Revenue growth of 83% in 2025Q4 appears disconnected from profitability, as gross margins collapsed from 78.7% in 2023Q4 to 5.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Oct'18 | Oct'17 | Oct'16 | Nov'15 | Nov'14 | Nov'13 | Oct'12 | Oct'11 | Oct'10 | Nov'09 | Nov'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Nov'03 | Nov'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 4.23B | 4.16B | 2.15B | 2.51B | 2.28B | 1.26B | 879.46M | 1.38B | 1.47B | 1.32B | 1.14B | 1.34B | 1.68B | 1.31B | 1.15B | 959.6M | 870.53M | 967.9M | 1.76B | 1.62B | 1.57B | 1.13B | 1.08B | 898.2M | 953.4M | 954.88M | 1.02B | 936.6M | 675.3M | 407.8M | 332.9M |
| Revenue Growth % | 61.05% | 93.83% | -14.28% | 9.94% | 80.81% | 43.39% | -36.07% | -6.6% | 11.46% | 15.56% | -14.7% | -20.27% | 28.5% | 13.38% | 20.26% | 10.23% | -10.06% | -45.14% | 8.61% | 3.43% | 38.97% | 4.17% | 20.79% | -5.79% | -0.15% | -6.23% | 8.73% | 38.69% | 65.6% | 22.5% | 42.14% |
| Cost of Goods Sold | 4.2B | 4.17B | 497.55M | 535.42M | 409.32M | 328.4M | 250.75M | 226.76M | 244.84M | 245.69M | 224.59M | 215.84M | 229.82M | 1.03B | 898M | 758M | 700.71M | 752.8M | 1.33B | 1.22B | 1.19B | 850.7M | 822.7M | 700.6M | 740.6M | 741.67M | 716.07M | 666.4M | 480.1M | 291.5M | 235.6M |
| COGS % of Revenue | - | 100.03% | 23.16% | 21.36% | 17.95% | 26.04% | 28.51% | 16.49% | 16.62% | 18.59% | 19.64% | 16.1% | 13.67% | 78.98% | 77.82% | 78.99% | 80.49% | 77.78% | 75.14% | 75.2% | 75.59% | 75.28% | 75.83% | 78% | 77.68% | 77.67% | 70.32% | 71.15% | 71.09% | 71.48% | 70.77% |
| Gross Profit | 32.13M | -1.11M | 1.65B | 1.97B | 1.87B | 932.63M | 628.71M | 1.15B | 1.23B | 1.08B | 918.92M | 1.12B | 1.45B | 275M | 256M | 201.6M | 169.81M | 215.1M | 438.6M | 402.8M | 383.3M | 279.4M | 262.2M | 197.6M | 212.8M | 213.2M | 302.26M | 270.2M | 195.2M | 116.3M | 97.3M |
| Gross Margin % | 0.76% | -0.03% | 76.84% | 78.64% | 82.05% | 73.96% | 71.49% | 83.51% | 83.38% | 81.41% | 80.36% | 83.9% | 86.33% | 21.02% | 22.18% | 21.01% | 19.51% | 22.22% | 24.86% | 24.8% | 24.41% | 24.72% | 24.17% | 22% | 22.32% | 22.33% | 29.68% | 28.85% | 28.91% | 28.52% | 29.23% |
| Gross Profit Growth % | - | -100.07% | -16.24% | 5.37% | 100.58% | 48.34% | -45.27% | -6.45% | 14.15% | 17.06% | -18.29% | -22.51% | 427.8% | 7.42% | 26.98% | 18.72% | -21.05% | -50.96% | 8.89% | 5.09% | 37.19% | 6.56% | 32.69% | -7.14% | -0.19% | -29.46% | 11.86% | 38.42% | 67.84% | 19.53% | 43.93% |
| Operating Expenses | 171.47M | 214.86M | 1.39B | 1.22B | 1.07B | 832.45M | 740.3M | 1.02B | 1.01B | 970.31M | 927.2M | 755.31M | 1.19B | 277.3M | 230.8M | 203.2M | 190.87M | 998.9M | 283.8M | 271.8M | 246M | 174.9M | 175.1M | 140.4M | 141.4M | 145.56M | 176.44M | 159.6M | 111.8M | 74M | 58.9M |
| OpEx % of Revenue | - | 5.16% | 64.5% | 48.81% | 46.75% | 66.01% | 84.18% | 73.8% | 68.7% | 73.43% | 81.08% | 56.35% | 70.72% | 21.19% | 20% | 21.18% | 21.93% | 103.2% | 16.09% | 16.73% | 15.66% | 15.48% | 16.14% | 15.63% | 14.83% | 15.24% | 17.33% | 17.04% | 16.56% | 18.15% | 17.69% |
