# CNX Resources Corp (CNX)

Informational only - not investment advice.

CIK: 0001070412
SIC: 1311 Crude Petroleum & Natural Gas
SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 13](/major-group/13/) > [SIC 1311 Crude Petroleum & Natural Gas](/industry/1311/)
Latest 10-K filed: 2026-02-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1070412
Filing source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-10 · accession 0001070412-26-000038 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070412.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,239,134,000 USD | 2025 | verified |
| Net income | 633,162,000 USD | 2025 | verified |
| Assets | 9,094,446,000 USD | 2025 | verified |
| Free cash flow | 533,969,000 USD | 2025 | computed |
| Net margin | 28.28% | 2025 | computed |
| Revenue YoY | +76.76% | 2025 | computed |
| ROE | 14.60% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CNX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 28.3% | 11.9% | 93 | 42 |
| Revenue growth | 76.8% | 12.2% | 90 | 42 |
| FCF margin | 23.8% | 15.0% | 82 | 18 |
| ROE | 14.6% | 8.9% | 74 | 43 |
| ROA | 7.0% | 4.9% | 72 | 44 |
| Liabilities / equity | 1.10 | 0.90 | 69 | 43 |
| Current ratio | 0.44 | 0.86 | 7 | 44 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1311 Crude Petroleum & Natural Gas, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2239134000 | USD | 2025 | 2026-02-10 |
| Net income | 633162000 | USD | 2025 | 2026-02-10 |
| Assets | 9094446000 | USD | 2025 | 2026-02-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070412.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 759,968,000 | 1,455,131,000 | 1,730,434,000 | 1,922,449,000 | 1,257,978,000 | 756,792,000 | 1,261,211,000 | 3,434,948,000 | 1,266,786,000 | 2,239,134,000 |
| Net income | -848,102,000 | 380,747,000 | 796,533,000 | -80,730,000 | -483,775,000 | -498,643,000 | -142,077,000 | 1,720,716,000 | -90,494,000 | 633,162,000 |
| Diluted EPS | -3.70 | 1.65 | 3.71 | -0.42 | -2.43 | -2.31 | -0.75 | 8.99 | -0.60 | 3.98 |
| Operating cash flow | 464,258,000 | 648,687,000 | 885,823,000 | 980,560,000 | 795,071,000 | 926,357,000 | 1,235,014,000 | 814,588,000 | 815,779,000 | 1,028,957,000 |
| Capital expenditures | 172,739,000 | 632,846,000 | 1,116,397,000 | 1,192,599,000 | 487,291,000 | 465,861,000 | 565,754,000 | 679,404,000 | 540,332,000 | 494,988,000 |
| Share buybacks | 0.00 | 103,209,000 | 381,752,000 | 117,477,000 | 37,247,000 | 245,243,000 | 565,125,000 | 319,866,000 | 184,203,000 | 523,561,000 |
| Assets | 9,179,691,000 | 6,931,913,000 | 8,592,170,000 | 9,060,806,000 | 8,041,764,000 | 8,100,751,000 | 8,515,773,000 | 8,626,657,000 | 8,511,903,000 | 9,094,446,000 |
| Liabilities | 5,238,803,000 | 3,032,014,000 | 3,510,427,000 | 4,098,497,000 | 3,619,327,000 | 4,400,478,000 | 5,565,312,000 | 4,265,640,000 | 4,413,873,000 | 4,757,430,000 |
| Stockholders' equity | 3,798,395,000 | 3,899,899,000 | 4,329,958,000 | 4,160,546,000 | 4,422,437,000 | 3,700,273,000 | 2,950,461,000 | 4,361,017,000 | 4,098,030,000 | 4,337,016,000 |
| Cash and cash equivalents | 46,299,000 | 509,167,000 | 17,198,000 | 16,283,000 | 15,617,000 | 3,565,000 | 21,321,000 | 443,000 | 17,198,000 | 779,000 |
| Free cash flow | 291,519,000 | 15,841,000 | -230,574,000 | -212,039,000 | 307,780,000 | 460,496,000 | 669,260,000 | 135,184,000 | 275,447,000 | 533,969,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -111.60% | 26.17% | 46.03% | -4.20% | -38.46% | -65.89% | -11.27% | 50.09% | -7.14% | 28.28% |
| Return on equity | -22.33% | 9.76% | 18.40% | -1.94% | -10.94% | -13.48% | -4.82% | 39.46% | -2.21% | 14.60% |
| Return on assets | -9.24% | 5.49% | 9.27% | -0.89% | -6.02% | -6.16% | -1.67% | 19.95% | -1.06% | 6.96% |
| Liabilities / equity | 1.38 | 0.78 | 0.81 | 0.99 | 0.82 | 1.19 | 1.89 | 0.98 | 1.08 | 1.10 |
| Current ratio | 0.67 | 1.93 | 0.96 | 0.94 | 0.62 | 0.48 | 0.44 | 0.51 | 0.33 | 0.44 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CNX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070412.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -2.28 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 3.61 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.47 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 350,506,000 | 21,381,000 | 0.12 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 968,767,000 | 513,985,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 384,553,000 | 6,851,000 | 0.04 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 321,443,000 | -18,261,000 | -0.12 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 424,213,000 | 65,540,000 | 0.37 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 136,578,000 | -144,624,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 82,388,000 | -197,715,000 | -1.34 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 962,422,000 | 432,521,000 | 2.53 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 583,840,000 | 202,103,000 | 1.21 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 610,484,000 | 196,252,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 786,654,000 | 348,147,000 | 2.18 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 618,484,000 | 202,943,000 | 1.32 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CNX's latest 10-K: [/company/CNX/business/](/company/CNX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CNX's latest 10-K: [/company/CNX/risk-factors/](/company/CNX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000058/cnx-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Form 10-Q. The information provided below supplements, but does not form part of, CNX's financial statements. This discussion contains forward-looking statements that are based on the current views and beliefs of management, as well as assumptions and estimates made by management. Actual results could differ materially from any such forward-looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact future operating performance or financial condition, please see "Part I. Item 1A. Risk Factors" and the section entitled "Forward-Looking Statements" contained in the 2025 Form 10-K. CNX does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

