CNRNYSESilver OresUS GAAP · USD

Core Natural Resources, Inc.

Core Natural Resources, Inc. is a U.S.-based coal producer and exporter formed through the 2025 merger of CONSOL Energy and Arch Resources. It mines and markets high-calorific thermal coal and metallurgical coal, and also operates coal export terminals that connect Appalachian and Powder River Basin production to domestic and seaborne customers.

Kysy yhtiöstä
Liikevaihto4 165milj. USD
+86,2 %v/v
Liikevoitto (EBIT)−182milj. USD
−151,9 %v/v
EBIT-marginaali−4,4%
−20,1 %-yks.v/v
Nettotulos−153milj. USD
−153,5 %v/v
Vapaa kassavirta21,2milj. USD
−92,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1 00001 0002 0003 0004 0005 000milj. USD2020: 1 022 milj. USD20202021: 1 261 milj. USD20212022: 2 280 milj. USD20222023: 2 569 milj. USD2023: EBIT 803 milj. USD20232024: 2 236 milj. USD2024: EBIT 351 milj. USD20242025: 4 165 milj. USD2025: EBIT −182 milj. USD20254 165−182
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Core Natural Resources, Inc.

Liiketoiminta

Osuus liikevaihdosta
High CV Thermal Coal45 %

High-calorific-value thermal coal sold mainly to power generators and industrial users.

Metallurgical Coal35 %

Premium metallurgical coal used in steel production and sold into global export markets.

Export Terminal Services8 %

Coal handling, storage, blending and throughput services at owned and affiliated terminals.

PRB Thermal Coal12 %

Thermal coal from the Powder River Basin sold primarily to U.S. power generators.

Tuotteet

Raportoitu · osuus liikevaihdosta
44,7%31,9%22,6%FY2025100 %
  • Power Generation44,7 %
  • Metallurgical31,9 %
  • Industrial22,6 %
  • Terminal Revenue0,5 %
  • Other Revenue0,3 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Core sells to a mix of domestic and international industrial customers, metallurgical end-users, electric-power producers and coal traders/brokers. Its customer base is supported by multi-year contracts, export access and the ability to tailor coal quality and logistics to end-market needs. Customer concentration remains a meaningful issue because a large share of revenue can depend on a limited number of buyers and market channels.

U.S. power generators

Buy PRB and other thermal coal for electricity generation; demand is tied to utility fuel economics and coal plant utilization.

Steel and metallurgical end-users

Buy premium metallurgical coal used in steelmaking, especially for export markets and industrial supply chains.

International coal traders and brokers

Buy export coal and move it into seaborne markets, helping Core place tons globally through terminal access.

Industrial customers

Buy thermal coal for energy and process heat needs where coal remains cost-competitive or operationally required.

Strategia

Core’s strategy is to combine low-cost mining assets with export infrastructure so it can serve both domestic and global coal markets. The 2025 merger expanded its metallurgical and thermal portfolio, increased scale, and created a broader logistics network intended to improve marketing flexibility and operating synergies. Management is also managing the PRB footprint to match demand while preserving cash and funding eventual reclamation obligations.

Integrate the Arch merger and realize synergiesLyhyt aikaväli

Scale and combined logistics should lower unit costs and improve marketing reach.

Grow export sales and seaborne market accessKeskipitkä aikaväli

International demand broadens the customer base and improves placement flexibility.

Manage PRB operations to match demandLyhyt aikaväli

Right-sizing lower-demand assets helps protect margins and limit cash drain.

Maantiede

Core’s mining footprint spans Pennsylvania, West Virginia, Wyoming and Colorado, with operations across six states after the merger. It has export access through the Core Marine Terminal and an interest in the Dominion Terminal, giving it reach into East Coast seaborne markets, while western mines connect to domestic and export routes via major railroads. Geography matters because the company’s economics depend heavily on rail access, port capacity and proximity to both U.S. power plants and overseas buyers.

Riskit

Core is exposed to coal demand cycles, customer concentration and policy-driven pressure on thermal coal, especially in the U.S. power market. Its export business adds trade, tariff and geopolitical exposure, while mine operations carry safety, permitting, reclamation and asset retirement risks. The merger also adds integration risk and accounting complexity as the company absorbs new assets, liabilities and operating systems.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Declining coal demand from power generators1Mine shutdown or restart delays2Customer concentration3Tariffs and trade measures4Reclamation and asset retirement obligations5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Declining coal demand from power generatorsVaikutus: KorkeaTodennäköisyys: Korkea

    A large share of thermal coal sales depends on utilities that are shifting to non-coal fuels.

    Kohdistuu: PRB and other thermal coal operations

  2. Mine shutdown or restart delaysVaikutus: KorkeaTodennäköisyys: Korkea

    Permitting and government approvals can delay resumption of operations and reduce output.

    Kohdistuu: Leer South mine

  3. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue is concentrated among a limited number of domestic and international buyers.

    Kohdistuu: Large contract customers and export counterparties

  4. Tariffs and trade measuresVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Export coal pricing and shipment flows can be affected by cross-border trade restrictions.

    Kohdistuu: Seaborne coal sales

  5. Reclamation and asset retirement obligationsVaikutus: KeskitasoTodennäköisyys: Matala

    Mine closures require funding for land reclamation, water treatment and related liabilities.

    KohdistuuClosed or shrinking mining sitesEspecially PRB
Kysy Clarifolta: Core Natural Resources, Inc.

Kirjanpito

Harkinnanvaraiset erät
Asset retirement obligations

Mine reclamation, water treatment and closure costs require judgment on timing and present value.

Vaikutus: Can materially affect liabilities, accretion expense and reported earnings

Business combination accounting

The Arch merger created purchase accounting effects and step-up basis on acquired assets.

Vaikutus: Raises depreciation and can create one-time transaction and integration charges

Segment reporting changes

The merger changed the company’s internal reporting structure and reportable segments.

Vaikutus: Limits direct comparability of segment margins and volumes across periods

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Päivitetty: 24.9.2026

Core Natural Resources, Inc. (CNR) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo