Core Natural Resources (CNR) Company Report

Core Natural Resources reported a net loss of $79 million and Adjusted EBITDA of $103 million for Q4 2025, with full-year 2025 figures showing a net loss of $153 million and Adjusted EBITDA of $512 million.
The company successfully resolved significant operational challenges from 2025, including a combustion event at Leer South and a slower-than-expected startup at West Elk, and anticipates strong operational performance in 2026 with both mines returning to normal or high productivity levels.
In 2025, Core returned $245 million to stockholders, nearly 100% of its free cash flow, primarily through share repurchases, and aims to continue its capital return framework targeting approximately 75% of free cash flow.
For 2026, the company forecasts 30-32 million sales tons for High CV thermal, 8.6-9.4 million tons for metallurgical, and 47-50 million tons for PRB, with expected improvements in cash costs per ton, capital expenditures between $325 million and $375 million, and reduced idling and merger-related expenses.

Feb 12, 2026, 3:00 PM

Transcript

Core Natural Resources Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

CNR

Earnings

Guidance Update

Share Buyback

Core Natural Resources reported a net loss of $79 million and Adjusted EBITDA of $103 million for Q4 2025, with a full-year net loss of $153 million and Adjusted EBITDA of $512 million for 2025.
The company successfully resolved operational challenges at Leer South and West Elk, which impacted 2025 results, and expects normalized performance in 2026.
For 2026, Core Natural Resources projects High CV thermal sales of 30-32 million tons at over $57 per ton revenue, metallurgical sales of 8.6-9.4 million tons at approximately $120 per ton revenue, and PRB sales of 47-50 million tons at approximately $14.15 per ton revenue.
The company returned $245 million to stockholders in 2025, representing nearly 100% of free cash flow, and plans to continue its capital return framework targeting 75% of free cash flow.
Capital expenditures for 2026 are projected to be between $325 million and $375 million, including investments in critical minerals and other growth initiatives.

Feb 12, 2026, 3:00 PM

Transcript

Core Natural Resources Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

CNR

Earnings

Guidance Update

Share Buyback

Core Natural Resources reported a net loss of $79 million and Adjusted EBITDA of $103 million for Q4 2025, with a full-year 2025 net loss of $153 million and Adjusted EBITDA of $512 million.
In 2025, the company returned $245 million to stockholders, nearly 100% of free cash flow, primarily through $224 million in share repurchases (approximately 6% of shares outstanding) and a $0.10 per share quarterly dividend.
Following the resolution of 2025 operational challenges at Leer South and West Elk, the company anticipates strong operational performance in 2026, expecting no idling costs compared to $112 million incurred in 2025.
For 2026, Core Natural Resources projects High CV thermal sales of 30-32 million tons (average revenue over $57 per ton), metallurgical sales of 8.6-9.4 million tons (average revenue approximately $120 per ton), and PRB sales of 47-50 million tons (average revenue approximately $14.15 per ton).
The company expects 2026 capital expenditures of $325-$375 million and cash-based SG&A of $85-$100 million, benefiting from anticipated higher insurance proceeds and reduced merger-related expenses.

Feb 12, 2026, 3:00 PM

Transcript

Core Natural Resources Reports Q4 2025 Results and Provides 2026 Guidance

CNR

Earnings

Guidance Update

Share Buyback

Core Natural Resources reported a net loss of $79.0 million, or ($1.54) per diluted share, on $1.042 billion in revenues for the fourth quarter of 2025.
The company generated $107.3 million in net cash provided by operating activities and $27.0 million in free cash flow during Q4 2025, ending the period with $948.9 million in total liquidity.
Core returned $26.8 million to stockholders in Q4 2025, contributing to a total of $245.1 million returned in 2025, and has $775.7 million remaining under its $1.0 billion share repurchase program.
For 2026, Core provided guidance projecting total sales volumes between 85.6 and 91.4 million tons and capital expenditures ranging from $325 million to $375 million.