General

CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as heightened geopolitical developments, including in the Middle East, uncertainties in global financial markets, and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, all of which have contributed to increased volatility in global commodity prices. These and other factors could affect the Company’s operations, earnings and cash flows for any period and could cause such results to differ materially from those of prior periods. The results presented in this Form 10-Q are not necessarily indicative of future operating results.

Natural Gas, NGLs and Oil Pricing

Prices for natural gas, NGLs and oil that CNX produces significantly impact revenue and cash flows. In the current economic environment, CNX expects that commodity prices for some or all of the commodities we produce will remain volatile. In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length as well as financial hedges. However, this market volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows.

Inflation

The inflationary environment over the last few years, primarily related to steel, diesel fuel and labor, continues to present risk for CNX and the broader natural gas industry. If inflation were to increase materially for any extended period of time, and CNX is unable to successfully mitigate the impact, our costs could increase further, thus having a greater impact on our financial position. CNX remains committed to our ongoing efforts to increase the efficiency of our operations and improve costs, which may, in part, offset any additional potential cost increases from inflation.

Hedging Update

Total hedged natural gas production for the third quarter of 2026 is 116.0 Bcf. CNX's annual gas hedge position is shown in the table below:

[[GREPCENT_TABLE]]
[["","","2026","","2027"],["Volumes Hedged (Bcf), as of 7/8/26","","460.4(1)","","402.4"]]
[[/GREPCENT_TABLE]]

1Includes actual settlements of 207.9 Bcf.

CNX's hedged gas volumes include a combination of NYMEX financial hedges, index (NYMEX and basis) financial hedges, and physical fixed price sales. In addition, to protect the NYMEX hedge volumes from basis exposure, CNX enters into basis-only financial hedges and physical sales with fixed basis at certain sales points. CNX has also entered into a nominal quantity of NGL hedges. See Quantitative and Qualitative Disclosures About Market Risk in Item 3 of this Form 10-Q for additional information.

30

Results of Operations - Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025

Net Income

CNX reported net income of $203 million, or earnings per diluted share of $1.32, for the three months ended June 30, 2026, compared to net income of $433 million, or earnings per diluted share of $2.53, for the three months ended June 30, 2025.

Included in the earnings for the three months ended June 30, 2026 was an unrealized gain on commodity derivative instruments of $131 million and a net loss on asset sales and abandonments of $1 million. Included in the earnings for the three months ended June 30, 2025 was an unrealized gain on commodity derivative instruments of $456 million and a net gain on asset sales and abandonments of $18 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the loss (gain) on asset sales and abandonments.

