Jun 2026 (Q2 FY26) — Aug 6, 2026
Core Natural Resources Q2 FY26 — Strong Operational Performance and Capital Returns
Read the full callCore Natural Resources (CNR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Core Natural Resources earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,141 | +3.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.7 | +15.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 126 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
7 of 20 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| High CV Thermal and Metallurgical segment cash cost per ton versus Q1 FY26 | improve relative to the first quarter of 2026 | Mar 2026 | In Q2 '26, cash costs came in at $38.58 per ton compared to $42.56 per ton in Q1 '26 | Achieved |
| High CV Thermal segment average cash cost of coal sold per ton | $38 to $39.50 per ton | Dec 2025 | we are increasing guidance by $1 to a range of $39 to $40.50 per ton due to stickier than previously expected inflationary pressures | Revised Down |
| High CV Thermal segment average coal revenue per ton on committed tons | over $57 per ton | Dec 2025 | average coal revenue on the committed volumes of approximately $58 per ton | On Track |
13 of Core Natural Resources, Inc.'s 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Net income increased to $126 million ($2.51 per diluted share) in Q2 FY26 from $21 million in Q1 FY26.
- Adjusted EBITDA increased to $324 million in Q2 FY26 from $180 million in Q1 FY26.
- Returned $68 million to shareholders in Q2 FY26, up from $47 million in Q1 FY26, with $329 million used to repurchase approximately 8% of shares since program inception.
- Secured a grant from the U.S. Department of Energy for a pilot facility for rare earth elements and critical minerals extraction.
- Metallurgical segment cash costs guidance lowered by $2.50 at midpoint to $86-$91 per ton, reflecting improved execution.
Qualified
- Powder River Basin (PRB) coal sales decreased to 10.2 million tons in Q2 FY26 from 11.9 million tons in Q1 FY26 due to weak demand and low natural gas prices.
- HCV Thermal segment cash costs guidance increased by $1 to $39-$40.50 per ton due to stickier inflationary pressures.
- Metallurgical market faces near-term headwinds from macroeconomic factors and Middle East hostilities, impacting global steel production.
- PRB segment cash cost guidance increased by $0.25 due to persistently higher diesel prices.
Price
$89.9 −0.50% · −$0.45
Performance +0.1% 1Y
1Y: $89.82 on 17 Oct 2025 → $89.9. High $113.23 (27 Mar 2026), low $76.01 (30 Oct 2025).
- Previous close
- $90.35
- 52-week range
- $76.01 – $113.23
- One year
- −1.90%
Overview
- Symbol
- CNR
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 20 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| High CV Thermal and Metallurgical segment cash cost per ton versus Q1 FY26 | improve relative to the first quarter of 2026 | Mar 2026 | In Q2 '26, cash costs came in at $38.58 per ton compared to $42.56 per ton in Q1 '26 | Achieved |
| High CV Thermal segment average cash cost of coal sold per ton | $38 to $39.50 per ton | Dec 2025 | we are increasing guidance by $1 to a range of $39 to $40.50 per ton due to stickier than previously expected inflationary pressures | Revised Down |
| High CV Thermal segment average coal revenue per ton on committed tons | over $57 per ton | Dec 2025 | average coal revenue on the committed volumes of approximately $58 per ton | On Track |
Claimed
- Net income increased to $126 million ($2.51 per diluted share) in Q2 FY26 from $21 million in Q1 FY26.
- Adjusted EBITDA increased to $324 million in Q2 FY26 from $180 million in Q1 FY26.
- Returned $68 million to shareholders in Q2 FY26, up from $47 million in Q1 FY26, with $329 million used to repurchase approximately 8% of shares since program inception.
- Secured a grant from the U.S. Department of Energy for a pilot facility for rare earth elements and critical minerals extraction.
- Metallurgical segment cash costs guidance lowered by $2.50 at midpoint to $86-$91 per ton, reflecting improved execution.
Qualified
- Powder River Basin (PRB) coal sales decreased to 10.2 million tons in Q2 FY26 from 11.9 million tons in Q1 FY26 due to weak demand and low natural gas prices.
- HCV Thermal segment cash costs guidance increased by $1 to $39-$40.50 per ton due to stickier inflationary pressures.
- Metallurgical market faces near-term headwinds from macroeconomic factors and Middle East hostilities, impacting global steel production.
- PRB segment cash cost guidance increased by $0.25 due to persistently higher diesel prices.
