CNX Resources Q4 Earnings and Sales Beat Estimates, Production Up Y/Y

Core Insights - CNX Resources Corporation (CNX) reported fourth-quarter 2025 operating earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 40 cents by 70.0% and increasing 19.3% from 57 cents in the year-ago quarter [1] CNX's Revenues - The company reported revenues of $419 million, surpassing the Zacks Consensus Estimate of $373 million by 12.3% and rising 8.6% from $386 million in the prior-year quarter [2] - Total revenues for 2025 reached $1.73 billion, compared to $1.47 billion in 2024, reflecting a year-over-year increase of 18.13% [2] Highlights of CNX's Q4 Release - The average selling price in the quarter was $2.75 per thousand cubic feet equivalent (Mcfe), up 1.1% from the year-ago figure of $2.72 [3] - Total production cost was $1.72 per Mcfe, down 0.58% year over year [3] - Total production volumes were 152.3 billion cubic feet equivalent (Bcfe), up 7.3% year over year [3] - Interest expenses totaled $42 million, an increase of 13.5% year over year [3] Share Repurchase and Debt Management - During the fourth quarter, CNX repurchased 2.9 million shares at an average price of $34.05 per share for a total cost of $100 million [4] - Over the past 21 quarters, CNX has repurchased nearly 98.2 million shares at an average price of $19.27 per share, incurring a total cost of $1.9 billion [4] - CNX reduced its debt by $122 million during the fourth quarter by exchanging a portion of convertible notes for common stock [4] Financial Update - As of December 31, 2025, CNX had cash and cash equivalents of $0.8 million, down from $17.2 million as of December 31, 2024 [5] - Long-term debt as of December 31, 2025, was $2.21 billion, compared to $1.84 billion as of December 31, 2024 [5] - Cash from operating activities for 2025 totaled $1.03 billion, compared to $816 million in the previous year [5] - Free cash flow amounted to $646 million [5] Capital Expenditure and Guidance - Capital expenditure for the year totaled $495 million, down from $540.3 million in the year-ago period [6] - CNX expects total capital expenditure between $556 million and $586 million in 2026 [7] - The company anticipates 2026 production volume in the range of 605-620 Bcfe [7] - Total free cash flow is now expected to be $550 million [7] - CNX projects 2026 adjusted EBITDAX in the range of $1.31-$1.36 billion [9]