Non-GAAP Financial Measures

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the Company. Although these are not measures of performance calculated in accordance with GAAP, management believes that these financial measures are useful to an investor in evaluating CNX because these metrics are widely used to evaluate a natural gas company’s operating performance. Sales of Natural Gas, NGLs and Oil, including cash settlements is a non-GAAP measure that excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGLs and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGLs and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. These expenses include, but are not limited to, interest expense, other operating expense and other corporate expenses such as selling, general and administrative costs. We believe that Sales of Natural Gas, NGLs and Oil, including cash settlements, Natural Gas, NGLs and Oil Production Costs and Natural Gas, NGLs and Oil Production Margin (which is derived by subtracting Natural Gas, NGLs and Oil Production Costs from Sales of Natural Gas, NGLs and Oil, including cash settlements) provide useful information to investors for evaluating period-to-period comparisons of earnings trends. These metrics should not be viewed as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

Non-GAAP Financial Measures Reconciliation

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,"],["(Dollars in millions)","2026","2025"],["Total Revenue and Other Operating Income","$","618","","","$","962"],["Deduct:"],["Purchased Gas Revenue","(12)","","","(10)"],["Unrealized Gain on Commodity Derivative Instruments","(131)","","","(456)"],["Other Revenue and Operating Income","(40)","","","(46)"],["Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure","$","435","","","$","450"],["Total Operating Expense","$","340","","","$","346"],["Deduct:"],["Depreciation, Depletion and Amortization (DD&A) - Corporate","(5)","","","(4)"],["Exploration and Production Related Other Costs","(3)","","","(2)"],["Purchased Gas Costs","(12)","","","(9)"],["Selling, General and Administrative Costs","(34)","","","(29)"],["Other Operating Expense","(24)","","","(21)"],["Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1","$","262","","","$","281"]]
[[/GREPCENT_TABLE]]

1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.

31

Selected Natural Gas, NGLs and Oil Production Financial Data

The following table presents a summary of our total sales volumes, sales of natural gas, NGLs and oil including cash settlements, natural gas, NGLs and oil production costs and natural gas, NGLs and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP):

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,"],["","2026","","2025","","Variance"],["","in Millions","","Per Mcfe","","in Millions","","Per Mcfe","","in Millions","","Per Mcfe"],["Total Sales Volumes (Bcfe)*","","","151.5","","","","167.6","","","","(16.1)"],["Natural Gas, NGLs and Oil Revenue","$","390","","","$","2.54","","","$","485","","","$","2.91","","","$","(95)","","","$","(0.37)"],["Gain (Loss) on Commodity Derivative Instruments - Cash Settlement","45","","","0.33","","","(35)","","","(0.23)","","","80","","","0.56"],["Sales of Natural Gas, NGLs and Oil, including Cash Settlements, a Non-GAAP Financial Measure","435","","","2.87","","","450","","","2.68","","","(15)","","","0.19"],["Lease Operating Expense","21","","","0.14","","","26","","","0.16","","","(5)","","","(0.02)"],["Production, Ad Valorem, and Other Fees","7","","","0.05","","","10","","","0.05","","","(3)","","","\u2014"],["Transportation, Gathering and Compression","103","","","0.68","","","97","","","0.58","","","6","","","0.10"],["Depreciation, Depletion and Amortization (DD&A)","131","","","0.86","","","148","","","0.88","","","(17)","","","(0.02)"],["Natural Gas, NGLs and Oil Production Costs, a Non-GAAP Financial Measure","262","","","1.73","","","281","","","1.67","","","(19)","","","0.06"],["Natural Gas, NGLs and Oil Production Margin, a Non-GAAP Financial Measure","$","173","","","$","1.14","","","$","169","","","$","1.01","","","$","4","","","$","0.13"]]
[[/GREPCENT_TABLE]]

*NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of NGLs, condensate, and natural gas prices.

The 16.1 Bcfe decrease in sales volumes was primarily due to normal production declines and the timing of when new wells were turned-in-line.

Changes in the average costs per Mcfe were primarily related to the following items:

•Lease operating expense decreased on a per unit basis primarily due to lower water disposal costs as more water was reused in well completion activities rather than taken to disposal. The decrease was offset, in part, by lower total sales volumes during the period.

•Transportation, gathering and compression expense increased on a per unit basis primarily due to the overall decrease in total sales volumes as well as higher repairs and maintenance and processing costs due to production mix.

