CNX Resources (CNX) Financials

$36.11 -0.29 (-0.80%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$36.15 +0.04 (+0.11%)

As of 05/15/2026 05:57 PM Eastern

Annual Income Statements for CNX Resources

This table shows CNX 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	-364	738	2,631	797	-81	-484	-499	-142	1,721	-90	633
Consolidated Net Income / (Loss)	-375	-848	381	883	32	-429	-499	-142	1,721	-90	633
Net Income / (Loss) Continuing Operations	-650	-551	295	883	32	-429	-499	-142	1,721	-90	633
Total Pre-Tax Income	-931	1,001	2,369	1,099	60	-603	-637	-212	2,223	-120	803
Total Operating Income	-693	1,174	2,348	503	214	-408	-470	-51	2,375	31	988
Total Gross Profit	784	1,818	3,133	1,351	1,493	878	341	883	3,043	876	1,846
Total Revenue	1,260	2,346	3,706	1,730	1,958	1,279	799	1,261	3,435	1,267	2,239
Operating Revenue	1,260	2,487	3,499	1,644	1,870	1,024	2,326	3,925	1,506	1,439	2,142
Other Revenue	-	-141	207	87	88	255	-1,527	-2,664	1,929	-172	97
Total Cost of Revenue	476	528	572	380	465	402	458	378	392	391	394
Operating Cost of Revenue	476	528	572	380	465	402	458	378	392	391	394
Total Operating Expenses	1,477	645	785	847	1,279	1,286	811	935	667	845	857
Selling, General & Admin Expense	66	89	112	72	79	85	69	185	205	228	209
Marketing Expense	133	136	122	168	171	134	147	45	28	28	31
Depreciation Expense	372	420	412	493	508	502	515	461	434	486	574
Other Operating Expenses / (Income)	-	-	-	95	65	40	46	252	133	128	140
Other Special Charges / (Income)	68	-	-	-	7.61	-10	34	-8.98	-132	-25	-97
Total Other Income / (Expense), net	-237	-173	21	595	-154	-194	-167	-161	-152	-152	-185
Interest Expense	199	182	164	200	151	171	151	151	143	158	171
Other Income / (Expense), net	-38	9.49	184	172	-2.86	-24	-16	-9.86	-9.01	6.13	-14
Income Tax Expense	-280	-34	-176	216	28	-174	-138	-70	502	-30	170
Basic Earnings per Share	($1.64)	($3.70)	$1.66	$3.75	($0.42)	($2.43)	($2.31)	($0.75)	$10.59	($0.60)	$4.48
Weighted Average Basic Shares Outstanding	229.19M	229.39M	228.84M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
Diluted Earnings per Share	($1.64)	($3.70)	$1.65	$3.71	($0.42)	($2.43)	($2.31)	($0.75)	$8.99	($0.60)	$3.98
Weighted Average Diluted Shares Outstanding	229.19M	229.39M	228.84M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
Weighted Average Basic & Diluted Shares Outstanding	229.19M	229.39M	228.84M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
Cash Dividends to Common per Share	$0.15	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	21	514	6.85	-18	66	-145	-198	433	202	196	348
Consolidated Net Income / (Loss)	21	514	6.85	-18	66	-145	-198	433	202	196	348
Net Income / (Loss) Continuing Operations	21	514	6.85	-18	66	-145	-198	433	202	196	348
Total Pre-Tax Income	19	639	6.32	-15	83	-194	-273	586	266	224	428
Total Operating Income	56	786	45	23	116	-152	-227	633	310	272	481
Total Gross Profit	253	867	286	227	326	37	-15	864	485	512	680
Total Revenue	351	969	385	321	424	137	82	962	584	610	787
Operating Revenue	303	393	377	247	335	420	611	541	452	538	783
Other Revenue	48	576	7.53	74	89	-283	-528	421	132	72	3.98
Total Cost of Revenue	97	102	99	94	98	99	97	99	99	99	107
Operating Cost of Revenue	97	102	99	94	98	99	97	99	99	99	107
Total Operating Expenses	197	80	240	205	210	189	212	230	175	240	199
Selling, General & Admin Expense	55	47	62	53	49	64	39	50	50	56	32
Marketing Expense	8.13	4.76	7.62	6.64	6.65	6.65	7.27	9.67	7.73	6.53	8.79
Depreciation Expense	112	113	119	118	121	128	127	153	149	145	135
Other Operating Expenses / (Income)	27	33	31	28	44	25	49	36	36	34	29
Other Special Charges / (Income)	-5.52	-	20	-0.81	-11	-	-9.58	-18	-67	-2.41	-6.37
Total Other Income / (Expense), net	-37	-147	-39	-38	-33	-42	-46	-48	-45	-47	-53
Interest Expense	35	37	44	39	38	37	42	44	43	43	52
Other Income / (Expense), net	-1.45	-110	5.40	0.68	4.59	-5.35	-3.95	-3.73	-1.75	-4.29	-0.51
Income Tax Expense	-2.14	125	-0.53	3.02	17	-49	-75	153	64	28	80
Basic Earnings per Share	$0.13	$3.35	$0.04	($0.12)	$0.44	($0.96)	($1.34)	$3.02	$1.45	$1.35	$2.45
Weighted Average Basic Shares Outstanding	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
Diluted Earnings per Share	$0.12	$2.79	$0.04	($0.12)	$0.37	($0.89)	($1.34)	$2.53	$1.21	$1.58	$2.18
Weighted Average Diluted Shares Outstanding	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
Weighted Average Basic & Diluted Shares Outstanding	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
Cash Dividends to Common per Share	$0.00	-	$0.00	$0.00	$0.00	-	$0.00	$0.00	$0.00	-	$0.00

This table details how cash moves in and out of CNX 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	-111	-19	463	-492	-0.92	5.32	-18	18	-21	55	-42
Net Cash From Operating Activities	512	464	649	886	981	795	926	1,235	815	816	1,029
Net Cash From Continuing Operating Activities	236	267	433	886	983	794	926	1,235	815	816	1,029
Net Income / (Loss) Continuing Operations	-650	-551	295	883	32	-429	-499	-142	1,721	-90	633
Consolidated Net Income / (Loss)	-375	-848	381	883	32	-429	-499	-142	1,721	-90	633
Depreciation Expense	372	420	412	493	508	502	515	461	434	486	574
Amortization Expense	-	9.06	11	8.36	7.75	21	27	8.46	9.28	11	11
Non-Cash Adjustments To Reconcile Net Income	634	115	-290	-731	85	819	1,631	954	-1,960	485	-167
Changes in Operating Assets and Liabilities, net	-120	274	3.21	232	349	-119	-748	-47	611	-76	-22
Net Cash From Investing Activities	-996	487	-222	-895	-1,147	-439	-421	-528	-509	-484	-901
Net Cash From Continuing Investing Activities	-826	161	-176	-895	-1,147	-439	-421	-528	-509	-484	-905
Purchase of Property, Plant & Equipment	-840	-173	-633	-1,116	-1,193	-487	-466	-566	-679	-540	-495
Acquisitions	-	0.00	0.00	-299	-	-	-	-	0.00	0.00	-518
Sale of Property, Plant & Equipment	87	47	414	512	45	48	45	37	170	61	108
Net Cash From Financing Activities	374	-970	36	-483	166	-351	-524	-689	-326	-277	-170
Net Cash From Continuing Financing Activities	63	-964	68	-483	166	-351	-524	-689	-326	-277	-170
Repayment of Debt	-1,274	-960	-248	-983	-424	-1,416	-2,791	-4,290	-1,920	-1,872	-2,099
Repurchase of Common Equity	-84	0.00	-103	-382	-117	-37	-245	-565	-320	-184	-524
Issuance of Debt	1,445	0.00	0.00	1,006	549	1,200	2,512	4,171	1,922	1,795	2,465
Issuance of Common Equity	8.29	0.00	1.01	1.71	0.57	2.06	5.09	1.20	1.76	2.69	2.09
Other Financing Activities, net	0.21	-1.65	418	-71	221	-58	-4.55	-5.85	-9.50	-18	-14

