Core Natural Resources Reports Third Quarter 2026 Results
Core Natural Resources, Inc. (CNR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Core Natural Resources Reports Third Quarter 2026 Results Demonstrates consistency and resilience of its highly cash-generative operating portfolio Returns $90 million to stockholders, bringing the total returned over the past seven quarters to $450 million Repurchas
Facts are quoted from the filing text and checked against it. Details that could not be matched to the text are left out.
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on profitability, cash generation and capital return, offering traders a basis for short‑term positioning.
Market read
The report is a primary disclosure of earnings and capital return activity, delivering new information for traders focused on the coal sector and dividend‑seeking investors.
What to watch
Future sales commitments of 29.4M tons and a fixed‑price 2027 metallurgical contract could provide longer‑term upside not reflected in the short‑term price.
Core Natural Resources Reports Third Quarter 2026 Results
Core generated $1,145,087 in consolidated revenues, $174,557 of operating cash flow and $80,324 of free cash flow, while returning $90 million to stockholders. However, net income was $8,998, and High CV Thermal and Metallurgical cash margins per ton declined sequentially amid geologic variability, weather delays and higher contract labor utilization.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenuesGAAP | $1.15B | – | – |
| Consolidated cost of salesGAAP | $947.2M | – | – |
| Net incomeGAAP | $9.00M | – | – |
| Diluted earnings per shareGAAP | $0.18 per diluted share | – | – |
| Adjusted EBITDAnon-GAAP | $165.2M | – | – |
| Depreciation, depletion and amortizationGAAP | $159.3M | – | – |
| Interest expense, netGAAP | $4.61M | – | – |
| Income tax benefitGAAP | −$12.58M | – | – |
| Net cash provided by operating activitiesGAAP | $174.6M | – | – |
| Capital expendituresGAAP | −$94.45M | – | – |
| Proceeds from sales of assetsGAAP | $213K | – | – |
| Free cash flownon-GAAP | $80.32M | – | – |
| Repurchases of common stockGAAP | −$84.65M | – | – |
| Dividends and dividend equivalents paidGAAP | −$4.93M | – | – |
| Net payments on long-term debt, including feesGAAP | −$10.49M | – | – |
| Net cash used in investing activitiesGAAP | −$118.0M | – | – |
| Net cash used in financing activitiesGAAP | −$100.1M | – | – |
| Net decrease in cash, cash equivalents and restricted cashGAAP | −$43.47M | – | – |
| Cash, cash equivalents and restricted cash at end of periodGAAP | $601.6M | – | – |
| High CV Thermal tons soldother | 8.2 | down 2 percent | – |
| High CV Thermal realized coal revenue per ton soldnon-GAAP | $56.58 | modestly lower | – |
| High CV Thermal cash cost of coal sold per tonnon-GAAP | $41.44 | 7 percent higher | – |
| High CV Thermal cash margin per ton soldnon-GAAP | $15.14 | – | – |
| Metallurgical tons soldother | 2.5 | – | – |
| Metallurgical coking coal tons soldother | 2.3 | in line with the previous quarter | – |
| Metallurgical thermal byproduct tons soldother | 0.2 | – | – |
| Metallurgical realized coal revenue per ton soldnon-GAAP | $120.18 | 5 percent increase | – |
| Metallurgical coking coal realized coal revenue per ton soldnon-GAAP | $124.06 | – | – |
| Metallurgical thermal byproduct realized coal revenue per ton soldnon-GAAP | $67.22 | – | – |
| Metallurgical cash cost of coal sold per tonnon-GAAP | $92.92 | 8 percent quarter-over-quarter increase | – |
| Metallurgical cash margin per ton soldnon-GAAP | $27.26 | – | – |
| Powder River Basin tons soldother | 13.5 | 32 percent increase | – |
| Powder River Basin realized coal revenue per ton soldnon-GAAP | $14.29 | generally in line with Q2 2026 | – |
| Powder River Basin cash cost of coal sold per tonnon-GAAP | $13.49 | 9 percent improvement | – |
| Powder River Basin cash margin per ton soldnon-GAAP | $0.80 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| High CV ThermalSales volume was 8.2 million tons, down 2 percent from the previous quarter. Realized coal revenue per ton sold was $56.58, modestly lower due principally to sales mix, while cash cost of coal sold per ton was $41.44 due to normal geologic variability at the Pennsylvania Mining Complex. | $581.0M | – | – |
| MetallurgicalCoking coal sales totaled 2.3 million tons and thermal byproduct sales totaled 0.2 million tons. Realized coal revenue per ton sold was $120.18, up 5 percent quarter-over-quarter, while cash cost of coal sold per ton was $92.92 following a short-term increase in contract labor utilization. Stormy weather caused the loading of two high-value vessels to slip into early October. | $355.4M | – | – |
