Cash conversion remains erratic, with OCF/NI ratios swinging from 27.01 to -10.50, while persistent share buybacks have left the company with a nominal cash balance of only $779,000.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Jun'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 815.33M | 1.03B | 815.78M | 814.59M | 1.24B | 926.36M | 795.07M | 980.56M | 885.82M | 648.69M | 469.29M | 505.85M | 936.78M | 658.78M | 728.13M | 1.53B | 1.13B | 945.45M | 1.03B | 684.03M | 664.55M | 409.09M | 358.09M | 381.13M | 329.56M | 435.68M | 295.03M | 85M | 395.3M | 427.91M |
| Operating CF Margin % | - | 48.03% | 60.61% | 55.69% | 31.48% | 38.86% | 73.23% | 63.5% | 50.47% | 54.13% | 55.35% | 67.37% | 31.66% | 21.71% | 22.75% | 24.97% | 21.61% | 20.46% | 22.13% | 18.18% | 17.89% | 10.74% | 12.9% | 17.15% | 15.09% | 18.4% | 13.66% | 7.65% | 16.82% | 18.21% |
| Operating CF Growth % | -3.86% | 26.13% | 0.15% | -34.04% | 33.32% | 16.51% | -18.92% | 10.69% | 36.56% | 38.23% | -7.23% | -46% | 42.2% | -9.52% | -52.34% | 35.03% | 19.66% | -8.16% | 50.5% | 2.93% | 62.45% | 14.24% | -6.04% | 15.65% | -24.36% | 47.68% | 247.09% | -78.5% | -7.62% | - |
| Net Income | 1.18B | 633.16M | -90.49M | 1.72B | -142.08M | -498.64M | -428.74M | 31.95M | 883.11M | 295.04M | -535.97M | -364.48M | 168.78M | 79.26M | 388.07M | 632.5M | 358.63M | 567.14M | 442.47M | 267.78M | 408.88M | 580.86M | 198.58M | -7.8M | 11.68M | 183.65M | 107.04M | 40M | 174.6M | 183.79M |
| Depreciation & Amortization | 581.66M | 574.11M | 485.75M | 0 | 461.21M | 515.12M | 501.82M | 508.46M | 493.42M | 412.04M | 598.5M | 649.6M | 571.19M | 461.12M | 627.44M | 626M | 571.82M | 441.39M | 394.49M | 329.23M | 300.01M | 266.33M | 285.3M | 249.16M | 262.87M | 260.46M | 266.32M | 127.3M | 255.5M | 233.3M |
| Stock-Based Compensation | 20.55M | 0 | 20.09M | 20.23M | 16.38M | 16.56M | 14.38M | 38.42M | 21.34M | 16.98M | 31.48M | 24.51M | 41.88M | 56.99M | 47.84M | 48.84M | 47.59M | 39.03M | 25.19M | 24.24M | 22.85M | 3.6M | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 331.59M | 161.21M | -33.87M | 497.43M | -76.06M | -137.89M | -118.3M | 79.09M | 345.56M | -142.83M | 120.31M | -152.05M | -282K | -29.01M | -6.65M | -53.01M | 17.03M | 47.43M | 135.59M | 59.55M | 19.04M | -4.64M | -26.91M | -18.51M | -45.56M | 28.63M | -23.17M | -19.3M | -26.4M | -16.02M |
| Other Non-Cash Items | -1.32B | -300.27M | 476.46M | -1.54B | 946.33M | 1.1B | 826.75M | 122.25M | -744.42M | -75.5M | 374.68M | 377.05M | 28.65M | 47.19M | -289.15M | 60.75M | -31.34M | -13.54M | 80.06M | -93.9M | 17.99M | -331.26M | -118.52M | -19.29M | -746K | 1.25M | -28.51M | 100K | -7.7M | -42.43M |
| Working Capital Changes | 25.73M | -39.26M | -42.16M | 113.35M | 29.23M | -71.32M | -833K | 200.38M | -113.19M | 142.96M | -119.72M | -28.78M | 126.57M | 43.23M | -39.42M | 212.53M | 167.58M | -136M | -48.34M | 97.12M | -104.22M | -105.8M | 18.49M | 177.56M | 94.85M | -3.59M | -26.65M | -56.9M | -700K | 69.27M |
