Core Natural Resources (CNR) Financials

$88.27 +0.50 (+0.57%)

Closing price 03:59 PM Eastern

Extended Trading

$88.50 +0.23 (+0.26%)

As of 04:27 PM Eastern

Annual Income Statements for Core Natural Resources

This table shows Core Natural Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	307	41	68	153	76	-9.76	34	467	656	286	-153
Consolidated Net Income / (Loss)	317	50	83	179	94	-13	34	467	656	286	-153
Net Income / (Loss) Continuing Operations	317	50	83	179	94	-13	34	467	656	286	-153
Total Pre-Tax Income	443	65	170	188	98	-9.24	35	568	778	331	-234
Total Operating Income	1,150	79	196	271	111	-75	60	597	803	351	-182
Total Gross Profit	1,422	1,231	1,395	1,531	1,376	879	1,209	2,043	1,129	733	620
Total Revenue	1,422	1,231	1,395	1,531	1,376	879	1,209	2,043	2,507	2,164	4,165
Operating Revenue	1,422	1,231	1,395	1,473	1,376	879	1,209	2,043	2,507	2,164	4,165
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,378	1,431	3,545
Operating Cost of Revenue	-	-	-	-	-	-	-	-	1,378	1,431	3,545
Total Operating Expenses	272	1,152	1,199	1,260	1,264	954	1,148	1,446	326	382	802
Selling, General & Admin Expense	56	927	970	1,012	1,015	740	832	1,066	103	115	215
Depreciation Expense	195	178	172	201	207	211	225	227	241	224	621
Other Operating Expenses / (Income)	20	46	74	44	44	40	104	188	-19	43	-34
Total Other Income / (Expense), net	-707	-14	-26	-84	-13	66	-25	-28	-25	-20	-52
Interest Expense	7.54	14	26	84	66	61	63	53	32	22	52
Interest & Investment Income	-	-	-	-	-	-	-	-	14	19	26
Other Income / (Expense), net	-700	-	-	-	53	127	38	24	-7.01	-17	-26
Income Tax Expense	126	15	87	8.83	4.54	3.97	1.30	101	122	44	-80
Basic Earnings per Share	$10.98	$1.48	$2.42	$5.48	$2.82	($0.37)	$0.99	$13.41	$19.91	$9.65	($2.98)
Weighted Average Basic Shares Outstanding	-	28M	27.97M	27.93M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Diluted Earnings per Share	$10.98	$1.48	$2.40	$5.38	$2.81	($0.37)	$0.96	$13.07	$19.79	$9.61	($2.98)
Weighted Average Diluted Shares Outstanding	-	28M	27.97M	27.93M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Weighted Average Basic & Diluted Shares Outstanding	-	28M	27.97M	27.93M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Cash Dividends to Common per Share	-	-	-	-	-	$0.00	$0.00	$2.05	$2.20	$0.50	$0.40

This table shows Core Natural Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	168	101	157	102	58	96	31	-69	-37	32	-79
Consolidated Net Income / (Loss)	168	101	157	102	58	96	31	-69	-37	32	-79
Net Income / (Loss) Continuing Operations	168	101	157	102	58	96	31	-69	-37	32	-79
Total Pre-Tax Income	205	122	179	119	67	113	32	-73	-29	-21	-109
Total Operating Income	212	128	131	124	72	117	-42	-54	-19	-12	-97
Total Gross Profit	661	570	587	193	147	199	508	147	190	175	108
Total Revenue	661	570	587	547	491	553	508	1,017	1,102	1,003	1,042
Operating Revenue	661	570	587	547	491	553	508	1,017	1,102	1,003	1,042
Total Cost of Revenue	0.00	0.00	-	354	344	354	-	870	913	827	934
Operating Cost of Revenue	-	-	-	354	344	354	-	870	913	827	934
Total Operating Expenses	449	441	456	69	75	82	550	201	209	187	205
Selling, General & Admin Expense	302	314	330	21	21	36	423	40	35	34	106
Depreciation Expense	65	59	58	57	55	53	58	122	169	151	179
Other Operating Expenses / (Income)	82	69	77	-9.02	-0.90	-7.69	75	39	4.95	1.74	-80
Total Other Income / (Expense), net	-7.16	-6.65	48	-5.31	-4.77	-4.05	74	-20	-10	-9.59	-12
Interest Expense	7.16	6.65	5.25	5.41	4.99	4.66	7.13	20	10	11	11
Interest & Investment Income	-	-	-	4.50	4.63	5.02	-	6.32	6.40	7.58	5.59
Other Income / (Expense), net	-	-	-	-4.40	-4.40	-4.40	-	-6.20	-6.54	-6.56	-6.43
Income Tax Expense	38	21	22	17	9.03	18	0.83	-4.22	7.12	-53	-30
Basic Earnings per Share	$5.00	$3.15	$5.09	$3.40	$1.96	$3.23	$1.06	($1.38)	($0.70)	$0.61	($1.51)
Weighted Average Basic Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Diluted Earnings per Share	$4.94	$3.11	$5.19	$3.39	$1.96	$3.22	$1.04	($1.38)	($0.70)	$0.61	($1.51)
Weighted Average Diluted Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Weighted Average Basic & Diluted Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Cash Dividends to Common per Share	$1.10	$0.00	-	$0.00	$0.00	$0.25	$0.25	$0.10	$0.10	$0.10	$0.10

This table details how cash moves in and out of Core Natural Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.50	6.67	-651	111	-185	-29	147	129	-84	204	154
Net Cash From Operating Activities	292	329	248	414	245	129	306	651	858	476	306
Net Cash From Continuing Operating Activities	292	329	248	414	245	129	306	651	858	476	306
Net Income / (Loss) Continuing Operations	317	50	83	179	94	-13	34	467	656	286	-153
Consolidated Net Income / (Loss)	317	50	83	179	94	-13	34	467	656	286	-153
Depreciation Expense	195	178	172	201	207	211	225	227	241	224	621
Non-Cash Adjustments To Reconcile Net Income	-4.62	7.67	4.87	14	35	-24	-5.10	-17	5.84	5.36	57
Changes in Operating Assets and Liabilities, net	-216	93	-12	11	-98	-52	43	-34	-45	-39	-220
Net Cash From Investing Activities	-130	-46	-57	-154	-173	-76	-127	-142	-259	-165	48
Net Cash From Continuing Investing Activities	-130	-46	-57	-154	-173	-76	-127	-142	-259	-165	48
Purchase of Property, Plant & Equipment	-143	-54	-81	-146	-170	-86	-133	-172	-168	-178	-300
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-201	-67	-103
Sale of Property, Plant & Equipment	13	7.84	25	2.10	2.20	9.90	14	22	4.26	7.40	7.51
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	369
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	123	101	80
Other Investing Activities, net	-	0.00	0.00	-10	-5.00	-0.23	-8.18	7.79	-18	-28	-5.41
Net Cash From Financing Activities	-155	-277	-51	-149	-257	-82	-31	-380	-682	-107	-200
Net Cash From Continuing Financing Activities	-155	-277	-843	-149	-257	-82	-31	-380	-682	-107	-200
Repayment of Debt	-22	-0.48	-36	-76	-208	-67	-76	-278	-169	-0.96	-35
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	-3.75	-0.93
Repurchase of Common Equity	-	0.00	0.00	-26	-33	-	0.00	0.00	-399	-71	-224
Payment of Dividends	-466	-293	-178	-22	-22	-5.58	0.00	-71	-75	-16	-26
Issuance of Debt	-	0.43	0.00	0.00	30	0.00	75	-	0.00	0.00	114
Other Financing Activities, net	185	16	-628	-25	-24	-9.84	-30	-31	-38	-16	-28