| Selling, General & Admin | 161.61M | 214.86M | 115.22M | 103.47M | 116.7M | 87.16M | 72.1M | 67.11M | 65.35M | 83.61M | 50.03M | 55.72M | 78.72M | 256.86M | 219.34M | 202.35M | 190.87M | 209.57M | 283.82M | 271.87M | 246.04M | 174.9M | 165.16M | 140.36M | 140.64M | 145.56M | 142.95M | 131.1M | 94M | 66.1M | 53.1M |
| SG&A % of Revenue | - | 5.16% | 5.36% | 4.13% | 5.12% | 6.91% | 8.2% | 4.88% | 4.44% | 6.33% | 4.37% | 4.16% | 4.68% | 19.63% | 19.01% | 21.09% | 21.93% | 21.65% | 16.09% | 16.74% | 15.67% | 15.48% | 15.22% | 15.63% | 14.75% | 15.24% | 14.04% | 14% | 13.92% | 16.21% | 15.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 1.27B | 1.12B | 949.22M | 745.29M | 668.2M | 948.01M | 946.45M | 886.71M | 877.18M | 699.59M | 1.11B | 20.44M | 11.46M | 848K | 0 | 789.33M | -25K | -71K | -44K | 3K | 9.94M | 44K | 759K | 0 | 33.49M | 28.5M | 17.8M | 7.9M | 5.8M |
| Operating Income | -139.34M | -215.97M | 265.23M | 747.68M | 804.78M | 100.18M | -111.59M | 133.67M | 216.16M | 105.4M | -8.28M | 369.35M | 262.39M | -766K | 14.23M | -32M | -22.29M | -781.11M | 153.93M | 133.63M | 143.95M | 110.72M | 89.79M | 17.8M | -35.4M | 32.69M | 89.42M | 79M | 61.8M | 44.1M | 39.9M |
| Operating Margin % | -3.29% | -5.19% | 12.34% | 29.83% | 35.3% | 7.94% | -12.69% | 9.72% | 14.68% | 7.98% | -0.72% | 27.55% | 15.61% | -0.06% | 1.23% | -3.33% | -2.56% | -80.7% | 8.73% | 8.23% | 9.17% | 9.8% | 8.28% | 1.98% | -3.71% | 3.42% | 8.78% | 8.43% | 9.15% | 10.81% | 11.99% |
| Operating Income Growth % | - | -181.43% | -64.53% | -7.1% | 703.34% | 189.78% | -183.48% | -38.16% | 105.08% | 1373% | -102.24% | 40.77% | 34354.44% | -105.38% | 144.46% | -43.57% | 97.15% | -607.43% | 15.2% | -7.17% | 30.01% | 23.3% | 404.46% | 150.28% | -208.3% | -63.45% | 13.19% | 27.83% | 40.14% | 10.53% | 47.78% |
| EBITDA | 506.47M | 405.1M | 488.75M | 989M | 1.03B | 324.76M | 99.17M | 340.77M | 417.42M | 277.41M | 169.84M | 564.69M | 469.07M | 35.24M | 48.07M | 1.21M | 12.21M | -748.34M | 189.52M | 169.16M | 175.04M | 135.21M | 112.77M | 40.81M | -10.47M | 69.33M | 122.91M | 107.5M | 79.6M | 52M | 45.7M |
| EBITDA Margin % | 11.97% | 9.73% | 22.75% | 39.46% | 45.25% | 25.75% | 11.28% | 24.77% | 28.34% | 20.99% | 14.85% | 42.13% | 27.9% | 2.69% | 4.17% | 0.13% | 1.4% | -77.32% | 10.74% | 10.41% | 11.15% | 11.96% | 10.39% | 4.54% | -1.1% | 7.26% | 12.07% | 11.48% | 11.79% | 12.75% | 13.73% |
| EBITDA Growth % | 22.95% | -17.11% | -50.58% | -4.14% | 217.67% | 227.48% | -70.9% | -18.36% | 50.47% | 63.33% | -69.92% | 20.38% | 1230.97% | -26.68% | 3859.31% | -90.06% | 101.63% | -494.86% | 12.04% | -3.36% | 29.46% | 19.9% | 176.34% | 489.68% | -115.1% | -43.59% | 14.33% | 35.05% | 53.08% | 13.79% | 51.32% |
| D&A (Non-Cash Add-back) | 645.81M | 621.07M | 223.53M | 241.32M | 226.88M | 224.58M | 210.76M | 207.1M | 201.26M | 172M | 178.12M | 195.34M | 206.68M | 36.01M | 33.84M | 33.21M | 34.5M | 32.78M | 35.59M | 35.53M | 31.09M | 24.49M | 22.97M | 23.01M | 24.93M | 36.65M | 33.49M | 28.5M | 17.8M | 7.9M | 5.8M |
| EBIT | -105.39M | -193.58M | 352.84M | 807.2M | 621.08M | 98.75M | 51.94M | 164.56M | 271.46M | 195.9M | 79.07M | 450.57M | 412.31M | -712K | 24.72M | -31.9M | -22.29M | -781.09M | 153.94M | 133.63M | 143.91M | 110.66M | 89.83M | 17.8M | 29.7M | 32.69M | 89.42M | 79M | 61.8M | 44.1M | 39.9M |
| Net Interest Income | -18.98M | -14.23M | -2.97M | -15.73M | -46.61M | -60.05M | -59.96M | -63.53M | -81.7M | -23.48M | -12.89M | -7.13M | 135K | -20.86M | -15.61M | 15.73M | -17.83M | -20.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 24.32M | 25.89M | 19.22M | 13.6M | 6.03M | 3.29M | 1.23M | 2.94M | 2.15M | 2.62M | 1.17M | 410K | 135K | 131K | 112K | 127K | 91K | 393K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 43.3M | 40.12M | 22.19M | 29.32M | 52.64M | 63.34M | 61.19M | 66.46M | 83.85M | 26.1M | 14.05M | 7.54M | 0 | 20.99M | 15.72M | -15.6M | 17.92M | 20.41M | 23.54M | 28.83M | 24.91M | 14.46M | 15.13M | -19.8M | -21.6M | 0 | 0 | -1M | 0 | 0 | 0 |
| Other Income/Expense | -257K | -17.74M | 65.42M | 30.19M | -236.34M | -64.77M | 102.35M | -35.58M | -28.55M | 64.39M | 73.3M | 73.67M | 149.92M | -20.93M | -5.23M | 15.7M | -17.92M | -20.39M | -23.53M | -28.82M | -24.95M | -14.52M | -15.09M | 19.8M | 86.7M | 0 | 0 | 1M | 0 | 0 | 0 |
| Pretax Income | -139.59M | -233.7M | 330.65M | 777.87M | 568.44M | 35.41M | -9.24M | 98.1M | 187.61M | 169.8M | 65.02M | 443.03M | 412.31M | -21.7M | 9M | -16.3M | -40.21M | -801.5M | 130.4M | 104.8M | 119M | 96.2M | 74.7M | 37.6M | 51.3M | 32.69M | 89.42M | 80M | 61.8M | 44.1M | 39.9M |
| Pretax Margin % | -3.3% | -5.61% | 15.39% | 31.03% | 24.93% | 2.81% | -1.05% | 7.13% | 12.74% | 12.85% | 5.69% | 33.05% | 24.52% | -1.66% | 0.78% | -1.7% | -4.62% | -82.81% | 7.39% | 6.45% | 7.58% | 8.51% | 6.89% | 4.19% | 5.38% | 3.42% | 8.78% | 8.54% | 9.15% | 10.81% | 11.99% |
| Income Tax | -76.7M | -80.49M | 44.24M | 121.98M | 101.46M | 1.3M | 3.97M | 4.54M | 8.83M | 87.23M | 14.56M | 125.61M | 121.35M | -8.85M | -6.4M | -6.4M | -13.33M | -54.52M | 51.5M | 41.1M | 45.24M | 40.26M | 29.77M | 14.8M | 20M | 16.15M | 37.48M | 33.1M | 24.5M | 16.2M | 15.1M |
| Effective Tax Rate % | 54.94% | 34.44% | 13.38% | 15.68% | 17.85% | 3.66% | -42.98% | 4.63% | 4.71% | 51.37% | 22.4% | 28.35% | 29.43% | 40.8% | -71.08% | 39.26% | 33.15% | 6.8% | 39.49% | 39.21% | 38.01% | 41.85% | 39.85% | 39.36% | 38.99% | 49.41% | 41.92% | 41.38% | 39.64% | 36.73% | 37.84% |
| Net Income | -62.9M | -153.22M | 286.4M | 655.89M | 466.98M | 34.11M | -9.76M | 76M | 152.98M | 67.63M | 41.5M | 307.01M | 290.95M | -12.85M | 15.4M | -9.9M | -26.88M | -746.98M | 78.9M | 63.7M | 73.76M | 55.94M | 44.93M | 22.8M | 31.3M | 16.54M | 51.94M | 46.9M | 37.3M | 27.9M | 24.8M |
| Net Margin % | -1.49% | -3.68% | 13.33% | 26.17% | 20.48% | 2.7% | -1.11% | 5.53% | 10.39% | 5.12% | 3.63% | 22.9% | 17.31% | -0.98% | 1.33% | -1.03% | -3.09% | -77.17% | 4.47% | 3.92% | 4.7% | 4.95% | 4.14% | 2.54% | 3.28% | 1.73% | 5.1% | 5.01% | 5.52% | 6.84% | 7.45% |
| Net Income Growth % | -154.58% | -153.5% | -56.33% | 40.45% | 1269.04% | 449.67% | -112.84% | -50.32% | 126.2% | 62.98% | -86.48% | 5.52% | 2364.92% | -183.43% | 255.53% | 63.17% | 96.4% | -1046.73% | 23.86% | -13.64% | 31.86% | 24.5% | 97.07% | -27.16% | 89.3% | -68.16% | 10.74% | 25.74% | 33.69% | 12.5% | 45.88% |
| Net Income (Continuing) | -62.9M | -153.22M | 286.4M | 655.89M | 466.98M | 34.11M | -13.21M | 93.56M | 178.78M | 82.57M | 50.45M | 317.42M | 290.95M | -12.85M | 15.4M | -9.9M | -26.88M | -746.98M | 78.9M | 63.7M | 73.76M | 55.94M | 44.93M | 22.8M | 31.3M | 16.54M | 51.94M | 46.9M | 37.3M | 27.9M | 24.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137.2M | 141.68M | 139.38M | 142.49M | 153.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.23 | -2.98 | 9.65 | 19.79 | 13.07 | 0.96 | -0.37 | 2.81 | 5.38 | 2.40 | 1.48 | 10.98 | 6.21 | -0.29 | 0.81 | -0.54 | -1.47 | -166.96 | 20.25 | 15.32 | 17.24 | 13.41 | 11.24 | 6.01 | 8.37 | 4.55 | 14.20 | 12.31 | 10.25 | 8.16 | 7.58 |
| EPS Growth % | -125.2% | -130.88% | -51.24% | 51.42% | 1261.46% | 359.46% | -113.17% | -47.77% | 124.17% | 62.16% | -86.52% | 76.81% | 2241.38% | -135.8% | 250% | 63.27% | 99.12% | -924.49% | 32.18% | -11.14% | 28.56% | 19.31% | 87.02% | -28.2% | 83.96% | -67.96% | 15.35% | 20.1% | 25.61% | 7.65% | 20.32% |
| EPS (Basic) | - | -2.98 | 9.67 | 19.91 | 13.41 | 0.99 | -0.37 | 2.82 | 5.48 | 2.42 | 1.48 | 10.98 | 6.27 | -0.29 | 0.81 | -0.54 | -1.47 | -166.96 | 20.41 | 16.27 | 18.48 | 13.64 | 11.40 | 6.06 | 8.45 | 4.55 | 14.50 | 12.77 | 10.85 | 8.20 | 7.58 |
| Diluted Shares Outstanding | 51.06M | 51.41M | 29.81M | 33.14M | 35.73M | 35.53M | 26.36M | 27.07M | 28.42M | 28.18M | 28.05M | 27.97M | 46.88M | 46.88M | 18.93M | 18.37M | 18.23M | 4.47M | 3.9M | 4.16M | 4.28M | 4.17M | 4M | 3.79M | 3.74M | 3.63M | 3.66M | 3.81M | 3.64M | 3.42M | 3.27M |
| Basic Shares Outstanding | 51M | 51.41M | 29.68M | 32.94M | 34.82M | 34.45M | 26.36M | 26.94M | 27.93M | 27.95M | 28.05M | 27.97M | 46.38M | 46.38M | 18.93M | 18.37M | 18.23M | 4.47M | 3.87M | 3.92M | 3.99M | 4.1M | 3.94M | 3.76M | 3.7M | 3.63M | 3.58M | 3.67M | 3.44M | 3.4M | 3.27M |
| Dividend Payout Ratio | - | - | 5.54% | 11.51% | 15.31% | - | - | - | 11.92% | 859.84% | 653% | 150.17% | 144.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational Margin Volatility
As reported in recent financial filings, CNR achieved a notable 83% year-over-year revenue growth in 2025Q4, yet this top-line expansion appears disconnected from underlying profitability, suggesting that volume gains may be driven by non-recurring factors or aggressive pricing strategies rather than sustainable organic demand growth.
The dramatic revenue fluctuations observed over the last ten quarters indicate a business highly sensitive to external logistical and commodity price shocks. Investors should monitor whether this growth trajectory can stabilize, as the current volatility suggests that the company's revenue base remains vulnerable to the cyclical nature of international coal markets.
Based on the company's income statement data, gross margins have experienced significant contraction, falling from a peak of 78.7% in 2023Q4 to a low of -6.8% in 2025Q4, which highlights a concerning inability to maintain pricing power amidst rising operational and logistical cost pressures.
