Core Natural Resources, Inc. (CNR) Cash Flow Statement

Based on recent financial statements, the OCF/NI ratio has swung from a massive -6.02 in 2025Q2 to a more normalized 1.98 in 2026Q2, indicating that the cash flow generation was previously driven by large non-cash charges that are now receding. This extreme volatility suggests that reported net income is a poor proxy for underlying cash generation, and investors should not extrapolate the recent positive trend without understanding the drivers behind the prior periods of negative OCF/NI ratios.

According to the reported data, the company achieved a 22.2% FCF margin in 2024Q3, which has since collapsed during the 2025 operational disruption before recovering. The current FCF trajectory suggests that the business is moving past a cash flow trough, but the significant gap between revenue growth and margin recovery implies that cost pressures or lower realized prices are absorbing much of the top-line benefit.

As reported in the cash flow statements, the working capital dynamics suggest significant shifts in the timing of receivables, inventory, or payables, likely linked to the logistical disruptions at the Port of Baltimore and the ramp-up of the Itmann complex. The most recent $60.0M working capital outflow in 2026Q2, despite strong revenue, may indicate an inventory build or slower collections, warranting investigation into the sustainability of the current operating cash flow levels.