| Powder River BasinSales volumes totaled 13.5 million tons, a 32 percent increase over the previous quarter due to seasonally stronger demand. Realized coal revenue per ton sold was $14.29 and cash cost of coal sold per ton was $13.49, a 9 percent improvement due in large part to increased volume levels. | $195.1M | – | – |
| Core Marine TerminalThe filing reported segment revenues of $24,690. | $24.69M | – | – |
| Idle and OtherThe filing reported segment revenues of $4,411. | $4.41M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 Guidance outlook
- Tax rate0% - 5%
- NoteCoking sales volume: 9.0 - 9.5 million tons
- NoteHigh CV Thermal sales volume: 31.5 - 32.5 million tons
- NotePowder River Basin sales volume: 47.5 - 49.5 million tons
- NoteTotal sales volume: 88.0 - 91.5 million tons
- NoteCommitted, priced coking coal: 7.6 million tons at $123.10
- NoteCommitted, unpriced coking coal: 1.7 million tons
- NoteTotal committed coking coal: 9.3 million tons
- NoteMetallurgical cash cost of coal sold per ton: $88.00 - $90.00
- NoteCommitted, priced High CV Thermal: 31.3 million tons at $59.00
- NoteCommitted, unpriced High CV Thermal: 0.1 million tons
- NoteTotal committed High CV Thermal: 31.4 million tons
- NoteHigh CV Thermal cash cost of coal sold per ton: $40.00 - $41.00
- NoteCommitted, priced Powder River Basin: 48.5 million tons at $14.28
- NotePowder River Basin cash cost of coal sold per ton: $13.75 - $14.00
- NoteCapital expenditures: $325 - $375
- NoteDepreciation, Depletion and Amortization: $600 - $650
- NoteCash Basis General and Administrative Costs: $85 - $100
Capital returns
- $84.7 million invested to repurchase 930,611 shares of common stock at an average share price of $90.96 during Q3 2026.
- $413.9 million invested to repurchase 5.2 million shares of common stock, or roughly 9.6 percent of total shares outstanding as of the program’s launch, at an average share price of $79.53.
- $449.7 million, inclusive of dividend payments, returned in the capital return program overall.
- Approximately 85 percent of free cash flow returned to stockholders via the capital return program since its inception in February 2025.
- $586.1 million of remaining authorization under the existing $1.0 billion share repurchase program as of September 30, 2026.
- Board declared a $0.10 per share quarterly dividend payable on December 15, 2026, to stockholders of record on November 30, 2026.
- 48.9 million shares outstanding at quarter end.
What drove it
- Core secured 29.4 million tons of new sales commitments across all segments for delivery in future periods.
- The company committed 2.4 million tons of metallurgical coal for delivery in 2027 to North American customers at an average fixed price higher than last year’s commitments.
- Thermal coal market conditions strengthened markedly in Q3, particularly overseas, according to the company.
- Powder River Basin volume increased on seasonally stronger demand.
- Metallurgical realized coal revenue per ton sold increased 5 percent quarter-over-quarter.
Concerns
- Normal geologic variability at the Pennsylvania Mining Complex increased High CV Thermal cash cost of coal sold per ton by 7 percent from Q2 2026.
- Short-term higher contract labor utilization increased Metallurgical cash cost of coal sold per ton by 8 percent quarter-over-quarter.
- Stormy weather late in the quarter delayed loading of two high-value metallurgical vessels into early October.
- High CV Thermal realized coal revenue per ton sold was modestly lower due principally to sales mix.
- Net income was $8,998 despite $1,145,087 of consolidated revenues.
What to watch
- Delivery and pricing of the 29.4 million tons of newly secured future sales commitments.
- Shipment timing for the two high-value metallurgical vessels that slipped into early October.
- Metallurgical cash cost performance against 2026 guidance of $88.00 - $90.00 per ton.
- High CV Thermal cash cost performance against 2026 guidance of $40.00 - $41.00 per ton.
- Powder River Basin cash cost performance against 2026 guidance of $13.75 - $14.00 per ton.
- Execution of the stated expectation to continue reducing share count in Q4 and into 2027.
Balance sheet and cash flow
- Total liquidity of $1.0 billion at September 30, 2026.
- $443.9 million in cash and cash equivalents and short-term investments at September 30, 2026.
- Cash, cash equivalents and restricted cash at end of period: $601,575.
- Net cash provided by operating activities: $174,557.
- Capital expenditures: $(94,446).
- Free cash flow: $80,324.
- Net payments on long-term debt, including fees: $(10,488).
- Net decrease in cash, cash equivalents and restricted cash: $(43,472).
