Core Natural Resources (CNR) Q2 2026 earnings summary

Executive summary

• Achieved strong financial performance in Q2 2026, with net income of $126.5 million and Adjusted EBITDA of $324 million, driven by operational execution, insurance recoveries, and higher sales volumes.

• Completed the Leer South insurance claim settlement, netting $155 million in proceeds, all receivables collected by end of July.

• Secured 16 million tons of new sales commitments for future delivery at favorable margins.

• Innovations team received a DOE grant for a rare earth elements pilot facility, highlighting progress in technology and strategic markets.

• Returned $68 million to shareholders in Q2, totaling $360 million since February 2025, primarily via share repurchases and dividends.

Financial highlights

• Q2 2026 net income: $126.5 million ($2.51 per diluted share); Adjusted EBITDA: $324 million; revenue: $1.14 billion.

• Free cash flow was $148 million, including $88 million from the Leer South settlement.

• Total liquidity at quarter-end was $1.02 billion, with $474 million in unrestricted cash and equivalents.

• Share count reduced to under 50 million, with $329 million invested in repurchases since program launch.

• Net cash position improved to $32 million as of June 30, 2026.

Outlook and guidance

• High CV Thermal segment nearly fully contracted for 2026 at over 31 million tons, average revenue ~$58/ton; cash cost guidance $39–$40.50/ton.

• Metallurgical segment contracted for 8.7 million tons in 2026, with 6 million tons priced at ~$121/ton; cash cost guidance $86–$91/ton.

• PRB segment contracted for ~50 million tons at $14.27/ton; cash cost guidance $13.25–$13.75/ton.

• Capital expenditures projected at $325–$375 million for 2026.

• Expect higher share buybacks in H2 2026, maintaining a 75% free cash flow return target.