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	-14	-8.21	1.55	1.94	-2.61	54	-42	3.00	1.44	-3.87	-7.29
Net Cash From Operating Activities	206	161	185	192	170	269	216	282	234	297	278
Net Cash From Continuing Operating Activities	206	161	185	192	170	269	216	282	234	297	278
Net Income / (Loss) Continuing Operations	21	514	6.85	-18	66	-145	-198	433	202	196	348
Consolidated Net Income / (Loss)	21	514	6.85	-18	66	-145	-198	433	202	196	348
Depreciation Expense	112	113	119	118	121	128	127	153	149	145	135
Amortization Expense	2.33	2.33	2.40	3.71	2.61	2.62	2.67	2.70	2.71	2.65	2.50
Non-Cash Adjustments To Reconcile Net Income	46	-522	59	105	-6.89	20	440	-346	-355	93	-281
Changes in Operating Assets and Liabilities, net	24	54	-1.88	-17	-12	263	-157	41	234	-140	73
Net Cash From Investing Activities	-187	-100	-160	-145	-110	-70	-634	-95	-7.75	-165	-148
Net Cash From Continuing Investing Activities	-187	-100	-160	-145	-110	-70	-632	-95	-7.75	-169	-148
Purchase of Property, Plant & Equipment	-206	-108	-168	-152	-115	-105	-131	-114	-76	-174	-170
Acquisitions	-	-	0.00	-	-	-	-518	-	-	-	-10
Sale of Property, Plant & Equipment	19	8.09	8.52	7.49	8.14	37	17	21	68	2.45	32
Net Cash From Financing Activities	-34	-70	-24	-45	-63	-145	376	-185	-225	-136	-137
Net Cash From Continuing Financing Activities	-34	-70	-24	-45	-63	-145	376	-185	-225	-136	-137
Repayment of Debt	-347	-477	-763	-345	-376	-388	-551	-522	-551	-476	-1,200
Repurchase of Common Equity	-48	-113	-52	-44	-63	-25	-125	-116	-182	-100	-54
Issuance of Debt	361	521	809	343	377	267	1,064	453	509	439	1,131
Issuance of Common Equity	0.92	0.11	0.11	0.93	0.17	1.48	0.82	0.11	0.06	1.11	1.51
Other Financing Activities, net	-0.10	-0.02	-18	-0.05	-0.30	-0.10	-13	-0.41	-0.35	-0.17	-15

This table presents CNX Resources' assets and liabilities at the end of each period, using annual balance sheet 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
Total Assets	10,930	9,180	6,932	8,592	9,061	8,042	8,101	8,516	8,627	8,512	9,094
Total Current Assets	805	626	853	502	498	273	460	574	422	371	490
Cash & Equivalents	73	46	509	17	16	16	3.57	21	0.44	17	0.78
Restricted Cash	-	-	-	-	0.00	0.74	-	-	0.00	38	13
Accounts Receivable	273	176	206	264	147	150	339	355	134	197	326
Inventories, net	67	15	11	9.72	6.98	9.66	6.15	27	20	15	26
Prepaid Expenses	297	76	95	22	17	12	16	16	15	16	19
Other Current Assets	-	-	-	40	248	85	95	154	253	88	106
Plant, Property, & Equipment, net	9,669	8,140	5,790	6,942	7,137	7,026	6,989	7,097	7,343	7,384	7,863
Plant, Property & Equipment, gross	14,732	11,355	9,316	9,567	10,572	10,964	11,362	11,908	12,537	13,038	14,057
Accumulated Depreciation	5,062	3,215	3,527	2,625	3,435	3,938	4,373	4,811	5,194	5,654	6,194
Total Noncurrent Assets	456	413	290	1,148	1,426	743	651	845	862	757	741
Goodwill	-	-	0.00	796	796	323	323	323	323	323	323
Intangible Assets	-	-	0.00	103	97	90	84	77	70	64	57
Other Noncurrent Operating Assets	214	96	92	230	516	324	245	445	468	370	360
Total Liabilities & Shareholders' Equity	10,930	9,180	6,932	8,592	9,061	8,042	8,101	8,516	8,627	8,512	9,094
Total Liabilities	6,074	5,239	3,032	3,510	4,098	3,619	4,400	5,565	4,266	4,414	4,757
Total Current Liabilities	1,685	940	442	523	529	441	955	1,313	823	1,123	1,124
Short-Term Debt	961	7.92	7.11	7.00	62	23	23	0.00	326	328	208
Accounts Payable	251	157	211	230	203	118	122	191	147	123	159
Accrued Expenses	422	390	223	225	216	199	288	290	233	261	326
Other Current Liabilities	-	-	-	62	49	102	522	831	117	410	431
Total Noncurrent Liabilities	4,384	4,299	2,590	2,987	3,570	3,178	3,446	4,253	3,443	3,291	3,633
Long-Term Debt	2,704	2,421	2,187	2,378	2,754	2,401	2,214	2,206	1,889	1,838	2,213
Capital Lease Obligations	35	27	20	13	-	1.06	-	1.97	5.50	21	25
Asset Retirement Reserve & Litigation Obligation	391	196	199	37	63	85	89	89	105	119	163
Noncurrent Deferred & Payable Income Tax Liabilities	75	105	44	399	476	466	329	232	729	696	857
Other Noncurrent Operating Liabilities	279	452	140	160	276	225	814	1,723	714	617	374
Total Equity & Noncontrolling Interests	4,856	3,941	3,900	5,082	4,962	4,422	3,700	2,950	4,361	4,098	4,337
Total Preferred & Common Equity	4,702	3,798	3,900	4,330	4,161	4,422	3,700	2,950	4,361	4,098	4,337
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,702	3,798	3,900	4,330	4,161	4,422	3,700	2,950	4,361	4,098	4,337
Common Stock	2,438	2,463	2,453	2,266	2,201	2,962	2,837	2,508	2,386	2,350	2,358
Retained Earnings	2,580	1,728	1,456	2,072	1,972	1,476	878	449	1,982	1,753	1,984
Accumulated Other Comprehensive Income / (Loss)	-316	-393	-8.48	-7.90	-13	-15	-15	-6.51	-7.30	-5.71	-5.68