| Change in Receivables | 5.46M | -66.64M | -60M | 222.75M | -20.27M | -184.44M | 57.44M | 205.67M | -57.73M | -32.79M | -48.01M | 118.2M | -97.25M | 135.97M | -20.22M | -79.34M | -117.22M | -115M | 39.6M | 125.4M | -61.91M | -125M | 17M | 108M | 25.94M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.52M | -11.63M | 5.27M | 7.31M | -21.01M | 1.49M | -2.67M | 2.73M | 1.03M | 4.25M | 1.33M | 4.43M | 19.93M | 12.89M | 10.57M | -380K | 48.92M | -79.79M | -53.99M | 13.45M | -7.43M | -13.36M | -18.54M | 27.04M | -21.73M | 61.81M | 50.14M | -36.4M | -15.7M | -9M |
| Change in Payables | -1.23M | 21.61M | -4.19M | -55.31M | 53.77M | 3.01M | -48.48M | -6.41M | 12.76M | 45.67M | -27.37M | -148.58M | 27.46M | -99.94M | -20.11M | 144.65M | 78.84M | -70.46M | 64.85M | -2.44M | -4.77M | 22.73M | 54.46M | -5.82M | -20.55M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -415.61M | -900.91M | -484.47M | -509.38M | -528.29M | -420.61M | -438.97M | -1.15B | -894.65M | -221.92M | 487.37M | -996.22M | -1.04B | -201.98M | -1B | -578.52M | -5.54B | -845.34M | -1.1B | -972.1M | -661.55M | -74.41M | -400.54M | -204.61M | -339.94M | -233.16M | -299.55M | -100.8M | -235.9M | 52.24M |
| Capital Expenditures | -533.43M | -494.99M | -540.33M | -679.4M | -565.75M | -465.86M | -487.29M | -1.19B | -1.12B | -632.85M | -226.82M | -1.02B | -1.49B | -1.5B | -1.58B | -1.38B | -1.15B | -920.08M | -1.06B | -743.11M | -665.8M | -523.47M | -410.61M | -290.65M | -295.24M | -214M | -142.6M | -105.1M | -354.9M | -206.74M |
| CapEx % of Revenue | 23.01% | 23.1% | 40.15% | 46.45% | 14.42% | 19.54% | 44.88% | 77.23% | 63.6% | 52.81% | 26.75% | 136.18% | 50.47% | 49.31% | 49.21% | 22.6% | 22.04% | 19.91% | 22.82% | 19.75% | 17.92% | 13.74% | 14.79% | 13.08% | 13.52% | 9.04% | 6.6% | 9.46% | 15.1% | 8.8% |
| Acquisitions | -12.39M | -409.94M | 0 | 0 | 0 | 0 | 0 | 0 | -299.27M | 42.87M | 73.74M | -84.22M | 95.21M | -35.71M | -23.45M | 0 | -3.47B | 0 | -67.26M | -306.72M | -24.75M | 0 | 0 | 0 | 0 | -39.07M | -163.51M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 130.21M | 0 | 55.86M | 170.03M | 37.46M | 45.25M | 48.32M | 45.16M | 521.02M | 368.05M | 640.45M | 110.57M | 356.84M | 1.33B | 598.27M | 747.97M | 59.84M | 69.88M | -67.26M | 84.79M | 59.96M | 449.05M | 10.07M | 86.04M | 23.27M | 19.91M | -6.05M | 4.3M | 4.2M | 258.98M |
| Cash from Financing | -681.91M | -169.65M | -276.68M | -326.09M | -688.96M | -523.78M | -350.79M | 165.96M | -483.14M | 36.1M | -968.75M | 385.96M | -45.83M | -151.24M | -81.58M | -606.14M | 4.38B | -173.01M | 166.25M | 105.84M | -119.76M | -455K | 42.36M | -181.52M | 6.32M | -194.07M | -10.85M | 8.1M | -146.9M | -501.35M |
| Debt Issued (Net) | -147.01M | 365.82M | -61.61M | 1.87M | -115.93M | -279.07M | -209.87M | 363.73M | -42.28M | -247.75M | -959.8M | 177.4M | 18.89M | -69.39M | 54.04M | -510.87M | 2.62B | -104.04M | 299.79M | 199.56M | -5.11M | 11.72M | -112.95M | -136.22M | 71.53M | 0 | -107.68M | 97.6M | -310.2M | -41.35M |