Analysis
Core reported consolidated revenues of $1,145,087 in the third quarter of 2026, compared with $1,141,014 in the second quarter of 2026 and $1,002,543 in the third quarter of 2025. Net income was $8,998, or $0.18 per diluted share. Adjusted EBITDA was $165,208 and included nine months of discretionary employee incentive compensation totaling $17.2 million.
The operating portfolio produced divergent sequential outcomes. High CV Thermal sales were 8.2 million tons, down 2 percent from the previous quarter, while realized coal revenue per ton sold declined to $56.58 and cash cost per ton increased to $41.44 amid normal geologic variability. Metallurgical realized coal revenue per ton sold increased 5 percent quarter-over-quarter to $120.18, but its cash cost per ton increased 8 percent to $92.92 due principally to contract labor utilization, and late-quarter storms delayed two high-value vessel loadings. Powder River Basin had the strongest volume progression, with 13.5 million tons sold, up 32 percent from the prior quarter, and its cash cost per ton improved 9 percent to $13.49.
Cash generation remained the central financial feature. Net cash provided by operating activities was $174,557, capital expenditures were $(94,446), and free cash flow was $80,324. The company ended the period with total liquidity of $1.0 billion, including $443.9 million in cash and cash equivalents and short-term investments. Cash, cash equivalents and restricted cash declined $(43,472) during the period to $601,575, while net payments on long-term debt, including fees, were $(10,488).
Capital allocation continued to prioritize stockholder distributions. Core repurchased 930,611 shares for $84.7 million at an average share price of $90.96 and paid dividends and dividend equivalents of $(4,932) during the quarter. It has returned approximately 85 percent of free cash flow to stockholders through the capital return program since February 2025. The board also declared a $0.10 per share quarterly dividend payable on December 15, 2026, and the company retained $586.1 million of authorization under its $1.0 billion repurchase program.
The 2026 outlook specifies sales-volume ranges, segment cash-cost ranges, capital expenditures of $325 - $375, depreciation, depletion and amortization of $600 - $650, cash basis general and administrative costs of $85 - $100, and a cash tax rate of 0% - 5%. Commercial activity strengthened, with 29.4 million tons of new future sales commitments, including 2.4 million tons of metallurgical coal for 2027 North American delivery. The key execution issues are the delayed metallurgical shipments, the cost impact of geologic conditions and contract labor, and delivery of full-year volume and cash-cost targets.
Management, verbatim
Core continues to demonstrate the power of its highly cash-generative portfolio of world-class assets and its strategic engagement in the most compelling segments of the global marketplace.
Jimmy Brock, Core’s chairman and CEO
During Q3, Core again demonstrated the consistency and resilience of its highly cash-generative operating portfolio.
Jimmy Brock, Core’s chairman and CEO
With our strategically diversified operating platform, Core is uniquely positioned to capitalize on what we view as the highest potential market opportunities in the coal universe — tightening global energy markets, an ongoing infrastructure build-out in the developing world, and resurgent U.S. power demand.
Mitesh Thakkar, Core’s president
Not in the filing
stated, not guessed- Prior-year and prior-quarter net income
- Prior-year and prior-quarter diluted earnings per share
- Non-GAAP earnings per share
- Gross profit and gross margin
- Operating income and operating margin
- Prior-year and prior-quarter adjusted EBITDA
- Prior-year and prior-quarter operating cash flow
- Prior-year and prior-quarter free cash flow
- Total debt balance
- A prior outlook section for comparison with actual results
- Percentage changes for consolidated revenue, net income, adjusted EBITDA, operating cash flow and free cash flow
- Segment revenue percentage changes
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Core Natural Resources (NYSE:CNR) filed an 8‑K reporting its third‑quarter 2026 financial and operational results, including cash flow, share repurchases and market commentary on coal demand.
Ticker impact
Core Natural Resources disclosed Q3 2026 results, reporting $9.0M net income, $1.1B revenue and a $84.7M share repurchase tranche.
likely modest pressure as the market prices in mixed earnings and the share repurchase.
The new earnings numbers are modest relative to revenue, but the $84.7M repurchase provides a supportive catalyst; no major guidance change was announced.
Market effects
Coal sector may see slight uplift from Core's strong cash flow and continued capital returns, reinforcing confidence in high‑calorific value thermal assets.
U.S. thermal coal demand outlook remains positive, supporting regional miners.
Limited; the report is company‑specific and does not materially shift global energy markets.
Counterpoint
Investors could view the modest earnings and higher cash costs as a sign of margin pressure, questioning the sustainability of the buyback program.
Key entities
- companyCore Natural Resources, Inc.
U.S. coal producer reporting Q3 2026 results.