This table details how cash moves in and out of Core Natural Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-4.17	-27	27	-26	40	113	78	132	28	4.68	-10
Net Cash From Operating Activities	228	163	219	77	116	161	121	-110	220	88	107
Net Cash From Continuing Operating Activities	228	163	219	77	116	161	121	-110	220	88	107
Net Income / (Loss) Continuing Operations	168	101	157	102	58	96	31	-69	-37	32	-79
Consolidated Net Income / (Loss)	168	101	157	102	58	96	31	-69	-37	32	-79
Depreciation Expense	65	59	58	57	55	53	58	122	169	151	179
Non-Cash Adjustments To Reconcile Net Income	1.29	-0.17	-1.16	-1.74	0.79	1.21	1.35	44	3.86	9.91	-0.14
Changes in Operating Assets and Liabilities, net	-7.22	2.24	3.85	-81	1.63	10	30	-207	85	-105	7.19
Net Cash From Investing Activities	-71	-22	-64	-36	-59	-39	-30	283	-100	-51	-84
Net Cash From Continuing Investing Activities	-71	-22	-64	-36	-59	-39	-30	283	-100	-51	-84
Purchase of Property, Plant & Equipment	-42	-42	-50	-42	-55	-39	-41	-65	-100	-49	-86
Sale of Property, Plant & Equipment	0.24	0.00	-1.99	6.19	0.76	0.37	0.08	6.00	0.22	0.30	1.00
Other Investing Activities, net	-	-0.35	-9.85	-0.35	-1.78	-	-22	-4.03	-0.61	-2.19	1.43
Net Cash From Financing Activities	-161	-168	-128	-68	-17	-9.34	-13	-42	-92	-32	-34
Net Cash From Continuing Financing Activities	-161	-168	-128	-68	-17	-9.34	-13	-42	-92	-32	-34
Repayment of Debt	-52	-25	-0.22	-0.25	-0.46	-0.20	-0.05	-27	-1.48	-4.20	-1.71
Repurchase of Common Equity	-65	-137	-122	-58	-13	-	-	-101	-82	-19	-22
Payment of Dividends	-37	-	-	-0.58	-0.52	-7.35	-7.41	-11	-5.22	-5.13	-5.21
Other Financing Activities, net	-5.80	-5.59	-5.93	-8.96	-3.04	-1.80	-1.85	-17	-2.83	-3.28	-5.20

This table presents Core Natural Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,687	2,707	2,761	2,694	2,523	2,574	2,704	2,675	2,880	6,130
Total Current Assets	200	399	474	338	293	386	598	601	786	1,340
Cash & Equivalents	13	154	236	80	51	150	273	199	408	432
Short-Term Investments	-	-	-	-	-	-	0.00	82	52	0.00
Accounts Receivable	119	168	129	173	160	116	197	160	163	403
Inventories, net	50	53	49	54	56	63	66	88	96	375
Other Current Assets	-	-	-	-	-	-	-	-	67	130
Plant, Property, & Equipment, net	2,180	2,122	2,107	2,092	2,049	1,979	1,960	1,903	1,922	4,387
Total Noncurrent Assets	307	186	180	264	181	209	146	171	172	403
Employee Benefit Assets	-	-	-	-	0.00	39	39	47	42	50
Other Noncurrent Operating Assets	307	186	103	87	59	113	107	124	130	353
Total Liabilities & Shareholders' Equity	2,687	2,707	2,761	2,694	2,523	2,574	2,704	2,675	2,880	6,130
Total Liabilities	1,887	2,363	2,209	2,121	1,970	1,901	1,539	1,332	1,311	2,452
Total Current Liabilities	379	422	492	392	368	445	449	444	519	838
Short-Term Debt	4.08	22	135	50	54	57	29	11	113	98
Accounts Payable	83	109	131	106	71	77	130	137	144	336
Accrued Expenses	292	291	226	236	223	252	270	291	262	404
Total Noncurrent Liabilities	1,508	1,941	1,717	1,729	1,601	1,455	1,090	888	793	1,614
Long-Term Debt	302	857	709	654	567	568	342	182	80	317
Capital Lease Obligations	12	8.64	26	9.04	36	27	13	4.18	15	37
Asset Retirement Reserve & Litigation Obligation	246	228	236	250	228	211	222	213	212	496
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00	22	36	49	130
Noncurrent Employee Benefit Liabilities	825	674	565	746	717	414	294	423	232	278
Other Noncurrent Operating Liabilities	123	174	182	70	53	236	197	30	204	355
Total Equity & Noncontrolling Interests	800	344	552	572	554	673	1,166	1,343	1,568	3,678
Total Preferred & Common Equity	658	204	410	435	554	673	1,166	1,343	1,568	3,678
Total Common Equity	658	204	410	435	554	673	1,166	1,343	1,568	3,678
Common Stock	0.00	553	551	524	643	647	647	548	541	2,983
Retained Earnings	0.00	-44	182	260	247	281	669	944	1,162	818
Accumulated Other Comprehensive Income / (Loss)	-400	-305	-323	-349	-337	-255	-150	-149	-135	-123