The collapse in gross margins suggests that the company's fixed-cost structure, particularly regarding mining and terminal operations, is currently misaligned with realized coal prices. This trend implies that the firm may be struggling to pass through increased production costs, potentially indicating a loss of competitive advantage in the current pricing environment.
According to recent SEC filings, CNR's operating income has swung from a positive $169.0M in 2023Q4 to a deficit of $131.0M in 2025Q4, demonstrating that the company currently lacks the operating leverage necessary to scale profitability effectively during periods of high revenue throughput.
The inability to convert revenue growth into operating income suggests that SG&A and COGS are scaling disproportionately to production volumes. This lack of efficiency may indicate that the company is incurring significant overhead to maintain its export infrastructure, which currently acts as a drag on bottom-line performance.
Based on reported figures, CNR's net income has exhibited extreme volatility, including a $79.0M loss in 2025Q4, which is further complicated by inconsistent stock-based compensation charges that reached $38.5M in 2025Q2, potentially distorting the quality of reported earnings for shareholders.
The frequent swings between profitability and loss suggest that non-operating items and accounting adjustments are playing a significant role in the bottom line. Investors should be wary of these fluctuations, as they may mask the underlying operational challenges currently facing the mining and terminal segments.
While some analysts point to the company's low debt-to-equity ratio as a defensive moat, the income statement reveals that CNR's reliance on the Baltimore terminal creates a single point of failure that has contributed to the recent margin compression and operational instability observed in 2025.
Short-sellers may focus on the fact that the company's high fixed-cost base leaves it with little room for error when logistical disruptions occur. The current negative margin profile suggests that the 'survival moat' provided by low debt may be insufficient if the company cannot restore operational efficiency at its core mining assets.
Quick answers to the most common questions about buying CNR stock.
For fiscal year 2025, Core Natural Resources, Inc. (CNR) reported total revenue of $4.16B. This represents a 1151.1% increase compared to $332.9M in 1996.
Core Natural Resources, Inc. (CNR) reported a net loss of $153.2M for the fiscal year ending 2025.
Core Natural Resources, Inc. (CNR) reported an operating income of $-216.0M, resulting in an operating profit margin of -5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Core Natural Resources, Inc. (CNR) generated $-1.1M in gross profit for the year, representing a gross profit margin of -0.0%. This demonstrates the company's core pricing power and production efficiency.