This table presents CNX 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	Q1 2026
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	3/31/2026
Total Assets	8,633	8,340	8,532	8,493	8,657	8,603	8,538	9,047	8,988	8,904	9,131
Total Current Assets	724	352	400	301	460	369	333	425	394	361	458
Cash & Equivalents	1.59	2.80	23	8.65	1.99	3.92	1.31	2.62	3.39	4.74	3.75
Restricted Cash	-	-	-	-	-	-	-	10	10	10	2.43
Accounts Receivable	485	144	109	91	135	146	152	298	217	198	237
Inventories, net	20	29	26	20	14	15	13	28	39	31	30
Prepaid Expenses	17	15	15	14	19	17	19	18	17	17	20
Other Current Assets	201	160	227	166	290	186	147	69	107	100	165
Plant, Property, & Equipment, net	7,034	7,186	7,240	7,309	7,362	7,384	7,373	7,896	7,859	7,785	7,912
Plant, Property & Equipment, gross	11,738	12,099	12,248	12,400	12,663	12,799	12,907	13,668	13,771	13,840	14,223
Accumulated Depreciation	4,705	4,913	5,008	5,091	5,301	5,416	5,534	5,771	5,913	6,055	6,311
Total Noncurrent Assets	876	803	892	883	835	851	832	725	735	758	761
Goodwill	323	323	323	323	323	323	323	323	323	323	323
Intangible Assets	79	75	74	72	69	67	66	62	61	59	56
Other Noncurrent Operating Assets	474	404	495	488	443	460	443	339	349	374	382
Total Liabilities & Shareholders' Equity	8,633	8,340	8,532	8,493	8,657	8,603	8,538	9,047	8,988	8,904	9,131
Total Liabilities	6,656	4,773	4,549	4,535	4,347	4,352	4,281	5,276	4,895	4,789	4,505
Total Current Liabilities	2,258	705	692	991	874	893	893	1,583	1,198	1,065	928
Short-Term Debt	323	-	55	325	326	327	327	328	329	329	208
Accounts Payable	169	196	164	186	163	126	120	144	120	111	162
Accrued Expenses	308	214	232	207	214	230	208	285	294	255	260
Other Current Liabilities	1,457	295	241	273	171	210	237	825	455	370	297
Total Noncurrent Liabilities	4,398	4,068	3,857	3,544	3,473	3,459	3,389	3,693	3,697	3,723	3,577
Long-Term Debt	1,920	2,203	2,154	1,844	1,943	1,955	1,958	2,353	2,287	2,247	2,158
Capital Lease Obligations	1.38	4.02	-	5.38	5.42	11	10	20	19	26	24
Asset Retirement Reserve & Litigation Obligation	87	90	88	84	106	105	105	124	126	124	164
Noncurrent Deferred & Payable Income Tax Liabilities	147	450	609	605	725	728	746	605	761	836	936
Other Noncurrent Operating Liabilities	2,242	1,322	1,005	1,007	695	659	570	591	504	489	295
Total Equity & Noncontrolling Interests	1,977	3,567	3,983	3,957	4,309	4,251	4,257	3,771	4,093	4,116	4,627
Total Preferred & Common Equity	1,977	3,567	3,983	3,957	4,309	4,251	4,257	3,771	4,093	4,116	4,627
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,977	3,567	3,983	3,957	4,309	4,251	4,257	3,771	4,093	4,116	4,627
Common Stock	2,605	2,470	2,443	2,425	2,375	2,365	2,350	2,326	2,300	2,255	2,357
Retained Earnings	-613	1,104	1,547	1,538	1,942	1,893	1,914	1,451	1,798	1,866	2,275
Accumulated Other Comprehensive Income / (Loss)	-14	-6.44	-6.37	-6.30	-7.22	-7.14	-7.06	-5.64	-5.57	-5.50	-5.61