•Depreciation, depletion and amortization expense decreased on a per unit basis primarily due to a slightly lower annual depletion rate. The decrease was offset, in part, by lower total sales volumes during the period.

32

Average Realized Price Reconciliation

The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm
Complete FY 2025 MD&A: /company/CNX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-10
Report date: 2025-12-31

ITEM 7.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Form 10-K. The information provided below supplements, but does not form part of, CNX's financial statements. This discussion contains forward‑looking statements that are based on the views and beliefs of management, as well as assumptions and estimates made by management. Actual results could differ materially from any such forward‑looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact future operating performance or financial condition, please see “Part I. Item 1A. Risk Factors” and the section entitled “Forward‑Looking Statements.” CNX does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

General

CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the current uncertainties in global financial markets, geopolitical tensions and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, all of which have had an impact on global commodity prices. These and other factors could affect the Company’s operations, earnings and cash flows for any period and could cause such results to not be comparable to those of the same period in previous years. The results presented in this Form 10-K are not necessarily indicative of future operating results.

Natural Gas, NGL, and Oil Pricing

Prices for natural gas, NGLs and oil that CNX produces significantly impact revenue and cash flows. In the current economic environment, CNX expects that commodity prices for some or all of the commodities we produce will remain volatile. In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length as well as financial hedges. However, this market volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows.

Inflation

The inflationary environment over the last few years, primarily related to steel, diesel fuel and labor, continues to present risk for CNX and the broader natural gas industry. If inflation were to increase materially for any extended period of time, and CNX is unable to successfully mitigate the impact, our costs could increase further, thus having a greater impact on our financial position. CNX remains committed to our ongoing efforts to increase the efficiency of our operations and improve costs, which may, in part, offset any additional potential cost increases from inflation.

2025 Highlights:

•Proved developed reserves of 7.0 Tcfe as of December 31, 2025

•Total sales volumes of 629.0 Bcfe

•Shale sales volumes of 590.8 Bcfe

•Repurchased 16.9 million shares of CNX common stock for $528 million on the open market at an average price of $31.00 (see Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information).

•On January 27, 2025, CNX completed the acquisition of Apex Energy II, LLC, (“the Apex Transaction”) for cash consideration of approximately $518 million (see Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information).

2026 Outlook:

•Our 2026 annual sales volumes are expected to be approximately 605 - 620 Bcfe.

•Our 2026 capital expenditures are expected to be approximately $556 - $586 million.

•CNX’s 2026 capital expenditures includes the first of three annual payments of $16 million associated with an agreement that grants CNX the right to acquire Utica Shale oil and gas rights that sit beneath the legacy Apex Energy footprint.

45

Results of Operations:

The following discussion and analysis of our Results of Operations and Liquidity and Capital Resources includes a comparison of the year ended December 31, 2025 to the year ended December 31, 2024. A similar discussion and analysis that compares year ended December 31, 2024 to the fiscal year ended December 31, 2023 is omitted from this Annual Report on Form 10-K and may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference.

Net Income (Loss)

CNX reported net income of $633 million, or earnings per diluted share of $3.98, for the year ended December 31, 2025, compared to a net loss of $90 million, or a loss per diluted share of $0.60, for the year ended December 31, 2024.

Included in earnings for the year ended December 31, 2025 was an unrealized gain on commodity derivative instruments of $278 million and a net gain on asset sales and abandonments of $97 million. Included in the net loss for the year ended December 31, 2024 was an unrealized loss on commodity derivative instruments of $453 million and a net gain on asset sales and abandonments of $25 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information related to the gain on asset sales and abandonments.

Non-GAAP Financial Measures

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the Company. Although these are not measures of performance calculated in accordance with GAAP, management believes that these financial measures are useful to an investor in evaluating CNX because these metrics are widely used to evaluate a natural gas company’s operating performance. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. These expenses include, but are not limited to, interest expense, other operating expense and other corporate expenses such as selling, general and administrative costs. We believe that Sales of Natural Gas, NGL and Oil, including cash settlements, Natural Gas, NGL and Oil Production Costs and Natural Gas, NGL and Oil Production Margin (which is derived by subtracting Natural Gas, NGL and Oil Production Costs from Sales of Natural Gas, NGL and Oil, including cash settlements) provide useful information to investors for evaluating period-to-period comparisons of earnings trends. These metrics should not be viewed as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