The full ledger
Open Core Natural Resources, Inc.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Core Natural Resources Q1 FY26 — Strong Operational Performance and Shareholder Returns
Read the full callEvery analysed call
Core Natural Resources earnings calls (CNR)
Financials
What the filings say
Net profit, year on year: +446% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 553 | 595 | 1,017 | 1,102 | 1,003 | 1,042 | 1,084 | 1,141 |
| Expenses | 436 | 564 | 1,071 | 1,122 | 1,014 | 1,140 | 1,052 | 985 |
| Operating profit | 117 | 38 | -54 | -19 | -12 | -97 | 33 | 156 |
| Operating margin | 21.2% | 6.4% | −5.3% | −1.8% | −1.2% | −9.3% | 3.0% | 13.7% |
| Interest | 5 | 7 | 8 | 10 | 11 | 11 | 11 | 12 |
| Profit before tax | 113 | 32 | -73 | -29 | -21 | -109 | 21 | 143 |
| Tax rate | 15.5% | 2.6% | 5.7% | −24.2% | 247.7% | 27.8% | −2.1% | 11.5% |
| Net profit | 96 | 31 | -69 | -37 | 32 | -79 | 21 | 126 |
| EPS ($ per share) | 3.23 | — | -1.38 | -0.70 | 0.61 | — | 0.41 | 2.51 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Reserves | 182 | 260 | 247 | 281 | 669 | 944 | 1,162 | 818 |
| Total liabilities | 2,209 | 2,121 | 1,970 | 1,901 | 1,539 | 1,332 | 1,311 | 2,452 |
| Fixed assets | 2,107 | 2,092 | 2,049 | 1,979 | 1,960 | 1,903 | 1,922 | 4,387 |
| Investments | — | — | — | — | 0 | 82 | 52 | — |
| Total assets | 2,761 | 2,694 | 2,523 | 2,574 | 2,704 | 2,675 | 2,880 | 6,130 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 414 | 245 | 129 | 306 | 651 | 858 | 476 | 306 |
| Cash from investing | -154 | -173 | -76 | -127 | -142 | -259 | -165 | 48 |
| Cash from financing | -149 | -257 | -82 | -31 | -380 | -682 | -107 | -200 |
| Net cash flow | — | — | -29 | 147 | 129 | -84 | 204 | 154 |
| Capital expenditure | -146 | -170 | -86 | -133 | -172 | -168 | -178 | -285 |
| Free cash flow | 268 | 75 | 43 | 173 | 479 | 690 | 298 | 21 |
CNR revenue by segment
PRB shrank from 19% to 13% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| High CV Thermal | — | — | — | — | — | — | 51% | 54% | — |
| Metallurgical | — | — | — | — | — | — | 32% | 32% | — |
| PRB | — | — | — | — | 19% | 18% | 16% | 13% | — |
| Core Marine Terminal | — | — | — | — | — | — | 1% | 1% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Export Coal Revenue 129%
- Domestic Coal Revenue 68%
As CNR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
39 filings between Nov 13, 2025 and Apr 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$6.72M
6 sales by 4 insiders
Compensation
not trading decisions- 15
- Award — granted as compensation
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Brock James A | — | $4.12M | Mar 18, 2026 |
| Klein Rosemary L | — | $1.60M | Mar 19, 2026 |
| NAVARRE RICHARD A | — | $550.2K | Mar 10, 2026 |
| Rothka John | — | $445.8K | Mar 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Apr 30, 2026 | Doheny Edward L II Director | Award | 1,390 | $0 |
| Apr 30, 2026 | Keating Ronald C Director | Award | 1,390 | $0 |
| Mar 24, 2026 | Brock James A Executive Chair and CEO | Gift | 24,440 | $0 |
| Mar 24, 2026 | Brock James A Executive Chair and CEO | Gift | 24,440 | $0 |
| Mar 19, 2026 | Klein Rosemary L SVP, CLO & Corp. Sec. | Sale | 5,000 | $553.1K |
| Mar 19, 2026 | Klein Rosemary L SVP, CLO & Corp. Sec. | Sale | 10,000 | $1.05M |
| Mar 18, 2026 | Brock James A Executive Chair and CEO | Sale | 40,760 | $4.12M |
| Mar 17, 2026 | Rothka John Chief Accounting Officer | Sale | 1,000 | $97.7K |
| Mar 10, 2026 | Rothka John Chief Accounting Officer | Sale | 3,800 | $348.2K |
