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CNX Resources Corp (CNX) stock

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NYSE: CNX NYSE Oil & Gas Exploration & Production Next results ~January 28, 2027

B Fundamentals grade

CNX Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

CNX Resources Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds172 adding, 210 cuttingOf 59 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter CNX Resources files

10-Q filed October 29: CNX Resources

Revenue for the twelve months to September 2026 was $2.60bn, up 47.0% on a year earlier, slower than the 61.9% growth a quarter earlier. That growth ranks 4 of 36 among the oil & gas exploration & production companies we cover. Free-cash-flow margin fell to 18.6% from 32.6% a year earlier.

Our model value for CNX Resources is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where CNX Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.60bn, up 61.9% on a year earlier, slower than the 205.1% growth a quarter earlier. That growth ranks 2 of 25 among the oil & gas exploration & production companies we cover. Free-cash-flow margin fell to 20.2% from 29.4% a year earlier. The diluted share count is up 3.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 6 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

CNX Resources Corp's trailing-twelve-month revenue grew 47.0% year on year, with a free-cash-flow margin of 18.6%. Where it stands out: revenue growth of 47.0% ranks 5 of 57 oil & gas exploration & production companies we cover. Where it lags: change in growth rate of -14.9pp ranks 50 of 57 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$79 per share in the base case (~$55–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 16.1% while net income grew 212.2%: a 228pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 47.0% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.6% over 90 days.

Things to watch

  • Growth slowing. The growth rate is 14.9 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 53% of net income over the last 12 months.
  • Heavily shorted. 16.7% of the shares available to trade are sold short (7.9 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.61 against an average estimate of $0.57: beat by 7.9%
Revenue
$580m, down 0.7% on a year earlier
Share reaction
-1.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
production Volumes (Bcfe) 612.5 to 617.5 (2026E); % Liquids 8% to 9% (2026E)
Next report
January 28, 2027; average EPS estimate $0.62

CNX Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week-1.2%
  • 1 month+18.1%
  • This year+1.2%
  • 1 year+10.5%
  • 5 years+156.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Net margin
35.2%
EPS (TTM, diluted)
$5.92

Growth

Revenue growth
+47.0%
Change in growth rate
−14.9 pts
Share count change
+1.9%

Cash

Free cash flow (TTM)
$482M
FCF margin
18.6%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Announcement
  5. Announcement
  6. Product
  7. Announcement
  8. Announcement
  9. Results
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CNX Resources Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

Our value per share comes from a discounted-cash-flow model of CNX Resources Corp's free cash flow after stock-based pay ( $616M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value CNX Resources Corp as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.58 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$19 Left out: far from the other models (more than 3x away from their median)
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$79 ~$55–$110 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$24–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$160 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$97–$150 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CNX Resources Corp with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.57$15.19$14.63$11.42$8.85$10.80$13.75$16.84$20.00$36.67$36.77$37.20
Market value$1.5bn$3.5bn$3.4bn$2.5bn$1.7bn$2.2bn$3.0bn$3.2bn$3.8bn$5.5bn$5.9bn$5.7bn
+ Net debt (− = net cash)$2.7bn$2.7bn$1.7bn$2.4bn$2.8bn$2.5bn$2.3bn$2.2bn$2.2bn$2.2bn$2.4bn$2.3bn
Enterprise value$4.2bn$6.2bn$5.1bn$4.8bn$4.4bn$4.7bn$5.3bn$5.4bn$6.1bn$7.7bn$8.3bn$8.0bn
Multiples
Price / sales 1.3x4.6x2.3x1.4x0.9x1.7x3.9x2.5x1.1x4.4x2.6x2.2x
Price / earnings ——8.9x3.1x————2.2x—9.3x6.3x
Price / free cash flow —12.0xn/m——7.0x6.4x4.8x28.4x20.1x11.0x11.9x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard CNX Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.2% of total assets over 10 years.

