Core Natural Resources (CNR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Core Natural Resources published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Segment revenues include transportation costs billed to customers; Core's realized coal revenue per ton excludes them. The Eliminations row removes intersegment terminal revenues so the rows sum to consolidated revenues.
• Core was created in January 2025 by the merger of CONSOL Energy and Arch Resources.

Source: Core Natural Resources Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Core Natural Resources splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Core Natural Resources's High CV Thermal revenue was $581 million in Q3 2026, up 13% from $515 million in Q3 2025, 51% of total revenue.
• Core Natural Resources's Metallurgical revenue was $355 million in Q3 2026, up 21% from $293 million in Q3 2025, 31% of total revenue.
• Core Natural Resources's Powder River Basin revenue was $195 million in Q3 2026, up 5% from $186 million in Q3 2025, 17% of total revenue.
• Core Natural Resources's Core Marine Terminal revenue was $24.7 million in Q3 2026, up 25% from $19.8 million in Q3 2025, 2% of total revenue.
• Core Natural Resources's Idle and Other revenue was $4.4 million in Q3 2026, up 39% from $3.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Core gives its 2026 outlook as a table. It also expects to sell 9.0 to 9.5 million tons of coking coal, 31.5 to 32.5 million tons of high CV thermal coal and 47.5 to 49.5 million tons of Powder River Basin coal, 88.0 to 91.5 million tons in total, with capital expenditures in $ millions.

In its Q3 2026 release, Core Natural Resources said:

“Metallurgical Cash Cost of Coal Sold per Ton $88.00-$90.00”

“High CV Thermal Cash Cost of Coal Sold per Ton $40.00-$41.00”

“Powder River Basin Cash Cost of Coal Sold per Ton $13.75-$14.00”

“Capital Expenditures $325-$375”

Source: Core Natural Resources Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CNR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Core Natural Resources's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Core Natural Resources mines metallurgical coal for steelmaking and high calorific value (CV) thermal coal for power plants, and reports three mining segments plus its Core Marine Terminal. In Q3 2026 High CV Thermal brought in $581.0 million of the $1,145.1 million total, Metallurgical $355.4 million and Powder River Basin $195.1 million. Revenues rose from $1,002.5 million a year earlier. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

Core's export sales are the larger share. Of $1,131.5 million of coal revenue, $706.1 million came from exports and $425.4 million from domestic customers. By end use, power generation accounted for $458.7 million, metallurgical $420.1 million and industrial $252.7 million. (Core Natural Resources Form 10-Q, Q3 2026, Nov 5, 2026)

The high CV thermal segment sold 8.2 million tons at a realized $56.58 per ton, against 7.2 million tons at $59.78 a year earlier. Core says cash cost per ton rose 7% from Q2 2026 to $41.44 because of normal geologic variability at its Pennsylvania Mining Complex. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

The metallurgical segment sold 2.5 million tons, including 2.3 million tons of coking coal at a realized $124.06 per ton, up from $112.94 a year earlier. Core says stormy weather late in the quarter pushed the loading of two high-value vessels into early October. The Powder River Basin segment sold 13.5 million tons at $14.29 per ton. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

During the quarter Core's marketing team secured 29.4 million tons of new sales commitments across all segments for future delivery, including 2.4 million tons of metallurgical coal for 2027 delivery to North American customers. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

Core Natural Resources earned $0.18 per diluted share on a GAAP basis in Q3 2026, against $0.61 a year earlier. Net income was $9.0 million, against $31.6 million. Depreciation, depletion and amortization was $159.3 million in the quarter. (Core Natural Resources Q3 2026 release, Nov 5, 2026; Core Natural Resources Form 10-Q, Q3 2026, Nov 5, 2026)

Taxes turned a small pre-tax loss into a profit. Core recorded an income tax benefit of $12.6 million, which the 10-Q puts down mainly to excess percentage depletion and Section 45X Advanced Manufacturing Production Credits. A year earlier the benefit was $53.0 million. (Core Natural Resources Form 10-Q, Q3 2026, Nov 5, 2026)

Core reports no adjusted EPS. Its main non-GAAP measure is adjusted EBITDA, $165.2 million in the quarter, which included nine months of discretionary employee incentive compensation totaling $17.2 million. Core repurchased 930,611 shares for $84.7 million at an average $90.96 and ended the quarter with 48.9 million shares outstanding, nearly 10 percent fewer than in February 2025. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Core Natural Resources gives a 2026 guidance table, not a revenue or EPS forecast. It expects to sell 9.0 to 9.5 million tons of coking coal, 31.5 to 32.5 million tons of high CV thermal coal and 47.5 to 49.5 million tons of Powder River Basin coal, with capital expenditures of $325 million to $375 million and a cash tax rate of 0% to 5%. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

Most of that volume is already sold. The table shows 7.6 million tons of coking coal committed and priced at $123.10 per ton, 31.3 million tons of high CV thermal coal at $59.00 and 48.5 million tons of Powder River Basin coal at $14.28. Core targets returning around 75 percent of free cash flow to stockholders, mostly through repurchases, with $586.1 million left on its $1.0 billion authorization. (Core Natural Resources Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Core Natural Resources, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Core Natural Resources's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CNR is on is CNR a buy or a sell?, what analysts expect next is on the CNR forecast, and what the company does is on the Core Natural Resources (CNR) stock page.

Every number on this page can be traced to a document Core Natural Resources published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.