CNR Core Natural Resources, Inc.

Overview and Growth

Core Natural Resources, Inc. generated $4.16B of revenue in fiscal 2025, with net loss of $153.22M and an operating cash inflow of $305.75M. Revenue of $4.16B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $2.24B in fiscal 2024, revenue recorded a 86.2% year-over-year increase. Diluted earnings per share were -$2.98, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $9.61 in fiscal 2024, the current result was 131.0% lower. At period end, total assets were $6.13B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.68x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $619.96M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 14.9% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $182.06M after the reported operating expense base. An operating margin of -4.4% reflected costs exceeding revenue-level gross profit by 4.4% of sales. The company ended the period with a net loss of $153.22M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 3.7% after all recognized items. The pretax result was a loss of $233.70M, establishing the deficit before tax effects. Measured against revenue, the pretax deficit represented 5.6%. The company recognized an income-tax benefit of $80.49M, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 4.2%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 2.5%.

Liquidity and Capital Structure

The company held $6.13B of assets against $2.45B of liabilities and $3.68B of equity, revealing how the asset base was financed. At period end, current assets of $1.34B compared with current liabilities of $838.29M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.6x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $432.17M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 51.6%, excluding receivables and other current assets. Borrowings totaled $394.82M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.11x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 6.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 40.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 7.1%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 112.9% from $2.88B in fiscal 2024, leaving current total assets higher year over year. Book equity was 134.5% higher than fiscal 2024 equity of $1.57B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

The company reported $305.75M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $284.58M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 93.1%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $21.17M of positive free cash flow for the period. Free cash flow represented 0.5% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 0.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.