  • Durability 5 / 20

    Net margin has been a median 16.2%; its worst year was -1011.0%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 10 years, at a median 13.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 30.6% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $540m and EPS of $0.62 (range $0.30 to $0.76) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.27 +31% $2.2bn −2%
Next $4.21 +29% $2.2bn −2%

Next year's EPS estimate has moved +5.6% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 3 analysts raised CNX Resources Corp's forecast and 1 cut it.

Consensus EPS forecast CNX Resources Corp, last 90 days
$3.00 $3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.27 Current fiscal year, 60 days ago: $3.20 Current fiscal year, 30 days ago: $3.16 Current fiscal year, 7 days ago: $3.18 Current fiscal year, Now: $3.27 $3.27 Next fiscal year, 90 days ago: $3.99 Next fiscal year, 60 days ago: $3.88 Next fiscal year, 30 days ago: $3.80 Next fiscal year, 7 days ago: $4.18 Next fiscal year, Now: $4.21 $4.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.27$3.99
60 days ago $3.20$3.88
30 days ago $3.16$3.80
7 days ago $3.18$4.18
Now $3.27$4.21

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.57 $0.61 +7.9%
Jun 2026 $0.55 $0.71 +29.4%
Mar 2026 $0.97 $1.20 +23.7%
Dec 2025 $0.39 $0.67 +72.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Production Volumes (Bcfe) 2026E 613 to 618 Raised vs about 24.6
    “Production Volumes (Bcfe) 605.0 - 620.0 612.5 - 617.5” source
  • % Liquids 2026E 8% to 9% Lowered vs about 81
    “% Liquids ~7% - ~8% ~8% - ~9%” source
  • % of Natural Gas Hedged 2026E about 82% Raised vs about 81
    “% of Natural Gas Hedged 81% 82%” source
  • Natural Gas NYMEX ($/MMBtu) 2026E about 3.54 Lowered vs about 24.6
    “Natural Gas NYMEX ($/MMBtu) 3.55 3.54” source
  • Natural Gas Differential ($/MMBtu) 2026E about -0.71 Lowered vs about 24.6
    “Natural Gas Differential ($/MMBtu) ($0.59) ($0.71)” source
  • NGL Realized Price ($/Bbl) 2026E about 26.95 Raised vs about 24.6
    “NGL Realized Price ($/Bbl) ~$24.60 ~$26.95” source
Show 9 more items
  • Adjusted EBITDAX 2026E $1,290m to $1,310m Non-GAAP Raised vs 1,265m to 1,315m
    “Adjusted EBITDAX (2) $1,265 - $1,315 $1,290 - $1,310” source
  • Drilling & Completions (D&C) Capital Expenditures 2026E $405m to $410m Lowered vs 556m to 586m
    “Drilling & Completions (D&C) $390 - $410 $405 - $410” source
  • Non-D&C Capital Expenditures 2026E $150m to $160m Lowered vs 556m to 586m
    “Non-D&C $150 - $160 $150 - $160” source
  • Base Capital Expenditures 2026E $555m to $570m Lowered vs 556m to 586m
    “Base Capital Expenditures $540 - $570 $555 - $570” source
  • Utica Shale Rights Payment 2026E $16m to $16m Lowered vs 556m to 586m
    “Utica Shale rights payment $16 - $16 $16 - $16” source
  • Total Capital Expenditures 2026E $571m to $586m Raised vs 556m to 586m
    “Total Capital Expenditures 556 - 586 571 - 586” source
  • Environmental Attributes Sales Free Cash Flow (FCF) Impact 2026E about $80m Non-GAAP Lowered vs about 525m
    “Environmental Attributes Sales Free Cash Flow (FCF) Impact (2) ~$80 ~$80” source
  • Free Cash Flow (FCF) 2026E about $550m Non-GAAP Raised vs about 525m
    “Free Cash Flow (FCF) (2)(3) ~$525 ~$550” source
  • FCF Per Share 2026E about $3.85 Non-GAAP Raised vs about 3.55
    “FCF Per Share (2)(3)(4) ~$3.55 ~$3.85” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows CNX Resources Corp's revenue by -6.0% next year and +7.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-16.4%, weight 62%) and the company's own record (+11.2%, weight 38%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy18%
Hold975%
Sell217%

