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Dec 31, 2024
CNX Resources Q4 2025 Earnings Report
CNX Resources reported solid performance in Q4 2025, achieving positive net income and strong free cash flow despite hedging losses.
Key Takeaways
CNX Resources delivered a profitable Q4 2025 with $196 million in net income, strong cash flow, and continued capital discipline. While revenue remained steady, the company faced realized losses on commodity derivatives. Nevertheless, operational efficiencies and disciplined cost management contributed to robust financials.
Generated $196 million in net income for Q4 2025.
Reported $132 million in free cash flow in the quarter.
Revenue totaled $610 million, driven by solid production volumes.
Realized losses of $58 million on commodity derivative instruments.
Forward Guidance
CNX expects 2026 free cash flow of approximately $550 million, supported by hedging coverage, disciplined capital spending, and environmental credit sales.
Positive Outlook
- 2026 production volume expected between 605 and 620 Bcfe.
- 81% of 2026 natural gas volumes hedged, providing cash flow stability.
- Forecasted free cash flow of ~$550 million including tax credits and asset sales.
- Adjusted EBITDAX guidance of $1.31–1.36 billion.
- Capital expenditure guidance kept conservative at $556–586 million.
Challenges Ahead
- Realized natural gas differentials expected to remain negative at ($0.56)/MMBtu.
- Limited upside from NGL prices with ~$20.75/Bbl projected.
- Higher leverage due to reduced cash on hand ($779K at year-end).
- Share count dilution expected due to convertible note settlement.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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