| Mar 10, 2026 | NAVARRE RICHARD A Director | Sale | 6,000 | $550.2K |
| Feb 18, 2026 | Brock James A Executive Chair and CEO | Tax withheld | 2,960 | $263.3K |
| Feb 18, 2026 | Rothka John Chief Accounting Officer | Tax withheld | 79 | $7.0K |
| Feb 18, 2026 | Schuller George John JR SVP, Chief Operating Officer | Tax withheld | 713 | $63.4K |
| Feb 18, 2026 | Braithwaite Robert J. Jr. SVP, Marketing & Sales | Tax withheld | 464 | $41.3K |
| Feb 18, 2026 | Braithwaite Robert J. Jr. SVP, Marketing & Sales | Tax withheld | 310 | $27.6K |
| Feb 18, 2026 | Schuller George John JR SVP, Chief Operating Officer | Tax withheld | 1,069 | $95.1K |
| Feb 18, 2026 | Salvatori Kurt R. SVP, Chief Admin. Officer | Tax withheld | 689 | $61.3K |
| Feb 18, 2026 | Salvatori Kurt R. SVP, Chief Admin. Officer | Tax withheld | 459 | $40.8K |
| Feb 18, 2026 | Slone Deck SVP, Strategy & Public Policy | Tax withheld | 731 | $65.0K |
| Feb 18, 2026 | Klein Rosemary L SVP, CLO & Corp. Sec. | Tax withheld | 497 | $44.2K |
| Feb 18, 2026 | Thakkar Miteshkumar President & CFO | Tax withheld | 1,223 | $108.8K |
| Feb 18, 2026 | Klein Rosemary L SVP, CLO & Corp. Sec. | Tax withheld | 746 | $66.4K |
| Feb 18, 2026 | Thakkar Miteshkumar President & CFO | Tax withheld | 806 | $71.7K |
| Feb 18, 2026 | Slone Deck SVP, Strategy & Public Policy | Tax withheld | 487 | $43.3K |
| Feb 17, 2026 | Klein Rosemary L SVP, CLO & Corp. Sec. | Award | 5,060 | $0 |
| Feb 17, 2026 | Perera Valli Director | Award | 1,610 | $0 |
| Feb 17, 2026 | Schuller George John JR SVP, Chief Operating Officer | Award | 7,530 | $0 |
| Feb 17, 2026 | Slone Deck SVP, Strategy & Public Policy | Award | 5,060 | $0 |
| Feb 17, 2026 | Braithwaite Robert J. Jr. SVP, Marketing & Sales | Award | 4,440 | $0 |
| Feb 17, 2026 | Rothka John Chief Accounting Officer | Award | 760 | $0 |
| Feb 17, 2026 | Salvatori Kurt R. SVP, Chief Admin. Officer | Award | 4,820 | $0 |
| Feb 17, 2026 | Platt Joseph P JR Director | Award | 1,610 | $0 |
| Feb 17, 2026 | Brock James A Executive Chair and CEO | Award | 21,190 | $0 |
| Feb 17, 2026 | Thakkar Miteshkumar President & CFO | Award | 8,730 | $0 |
| Feb 17, 2026 | NAVARRE RICHARD A Director | Award | 2,200 | $0 |
| Feb 17, 2026 | KOEPPEL HOLLY K Director | Award | 1,610 | $0 |
| Feb 17, 2026 | KRIEGSHAUSER PATRICK A Director | Award | 1,610 | $0 |
| Nov 13, 2025 | Brock James A Executive Chair and CEO | Gift | 140,760 | $0 |
| Nov 13, 2025 | Brock James A Executive Chair and CEO | Gift | 140,760 | $0 |
| Oct 9, 2025 | Rothka John Chief Accounting Officer | Sale 10b5-1 plan | 1,000 | $100.0K |
| Oct 8, 2025 | Rothka John Chief Accounting Officer | Sale 10b5-1 plan | 1,000 | $95.0K |
| Oct 3, 2025 | Rothka John Chief Accounting Officer | Sale 10b5-1 plan | 2,500 | $225.0K |
| Sep 25, 2025 | NAVARRE RICHARD A Director | Sale | 5,000 | $411.0K |
| Sep 17, 2025 | KRIEGSHAUSER PATRICK A Director | Sale | 3,043 | $234.5K |
| May 20, 2025 | Brock James A Executive Chair | Gift | 165,200 | $0 |
| May 20, 2025 | Brock James A Executive Chair | Gift | 165,200 | $0 |
| May 9, 2025 | Lang Paul A Chief Executive Officer | Purchase | 7,500 | $502.1K |
| Mar 31, 2025 | KOEPPEL HOLLY K Director | Sale | 4,044 | $306.0K |
| Mar 31, 2025 | KOEPPEL HOLLY K Director | Sale | 4,771 | $357.7K |
| Feb 18, 2025 | Platt Joseph P JR Director | Award | 1,674 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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