Monthly trend

  1. Oct 2026191112
  2. Sep 2026191112
  3. Aug 2026191112
  4. Jul 2026191112

Counts of recommendations published by analysts covering CNX Resources Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.7%
of tradable shares
Days to cover
7.86
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
4.3%
of shares
Employees
390
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +10.5%

$33.66 on October 31, 2025 to $37.20

ThenNowEffect
Revenue (last 12 months) $1.6bn $2.6bn +61.9%
Net margin 9.7% 36.5% +276.6%
P/E multiple 33.3x 6.2x −81.3%
Share count 154m 159m −3.2%

Biggest factor: p/e multiple.

Last 3 years +66.4%

$22.35 on November 3, 2023 to $37.20

ThenNowEffect
Revenue (last 12 months) $3.9bn $2.6bn −32.8%
Net margin 50.0% 36.5% −26.9%
P/E multiple 2.1x 6.2x +197.8%
Share count 181m 159m +13.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CNX+27%+23%+19%+83%+0%+1%
Industry peers (median)+88%+55%−8%+1%−15%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CNX58%67%42%75%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CNX−32%−37%−17%−14%−27%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from December 7, 2016 to March 27, 2020. Getting back needed a 265% gain, reached on March 17, 2022, 720 days after the low.

Price behaviour

52-week range
$31.17 – $42.61
From 52-week high
−12.7%
vs 50-day average
+6.1%
vs 200-day average
+2.1%
Volatility (1 year)
29%
Beta vs S&P 500
-0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.4%
After a week
6 up, 5 down
typical move ±5.1%
After a month
9 up, 2 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −1.5% −2.1% — —
July 30, 2026 +3.2% +2.4% +1.2% +4.3%
April 30, 2026 −3.7% +1.3% −8.6% −14.9%
January 29, 2026 +5.6% −0.5% +6.0% +14.0%
October 30, 2025 +5.9% −0.8% +7.9% +23.8%
July 24, 2025 −6.2% +0.5% −8.5% −12.9%
April 24, 2025 −5.5% +2.8% −3.3% +3.4%
January 30, 2025 −1.6% 0.0% +4.9% +2.7%
October 24, 2024 +2.0% +0.2% −5.1% +14.6%
July 25, 2024 +1.8% +0.6% +5.4% +10.4%
April 25, 2024 −0.9% +0.6% −4.2% +2.6%
January 25, 2024 +2.4% +0.4% +0.7% +4.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