This table displays calculated financial ratios and metrics derived from CNX 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	-60.68%	86.24%	57.92%	-53.30%	13.15%	-34.67%	-37.54%	57.85%	172.35%	-63.12%	76.76%
EBITDA Growth	-138.42%	548.30%	83.29%	-60.18%	-38.20%	-87.49%	-37.57%	618.79%	587.88%	-80.98%	191.78%
EBIT Growth	-281.28%	261.78%	114.02%	-73.35%	-68.73%	-304.69%	-12.34%	87.37%	3,959.72%	-98.42%	2,514.02%
NOPAT Growth	-161.35%	350.22%	107.82%	-83.96%	-71.70%	-349.68%	-14.98%	89.04%	5,205.48%	-98.81%	3,473.44%
Net Income Growth	-329.86%	-126.23%	144.89%	131.94%	-96.38%	-1,442.01%	-16.30%	71.51%	1,311.12%	-105.26%	799.67%
EPS Growth	-329.86%	-126.23%	144.59%	124.85%	-111.32%	-478.57%	4.94%	67.53%	1,298.67%	-106.67%	763.33%
Operating Cash Flow Growth	-45.39%	-9.25%	39.73%	36.56%	10.69%	-18.92%	16.51%	33.32%	-34.04%	0.15%	26.13%
Free Cash Flow Firm Growth	-526.75%	502.16%	95.22%	-137.09%	88.57%	439.68%	-11.08%	35.06%	-48.09%	-5.76%	-35.73%
Invested Capital Growth	0.91%	-12.49%	-25.78%	37.67%	4.04%	-11.87%	-13.07%	-13.43%	28.10%	-5.33%	8.67%
Revenue Q/Q Growth	-59.94%	2,445.36%	34.76%	-63.47%	-19.43%	215.29%	603.79%	31.68%	-16.28%	-39.65%	26.85%
EBITDA Q/Q Growth	-134.73%	289.96%	8.07%	-75.87%	45.56%	103.91%	110.38%	480.92%	-17.95%	-60.48%	39.49%
EBIT Q/Q Growth	-248.83%	195.79%	2.65%	-84.59%	1,743.41%	84.76%	55.80%	85.66%	-20.64%	-95.72%	77.24%
NOPAT Q/Q Growth	-164.14%	266.20%	19.61%	-89.66%	-78.62%	86.24%	56.28%	87.02%	-23.96%	-97.18%	81.84%
Net Income Q/Q Growth	-15.30%	-65.13%	284.39%	-14.29%	-92.04%	50.41%	46.57%	79.30%	-27.74%	-115.93%	116.62%
EPS Q/Q Growth	-15.30%	-65.13%	-84.01%	-86.44%	90.93%	82.57%	43.52%	80.42%	-26.31%	-119.48%	163.58%
Operating Cash Flow Q/Q Growth	4.22%	-6.33%	16.29%	3.36%	-7.64%	6.18%	11.07%	18.09%	-25.66%	15.20%	2.82%
Free Cash Flow Firm Q/Q Growth	-197.36%	329.46%	44.83%	-156.99%	-68.37%	167.48%	3.04%	-15.87%	-23.36%	7.83%	-13.94%
Invested Capital Q/Q Growth	-0.04%	3.00%	-11.99%	3.49%	-1.20%	1.86%	9.84%	21.72%	7.47%	-4.89%	1.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.22%	77.50%	84.55%	78.05%	76.23%	68.61%	42.67%	70.03%	88.58%	69.16%	82.42%
EBITDA Margin	-28.55%	68.71%	79.75%	68.01%	37.14%	7.11%	7.11%	32.38%	81.78%	42.18%	69.64%
Operating Margin	-55.02%	50.03%	63.37%	29.10%	10.93%	-31.93%	-58.77%	-4.08%	69.15%	2.46%	44.13%
EBIT Margin	-58.06%	50.43%	68.35%	39.01%	10.78%	-33.77%	-60.75%	-4.86%	68.89%	2.94%	43.52%
Profit (Net Income) Margin	-29.76%	-36.14%	10.28%	51.03%	1.63%	-33.52%	-62.41%	-11.27%	50.09%	-7.14%	28.28%
Tax Burden Percent	40.29%	-84.71%	16.07%	80.38%	53.53%	71.12%	78.34%	67.03%	77.41%	75.18%	78.86%
Interest Burden Percent	127.22%	84.60%	93.54%	162.75%	28.28%	139.54%	131.14%	345.73%	93.94%	-322.90%	82.41%
Effective Tax Rate	0.00%	-3.44%	-7.45%	19.62%	46.47%	0.00%	0.00%	0.00%	22.59%	0.00%	21.14%
Return on Invested Capital (ROIC)	-5.86%	15.56%	39.76%	6.30%	1.51%	-3.92%	-5.15%	-0.65%	31.38%	0.34%	11.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.40%	-44.98%	-48.56%	31.02%	-1.70%	-9.43%	-12.48%	-5.45%	26.03%	-4.82%	5.59%
Return on Net Nonoperating Assets (RNNOA)	-1.51%	-34.84%	-30.05%	13.37%	-0.87%	-5.21%	-7.13%	-3.62%	15.69%	-2.48%	3.03%
Return on Equity (ROE)	-7.36%	-19.28%	9.71%	19.66%	0.64%	-9.14%	-12.28%	-4.27%	47.07%	-2.14%	15.01%
Cash Return on Invested Capital (CROIC)	-6.76%	28.88%	69.35%	-25.40%	-2.46%	8.70%	8.83%	13.75%	6.74%	5.81%	3.68%
Operating Return on Assets (OROA)	-6.48%	11.77%	31.44%	8.70%	2.39%	-5.05%	-6.01%	-0.74%	27.61%	0.44%	11.07%
Return on Assets (ROA)	-3.32%	-8.43%	4.73%	11.38%	0.36%	-5.01%	-6.18%	-1.71%	20.08%	-1.06%	7.19%
Return on Common Equity (ROCE)	-7.25%	-18.63%	9.54%	18.02%	0.54%	-8.36%	-12.28%	-4.27%	47.07%	-2.14%	15.01%
Return on Equity Simple (ROE_SIMPLE)	-7.97%	-22.33%	9.76%	20.40%	0.77%	-9.69%	-13.48%	-4.82%	39.46%	-2.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-485	1,214	2,523	405	115	-286	-329	-36	1,839	22	779
NOPAT Margin	-38.52%	51.75%	68.09%	23.39%	5.85%	-22.35%	-41.14%	-2.86%	53.53%	1.72%	34.80%
Net Nonoperating Expense Percent (NNEP)	-3.45%	60.53%	88.32%	-24.72%	3.21%	5.51%	7.33%	4.80%	5.35%	5.16%	6.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.70%	27.94%	0.35%	11.49%
Cost of Revenue to Revenue	37.78%	22.50%	15.45%	21.95%	23.77%	31.39%	57.33%	29.97%	11.42%	30.84%	17.58%
SG&A Expenses to Revenue	5.23%	3.78%	3.03%	4.18%	4.05%	6.68%	8.59%	14.71%	5.97%	18.04%	9.34%
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	117.24%	27.47%	21.18%	48.96%	65.30%	100.54%	101.45%	74.11%	19.43%	66.70%	38.29%
Earnings before Interest and Taxes (EBIT)	-731	1,183	2,533	675	211	-432	-485	-61	2,366	37	974
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-360	1,612	2,955	1,177	727	91	57	408	2,809	534	1,559
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.38	1.10	1.03	0.54	0.40	0.55	0.78	1.03	0.73	1.34	1.14
Price to Tangible Book Value (P/TBV)	0.38	1.10	1.03	0.68	0.51	0.60	0.88	1.19	0.80	1.48	1.25
Price to Revenue (P/Rev)	1.43	1.78	1.09	1.34	0.84	1.90	3.63	2.41	0.92	4.32	2.21
Price to Earnings (P/E)	0.00	5.66	1.53	2.92	0.00	0.00	0.00	0.00	1.85	0.00	7.83
Dividend Yield	2.20%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	17.65%	65.19%	34.26%	0.00%	0.00%	0.00%	0.00%	54.16%	0.00%	12.77%
Enterprise Value to Invested Capital (EV/IC)	0.64	0.90	1.03	0.73	0.68	0.71	0.87	1.02	0.82	1.22	1.09
Enterprise Value to Revenue (EV/Rev)	4.25	2.79	1.50	3.14	2.67	3.78	6.43	4.14	1.57	6.00	3.30
Enterprise Value to EBITDA (EV/EBITDA)	0.00	4.06	1.88	4.62	7.20	53.12	90.43	12.80	1.92	14.23	4.74
Enterprise Value to EBIT (EV/EBIT)	0.00	5.53	2.19	8.06	24.81	0.00	0.00	0.00	2.28	204.04	7.59
Enterprise Value to NOPAT (EV/NOPAT)	0.00	5.39	2.20	13.44	45.73	0.00	0.00	0.00	2.94	348.82	9.49
Enterprise Value to Operating Cash Flow (EV/OCF)	10.46	14.10	8.55	6.14	5.34	6.08	5.55	4.23	6.62	9.32	7.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.90	1.26	0.00	0.00	7.63	9.12	6.87	13.66	20.43	30.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.62	0.57	0.47	0.57	0.55	0.60	0.75	0.51	0.53	0.56
Long-Term Debt to Equity	0.56	0.62	0.57	0.47	0.56	0.54	0.60	0.75	0.43	0.45	0.52
Financial Leverage	0.63	0.77	0.62	0.43	0.51	0.55	0.57	0.66	0.60	0.51	0.54
Leverage Ratio	2.22	2.29	2.05	1.73	1.76	1.82	1.99	2.50	2.34	2.03	2.09
Compound Leverage Factor	2.82	1.93	1.92	2.81	0.50	2.54	2.61	8.64	2.20	-6.54	1.72
Debt to Total Capital	43.25%	38.40%	36.22%	32.06%	36.20%	35.42%	37.68%	42.80%	33.73%	34.80%	36.06%
Short-Term Debt to Total Capital	11.24%	0.12%	0.12%	0.09%	0.79%	0.33%	0.39%	0.00%	4.95%	5.22%	3.07%
Long-Term Debt to Total Capital	32.01%	38.27%	36.10%	31.97%	35.41%	35.09%	37.29%	42.80%	28.78%	29.58%	33.00%
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	1.80%	2.23%	0.00%	10.05%	10.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.96%	59.38%	63.78%	57.89%	53.49%	64.58%	62.32%	57.20%	66.27%	65.20%	63.94%
Debt to EBITDA	-10.29	1.52	0.75	2.04	3.87	26.65	39.38	5.41	0.79	4.09	1.57
Net Debt to EBITDA	-9.43	1.38	0.51	2.01	3.83	26.47	39.31	5.35	0.79	3.99	1.56
Long-Term Debt to EBITDA	-7.62	1.52	0.75	2.03	3.79	26.40	38.97	5.41	0.67	3.48	1.44
Debt to NOPAT	-7.63	2.02	0.88	5.93	24.59	-8.48	-6.81	-61.30	1.21	100.30	3.14
Net Debt to NOPAT	-6.99	1.83	0.60	5.84	24.30	-8.42	-6.79	-60.71	1.21	97.78	3.12
Long-Term Debt to NOPAT	-5.64	2.02	0.87	5.91	24.05	-8.40	-6.74	-61.30	1.03	85.27	2.87
Altman Z-Score	0.31	1.38	2.90	1.19	0.84	0.62	0.38	0.42	2.02	1.09	1.45
Noncontrolling Interest Sharing Ratio	1.51%	3.37%	1.82%	8.37%	15.47%	8.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.48	0.67	1.93	0.96	0.94	0.62	0.48	0.44	0.51	0.33	0.44
Quick Ratio	0.21	0.24	1.62	0.54	0.31	0.38	0.36	0.29	0.16	0.19	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-561	2,254	4,401	-1,632	-187	634	563	761	395	372	239
Operating Cash Flow to CapEx	67.89%	369.19%	296.66%	146.51%	85.46%	181.12%	220.24%	233.77%	159.92%	170.10%	265.65%
Free Cash Flow to Firm to Interest Expense	-2.82	12.37	26.91	-8.16	-1.23	3.71	3.73	5.05	2.76	2.36	1.40
Operating Cash Flow to Interest Expense	2.57	2.55	3.97	4.43	6.48	4.65	6.13	8.20	5.69	5.18	6.00
Operating Cash Flow Less CapEx to Interest Expense	-1.22	1.86	2.63	1.41	-1.10	2.08	3.35	4.69	2.13	2.13	3.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.23	0.46	0.22	0.22	0.15	0.10	0.15	0.40	0.15	0.25
Accounts Receivable Turnover	2.86	10.46	19.43	7.38	9.54	8.60	3.27	3.64	14.06	7.65	8.56
Inventory Turnover	5.64	12.86	43.96	37.13	55.75	48.26	57.96	22.70	16.70	22.70	19.31
Fixed Asset Turnover	0.13	0.26	0.53	0.27	0.28	0.18	0.11	0.18	0.48	0.17	0.29
Accounts Payable Turnover	1.22	2.59	3.11	1.72	2.15	2.50	3.82	2.41	2.32	2.89	2.79
Days Sales Outstanding (DSO)	127.48	34.90	18.78	49.49	38.28	42.42	111.74	100.38	25.96	47.74	42.65
Days Inventory Outstanding (DIO)	64.67	28.37	8.30	9.83	6.55	7.56	6.30	16.08	21.86	16.08	18.90
Days Payable Outstanding (DPO)	300.06	140.92	117.40	211.90	169.52	145.76	95.60	151.18	157.53	126.42	130.78
Cash Conversion Cycle (CCC)	-107.91	-77.64	-90.31	-152.58	-124.69	-95.78	22.44	-34.72	-109.71	-62.59	-69.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,325	7,285	5,407	7,444	7,745	6,826	5,934	5,137	6,580	6,230	6,770
Invested Capital Turnover	0.15	0.30	0.58	0.27	0.26	0.18	0.13	0.23	0.59	0.20	0.34
Increase / (Decrease) in Invested Capital	75	-1,040	-1,878	2,037	301	-920	-892	-797	1,444	-350	540
Enterprise Value (EV)	5,351	6,544	5,543	5,440	5,236	4,834	5,137	5,226	5,396	7,606	7,391
Market Capitalization	1,807	4,183	4,036	2,325	1,651	2,425	2,904	3,039	3,177	5,474	4,958
Book Value per Share	$20.53	$16.56	$16.95	$21.27	$22.30	$19.70	$17.52	$16.35	$27.45	$27.45	$32.17
Tangible Book Value per Share	$20.53	$16.56	$16.95	$16.85	$17.51	$17.86	$15.59	$14.13	$24.97	$24.86	$29.34
Total Capital	8,556	6,397	6,114	7,480	7,778	6,847	5,937	5,158	6,581	6,285	6,783
Total Debt	3,700	2,456	2,214	2,399	2,816	2,425	2,237	2,208	2,220	2,187	2,446
Total Long-Term Debt	2,739	2,448	2,207	2,392	2,754	2,402	2,214	2,208	1,894	1,859	2,238
Net Debt	3,390	2,219	1,507	2,363	2,783	2,409	2,233	2,186	2,219	2,132	2,433
Capital Expenditures (CapEx)	754	126	219	605	1,147	439	421	528	509	480	387
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.24	-352	-91	-31	15	-162	-475	-760	-76	-479	-439
Debt-free Net Working Capital (DFNWC)	81	-306	418	-14	31	-145	-472	-739	-76	-424	-426
Net Working Capital (NWC)	-881	-314	411	-21	-31	-168	-495	-739	-401	-752	-634
Net Nonoperating Expense (NNE)	-110	2,062	2,143	-478	83	143	170	106	118	112	146
Net Nonoperating Obligations (NNO)	3,470	3,344	1,507	2,363	2,783	2,403	2,233	2,186	2,219	2,132	2,433
Total Depreciation and Amortization (D&A)	372	429	423	502	516	523	542	470	443	497	585
Debt-free, Cash-free Net Working Capital to Revenue	0.65%	-15.01%	-2.46%	-1.82%	0.74%	-12.65%	-59.50%	-60.29%	-2.21%	-37.83%	-19.62%
Debt-free Net Working Capital to Revenue	6.41%	-13.04%	11.28%	-0.83%	1.57%	-11.37%	-59.05%	-58.59%	-2.20%	-33.48%	-19.02%
Net Working Capital to Revenue	-69.90%	-13.38%	11.09%	-1.23%	-1.58%	-13.13%	-61.92%	-58.59%	-11.68%	-59.36%	-28.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($3.09)	$1.66	$3.75	($0.42)	($2.43)	($2.31)	($0.75)	$10.59	($0.60)	$4.48
Adjusted Weighted Average Basic Shares Outstanding	274.62M	275.08M	223.76M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
Adjusted Diluted Earnings per Share	($1.37)	($3.09)	$1.65	$3.71	($0.42)	($2.43)	($2.31)	($0.75)	$8.99	($0.60)	$3.98
Adjusted Weighted Average Diluted Shares Outstanding	274.62M	275.08M	223.76M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
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	274.62M	275.08M	223.76M	198.34M	186.64M	219.71M	202.49M	170.13M	151.79M	148.84M	142.37M
Normalized Net Operating Profit after Tax (NOPAT)	142	822	1,740	420	358	81	-305	-42	1,736	4.50	703
Normalized NOPAT Margin	11.30%	35.02%	46.97%	24.25%	18.27%	6.37%	-38.19%	-3.35%	50.54%	0.36%	31.38%
Pre Tax Income Margin	-73.86%	42.67%	63.93%	63.49%	3.05%	-47.13%	-79.66%	-16.81%	64.72%	-9.50%	35.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.67	6.49	15.48	3.37	1.39	-2.53	-3.21	-0.41	16.51	0.24	5.68
NOPAT to Interest Expense	-2.44	6.66	15.43	2.02	0.76	-1.67	-2.17	-0.24	12.83	0.14	4.55
EBIT Less CapEx to Interest Expense	-7.46	5.80	14.15	0.35	-6.19	-5.10	-5.99	-3.91	12.96	-2.81	3.42
