Core Natural Resources (CNR) financial statements
Core Natural Resources reported revenue of $4.2B in fiscal 2025, up 15.4% a year over 9 years.
Net income was -$153M and the operating margin -4.4%, against -2.0% in 2016.
Free cash flow was $21M, and the company returned $26M in dividends and $224M in net buybacks.
The diluted share count rose 84% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Core Natural Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.5B | $1.4B | $879M | $1.3B | $2.3B | $2.5B | $2.2B | $4.2B |
| Cost of revenue | — | — | — | — | — | — | — | $1.4B | $1.4B | $3.5B |
| Gross profit | — | — | — | — | — | — | — | $1.1B | $733M | $620M |
| Selling, general and admin | $50M | $84M | $65M | $67M | $72M | $87M | $117M | $103M | $115M | $215M |
| Operating income | -$22M | $79M | $128M | $43M | -$151M | $37M | $747M | $803M | $351M | -$182M |
| Interest expense | $14M | $26M | $84M | $66M | $61M | $63M | $53M | $29M | $22M | $40M |
| Pre-tax income | $65M | $170M | $188M | $98M | -$9M | $35M | $568M | $778M | $331M | -$234M |
| Income tax | $15M | $87M | $9M | $5M | $4M | $1M | $101M | $122M | $44M | -$80M |
| Net income | $41M | $68M | $153M | $76M | -$10M | $34M | $467M | $656M | $286M | -$153M |
| EPS (diluted) | $1.48 | $2.40 | $5.38 | $2.81 | -$0.37 | $0.96 | $13.07 | $19.79 | $9.61 | -$2.98 |
| Diluted shares | 28M | 28M | 28M | 27M | 26M | 35M | 36M | 33M | 30M | 51M |
| Gross margin | — | — | — | — | — | — | — | 45.0% | 33.9% | 14.9% |
| Operating margin | -2.0% | 6.0% | 8.7% | 3.1% | -17.2% | 3.0% | 32.7% | 32.0% | 16.2% | -4.4% |
| Net margin | 3.6% | 5.1% | 10.4% | 5.5% | -1.1% | 2.7% | 20.5% | 26.2% | 13.2% | -3.7% |
Balance sheet
Fiscal years, from Core Natural Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13M | $154M | $236M | $80M | $51M | $150M | $273M | $281M | $460M | $432M |
| Receivables | $96M | $132M | $88M | $132M | $118M | $104M | $158M | $148M | $137M | $349M |
| Inventory | $50M | $53M | $49M | $54M | $56M | $63M | $66M | $88M | $96M | $375M |
| Total current assets | $200M | $399M | $474M | $338M | $293M | $386M | $598M | $601M | $786M | $1.3B |
| Property, plant and equipment | $2.2B | $2.1B | $2.1B | $2.1B | $2.0B | $2.0B | $2.0B | $1.9B | $1.9B | $4.4B |
| Total assets | $2.7B | $2.7B | $2.8B | $2.7B | $2.5B | $2.6B | $2.7B | $2.7B | $2.9B | $6.1B |
| Total current liabilities | $379M | $422M | $492M | $392M | $368M | $445M | $449M | $444M | $519M | $838M |
| Long-term debt | $302M | $857M | $709M | $654M | $567M | $568M | $342M | $182M | $80M | $317M |
| Total liabilities | $1.9B | $2.4B | $2.2B | $2.1B | $2.0B | $1.9B | $1.5B | $1.3B | $1.3B | $2.5B |
| Shareholders' equity | $658M | $204M | $410M | $435M | $554M | $673M | $1.2B | $1.3B | $1.6B | $3.7B |
| Net debt | $289M | $722M | $591M | $606M | $550M | $455M | $74M | -$16M | -$225M | -$37M |
Cash flow
Fiscal years, from Core Natural Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $329M | $248M | $414M | $245M | $129M | $306M | $651M | $858M | $476M | $306M |
| Capital spending | $54M | $81M | $146M | $170M | $86M | $133M | $172M | $168M | $178M | $285M |
| Free cash flow | $276M | $167M | $268M | $75M | $43M | $173M | $479M | $690M | $298M | $21M |
| Stock-based compensation | $13M | $22M | $10M | $13M | $12M | $7M | $8M | $10M | $11M | $33M |
| Dividends paid | — | — | — | — | $0 | $0 | $71M | $75M | $16M | $26M |
| Share buybacks (net) | $0 | $0 | -$26M | -$33M | $0 | $0 | $0 | -$399M | -$71M | -$224M |
| Net borrowing | — | — | — | $0 | $0 | $75M | $0 | $0 | $0 | $114M |
| Free cash flow margin | 24.1% | 12.6% | 18.2% | 5.4% | 4.9% | 13.7% | 21.0% | 27.5% | 13.8% | 0.5% |
| Dividends per share | — | — | — | — | — | — | $2.00 | $2.28 | $0.53 | $0.51 |
Questions
What was Core Natural Resources's revenue in 2025?
$4.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Core Natural Resources generate?
$21M in fiscal 2025 (operating cash flow minus capital spending).
From Core Natural Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.