This table presents Core Natural Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	2,722	2,695	2,678	2,660	2,680	2,710	2,824	6,252	6,209	6,196
Total Current Assets	558	612	578	579	614	621	745	1,333	1,272	1,400
Cash & Equivalents	269	193	190	168	173	216	332	388	413	445
Short-Term Investments	-	75	101	81	83	83	84	0.00	0.00	0.00
Accounts Receivable	147	186	124	159	180	160	145	428	338	375
Inventories, net	75	96	98	98	109	98	117	388	377	408
Other Current Assets	-	-	66	73	69	65	67	128	144	173
Plant, Property, & Equipment, net	1,953	1,940	1,932	1,917	1,895	1,911	1,909	4,519	4,475	4,390
Total Noncurrent Assets	211	143	168	163	172	178	170	400	462	405
Employee Benefit Assets	54	42	45	48	49	50	52	43	44	46
Other Noncurrent Operating Assets	112	101	124	115	123	128	118	357	417	359
Total Liabilities & Shareholders' Equity	2,722	2,695	2,678	2,660	2,680	2,710	2,824	6,252	6,209	6,196
Total Liabilities	1,806	1,414	1,343	1,351	1,291	1,272	1,295	2,356	2,441	2,417
Total Current Liabilities	515	442	414	454	417	400	540	704	714	770
Short-Term Debt	26	25	19	16	8.55	6.01	112	37	57	84
Accounts Payable	125	121	122	132	139	137	145	299	271	286
Accrued Expenses	267	293	268	301	265	253	282	368	386	400
Total Noncurrent Liabilities	1,291	972	929	897	874	872	755	1,652	1,727	1,647
Long-Term Debt	414	253	207	183	182	182	79	313	313	313
Capital Lease Obligations	14	10	7.30	5.41	3.52	2.92	4.34	16	21	21
Asset Retirement Reserve & Litigation Obligation	215	221	224	221	212	213	208	463	492	492
Noncurrent Deferred & Payable Income Tax Liabilities	-	22	21	21	36	36	37	211	219	158
Noncurrent Employee Benefit Liabilities	599	293	291	289	421	264	410	307	307	304
Other Noncurrent Operating Liabilities	49	173	179	176	19	174	15	341	376	359
Total Equity & Noncontrolling Interests	916	1,281	1,335	1,309	1,389	1,438	1,529	3,896	3,768	3,779
Total Preferred & Common Equity	916	1,281	1,335	1,309	1,389	1,438	1,529	3,896	3,768	3,779
Total Common Equity	916	1,281	1,335	1,309	1,389	1,438	1,529	3,896	3,768	3,779
Common Stock	648	616	596	569	536	536	538	3,019	2,993	2,992
Retained Earnings	519	815	891	892	1,001	1,051	1,139	1,011	908	920
Accumulated Other Comprehensive Income / (Loss)	-250	-150	-151	-152	-149	-148	-148	-134	-134	-133