NOPAT Less CapEx to Interest Expense	-6.22	5.97	14.09	-1.00	-6.82	-4.24	-4.96	-3.75	9.28	-2.90	2.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-8.88%	-0.27%	0.00%	6.28%	199.96%	-9.79%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-31.25%	-0.27%	27.11%	49.51%	567.68%	-18.48%	-49.18%	-397.76%	18.59%	-203.55%	82.69%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	142,368,170.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	142,368,170.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.45
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	199.42%	-40.81%	-69.86%	-61.72%	21.03%	-85.90%	-78.58%	199.41%	37.63%	346.99%	854.82%
EBITDA Growth	258.97%	-43.71%	-83.96%	-81.40%	44.73%	-103.34%	-159.04%	442.71%	88.56%	1,669.38%	709.12%
EBIT Growth	124.56%	-47.64%	-94.73%	-96.52%	120.53%	-123.27%	-555.05%	2,592.21%	156.18%	269.77%	308.01%
NOPAT Growth	140.38%	-47.77%	-93.34%	-96.38%	47.62%	-116.83%	-423.12%	2,842.31%	156.65%	321.90%	345.94%
Net Income Growth	105.01%	-56.24%	-99.04%	-103.84%	206.53%	-128.14%	-2,985.93%	2,468.55%	208.37%	235.70%	276.09%
EPS Growth	105.26%	-53.50%	-98.89%	-104.86%	208.33%	-131.90%	-3,450.00%	2,208.33%	227.03%	277.53%	262.69%
Operating Cash Flow Growth	-22.09%	-63.57%	-25.60%	-3.50%	-17.40%	66.82%	16.53%	47.31%	37.38%	10.51%	28.68%
Free Cash Flow Firm Growth	-279.09%	-140.41%	-211.89%	63.66%	81.76%	130.08%	95.07%	183.37%	125.52%	-224.24%	-326.88%
Invested Capital Growth	45.08%	28.10%	14.03%	6.01%	6.98%	-5.33%	-1.85%	2.63%	2.30%	8.67%	8.53%
Revenue Q/Q Growth	-58.26%	176.39%	-60.30%	-16.41%	31.97%	-67.80%	-39.68%	1,068.16%	-39.34%	4.56%	28.86%
EBITDA Q/Q Growth	-78.29%	368.85%	-78.29%	-15.84%	68.92%	-110.82%	-283.67%	873.71%	-41.31%	-9.92%	48.91%
EBIT Q/Q Growth	-91.86%	1,137.96%	-92.49%	-53.96%	415.13%	-230.64%	-46.88%	372.37%	-50.98%	-13.42%	79.96%
NOPAT Q/Q Growth	-85.29%	914.70%	-92.22%	-68.86%	500.16%	-215.69%	-49.45%	394.09%	-49.53%	0.56%	64.76%
Net Income Q/Q Growth	-95.50%	2,303.93%	-98.67%	-366.55%	458.91%	-320.67%	-36.71%	318.76%	-53.27%	-2.89%	77.40%
EPS Q/Q Growth	-95.14%	2,225.00%	-98.57%	-400.00%	408.33%	-340.54%	-50.56%	288.81%	-52.17%	30.58%	37.97%
Operating Cash Flow Q/Q Growth	3.65%	-21.78%	14.85%	3.62%	-11.27%	57.97%	-19.77%	30.99%	-17.25%	27.07%	-6.58%
Free Cash Flow Firm Q/Q Growth	-88.27%	55.92%	6.24%	53.30%	5.52%	172.71%	-115.35%	889.13%	-71.03%	-453.10%	47.13%
Invested Capital Q/Q Growth	-0.75%	7.47%	0.02%	-0.64%	0.17%	-4.89%	3.69%	3.90%	-0.16%	1.03%	3.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.21%	89.45%	74.27%	70.73%	76.85%	27.21%	-18.03%	89.74%	83.09%	83.79%	86.45%
EBITDA Margin	48.16%	81.70%	44.69%	45.00%	57.59%	-19.36%	-123.15%	81.56%	78.91%	67.98%	78.56%
Operating Margin	16.00%	81.15%	11.81%	6.81%	27.32%	-111.33%	-275.82%	65.81%	53.17%	44.47%	61.20%
EBIT Margin	15.59%	69.81%	13.21%	7.28%	28.40%	-115.25%	-280.61%	65.43%	52.87%	43.77%	61.13%
Profit (Net Income) Margin	6.10%	53.06%	1.78%	-5.68%	15.45%	-105.89%	-239.98%	44.94%	34.62%	32.15%	44.26%
Tax Burden Percent	111.12%	80.44%	108.42%	119.80%	79.38%	74.55%	72.48%	73.85%	76.07%	87.45%	81.27%
Interest Burden Percent	35.22%	94.48%	12.44%	-65.17%	68.52%	123.25%	118.00%	93.01%	86.08%	83.98%	89.09%
Effective Tax Rate	-11.12%	19.56%	-8.42%	0.00%	20.62%	0.00%	0.00%	26.15%	23.93%	12.55%	18.73%
Return on Invested Capital (ROIC)	14.11%	38.27%	5.27%	1.52%	7.18%	-15.41%	-28.56%	11.78%	10.77%	13.40%	21.73%
ROIC Less NNEP Spread (ROIC-NNEP)	12.25%	32.90%	3.38%	0.02%	6.00%	-17.17%	-30.12%	10.34%	9.38%	11.59%	20.04%
Return on Net Nonoperating Assets (RNNOA)	9.10%	19.82%	1.92%	0.01%	3.26%	-8.83%	-18.49%	6.08%	5.47%	6.27%	12.10%
Return on Equity (ROE)	23.21%	58.10%	7.19%	1.53%	10.44%	-24.24%	-47.06%	17.86%	16.24%	19.67%	33.84%
Cash Return on Invested Capital (CROIC)	9.97%	6.74%	5.31%	5.72%	5.45%	5.81%	-0.73%	1.71%	4.20%	3.68%	11.56%
Operating Return on Assets (OROA)	7.47%	27.98%	3.95%	1.72%	7.00%	-17.04%	-30.58%	11.94%	10.70%	11.13%	19.80%
Return on Assets (ROA)	2.92%	21.26%	0.53%	-1.34%	3.81%	-15.65%	-26.15%	8.20%	7.01%	8.18%	14.33%
Return on Common Equity (ROCE)	23.21%	58.10%	7.19%	1.53%	10.44%	-24.24%	-47.06%	17.86%	16.24%	19.67%	33.84%
Return on Equity Simple (ROE_SIMPLE)	60.17%	0.00%	23.60%	12.33%	13.35%	0.00%	-7.82%	3.80%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	62	632	49	15	92	-106	-159	468	236	237	391
NOPAT Margin	17.78%	65.28%	12.80%	4.77%	21.69%	-77.93%	-193.07%	48.61%	40.44%	38.90%	49.73%
Net Nonoperating Expense Percent (NNEP)	1.86%	5.37%	1.89%	1.50%	1.19%	1.76%	1.56%	1.44%	1.39%	1.80%	1.70%
Return On Investment Capital (ROIC_SIMPLE)	-	9.61%	-	-	-	-1.69%	-2.46%	6.95%	3.51%	3.50%	5.58%
Cost of Revenue to Revenue	27.79%	10.55%	25.73%	29.27%	23.15%	72.79%	118.03%	10.26%	16.91%	16.21%	13.55%
SG&A Expenses to Revenue	15.77%	4.84%	16.20%	16.52%	11.54%	46.95%	64.44%	5.20%	8.49%	9.25%	4.10%
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	56.20%	8.30%	62.46%	63.92%	49.53%	138.53%	257.79%	23.93%	29.93%	39.32%	25.26%
Earnings before Interest and Taxes (EBIT)	55	676	51	23	120	-157	-231	630	309	267	481
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	169	791	172	145	244	-26	-101	785	461	415	618
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.92	0.73	0.87	0.88	1.16	1.34	1.24	1.19	1.10	1.14	1.19
Price to Tangible Book Value (P/TBV)	1.02	0.80	0.96	0.96	1.27	1.48	1.38	1.31	1.22	1.25	1.29
Price to Revenue (P/Rev)	0.89	0.92	1.48	1.84	2.35	4.32	4.86	3.04	2.57	2.21	1.86
Price to Earnings (P/E)	1.53	1.85	3.70	7.11	8.67	0.00	0.00	31.30	15.54	7.83	4.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	65.32%	54.16%	27.00%	14.07%	11.53%	0.00%	0.00%	3.19%	6.43%	12.77%	21.48%
Enterprise Value to Invested Capital (EV/IC)	0.95	0.82	0.92	0.92	1.10	1.22	1.14	1.12	1.06	1.09	1.12
Enterprise Value to Revenue (EV/Rev)	1.42	1.57	2.37	2.97	3.44	6.00	7.65	4.67	4.04	3.30	2.67
Enterprise Value to EBITDA (EV/EBITDA)	1.70	1.92	3.16	4.71	5.34	14.23	28.25	8.32	6.38	4.74	3.45
Enterprise Value to EBIT (EV/EBIT)	1.95	2.28	4.16	7.47	8.29	204.04	0.00	20.73	12.97	7.59	4.67
Enterprise Value to NOPAT (EV/NOPAT)	2.40	2.94	5.31	8.19	9.34	348.82	0.00	26.26	16.64	9.49	5.92
Enterprise Value to Operating Cash Flow (EV/OCF)	5.30	6.62	8.04	8.08	10.20	9.32	8.71	8.00	7.13	7.18	7.22
Enterprise Value to Free Cash Flow (EV/FCFF)	11.28	13.66	18.41	16.54	20.91	20.43	0.00	66.16	25.65	30.89	10.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	0.51	0.53	0.54	0.54	0.53	0.72	0.64	0.63	0.56	0.52
