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Dec 31, 2025
CONSOL Energy Q4 2025 Earnings Report
Core Natural Resources reported a net loss of $79.0 million in Q4 2025, with revenues of $1.042 billion, and an adjusted EBITDA of $103.1 million.
Key Takeaways
Core Natural Resources experienced a net loss in Q4 2025, primarily due to fire extinguishment costs and idle mine cash costs, partially offset by insurance proceeds. Despite these challenges, the company generated positive net cash from operating activities and free cash flow, while also returning capital to stockholders. The company is optimistic about 2026, anticipating improved operational execution and financial performance.
Core Natural Resources reported a net loss of $79.0 million, or ($1.54) per diluted share, in Q4 2025.
Adjusted EBITDA for the quarter was $103.1 million, including $36.4 million in fire extinguishment and idle mine cash costs, and $23.9 million in insurance proceeds.
Net cash provided by operating activities was $107.3 million, and free cash flow was $27.0 million.
The company returned $26.8 million to stockholders in Q4 2025, bringing the total for 2025 to $245.1 million.
Revenue by Segment
Forward Guidance
Core Natural Resources anticipates a significant improvement in operational execution and financial performance in 2026, driven by the return to full production at key mines, increased sales volumes, and advantageous market dynamics. The company expects to generate substantial free cash flow, supporting continued capital returns to stockholders.
Positive Outlook
- Resumption of longwall mining at Leer South and transition to new seam at West Elk are expected to drive targeted production rates in 2026.
- Significant increase in contracted position across all segments at prices projected to drive advantageous margins.
- Strong and improving free cash flow generation anticipated in 2026, supported by improved cost performance and higher sales volumes.
- Incremental insurance proceeds from the Leer South outage are expected to buoy the outlook for free cash flow generation.
- Market dynamics are strengthening, with increased U.S. utility coal consumption, better balance in global metallurgical coal markets, and strong Indian cement markets.
Challenges Ahead
- The guidance for Metallurgical Cash Cost of Coal Sold per Ton, High C.V. Thermal Cash Cost of Coal Sold per Ton, and Powder River Basin Cash Cost of Coal Sold per Ton are non-GAAP measures and cannot be reconciled to GAAP without unreasonable efforts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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