46

Non-GAAP Financial Measures Reconciliation

[[GREPCENT_TABLE]]
[["","For the Years Ended December 31,"],["(Dollars in millions)","2025","","2024"],["Total Revenue and Other Operating Income","$","2,239","","","$","1,267"],["(Deduct) Add:"],["Purchased Gas Revenue","(45)","","","(59)"],["(Gain) Loss on Commodity Derivative Instruments - Unrealized","(278)","","","453"],["Other Revenue and Operating Income","(183)","","","(194)"],["Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure","$","1,733","","","$","1,467"],["Total Operating Expense","$","1,348","","","$","1,260"],["Deduct:"],["Depreciation, Depletion and Amortization (DD&A) - Corporate","(20)","","","(16)"],["Exploration and Production Related Other Costs","(11)","","","(8)"],["Purchased Gas Costs","(43)","","","(57)"],["Selling, General and Administrative Costs","(140)","","","(146)"],["Other Operating Expense","(69)","","","(83)"],["Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1","$","1,065","","","$","950"]]
[[/GREPCENT_TABLE]]

1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.

Selected Natural Gas, NGL and Oil Production Financial Data

The following table presents a summary of our total sales volumes, sales of natural gas, NGL and oil including cash settlements, natural gas, NGL and oil production costs and natural gas, NGL and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP):

[[GREPCENT_TABLE]]
[["","For the Years Ended December 31,"],["","2025","","2024","","Variance"],["","in Millions","","Per Mcfe","","in Millions","","Per Mcfe","","in Millions","","Per Mcfe"],["Total Sales Volumes (Bcfe)*","","","629.0","","","","","550.8","","","","","78.2"],["Natural Gas, NGL and Oil Revenue","$","1,914","","","$","3.06","","","$","1,186","","","$","2.09","","","$","728","","","$","0.97"],["(Loss) Gain on Commodity Derivative Instruments - Cash Settlement","(181)","","","(0.31)","","","281","","","0.57","","","(462)","","","(0.88)"],["Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure","1,733","","","2.75","","","1,467","","","2.66","","","266","","","0.09"],["Lease Operating Expense","97","","","0.15","","","70","","","0.13","","","27","","","0.02"],["Production, Ad Valorem, and Other Fees","31","","","0.05","","","28","","","0.05","","","3","","","\u2014"],["Transportation, Gathering and Compression","383","","","0.61","","","382","","","0.69","","","1","","","(0.08)"],["Depreciation, Depletion and Amortization (DD&A)","554","","","0.88","","","470","","","0.85","","","84","","","0.03"],["Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure","1,065","","","1.69","","","950","","","1.72","","","115","","","(0.03)"],["Natural Gas, NGL and Oil Production Margin, a Non-GAAP Financial Measure","$","668","","","$","1.06","","","$","517","","","$","0.94","","","$","151","","","$","0.12"]]
[[/GREPCENT_TABLE]]

*NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of NGL, condensate, and natural gas prices.

The 78.2 Bcfe increase in sales volumes was primarily due to the Apex Transaction that was completed in the first quarter of 2025 (see Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information) and the timing of when new wells were turned-in-line. The increase in volumes was offset, in part, by normal production declines.

47

Changes in the average costs per Mcfe were primarily related to the following items:

•Lease operating expense increased

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CNX/mda/fy2025/
All MD&A years: /company/CNX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CNX/mda/fy2024/): filed 2025-02-11; accession 0001070412-25-000049 (https://www.sec.gov/Archives/edgar/data/1070412/000107041225000049/cnx-20241231.htm)
- [FY 2023 MD&A](/company/CNX/mda/fy2023/): filed 2024-02-08; accession 0001070412-24-000015 (https://www.sec.gov/Archives/edgar/data/1070412/000107041224000015/cnx-20231231.htm)
- [FY 2022 MD&A](/company/CNX/mda/fy2022/): filed 2023-02-09; accession 0001070412-23-000015 (https://www.sec.gov/Archives/edgar/data/1070412/000107041223000015/cnx-20221231.htm)
- [FY 2021 MD&A](/company/CNX/mda/fy2021/): filed 2022-02-10; accession 0001070412-22-000011 (https://www.sec.gov/Archives/edgar/data/1070412/000107041222000011/cnx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1311 Crude Petroleum & Natural Gas) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CNX.md · JSON record: /company/CNX.json · verified financials: /company/CNX/financials.json / /company/CNX/financials.csv · machine TOC for the whole site: /llms.txt