This table displays calculated financial ratios and metrics derived from Core Natural Resources' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-13.42%	13.31%	9.81%	-10.18%	-36.07%	37.45%	69.01%	22.69%	-14.28%	92.42%
EBITDA Growth	0.00%	-60.18%	43.42%	30.55%	-21.49%	-28.55%	22.85%	158.00%	23.09%	-44.96%	-25.82%
EBIT Growth	0.00%	-82.45%	147.76%	38.57%	-39.38%	-68.43%	90.11%	528.95%	29.97%	-56.29%	-162.28%
NOPAT Growth	0.00%	-92.55%	55.26%	171.56%	-59.00%	-149.46%	210.84%	743.11%	29.68%	-62.92%	-141.92%
Net Income Growth	0.00%	-84.11%	63.67%	116.53%	-47.67%	-114.12%	358.14%	1,269.04%	40.45%	-56.33%	-153.50%
EPS Growth	0.00%	-86.52%	62.16%	124.17%	-47.77%	-113.17%	359.46%	1,261.46%	51.42%	-51.44%	-131.01%
Operating Cash Flow Growth	0.00%	12.83%	-24.61%	66.67%	-40.86%	-47.12%	136.27%	113.04%	31.79%	-44.47%	-35.82%
Free Cash Flow Firm Growth	0.00%	0.00%	111.73%	47.45%	-68.64%	-112.06%	1,205.65%	371.29%	83.75%	-70.70%	-1,113.56%
Invested Capital Growth	0.00%	0.00%	-2.45%	7.27%	4.28%	-3.79%	-1.49%	11.79%	-1.38%	3.52%	181.11%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	3.14%	-4.78%	-6.39%	18.57%	10.05%	-1.62%	-3.57%	13.17%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	9.29%	-4.49%	42.95%	201.16%	16.90%	-5.20%	-13.71%	-7.92%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	14.11%	-14.25%	274.98%	181.48%	24.57%	-6.63%	-20.69%	-304.68%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	82.13%	-44.70%	-152.45%	168.54%	24.55%	-11.31%	-38.64%	-44.59%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	65.37%	-23.43%	-25.29%	149.81%	19.35%	-5.20%	-30.59%	-252.92%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	150.00%	18.28%	-1.10%	-30.16%	-593.02%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-24.89%	1.68%	-20.20%	54.39%	-4.54%	17.91%	8.58%	-17.04%	-4.38%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-36.01%	80.49%	-54.10%	19.87%	28.74%	-43.66%	0.84%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.03%	0.99%	-3.97%	19.19%	21.00%	-0.42%	-0.42%	-1.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	14.89%
EBITDA Margin	45.43%	20.90%	26.45%	31.45%	27.49%	30.72%	27.46%	41.91%	42.05%	27.00%	9.92%
Operating Margin	80.90%	6.42%	14.05%	17.73%	8.08%	-8.52%	4.99%	29.21%	30.08%	12.67%	-4.37%
EBIT Margin	31.69%	6.42%	14.05%	17.73%	11.96%	5.91%	8.17%	30.40%	32.20%	16.42%	-4.99%
Profit (Net Income) Margin	22.33%	4.10%	5.92%	11.67%	6.80%	-1.50%	2.82%	22.86%	26.17%	13.33%	-3.68%
Tax Burden Percent	71.65%	77.60%	48.63%	95.29%	95.37%	142.98%	96.34%	82.15%	84.32%	86.62%	65.56%
Interest Burden Percent	98.33%	82.23%	86.68%	69.11%	59.61%	-17.79%	35.86%	91.52%	96.37%	93.71%	112.47%
Effective Tax Rate	28.35%	22.40%	51.37%	4.71%	4.63%	0.00%	3.66%	17.85%	15.68%	13.38%	0.00%
Return on Invested Capital (ROIC)	0.00%	11.11%	8.73%	23.17%	8.99%	-4.44%	5.05%	40.53%	50.13%	18.40%	-5.08%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.95%	6.29%	11.22%	6.96%	1.90%	0.58%	32.52%	199.74%	-10.65%	17.11%
Return on Net Nonoperating Assets (RNNOA)	0.00%	1.50%	5.71%	16.77%	7.66%	2.09%	0.51%	10.27%	2.15%	1.28%	-0.76%
Return on Equity (ROE)	0.00%	12.61%	14.44%	39.94%	16.65%	-2.35%	5.56%	50.80%	52.28%	19.67%	-5.84%
Cash Return on Invested Capital (CROIC)	0.00%	-188.89%	11.22%	16.16%	4.79%	-0.58%	6.56%	29.39%	51.52%	14.94%	-100.13%
Operating Return on Assets (OROA)	0.00%	2.94%	7.26%	9.93%	6.03%	1.99%	3.87%	23.54%	30.01%	12.70%	-4.61%
Return on Assets (ROA)	0.00%	1.88%	3.06%	6.54%	3.43%	-0.51%	1.34%	17.70%	24.39%	10.31%	-3.40%
Return on Common Equity (ROCE)	0.00%	10.36%	10.88%	27.40%	12.52%	-2.06%	5.56%	50.80%	52.28%	19.67%	-5.84%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.67%	40.42%	43.61%	21.50%	-2.39%	5.07%	40.06%	48.82%	18.26%	0.00%
Net Operating Profit after Tax (NOPAT)	824	61	95	259	106	-52	58	490	636	236	-127
NOPAT Margin	57.96%	4.98%	6.83%	16.89%	7.71%	-5.96%	4.81%	24.00%	25.36%	10.97%	-3.06%
Net Nonoperating Expense Percent (NNEP)	0.00%	7.16%	2.44%	11.94%	2.02%	-6.34%	4.47%	8.00%	-149.61%	29.05%	-22.19%
Return On Investment Capital (ROIC_SIMPLE)	-	5.49%	7.74%	18.21%	8.25%	-4.33%	4.39%	31.63%	41.26%	13.27%	-3.09%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	85.11%
SG&A Expenses to Revenue	3.92%	75.33%	69.57%	66.07%	73.80%	84.18%	68.86%	52.17%	48.81%	64.50%	5.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.10%	93.58%	85.95%	82.27%	91.92%	108.52%	95.01%	70.79%	69.92%	87.33%	19.26%
Earnings before Interest and Taxes (EBIT)	451	79	196	271	165	52	99	621	807	353	-208
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	646	257	369	482	378	270	332	856	1,054	580	413
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.93	1.96	0.79	0.31	1.06	1.86	2.31	2.00	1.23
Price to Tangible Book Value (P/TBV)	0.00	0.00	4.93	1.96	0.79	0.31	1.06	1.86	2.31	2.00	1.23
Price to Revenue (P/Rev)	0.00	0.00	0.72	0.52	0.25	0.19	0.59	1.06	1.24	1.46	1.09
Price to Earnings (P/E)	0.00	0.00	14.90	5.25	4.51	0.00	20.94	4.65	4.73	10.95	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.98%	5.30%	0.47%	0.45%
Earnings Yield	0.00%	0.00%	6.71%	19.04%	22.17%	0.00%	4.78%	21.50%	21.13%	9.13%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.75	1.34	0.92	0.67	1.04	1.79	2.40	2.21	1.23
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.35	1.01	0.81	0.88	0.98	1.12	1.20	1.34	1.09
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	5.10	3.22	2.94	2.88	3.57	2.67	2.86	4.97	11.02
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	9.60	5.71	6.76	14.96	11.99	3.68	3.74	8.17	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	19.75	5.99	10.49	0.00	20.36	4.66	4.75	12.23	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	7.58	3.75	4.55	6.01	3.87	3.51	3.52	6.05	14.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	15.37	8.59	19.67	0.00	15.69	6.42	4.62	15.06	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.40	2.58	1.58	1.25	1.19	0.97	0.33	0.15	0.13	0.12
Long-Term Debt to Equity	0.00	0.39	2.52	1.33	1.16	1.09	0.88	0.30	0.14	0.06	0.10
Financial Leverage	0.00	0.38	0.91	1.49	1.10	1.10	0.88	0.32	0.01	-0.12	-0.04
Leverage Ratio	0.00	3.36	4.72	6.11	4.85	4.63	4.16	2.87	2.14	1.91	1.72
Compound Leverage Factor	0.00	2.76	4.09	4.22	2.89	-0.82	1.49	2.63	2.07	1.79	1.93
Debt to Total Capital	0.00%	28.42%	72.09%	61.17%	55.47%	54.27%	49.21%	24.79%	12.80%	11.69%	10.95%
Short-Term Debt to Total Capital	0.00%	0.36%	1.83%	9.49%	3.91%	4.45%	4.33%	1.86%	0.72%	6.36%	2.38%
Long-Term Debt to Total Capital	0.00%	28.06%	70.27%	51.68%	51.56%	49.82%	44.89%	22.92%	12.08%	5.34%	8.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	12.75%	11.32%	9.97%	10.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	58.83%	16.59%	28.86%	33.85%	45.73%	50.79%	75.21%	87.20%	88.31%	89.05%
Debt to EBITDA	0.00	1.24	2.41	1.80	1.89	2.43	1.96	0.45	0.19	0.36	1.09
Net Debt to EBITDA	0.00	1.18	1.99	1.25	1.67	2.24	1.41	0.13	-0.08	-0.44	0.05
Long-Term Debt to EBITDA	0.00	1.22	2.35	1.52	1.75	2.23	1.79	0.42	0.18	0.16	0.86
Debt to NOPAT	0.00	5.18	9.32	3.36	6.72	-12.52	11.21	0.78	0.31	0.88	-3.55
Net Debt to NOPAT	0.00	4.96	7.70	2.34	5.97	-11.55	8.07	0.23	-0.13	-1.07	-0.16
Long-Term Debt to NOPAT	0.00	5.11	9.08	2.84	6.25	-11.50	10.23	0.72	0.29	0.40	-2.78
Altman Z-Score	0.00	0.00	0.98	1.18	0.92	0.57	0.95	2.77	3.90	3.26	1.96
Noncontrolling Interest Sharing Ratio	0.00%	17.81%	24.64%	31.39%	24.81%	12.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.53	0.95	0.96	0.86	0.80	0.87	1.33	1.35	1.52	1.60
Quick Ratio	0.00	0.35	0.76	0.74	0.64	0.57	0.60	1.05	1.00	1.20	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,043	122	180	57	-6.82	75	356	653	191	-2,510
Operating Cash Flow to CapEx	223.91%	719.23%	436.58%	287.88%	145.98%	169.94%	256.39%	434.09%	524.62%	279.26%	104.42%
Free Cash Flow to Firm to Interest Expense	0.00	-74.23	4.69	2.15	0.85	-0.11	1.19	6.75	22.28	8.63	-48.46
Operating Cash Flow to Interest Expense	38.67	23.42	9.51	4.93	3.68	2.11	4.82	12.37	29.26	21.47	5.90
Operating Cash Flow Less CapEx to Interest Expense	21.40	20.16	7.33	3.22	1.16	0.87	2.94	9.52	23.68	13.78	0.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.46	0.52	0.56	0.50	0.34	0.47	0.77	0.93	0.77	0.92
Accounts Receivable Turnover	0.00	10.34	9.71	10.31	9.12	5.28	8.75	13.08	14.04	13.30	14.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.05
Fixed Asset Turnover	0.00	0.56	0.65	0.72	0.66	0.42	0.60	1.04	1.30	1.12	1.32
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.79
Days Sales Outstanding (DSO)	0.00	35.31	37.58	35.40	40.02	69.13	41.70	27.90	25.99	27.44	24.79
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.25
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.67
Cash Conversion Cycle (CCC)	0.00	35.31	37.58	35.40	40.02	69.13	41.70	27.90	25.99	27.44	24.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,105	1,077	1,156	1,205	1,160	1,142	1,277	1,259	1,304	3,699
Invested Capital Turnover	0.00	2.23	1.28	1.37	1.17	0.74	1.05	1.69	1.98	1.68	1.66
Increase / (Decrease) in Invested Capital	0.00	1,105	-27	78	49	-46	-17	135	-18	44	2,383
Enterprise Value (EV)	0.00	0.00	1,881	1,549	1,113	777	1,184	2,283	3,019	2,883	4,556
Market Capitalization	0.00	0.00	1,008	803	343	171	714	2,172	3,103	3,136	4,535
Book Value per Share	$0.00	$23.49	$7.30	$14.76	$16.80	$21.26	$19.51	$33.43	$43.32	$53.35	$71.79
Tangible Book Value per Share	$0.00	$23.49	$7.30	$14.76	$16.80	$21.26	$19.51	$33.43	$43.32	$53.35	$71.79
Total Capital	0.00	1,118	1,231	1,421	1,286	1,210	1,325	1,550	1,541	1,776	4,131
Total Debt	0.00	318	888	869	713	657	652	384	197	208	452
Total Long-Term Debt	0.00	314	865	734	663	603	595	355	186	95	354
Net Debt	0.00	304	734	604	633	606	469	111	-84	-253	20
Capital Expenditures (CapEx)	130	46	57	144	168	76	119	150	164	171	293
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-188	-154	-148	-84	-73	-184	-95	-113	-80	168
Debt-free Net Working Capital (DFNWC)	0.00	-175	-0.49	117	-3.96	-22	-1.56	179	168	380	600
Net Working Capital (NWC)	0.00	-179	-23	-18	-54	-76	-59	150	157	267	502
Net Nonoperating Expense (NNE)	507	11	13	80	13	-39	24	23	-20	-51	26
Net Nonoperating Obligations (NNO)	0.00	304	734	604	633	606	469	111	-84	-265	20
Total Depreciation and Amortization (D&A)	195	178	173	210	214	218	233	235	247	227	621
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-15.29%	-11.08%	-9.69%	-6.13%	-8.25%	-15.23%	-4.63%	-4.50%	-3.73%	4.04%
Debt-free Net Working Capital to Revenue	0.00%	-14.21%	-0.03%	7.61%	-0.29%	-2.47%	-0.13%	8.74%	6.72%	17.69%	14.41%
Net Working Capital to Revenue	0.00%	-14.54%	-1.65%	-1.19%	-3.94%	-8.59%	-4.87%	7.33%	6.27%	12.44%	12.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$10.98	$1.48	$2.42	$5.48	$2.82	($0.37)	$0.99	$13.41	$19.91	$9.65	($2.98)
Adjusted Weighted Average Basic Shares Outstanding	0.00	28M	28.07M	27.44M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Adjusted Diluted Earnings per Share	$10.98	$1.48	$2.40	$5.38	$2.81	($0.37)	$0.96	$13.07	$19.79	$9.61	($2.98)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	28M	28.07M	27.44M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	28M	28.07M	27.44M	25.93M	34.03M	34.48M	34.75M	29.60M	54.02M	50.98M
Normalized Net Operating Profit after Tax (NOPAT)	824	61	125	262	104	-78	46	462	628	230	-127
Normalized NOPAT Margin	57.96%	4.98%	8.97%	17.10%	7.57%	-8.88%	3.82%	22.60%	25.06%	10.69%	-3.06%
Pre Tax Income Margin	31.16%	5.28%	12.17%	12.25%	7.13%	-1.05%	2.93%	27.82%	31.03%	15.39%	-5.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	59.73	5.63	7.51	3.24	2.48	0.85	1.56	11.80	27.53	15.90	-4.01
NOPAT to Interest Expense	109.24	4.37	3.65	3.09	1.60	-0.86	0.92	9.31	21.68	10.62	-2.46
EBIT Less CapEx to Interest Expense	42.46	2.37	5.33	1.52	-0.04	-0.39	-0.32	8.95	21.95	8.21	-9.66
NOPAT Less CapEx to Interest Expense	91.97	1.11	1.47	1.37	-0.92	-2.10	-0.96	6.46	16.10	2.94	-8.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	146.84%	580.03%	216.05%	12.45%	23.75%	-42.19%	0.00%	15.31%	11.51%	5.54%	-17.14%
Augmented Payout Ratio	146.84%	580.03%	216.05%	26.91%	58.74%	-42.19%	0.00%	15.31%	72.40%	30.29%	-163.51%