| Equity Issued (Net) | -411.16M | -521.47M | -181.51M | -329.37M | -563.93M | -240.16M | -37.2M | -123.22M | -387.14M | -109.89M | -1.65M | -63.39M | 0 | 1.58M | -1.21M | 9.03M | 1.83B | 2.55M | -82.58M | -60.93M | -101.78M | 39.15M | 14.86M | 191.23M | 1.94M | 0 | 1.62M | -19.4M | 340.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.29M | -33.28M | -57.51M | -85.83M | -142.28M | -96.36M | -85.86M | -74.79M | -72.96M | -56.48M | -51.42M | -51.32M | -50.47M | -45.61M | -66.09M | 0 | 0 | 0 | 0 | -460M |
| Share Repurchases | -466.47M | -523.56M | -184.2M | -319.87M | -565.13M | -245.24M | -39.26M | -123.79M | -387.14M | -109.89M | -1.65M | -71.67M | 0 | -2.15M | -9.48M | 0 | 0 | 0 | -97.79M | -80.16M | -116.45M | 0 | 0 | 0 | 0 | 0 | 0 | -19.4M | 0 | 0 |
| Other Financing | -123.75M | -14.01M | -33.55M | 1.4M | -9.1M | -4.55M | -103.71M | -74.54M | -53.72M | 393.75M | -6.66M | 305.23M | -7.22M | 2.41M | 7.87M | -7.95M | 15.37M | -71.52M | 22M | 23.68M | 38.55M | 0 | 190.92M | -190.92M | -1.06M | -194.07M | 183.22M | -89.06M | -154.9M | 0 |
| Net Change in Cash | -6.71M | -41.61M | 54.63M | -20.88M | 17.76M | -18.03M | 5.32M | -915K | -491.97M | 462.87M | -12.1M | -104.41M | -150.43M | 305.56M | -353.86M | 342.94M | -32.81M | -72.91M | 96.86M | -182.23M | -116.76M | 334.22M | -91K | -5M | -4.07M | 8.44M | -15.38M | -7.7M | 12.5M | -21.2M |
| Free Cash Flow | 281.9M | 533.97M | 275.45M | 135.18M | 669.26M | 460.5M | 307.78M | -212.04M | -230.57M | 15.84M | 242.47M | -516.72M | -556.64M | -837.28M | -847.1M | 145.24M | -22.71M | 25.37M | -32.2M | -59.08M | -1.25M | -114.38M | -52.52M | 90.47M | 34.32M | 221.68M | 152.43M | -20.1M | 40.4M | 221.18M |
| FCF Margin % | 12.16% | 24.92% | 20.47% | 9.24% | 17.06% | 19.32% | 28.35% | -13.73% | -13.14% | 1.32% | 28.6% | -68.81% | -18.81% | -27.6% | -26.46% | 2.37% | -0.43% | 0.55% | -0.69% | -1.57% | -0.03% | -3% | -1.89% | 4.07% | 1.57% | 9.36% | 7.06% | -1.81% | 1.72% | 9.41% |
| FCF Growth % | -17.76% | 93.86% | 103.76% | -79.8% | 45.33% | 49.62% | 245.15% | 8.04% | -1555.55% | -93.47% | 146.92% | 7.17% | 33.52% | 1.16% | -683.26% | 739.46% | -189.52% | 178.78% | 45.49% | -4630.26% | 98.91% | -117.79% | -158.05% | 163.61% | -84.52% | 45.43% | 858.36% | -149.75% | -81.73% | - |
| FCF per Share | 1.82 | 3.33 | 1.82 | 0.70 | 3.53 | 2.13 | 1.54 | -1.11 | -1.07 | 0.07 | 1.06 | -2.25 | -2.40 | -3.64 | -3.70 | 0.63 | -0.10 | 0.14 | -0.17 | -0.32 | -0.01 | -0.62 | -0.29 | 0.55 | 0.22 | 1.41 | 0.96 | -0.16 | 0.20 | 1.02 |
| FCF Conversion (FCF/Net Income) | 0.24x | 1.63x | -9.01x | 0.47x | -8.69x | -1.86x | -1.64x | -12.15x | 1.11x | 1.70x | -0.55x | -1.35x | 5.74x | 1.00x | 2.29x | 2.42x | 3.26x | 1.75x | 2.33x | 2.55x | 1.63x | 0.70x | 3.11x | -48.87x | 28.23x | 2.37x | 2.76x | 2.13x | 2.26x | 2.33x |
| Interest Paid | 20.96M | 0 | 136.26M | 122.28M | 126.64M | 123.47M | 141.99M | 143.11M | 0 | 0 | 0 | 0 | 0 | 209.58M | 212.36M | 242.59M | 138.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.15M | 0 | 6.05M | 7.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.08M | 121.25M | 144.41M | 118.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Thin liquidity buffer