Feb 12, 2026, 12:01 PM

8-K

Core Natural Resources Reports Q4 2025 Results and Provides 2026 Guidance

CNR

Earnings

Guidance Update

Share Buyback

Core Natural Resources reported a net loss of $79.0 million and revenues of $1.042 billion in the fourth quarter of 2025.
The company generated $107.3 million in net cash provided by operating activities and $27.0 million in free cash flow during Q4 2025.
Core returned $26.8 million to stockholders in Q4 2025, contributing to a total of $245.1 million returned in 2025, and has $775.7 million remaining under its $1.0 billion share repurchase program.
For 2026, Core Natural Resources provided guidance including total sales volumes of 85.6 to 91.4 million tons and capital expenditures between $325 million and $375 million.

Feb 12, 2026, 11:55 AM

Press Release

Core Natural Resources Resumes Longwall Mining at Leer South

CNR

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Core Natural Resources, Inc. has resumed longwall operations at its Leer South metallurgical mine in West Virginia, which had been idle since January 13, 2025, due to combustion-related activity.
The company successfully recovered major mining equipment and permanently sealed the affected area, expecting Leer South to be fully ramped and operating efficiently in 2026.
Additionally, Core's West Elk longwall mine in Colorado is now achieving consistent productivity levels following a transition, with improved performance anticipated.
Core anticipates a significant step-up in financial performance in 2026 due to these operational improvements, substantial insurance recoveries, and full-year merger-related synergies.

Dec 18, 2025, 12:08 PM

8-K

Core Natural Resources Resumes Leer South Longwall Mining and Anticipates Improved 2026 Performance

CNR

New Projects/Investments

Guidance Update

Core Natural Resources (CNR) has resumed longwall operations at its Leer South metallurgical mine in West Virginia, which had been idle since January 13, 2025, due to combustion-related activity.
The company also announced that its West Elk longwall mine in Colorado is now operating at consistent productivity levels following a transition to the B-Seam, with expectations for continued improved performance.
Core anticipates a significant step-up in its financial performance in 2026, attributing this to the Leer South restart, improved geological conditions at West Elk, substantial insurance recoveries, and the full-year benefit of merger-related synergies.

Dec 18, 2025, 11:58 AM

Press Release

Core Natural Resources Reports Q3 2025 Results and Capital Returns

CNR

Earnings

Share Buyback

Dividends

Core Natural Resources reported net income of $31.6 million, or $0.61 per diluted share, and adjusted EBITDA of $141.2 million on $1,002.5 million in revenues for the third quarter of 2025.
The company generated $87.9 million in net cash provided by operating activities and $38.9 million in free cash flow during Q3 2025.
Core returned $24.6 million to stockholders in Q3 2025 via share buybacks and quarterly dividends, bringing the total returned since the capital return program's launch in February to $218.3 million.
As of September 30, 2025, Core had total liquidity of $995.4 million, including $444.7 million in cash and cash equivalents.
Operationally, Core completed the transition to a more advantageous reserve area at the West Elk mine and expanded its committed sales position for 2026, though the planned restart of the Leer South longwall is delayed due to a government shutdown.

Nov 6, 2025, 11:54 AM

8-K

Core Reports Q3 2025 Results

CNR

Earnings

Dividends

Share Buyback

Core Natural Resources reported net income of $31.6 million, or $0.61 per diluted share, on $1,002.5 million in revenues for the third quarter of 2025.
The company generated $87.9 million in net cash provided by operating activities and $38.9 million in free cash flow during Q3 2025.
Core returned $24.6 million to stockholders in Q3 2025 through share buybacks and quarterly dividends, bringing the total returned to $218.3 million since the capital return program's launch in February. As of September 30, 2025, $797.4 million remained under its share repurchase authorization.
Operationally, Core completed the transition to a more advantageous reserve area at the West Elk mine and expanded its committed sales position, though the planned restart of the Leer South longwall was delayed due to a government shutdown.
As of September 30, 2025, Core maintained $995.4 million in total liquidity, including $444.7 million in cash and cash equivalents.

Nov 6, 2025, 11:45 AM

Press Release

Core Natural Resources Announces CEO Transition

CNR

CEO Change

Management Change

Executive Compensation

Core Natural Resources, Inc. has appointed Jimmy Brock, the current board chair, to the additional role of Chief Executive Officer, effective October 6, 2025.
Paul A. Lang has departed as CEO and board member, agreeing to provide transition consulting services through the end of 2025.
In connection with his separation, Mr. Lang is set to receive a lump sum cash payment of $7,950,553, in addition to the settlement of his outstanding restricted stock units.