This table displays calculated financial ratios and metrics derived from Core Natural Resources' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.19%	7.53%	-6.57%	-17.94%	-24.18%	0.88%	-13.54%	86.10%	124.64%	81.15%	81.75%
EBITDA Growth	25.06%	-27.83%	-38.34%	-47.06%	-54.04%	-8.62%	-90.85%	-64.74%	17.31%	-20.17%	-17.74%
EBIT Growth	30.63%	-36.90%	-47.36%	-56.02%	-66.07%	-8.23%	-132.02%	-150.24%	-138.23%	-116.28%	-407.12%
NOPAT Growth	32.62%	-32.57%	-41.95%	-55.44%	-64.06%	-6.26%	-135.50%	-135.45%	-121.67%	-108.35%	-284.22%
Net Income Growth	32.81%	-33.79%	-18.63%	-55.77%	-65.38%	-5.06%	-80.38%	-167.99%	-162.96%	-66.96%	-356.26%
EPS Growth	39.55%	-26.82%	-4.07%	-48.24%	-60.32%	3.54%	-79.96%	-140.71%	-135.71%	-81.06%	-245.19%
Operating Cash Flow Growth	14.73%	6.27%	44.83%	-68.82%	-48.91%	-0.86%	-44.64%	-241.50%	89.36%	-45.50%	-11.54%
Free Cash Flow Firm Growth	-144.97%	-270.21%	109.40%	117.45%	110.67%	153.49%	-164.21%	-7,855.39%	-21,788.97%	-4,587.65%	-12,487.72%
Invested Capital Growth	28.07%	19.84%	-1.38%	5.83%	3.99%	3.51%	3.52%	191.81%	181.66%	186.65%	181.11%
Revenue Q/Q Growth	-4.01%	-13.78%	3.04%	-3.77%	-11.31%	14.71%	-11.69%	100.40%	8.35%	-9.05%	3.98%
EBITDA Q/Q Growth	-19.11%	-32.31%	1.00%	-4.28%	-29.77%	34.59%	-89.89%	259.84%	129.12%	-7.55%	-42.91%
EBIT Q/Q Growth	-24.73%	-39.56%	1.89%	-5.12%	-41.94%	63.48%	-135.55%	-43.50%	57.10%	28.76%	-463.44%
NOPAT Q/Q Growth	-27.40%	-38.80%	8.17%	-7.28%	-41.44%	59.62%	-140.96%	7.48%	64.29%	38.66%	-722.08%
Net Income Q/Q Growth	-27.20%	-39.95%	55.94%	-35.13%	-43.02%	64.71%	-67.77%	-324.77%	47.23%	186.44%	-349.96%
EPS Q/Q Growth	-24.58%	-37.04%	66.88%	-34.68%	-42.18%	64.29%	-67.70%	-232.69%	49.28%	187.14%	-347.54%
Operating Cash Flow Q/Q Growth	-8.43%	-28.49%	34.66%	-64.64%	50.05%	38.76%	-24.81%	-190.38%	300.81%	-60.07%	22.06%
Free Cash Flow Firm Q/Q Growth	-794.87%	3.43%	228.54%	-74.79%	-65.89%	383.90%	-254.29%	-2,937.17%	6.00%	-0.92%	0.03%
Invested Capital Q/Q Growth	1.94%	-1.11%	-0.42%	5.43%	0.16%	-1.57%	-0.42%	197.20%	-3.32%	0.18%	-1.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	14.46%	17.22%	17.46%	10.36%
EBITDA Margin	42.09%	33.05%	32.39%	32.22%	25.52%	29.94%	3.43%	6.15%	13.02%	13.23%	7.26%
Operating Margin	32.14%	22.53%	22.28%	21.97%	14.38%	20.50%	-8.25%	-5.30%	-1.75%	-1.18%	-9.31%
EBIT Margin	32.14%	22.53%	22.28%	21.97%	14.38%	20.50%	-8.25%	-5.91%	-2.34%	-1.83%	-9.93%
Profit (Net Income) Margin	25.38%	17.68%	26.75%	18.03%	11.59%	16.64%	6.07%	-6.81%	-3.32%	3.15%	-7.58%
Tax Burden Percent	81.70%	82.73%	87.82%	85.81%	86.54%	84.50%	97.37%	94.26%	124.17%	-147.65%	72.21%
Interest Burden Percent	96.63%	94.82%	136.70%	95.65%	93.07%	96.04%	-75.57%	122.26%	114.15%	116.48%	105.66%
Effective Tax Rate	18.30%	17.27%	12.18%	14.19%	13.46%	15.50%	2.63%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	57.84%	40.94%	38.68%	34.80%	21.22%	29.99%	-13.47%	-3.74%	-1.56%	-1.20%	-10.83%
ROIC Less NNEP Spread (ROIC-NNEP)	49.75%	29.34%	351.25%	45.41%	26.46%	32.97%	-54.54%	72.74%	33.85%	-33.51%	-1.34%
Return on Net Nonoperating Assets (RNNOA)	3.38%	1.25%	3.78%	-1.49%	-1.57%	-3.07%	6.53%	-1.14%	-0.85%	1.56%	0.06%
Return on Equity (ROE)	61.21%	42.19%	42.45%	33.31%	19.65%	26.92%	-6.94%	-4.87%	-2.40%	0.36%	-10.77%
Cash Return on Invested Capital (CROIC)	42.84%	43.75%	51.52%	33.30%	26.08%	26.40%	14.94%	-94.89%	-95.13%	-100.03%	-100.13%
Operating Return on Assets (OROA)	29.86%	21.33%	20.76%	19.48%	11.87%	16.66%	-6.38%	-3.47%	-1.70%	-1.50%	-9.18%
Return on Assets (ROA)	23.58%	16.74%	24.93%	15.99%	9.56%	13.52%	4.70%	-3.99%	-2.40%	2.57%	-7.00%
Return on Common Equity (ROCE)	61.21%	42.19%	42.45%	33.31%	19.65%	26.92%	-6.94%	-4.87%	-2.40%	0.36%	-10.77%
Return on Equity Simple (ROE_SIMPLE)	55.67%	52.86%	0.00%	37.98%	29.04%	26.98%	0.00%	2.96%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	174	106	115	107	62	100	-41	-38	-13	-8.27	-68
NOPAT Margin	26.26%	18.64%	19.57%	18.85%	12.45%	17.32%	-8.03%	-3.71%	-1.22%	-0.82%	-6.52%
Net Nonoperating Expense Percent (NNEP)	8.08%	11.61%	-312.57%	-10.61%	-5.24%	-2.98%	41.06%	-76.48%	-35.40%	32.31%	-9.49%
Return On Investment Capital (ROIC_SIMPLE)	11.06%	7.02%	7.46%	6.73%	3.83%	5.77%	-2.30%	-0.89%	-0.32%	-0.20%	-1.65%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	85.54%	82.78%	82.54%	89.64%
SG&A Expenses to Revenue	45.65%	55.04%	56.24%	55.58%	61.57%	59.19%	83.32%	3.95%	3.16%	3.40%	10.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	67.86%	77.47%	77.72%	78.03%	85.62%	79.50%	108.25%	19.76%	18.96%	18.64%	19.67%
Earnings before Interest and Taxes (EBIT)	212	128	131	124	72	118	-42	-60	-26	-18	-104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	278	188	190	182	128	172	17	63	143	133	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.71	2.55	2.31	1.86	2.08	2.01	2.00	1.07	0.97	1.14	1.23
Price to Tangible Book Value (P/TBV)	1.71	2.55	2.31	1.86	2.08	2.01	2.00	1.07	0.97	1.14	1.23
Price to Revenue (P/Rev)	0.91	1.31	1.24	1.09	1.34	1.38	1.46	1.59	1.14	1.17	1.09
Price to Earnings (P/E)	3.08	4.83	4.73	4.90	7.15	7.44	10.95	36.14	178.10	0.00	0.00
Dividend Yield	7.85%	5.07%	5.30%	6.36%	0.00%	0.24%	0.47%	0.78%	1.00%	0.66%	0.45%
Earnings Yield	32.46%	20.71%	21.13%	20.40%	13.99%	13.44%	9.13%	2.77%	0.56%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.61	2.40	1.90	2.16	2.18	2.21	1.07	0.97	1.14	1.23
Enterprise Value to Revenue (EV/Rev)	0.89	1.29	1.20	1.06	1.29	1.28	1.34	1.58	1.13	1.16	1.09
Enterprise Value to EBITDA (EV/EBITDA)	1.89	2.97	2.86	3.01	4.18	4.24	4.97	8.91	7.57	9.51	11.02
Enterprise Value to EBIT (EV/EBIT)	2.39	3.81	3.74	4.24	6.32	6.40	8.17	23.94	45.72	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	2.91	4.60	4.75	5.02	7.35	7.42	12.23	52.82	2,384.04	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2.86	4.17	3.52	3.68	5.00	4.96	6.05	14.32	9.29	13.36	14.90
Enterprise Value to Free Cash Flow (EV/FCFF)	4.58	6.50	4.62	5.87	8.46	8.39	15.06	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.16	0.15	0.14	0.13	0.13	0.13	0.09	0.10	0.11	0.12
Long-Term Debt to Equity	0.16	0.14	0.14	0.13	0.13	0.05	0.06	0.08	0.09	0.09	0.10
Financial Leverage	0.07	0.04	0.01	-0.03	-0.06	-0.09	-0.12	-0.02	-0.03	-0.05	-0.04
