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
Revenue
$4.2 billion
+92.4% on the year
FY2018FY2025
Operating margin
-4.4%
16.2% a year earlier
FY2018FY2025
Net income
-$153 million
FY2018FY2025
Diluted EPS
-$2.98
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 14 new, 2 kept.
Net loss in the fourth quarter: The company reported a net loss of $79.0 million, or $1.54 per diluted share, in the fourth quarter, on revenues of $1.042 billion.
Adjusted EBITDA fell from third quarter: Adjusted EBITDA was $103.1 million in the fourth quarter, compared with $141.2 million reported for the third quarter.
Operating cash flow and free cash flow: Net cash provided by operating activities was $107.3 million in the quarter, and free cash flow was $27.0 million.
Metallurgical cash cost reflected idle Leer South: Metallurgical cash cost of coal sold was $103.49 per ton, reflecting the absence of longwall production at Leer South until late in the quarter.
2026 committed book expanded: Committed 2026 business is now 23.5 million tons in high calorific value thermal and 47.4 million tons in Powder River Basin, against about 17 and 40 million tons last quarter.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
306
476
858
-35.8%
Capital expenditure
285
178
168
+59.9%
Free cash flow
21.2
298
690
-92.9%
Free cash flow margin
0.5%
13.8%
27.5%
Cash from investing
47.7
-165
-259
Cash from financing
-200
-107
-682
Depreciation and amortisation
621
224
241
+177.9%
Share-based compensation
32.9
11.3
10.0
+190.0%
Buybacks
224
70.9
399
+216.4%
Dividends paid
26.3
15.9
75.5
+65.6%
Dividend per share
$0.40
$0.50
$2.20
-20.0%
Diluted shares, weighted
51m
30m
33m
+72.4%
Shares outstanding at period end
51m
29m
30m
+73.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,678
1,568
1,343
+134.5%
Debt
395
183
184
+115.2%
Operating lease liabilities
10.8
5.5
10.4
+97.9%
Finance lease liabilities
36.9
15.3
4.2
+141.6%
Other liabilities
2,009
1,107
1,133
+81.5%
Total liabilities and equity
6,130
2,880
2,675
+112.9%
Fixed assets
n/a
1,922
1,903
Investments
n/a
52.0
81.9
Cash and equivalents
432
408
199
+5.9%
Receivables
349
137
148
+155.4%
Inventory
375
96.2
88.2
+289.6%
Other assets
4,974
265
255
+1,779.3%
Total assets
6,130
2,880
2,675
+112.9%
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.