CNX Resources Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CNX Resources Corp
$0 $1B $2B $3B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.4B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $964.6M Revenue (TTM), FY25 Q2: $1.6B Revenue (TTM), FY25 Q3: $1.8B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $2.6B Revenue (TTM), FY26 Q3: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.4B
FY24 Q1 $2.5B
FY24 Q2 $2B
FY24 Q3 $2.1B
FY24 Q4 $1.3B
FY25 Q1 $964.6M
FY25 Q2 $1.6B
FY25 Q3 $1.8B
FY25 Q4 $2.2B
FY26 Q1 $2.9B
FY26 Q2 $2.6B
FY26 Q3 $2.6B
Revenue growth, TTM YoY CNX Resources Corp
-100% 0% 100% 200% 300% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 172.4% Revenue growth, TTM YoY, FY24 Q1: -26.3% Revenue growth, TTM YoY, FY24 Q2: -47.7% Revenue growth, TTM YoY, FY24 Q3: -48.8% Revenue growth, TTM YoY, FY24 Q4: -63.1% Revenue growth, TTM YoY, FY25 Q1: -62.1% Revenue growth, TTM YoY, FY25 Q2: -20.7% Revenue growth, TTM YoY, FY25 Q3: -15.9% Revenue growth, TTM YoY, FY25 Q4: 76.8% Revenue growth, TTM YoY, FY26 Q1: 205.1% Revenue growth, TTM YoY, FY26 Q2: 61.9% Revenue growth, TTM YoY, FY26 Q3: 47.0% 47.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 172.4%
FY24 Q1 -26.3%
FY24 Q2 -47.7%
FY24 Q3 -48.8%
FY24 Q4 -63.1%
FY25 Q1 -62.1%
FY25 Q2 -20.7%
FY25 Q3 -15.9%
FY25 Q4 76.8%
FY26 Q1 205.1%
FY26 Q2 61.9%
FY26 Q3 47.0%
FCF margin (TTM) CNX Resources Corp
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 3.9% FCF margin (TTM), FY24 Q1: 2.9% FCF margin (TTM), FY24 Q2: 5.5% FCF margin (TTM), FY24 Q3: 7.9% FCF margin (TTM), FY24 Q4: 21.7% FCF margin (TTM), FY25 Q1: 35.5% FCF margin (TTM), FY25 Q2: 29.4% FCF margin (TTM), FY25 Q3: 32.6% FCF margin (TTM), FY25 Q4: 23.8% FCF margin (TTM), FY26 Q1: 18.9% FCF margin (TTM), FY26 Q2: 20.2% FCF margin (TTM), FY26 Q3: 18.6% 18.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 3.9%
FY24 Q1 2.9%
FY24 Q2 5.5%
FY24 Q3 7.9%
FY24 Q4 21.7%
FY25 Q1 35.5%
FY25 Q2 29.4%
FY25 Q3 32.6%
FY25 Q4 23.8%
FY26 Q1 18.9%
FY26 Q2 20.2%
FY26 Q3 18.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4,622 5,236 4,377 3,678 3,300 3,204 1,199 760 1,455 1,730 1,922 1,258 757 1,261 3,435 1,267 2,239 2,596
Net income 540 347 632 388 660 163 −364 −848 381 797 −81 −484 −499 −142 1,721 −90 633 913
Diluted EPS $2.95 $1.60 $2.76 $1.70 $2.87 $0.70 −$1.64 −$3.70 $1.65 $3.71 −$0.42 −$2.43 −$2.31 −$0.75 $8.99 −$0.60 $3.98 $5.92
Growth (year on year)
Revenue −0.7% +13.3% −16.4% −16.0% −10.3% −2.9% −62.6% −36.6% +91.5% +18.9% +11.1% −34.6% −39.8% +66.7% +172.4% −63.1% +76.8% +47.0%
Net income +22.0% −35.7% +82.4% −38.6% +70.0% −75.3% −323.5% — — +109.2% −110.1% — — — — −105.3% — +212.2%
Diluted EPS +22.9% −45.8% +72.5% −38.4% +68.8% −75.6% −334.3% — — +124.8% −111.3% — — — — −106.7% — +206.3%
Margins
Net margin 11.7% 6.6% 14.5% 10.6% 20.0% 5.1% −30.4% −111.6% 26.2% 46.0% −4.2% −38.5% −65.9% −11.3% 50.1% −7.1% 28.3% 35.2%
Free-cash-flow margin 3.0% −0.4% 8.0% −14.1% −25.4% −16.3% −27.4% 38.4% 1.1% −13.3% −11.0% 24.5% 60.8% 53.1% 3.9% 21.7% 23.8% 18.6%
Cash flow
Cash from operations 1,060 1,131 1,528 728 659 937 512 464 649 886 981 795 926 1,235 815 816 1,029 1,108
Capital spending 920 1,154 1,178 1,245 1,496 1,459 840 173 633 1,116 1,193 487 466 566 679 540 495 625
Free cash flow 140 −23 349 −517 −837 −523 −329 292 16 −231 −212 308 460 669 135 275 534 482
Stock-based pay 39 48 42 41 57 42 14 19 17 21 38 14 17 16 20 20 24 23
Free cash flow after stock pay 101 −70 307 −559 −894 −565 −343 272 −1 −252 −250 293 444 653 115 255 510 459
Balance sheet
Cash 66 376 22 327 327 176 65 46 509 17 16 16 4 21 0 17 1 2
Total debt 468 — — — 3,175 3,256 2,753 2,770 2,214 2,399 2,767 2,557 2,322 2,234 2,238 2,190 2,441 2,279
Net debt (negative = net cash) 403 −376 −22 −327 2,848 3,080 2,688 2,724 1,705 2,381 2,751 2,542 2,318 2,213 2,237 2,173 2,441 2,277
Diluted shares 183m 217m 229m 229m 230m 232m 229m 229m 231m 215m 191m 199m 216m 190m 192m 151m 160m 154m
Returned to shareholders
Dividends 72 86 96 142 86 58 33 2 0 0 — — — — — — — —
Buybacks 0 — — — — — — 0 103 382 117 37 245 565 320 184 524 535
Total returned 72 86 96 142 86 58 33 2 103 382 117 37 245 565 320 184 524 535