Leverage Ratio	2.53	2.42	2.14	2.01	1.94	1.93	1.91	1.69	1.71	1.70	1.72
Compound Leverage Factor	2.45	2.29	2.93	1.93	1.81	1.86	-1.44	2.07	1.96	1.98	1.81
Debt to Total Capital	14.91%	13.51%	12.80%	12.26%	11.72%	11.34%	11.69%	8.61%	9.41%	9.97%	10.95%
Short-Term Debt to Total Capital	1.22%	1.03%	0.72%	0.54%	0.37%	6.49%	6.36%	0.88%	1.38%	2.00%	2.38%
Long-Term Debt to Total Capital	13.69%	12.48%	12.08%	11.72%	11.35%	4.85%	5.34%	7.74%	8.03%	7.97%	8.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.09%	86.49%	87.20%	87.74%	88.28%	88.66%	88.31%	91.39%	90.59%	90.03%	89.05%
Debt to EBITDA	0.20	0.18	0.19	0.23	0.28	0.29	0.36	0.79	0.81	0.93	1.09
Net Debt to EBITDA	-0.05	-0.04	-0.08	-0.07	-0.16	-0.33	-0.44	-0.05	-0.05	-0.06	0.05
Long-Term Debt to EBITDA	0.18	0.17	0.18	0.22	0.27	0.12	0.16	0.71	0.69	0.75	0.86
Debt to NOPAT	0.30	0.29	0.31	0.39	0.49	0.51	0.88	4.68	255.55	-4.75	-3.55
Net Debt to NOPAT	-0.07	-0.06	-0.13	-0.12	-0.28	-0.57	-1.07	-0.27	-14.27	0.30	-0.16
Long-Term Debt to NOPAT	0.28	0.26	0.29	0.37	0.47	0.22	0.40	4.20	218.10	-3.80	-2.78
Altman Z-Score	2.76	3.13	3.06	2.85	2.96	3.00	2.81	1.80	1.72	1.98	2.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.28	1.35	1.47	1.55	1.38	1.52	1.89	1.78	1.82	1.60
Quick Ratio	1.00	0.90	1.00	1.04	1.15	1.04	1.20	1.16	1.05	1.06	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-107	-103	133	33	11	55	-85	-2,584	-2,429	-2,452	-2,451
Operating Cash Flow to CapEx	540.73%	390.57%	421.19%	214.28%	212.74%	413.50%	297.59%	-186.40%	221.03%	179.42%	125.70%
Free Cash Flow to Firm to Interest Expense	-14.92	-15.52	25.26	6.18	2.28	11.82	-11.94	-131.20	-241.70	-231.16	-214.08
Operating Cash Flow to Interest Expense	31.81	24.49	41.77	14.33	23.29	34.59	17.02	-5.57	21.90	8.29	9.37
Operating Cash Flow Less CapEx to Interest Expense	25.92	18.22	31.85	7.64	12.34	26.23	11.30	-8.55	11.99	3.67	1.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.95	0.93	0.89	0.83	0.81	0.77	0.59	0.72	0.82	0.92
Accounts Receivable Turnover	18.34	16.63	14.04	13.04	15.67	14.66	13.30	8.62	12.99	14.16	14.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.08	4.57	5.94	15.05
Fixed Asset Turnover	1.29	1.32	1.30	1.24	1.16	1.16	1.12	0.82	1.01	1.17	1.32
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.36	5.32	7.22	14.79
Days Sales Outstanding (DSO)	19.90	21.94	25.99	28.00	23.29	24.90	27.44	42.34	28.09	25.78	24.79
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	175.87	79.84	61.40	24.25
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	154.85	68.58	50.56	24.67
Cash Conversion Cycle (CCC)	19.90	21.94	25.99	28.00	23.29	24.90	27.44	63.36	39.35	36.62	24.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,279	1,265	1,259	1,328	1,330	1,309	1,304	3,874	3,746	3,752	3,699
Invested Capital Turnover	2.20	2.20	1.98	1.85	1.70	1.73	1.68	1.01	1.27	1.45	1.66
Increase / (Decrease) in Invested Capital	280	209	-18	73	51	44	44	2,547	2,416	2,443	2,383
Enterprise Value (EV)	2,233	3,296	3,019	2,525	2,877	2,849	2,883	4,143	3,651	4,270	4,556
Market Capitalization	2,290	3,341	3,103	2,586	2,985	3,070	3,136	4,165	3,673	4,297	4,535
Book Value per Share	$39.36	$40.92	$43.32	$47.26	$48.95	$52.04	$53.35	$72.12	$71.55	$73.42	$71.79
Tangible Book Value per Share	$39.36	$40.92	$43.32	$47.26	$48.95	$52.04	$53.35	$72.12	$71.55	$73.42	$71.79
Total Capital	1,569	1,513	1,541	1,583	1,629	1,725	1,776	4,263	4,159	4,197	4,131
Total Debt	234	204	197	194	191	196	208	367	391	418	452
Total Long-Term Debt	215	189	186	185	185	84	95	330	334	335	354
Net Debt	-56	-44	-84	-61	-109	-220	-253	-21	-22	-26	20
Capital Expenditures (CapEx)	42	42	52	36	55	39	41	59	100	49	85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-106	-108	-113	-50	-72	-100	-80	278	202	270	168
Debt-free Net Working Capital (DFNWC)	184	141	168	205	227	316	380	666	616	714	600
Net Working Capital (NWC)	165	125	157	196	221	205	267	629	558	631	502
Net Nonoperating Expense (NNE)	5.85	5.50	-42	4.64	4.32	3.94	-72	32	23	-40	11
Net Nonoperating Obligations (NNO)	-56	-44	-84	-61	-109	-220	-265	-21	-22	-26	20
Total Depreciation and Amortization (D&A)	66	60	59	58	56	54	59	123	169	151	179
Debt-free, Cash-free Net Working Capital to Revenue	-4.24%	-4.23%	-4.50%	-2.11%	-3.25%	-4.47%	-3.73%	10.60%	6.27%	7.33%	4.04%
Debt-free Net Working Capital to Revenue	7.33%	5.53%	6.72%	8.60%	10.22%	14.20%	17.69%	25.43%	19.05%	19.41%	14.41%
Net Working Capital to Revenue	6.57%	4.92%	6.27%	8.24%	9.95%	9.18%	12.44%	24.01%	17.28%	17.14%	12.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.00	$3.15	$5.09	$3.40	$1.96	$3.23	$1.06	($1.38)	($0.70)	$0.61	($1.51)
Adjusted Weighted Average Basic Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Adjusted Diluted Earnings per Share	$4.94	$3.11	$5.19	$3.39	$1.96	$3.22	$1.04	($1.38)	($0.70)	$0.61	($1.51)
Adjusted Weighted Average Diluted Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.99M	31.01M	29.60M	29.39M	29.39M	29.39M	54.02M	52.66M	51.47M	51.24M	50.98M
Normalized Net Operating Profit after Tax (NOPAT)	174	106	115	107	62	100	-41	-38	-13	-8.27	-68
Normalized NOPAT Margin	26.26%	18.64%	19.57%	18.85%	12.45%	17.32%	-8.03%	-3.71%	-1.22%	-0.82%	-6.52%
Pre Tax Income Margin	31.06%	21.37%	30.46%	21.01%	13.39%	19.69%	6.24%	-7.22%	-2.67%	-2.13%	-10.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.69	19.32	24.94	22.96	14.44	25.26	-5.88	-3.05	-2.57	-1.73	-9.04
NOPAT to Interest Expense	24.26	15.99	21.90	19.71	12.49	21.35	-5.72	-1.92	-1.34	-0.78	-5.94
EBIT Less CapEx to Interest Expense	23.81	13.05	15.02	16.27	3.49	16.90	-11.59	-6.04	-12.48	-6.35	-16.50
NOPAT Less CapEx to Interest Expense	18.38	9.72	11.98	13.02	1.55	12.98	-11.44	-4.90	-11.25	-5.40	-13.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.77%	16.20%	11.51%	7.16%	0.26%	2.05%	5.54%	22.54%	148.79%	-65.55%	-17.14%
Augmented Payout Ratio	38.68%	56.29%	72.40%	79.62%	79.20%	48.79%	30.29%	121.69%	1,037.01%	-532.20%	-163.51%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven look at Core Natural Resources, Inc. (CNR) using the last four years of quarterly results. The focus is on trends in revenue, profitability, cash flow, and balance-sheet health to help retail investors gauge the company’s trajectory.