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 27.01 in 2024Q1 to -10.50 in 2024Q2, highlighting a significant disconnect between accounting profits and actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio suggests that reported net income is heavily influenced by non-cash items, such as mark-to-market hedging adjustments and significant DD&A fluctuations. Investors should monitor this divergence closely, as it indicates that earnings figures may not be a reliable proxy for the company's underlying cash-generating health.
As reported in financial statements, CNX's free cash flow trajectory has been inconsistent, with margins fluctuating from a negative 21.3% in 2026Q1 to a peak of 49.9% in 2024Q4, reflecting the inherent difficulty in maintaining stable cash conversion within a commodity-sensitive operational model.
The sharp decline in FCF margin during the most recent quarter suggests that capital expenditures and operational costs are currently outpacing cash inflows. This trend warrants further investigation into whether the company's recent capital allocation strategy is sustainable without compromising its ability to fund ongoing operations.
Based on CNX's reported figures, the company maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 30%, indicating that significant reinvestment is required to offset natural production decline rates and maintain its integrated midstream and shale infrastructure footprint.
The persistent level of capital expenditure suggests that the company is in a constant cycle of reinvestment to sustain its production volumes. This high capital intensity may limit the company's flexibility to pivot during periods of depressed natural gas pricing, as maintenance requirements appear to be a non-discretionary burden.
Data from recent filings reveals that CNX has prioritized share repurchases, such as the $196.2M deployed in 2025Q3, despite maintaining a nominal cash balance of only $779,000, which suggests a highly aggressive capital allocation strategy that leaves little room for operational or market-driven contingencies.
The decision to aggressively reduce share count while holding minimal cash reserves appears to prioritize shareholder returns over balance sheet resilience. This strategy may leave the company vulnerable to sudden margin calls or operational disruptions, as the lack of a liquidity buffer limits the firm's ability to navigate unforeseen financial stress.
Quick answers to the most common questions about buying CNX stock.
CNX Resources Corporation (CNX) generated $1.03B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CNX Resources Corporation (CNX) generated $534.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CNX Resources Corporation (CNX) spent $495.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CNX Resources Corporation (CNX) spent $523.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.