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $9.2bn
Short-term assets $581mLonger-term assets $8.6bn
What it owes, and who funded it · $9.2bn
Short-term liabilities $538mLonger-term liabilities $3.8bnShareholders' equity $4.8bn
  • Short-term assets cover short-term liabilities $581m of assets due within a year against $538m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $581m short-term assets against $3.8bn of longer-dated liabilities.
  • More cash than debt $2m of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 47% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From CNX Resources Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$535M
Buybacks, last 3 fiscal years
$1B
Diluted share count
+1.9%
year over year
Total shareholder yield
10.0%
dividends 0.0% + buybacks 10.0% of market value
Days sales outstanding
20 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated CNX MUR CRK TALO NOG RRC Median
Revenue, last 12 months $2.6bn $3.0bn $2.2bn $2.0bn $1.9bn $3.5bn $1.4bn
Revenue growth, last 12 months 47.0% 7.8% 31.6% 2.4% −25.6% 20.8% 10.6%
Revenue growth, 3-year average −14.2% −8.6% −9.0% 12.0% −4.8% −4.6% 1.4%
Revenue growth, latest quarter −0.7% 33.5% −24.9% 56.5% 5.4% 12.6% 31.5%
Gross margin — 100.0% — — 74.2% 94.1% 75.2%
Operating margin — 18.6% 28.8% −12.7% −24.1% — 21.1%
Operating margin, 3-year average — 21.2% 12.5% −1.9% 17.4% — 16.5%
Net margin 35.2% 9.8% 23.3% −20.5% −25.4% 25.2% 10.1%
Cash from operations / revenue 42.7% 52.1% 37.6% 39.9% 72.0% 40.2% 42.4%
Free-cash-flow margin 18.6% 50.4% −33.8% −8.8% 75.7% 21.7% 19.3%
Free-cash-flow margin, 3-year average 19.7% 52.8% −34.0% −5.0% 66.7% 18.1% 19.1%
Stock pay / revenue 0.9% 1.7% 1.2% 1.1% 0.8% 4.1% 1.5%
Change in share count 1.9% −1.2% 0.9% −5.1% 0.9% −1.8% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 47.0% 10.6% 5 of 57
Change in growth rate Growth -14.9pp +4.9pp 50 of 57
Net margin Profitability 35.2% 10.1% 5 of 57
Free-cash-flow margin Cash generation 18.6% 23.2% 30 of 51
Stock pay as % of revenue Cash generation 0.9% 1.2% 16 of 47
Long-term debt as % of assets Balance sheet 24.9% 17.6% 31 of 43
Change in share count Balance sheet 1.9% 0.4% 30 of 48
Days sales outstanding Balance sheet 20 days 41 days 4 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Oil and Gas Service $1.9B ▲ 61.3%
Oil and Gas $1.9B ▲ 61.3%
Natural Gas Reserves $1.7B ▲ 76.1%
NG Ls $169M ▼ 11.5%
Oil and Gas Purchased $45.3M ▼ 23.7%
Oil and Condensate $8.5M ▼ 12.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From CNX Resources Corp's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.6B
Institutions reporting
380
Shares held vs prior quarter
▼ 1.4%
Positions opened / closed
40 / 75