Strong 2025 top-line run-rate vs prior years. In 2025, quarterly operating revenue runs around $1.0B–$1.1B (Q1: ~1.018B, Q2: ~1.102B, Q3: ~1.003B, Q4: ~1.042B), a meaningful uplift from 2024’s quarterly levels (roughly $0.51B–$0.63B). This points to a stronger revenue base entering 2026.
Cash from operations was positive in most 2025 quarters. Net cash from continuing operating activities was solid in 2025 (Q2: ~$220.2M; Q3: ~$87.9M; Q4: ~$107.3M), underscoring improving cash generation from core operations. Only Q1 2025 was negative on this metric.
Modest net cash position on the balance sheet in 2025. As of the 2025 quarters shown, the company generally carried a net cash position (cash and equivalents vs. debt) in the ballpark of ~$40–50M, supporting liquidity without accumulating high net debt.
Significant free cash flow in multiple 2025 quarters. Free cash flow (approx. operating cash minus capex) was roughly +$120M in Q2 2025, +$38–$39M in Q3 2025, and +$21M in Q4 2025, illustrating cash-generating capability after sustaining capex. This complements the dividend and available capital for investment.
Dividend per share maintained at a steady level. Cash dividends per share are shown at $0.10 in 2025 across Q1–Q4, signaling a stable payout policy that can appeal to income-focused retail investors.
Balance-sheet scale remains sizeable with a strong equity base. Total assets run around $6.2B–$6.25B in 2025, and total equity sits near $3.8B–$3.9B, indicating a solid balance sheet and a conservative leverage profile (debt modest relative to equity).
Healthy, asset-heavy base supports ongoing operations. Plant, property & equipment, net sits around $4.3B–$4.5B in 2025, reflecting a substantial asset base that can support cash-generating activities over time.
Earnings per share show quarterly volatility but occasional profitability. 2025 saw a positive quarterly result in Q3 (EPS of $0.61), with other quarters showing losses (Q1, Q2, Q4 negative). This indicates earnings are not yet consistently positive on a quarterly basis.
Dividends and capital allocation appear manageable against cash flow. With a modest net cash position and several positive FCF quarters, the company has some flexibility to fund dividends and selective capital needs, though cash flow is not uniformly robust every quarter.