Long-Term Debt to Equity	0.47	0.43	0.45	0.46	0.46	0.45	0.63	0.56	0.55	0.52	0.47
Financial Leverage	0.74	0.60	0.57	0.54	0.54	0.51	0.61	0.59	0.58	0.54	0.60
Leverage Ratio	2.89	2.34	2.16	2.08	2.07	2.03	2.19	2.11	2.08	2.09	2.16
Compound Leverage Factor	1.02	2.22	0.27	-1.36	1.42	2.50	2.59	1.96	1.79	1.75	1.93
Debt to Total Capital	35.46%	33.73%	34.54%	35.04%	35.03%	34.80%	41.74%	39.17%	38.74%	36.06%	34.07%
Short-Term Debt to Total Capital	5.30%	4.95%	4.95%	4.99%	4.99%	5.22%	5.07%	4.89%	4.90%	3.07%	2.97%
Long-Term Debt to Total Capital	30.16%	28.78%	29.59%	30.05%	30.04%	29.58%	36.67%	34.28%	33.84%	33.00%	31.10%
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	64.54%	66.27%	65.46%	64.96%	64.97%	65.20%	58.26%	60.83%	61.26%	63.94%	65.93%
Debt to EBITDA	0.64	0.79	1.19	1.80	1.70	4.09	10.35	2.92	2.33	1.57	1.05
Net Debt to EBITDA	0.63	0.79	1.19	1.79	1.70	3.99	10.30	2.91	2.32	1.56	1.05
Long-Term Debt to EBITDA	0.54	0.67	1.02	1.54	1.46	3.48	9.09	2.56	2.03	1.44	0.96
Debt to NOPAT	0.90	1.21	2.00	3.12	2.97	100.30	-15.98	9.23	6.07	3.14	1.80
Net Debt to NOPAT	0.90	1.21	2.00	3.12	2.97	97.78	-15.91	9.18	6.04	3.12	1.79
Long-Term Debt to NOPAT	0.76	1.03	1.71	2.68	2.55	85.27	-14.04	8.08	5.31	2.87	1.64
Altman Z-Score	1.14	1.37	1.09	0.99	1.22	1.01	0.63	1.18	1.08	1.19	1.51
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	0.30	0.51	0.53	0.41	0.37	0.33	0.27	0.33	0.34	0.44	0.49
Quick Ratio	0.10	0.16	0.16	0.17	0.17	0.19	0.19	0.18	0.19	0.29	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,840	-811	-761	-355	-336	244	-37	296	86	-302	-160
Operating Cash Flow to CapEx	110.44%	161.68%	115.91%	132.77%	159.62%	390.05%	187.80%	304.47%	3,016.27%	172.74%	201.86%
Free Cash Flow to Firm to Interest Expense	-52.00	-21.73	-17.10	-9.19	-8.85	6.67	-0.90	6.71	1.99	-7.06	-3.05
Operating Cash Flow to Interest Expense	5.82	4.32	4.16	4.96	4.49	7.35	5.18	6.41	5.44	6.94	5.29
Operating Cash Flow Less CapEx to Interest Expense	0.55	1.65	0.57	1.23	1.68	5.46	2.42	4.31	5.26	2.92	2.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.40	0.30	0.24	0.25	0.15	0.11	0.18	0.20	0.25	0.32
Accounts Receivable Turnover	14.25	14.06	18.24	15.85	17.22	7.65	4.46	8.83	10.08	8.56	10.99
Inventory Turnover	19.56	16.70	17.76	19.16	23.86	22.70	18.54	14.63	18.00	19.31	13.97
Fixed Asset Turnover	0.57	0.48	0.35	0.28	0.29	0.17	0.13	0.21	0.23	0.29	0.37
Accounts Payable Turnover	2.18	2.32	2.16	2.70	2.57	2.89	2.53	3.20	3.42	2.79	2.63
Days Sales Outstanding (DSO)	25.61	25.96	20.01	23.03	21.19	47.74	81.92	41.35	36.21	42.65	33.22
Days Inventory Outstanding (DIO)	18.66	21.86	20.55	19.05	15.30	16.08	19.69	24.96	20.28	18.90	26.13
Days Payable Outstanding (DPO)	167.23	157.53	168.74	134.97	141.99	126.42	144.23	114.16	106.87	130.78	138.78
Cash Conversion Cycle (CCC)	-122.95	-109.71	-128.18	-92.90	-105.50	-62.59	-42.62	-47.85	-50.38	-69.22	-79.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,123	6,580	6,581	6,540	6,551	6,230	6,460	6,712	6,701	6,770	7,011
Invested Capital Turnover	0.79	0.59	0.41	0.32	0.33	0.20	0.15	0.24	0.27	0.34	0.44
Increase / (Decrease) in Invested Capital	1,903	1,444	810	371	428	-350	-122	172	150	540	551
Enterprise Value (EV)	5,812	5,396	6,040	6,013	7,219	7,606	7,375	7,496	7,130	7,391	7,873
Market Capitalization	3,646	3,177	3,768	3,724	4,925	5,474	4,686	4,874	4,542	4,958	5,488
Book Value per Share	$24.51	$27.45	$28.12	$27.74	$28.15	$27.45	$25.33	$28.28	$29.10	$32.17	$32.50
Tangible Book Value per Share	$22.06	$24.97	$25.56	$25.19	$25.58	$24.86	$22.74	$25.63	$26.40	$29.34	$29.84
Total Capital	6,132	6,581	6,583	6,543	6,552	6,285	6,473	6,728	6,718	6,783	7,017
Total Debt	2,174	2,220	2,274	2,293	2,295	2,187	2,702	2,635	2,603	2,446	2,391
Total Long-Term Debt	1,849	1,894	1,948	1,966	1,968	1,859	2,374	2,306	2,273	2,238	2,182
Net Debt	2,166	2,219	2,272	2,289	2,294	2,132	2,689	2,621	2,588	2,433	2,384
Capital Expenditures (CapEx)	187	100	160	144	107	69	115	93	7.75	172	137
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-374	-76	-89	-202	-234	-479	-842	-488	-390	-439	-267
Debt-free Net Working Capital (DFNWC)	-365	-76	-87	-198	-233	-424	-829	-475	-375	-426	-261
Net Working Capital (NWC)	-690	-401	-414	-525	-560	-752	-1,157	-803	-704	-634	-469
Net Nonoperating Expense (NNE)	41	118	42	34	26	38	39	35	34	41	43
Net Nonoperating Obligations (NNO)	2,166	2,219	2,272	2,289	2,294	2,132	2,689	2,619	2,585	2,433	2,384
Total Depreciation and Amortization (D&A)	114	115	121	121	124	131	130	155	152	148	137
Debt-free, Cash-free Net Working Capital to Revenue	-9.11%	-2.21%	-3.52%	-9.97%	-11.14%	-37.83%	-87.29%	-30.40%	-22.09%	-19.62%	-9.08%
Debt-free Net Working Capital to Revenue	-8.90%	-2.20%	-3.44%	-9.78%	-11.08%	-33.48%	-85.96%	-29.56%	-21.24%	-19.02%	-8.87%
Net Working Capital to Revenue	-16.83%	-11.68%	-16.26%	-25.91%	-26.67%	-59.36%	-119.99%	-50.04%	-39.90%	-28.32%	-15.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$3.35	$0.04	($0.12)	$0.44	($0.96)	($1.34)	$3.02	$1.45	$1.35	$2.45
Adjusted Weighted Average Basic Shares Outstanding	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
Adjusted Diluted Earnings per Share	$0.12	$2.79	$0.04	($0.12)	$0.37	($0.89)	($1.34)	$2.53	$1.21	$1.58	$2.18
Adjusted Weighted Average Diluted Shares Outstanding	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
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	158.85M	151.79M	153.25M	151.23M	149.27M	148.84M	144.72M	141.42M	134.83M	142.37M	141.48M
Normalized Net Operating Profit after Tax (NOPAT)	35	632	46	15	84	-106	-166	455	185	235	386
Normalized NOPAT Margin	10.10%	65.28%	11.96%	4.77%	19.71%	-77.93%	-201.21%	47.25%	31.65%	38.55%	49.07%
Pre Tax Income Margin	5.49%	65.96%	1.64%	-4.74%	19.46%	-142.04%	-331.12%	60.85%	45.51%	36.76%	54.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.54	18.12	1.14	0.61	3.18	-4.30	-5.56	14.30	7.18	6.24	9.16
NOPAT to Interest Expense	1.76	16.94	1.11	0.40	2.43	-2.91	-3.82	10.62	5.50	5.55	7.45
EBIT Less CapEx to Interest Expense	-3.73	15.45	-2.45	-3.13	0.37	-6.18	-8.32	12.19	7.00	2.22	6.54
NOPAT Less CapEx to Interest Expense	-3.51	14.27	-2.48	-3.34	-0.38	-4.79	-6.58	8.52	5.32	1.53	4.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	17.70%	18.59%	27.23%	49.08%	47.99%	-203.55%	-87.28%	211.18%	153.35%	82.69%	38.38%