Top buyers and sellers, Q2 2026: 172 institutions bought and 210 sold ; the biggest buyer was Citadel Advisors LLC (+2.2M shares) and the biggest seller D. E. Shaw & Co., Inc (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $651M 19.2M 14.3% ▲ 6.5%
Dimensional Fund Advisors LP $301M 8.9M 6.6% ▲ 1.3%
State Street Corp $260M 7.7M 5.7% ▲ 7.6%
Vanguard Portfolio Management LLC $252M 7.4M 5.5% ▲ 2.7%
Neuberger Berman Group LLC $236M 6.9M 5.2% ▲ 0.5%
Vanguard Capital Management LLC $208M 6.1M 4.6% ▼ 0.2%
American Century Companies Inc $161M 4.8M 3.5% ▲ 5.2%
Southeastern Asset Management Inc $158M 4.7M 3.5% ▲ 16.2%
Geode Capital Management, LLC $150M 4.4M 3.3% ▲ 4.6%
Capital World Investors $122M 3.6M 2.7% ▼ 8.9%
D. E. Shaw & Co., Inc. $120M 3.5M 2.6% ▼ 36.3%
Arrowstreet Capital, Limited Partnership $116M 3.4M 2.6% ▼ 10.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CNX Resources Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.9M 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $3.9M net selling
Insider Date Trade Shares Price Value
Thorndike William N Jr Director May 4, 2026 Sell 28,800 $38.25 $1.1M
Lally-Green Maureen Director March 23, 2026 Sell 23,521 $39.51 $929,315
Lally-Green Maureen Director March 23, 2026 Sell 110 $40.00 $4,400
Lanigan Bernard Jr Director February 19, 2026 Sell 46,119 $40.60 $1.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on CNX Resources Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CNX Resources Corp in brief

What does CNX Resources Corp do?
CNX Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is CNX Resources Corp's stock ticker?
CNX Resources Corp trades under the ticker CNX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CNX Resources Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CNX Resources Corp reported revenue of $2.6B, 47.0% higher than a year earlier, according to its SEC filings.
What is CNX Resources Corp's free cash flow?
CNX Resources Corp's free-cash-flow margin is 18.6% of revenue over the trailing twelve months, ranking 30 of the 51 oil & gas exploration & production companies we cover.
Who are CNX Resources Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CNX Resources Corp buying back stock, and does it pay a dividend?
CNX Resources Corp spent $535M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.9% over the year.
What is CNX Resources Corp's market cap?
On November 2, 2026, CNX Resources Corp's market capitalisation was about $5.7B, with a price-to-earnings ratio of 6.3 and net debt of $2.3B. Market figures come from third-party market data and may be delayed.
How much debt does CNX Resources Corp have?
CNX Resources Corp's debt-to-equity ratio is 47.1%, from its latest balance sheet (73.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are CNX Resources Corp's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to CNX Resources Corp are Murphy OIL Corp, Comstock Resources Inc, Talos Energy Inc., Northern OIL & GAS, Inc. and Range Resources Corp. The side-by-side comparison below sets their revenue, margins and growth against CNX Resources Corp's.
Are insiders buying or selling CNX Resources Corp stock?
Over the last 12 months, CNX Resources Corp's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is CNX Resources Corp's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CNX Resources Corp announces its own schedule.