2025 has been lumpy on profitability, with most quarters showing a net loss. Net income was negative in Q1, Q2, and Q4 2025, while only Q3 2025 posted a positive result. The full-year trend remains under pressure vs. prior years.
Gross margin fluctuates and dips in Q4 2025. Total gross profit in Q4 2025 was $107.99M on $1.042B revenue (roughly a 10% margin), notably weaker than the mid-teens margins seen in several earlier quarters, signaling margin pressure.
Operating leverage is stressed by elevated depreciation and other expenses. High depreciation (e.g., ~$179M in Q4 2025) and sizable SG&A/Other operating expenses in Q4 2025 contribute to a challenging operating income backdrop, despite higher revenue.
Cash flow from operations stabilized but remains uneven across the year. While most 2025 quarters were cash-positive, Q1 2025 showed a negative cash flow from operating activities, indicating uneven cash performance within the year.
Investing cash outflows remain meaningful in some quarters. Capital expenditures and investing activities (e.g., capex around $64–$99M in 2025) contributed to cash outflows in several quarters, which tempered free cash flow despite strong revenue.

05/07/26 08:19 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Core Natural Resources' Financials

When does Core Natural Resources' fiscal year end?

According to the most recent income statement we have on file, Core Natural Resources' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Core Natural Resources' net income changed over the last 10 years?

Core Natural Resources' net income appears to be on an upward trend, with a most recent value of -$153.22 million in 2025, falling from $317.42 million in 2015. The previous period was $286.41 million in 2024. View Core Natural Resources' forecast to see where analysts expect Core Natural Resources to go next.

What is Core Natural Resources' operating income?

Core Natural Resources' total operating income in 2025 was -$182.06 million, based on the following breakdown:

Total Gross Profit: $619.96 million
Total Operating Expenses: $802.02 million

How has Core Natural Resources' revenue changed over the last 10 years?

Over the last 10 years, Core Natural Resources' total revenue changed from $1.42 billion in 2015 to $4.16 billion in 2025, a change of 192.9%.

How much debt does Core Natural Resources have?

Core Natural Resources' total liabilities were at $2.45 billion at the end of 2025, a 87.0% increase from 2024, and a 29.9% increase since 2016.

How much cash does Core Natural Resources have?

In the past 9 years, Core Natural Resources' cash and equivalents has ranged from $13.31 million in 2016 to $432.17 million in 2025, and is currently $432.17 million as of their latest financial filing in 2025.

How has Core Natural Resources' book value per share changed over the last 10 years?

Over the last 10 years, Core Natural Resources' book value per share changed from 0.00 in 2015 to 71.79 in 2025, a change of 7,178.5%.

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Financial statements for NYSE:CNR last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Core Natural Resources (CNR) Financials

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