Financials Breakdown Chart

Key Financial Trends

Here are key trends for CNX Resources (NYSE: CNX) based on the last four years of quarterly statements (2022–2025). The focus is on how revenue, profitability, cash flow, and leverage have evolved, with an emphasis on notable year-over-year and quarter-to-quarter changes.

Robust operating cash flow in 2025: Quarterly net cash from continuing operating activities was strong, including about $297.0 million in Q4 2025, $233.8 million in Q3 2025, $282.5 million in Q2 2025, and $215.7 million in Q1 2025, highlighting solid cash generation from core operations.
Consistently positive net income for CNX common shareholders in most 2025 quarters: Notably, Q4 2025 net income was about $196.3 million and Q3 2025 was about $202.1 million, with Q2 2025 at $432.5 million, indicating ongoing profitability across the year.
High gross margins maintained across 2025 quarters: For example, Q4 2025 gross margin was roughly 84% (Total Gross Profit about $511.5 million on Revenue of $610.5 million). Q3 2025 and Q2 2025 also show gross margins in the 83–90% range, signaling strong product profitability despite revenue swings.
Per-share profitability remains positive in most 2025 quarters: Diluted earnings per share (EPS) were $2.53 in Q3 2025 and Q2 2025, and $1.58 in Q4 2025, reflecting meaningful quarterly earnings for shareholders.
Free cash flow present in the latest quarter: In Q4 2025, estimated free cash flow (approximating CFO minus capital expenditures) was around $120 million, showing cash available after investing activities.
Stable balance sheet framework with solid equity base: Total assets sit around the mid-to-high $8s billion, and total equity runs around $4.1 billion in 2025, indicating a solid capital base to support ongoing operations and potential financing needs.
Revenue swings reflect commodity cycle and seasonality: CNX’s quarterly revenue ranges from about $82 million (Q1 2025) to nearly $962 million (Q2 2025), illustrating exposure to commodity prices and volume shifts rather than consistent sequential growth.
Liquidity snapshot shows uneven quarterly current assets vs. current liabilities: For example, in Q3 2025 Total Current Assets were $360.9 million versus Total Current Liabilities of $1,065.3 million, suggesting a tighter near-term liquidity position in that quarter.
Debt load remains elevated but manageable within cash flow context: Long-term debt sits around $2.25–$2.29 billion in 2025, with short-term debt around $0.33 billion, indicating meaningful leverage but cash flows appear to support interest and debt service in many quarters.
Financing cash outflows weighed on liquidity at times in 2025: Net cash from financing activities was negative in multiple quarters (e.g., Q4 2025 around −$136.3 million; Q3 2025 around −$224.6 million; Q2 2025 around −$184.6 million), which can pressure liquidity if not offset by operating cash flow.

05/17/26 12:41 PM ETAI Generated. May Contain Errors.

CNX Resources Financials - Frequently Asked Questions

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

CNX Resources' net income appears to be on an upward trend, with a most recent value of $633.16 million in 2025, falling from -$374.89 million in 2015. The previous period was -$90.49 million in 2024. Check out CNX Resources' forecast to explore projected trends and price targets.

CNX Resources' total operating income in 2025 was $988.09 million, based on the following breakdown:

Total Gross Profit: $1.85 billion
Total Operating Expenses: $857.42 million

Over the last 10 years, CNX Resources' total revenue changed from $1.26 billion in 2015 to $2.24 billion in 2025, a change of 77.7%.

CNX Resources' total liabilities were at $4.76 billion at the end of 2025, a 7.8% increase from 2024, and a 21.7% decrease since 2015.

In the past 10 years, CNX Resources' cash and equivalents has ranged from $443 thousand in 2023 to $509.17 million in 2017, and is currently $779 thousand as of their latest financial filing in 2025.

Over the last 10 years, CNX Resources' book value per share changed from 20.53 in 2015 to 32.17 in 2025, a change of 56.7%.

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Financial statements for NYSE:CNX last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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CNX Resources (CNX) Financials

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CNX Resources (CNX) Financials

Annual Income Statements for CNX Resources

Quarterly Income Statements for CNX Resources

Annual Cash Flow Statements for CNX Resources

Quarterly Cash Flow Statements for CNX Resources

Annual Balance Sheets for CNX Resources

Quarterly Balance Sheets for CNX Resources

Annual Metrics And Ratios for CNX Resources

Quarterly Metrics And Ratios for CNX Resources

Financials Breakdown Chart

Key Financial Trends

CNX Resources Financials - Frequently Asked Questions

When does CNX Resources' financial year end?

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

What is CNX Resources' operating income?

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

How much debt does CNX Resources have?

How much cash does CNX Resources have?

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

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