Revenue growth accelerated to 28.8% in 2026Q1, though gross margins have experienced extreme volatility, collapsing from 63.5% in 2024Q1 to zero in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 2.32B | 2.14B | 1.35B | 1.46B | 3.92B | 2.38B | 1.09B | 1.54B | 1.76B | 1.2B | 847.91M | 750.9M | 2.96B | 3.03B | 3.2B | 6.12B | 5.24B | 4.62B | 4.65B | 3.76B | 3.72B | 3.81B | 2.78B | 2.22B | 2.18B | 2.37B | 2.16B | 1.11B | 2.35B | 2.35B |
| Revenue Growth % | 46.77% | 59.19% | -7.99% | -62.72% | 64.6% | 119.56% | -29.69% | -12.02% | 46.47% | 41.33% | 12.92% | -74.63% | -2.46% | -5.22% | -47.67% | 16.83% | 13.29% | -0.66% | 23.66% | 1.27% | -2.5% | 37.23% | 24.94% | 1.78% | -7.8% | 9.69% | 94.44% | -52.74% | 0.02% | - |
| Cost of Goods Sold | 866.45M | 1.13B | 539.67M | 549.14M | 666.67M | 517.72M | 451.19M | 514M | 495.64M | 553.66M | 544.55M | 506.41M | 1.41B | 1.89B | 2B | 3.8B | 3.45B | 2.94B | 2.84B | 2.59B | 2.5B | 2.56B | 2B | 1.62B | 1.68B | 1.57B | 1.49B | 786.5M | 1.58B | 1.59B |
| COGS % of Revenue | - | 52.77% | 40.1% | 37.54% | 16.99% | 21.72% | 41.56% | 33.28% | 28.24% | 46.2% | 64.22% | 67.44% | 47.59% | 62.33% | 62.37% | 62.05% | 65.92% | 63.71% | 61.11% | 68.72% | 67.27% | 67.11% | 72.06% | 73.07% | 76.83% | 66.23% | 68.85% | 70.82% | 67.13% | 67.77% |
| Gross Profit | 665.42M | 1.01B | 806.18M | 913.53M | 3.26B | 1.87B | 634.5M | 1.03B | 1.26B | 644.71M | 303.36M | 244.49M | 1.55B | 1.14B | 1.2B | 2.32B | 1.78B | 1.68B | 1.81B | 1.18B | 1.22B | 1.25B | 775.74M | 598.45M | 505.99M | 799.73M | 672.5M | 324M | 772.4M | 757.23M |
| Gross Margin % | 28.7% | 47.23% | 59.9% | 62.46% | 83.01% | 78.28% | 58.44% | 66.72% | 71.76% | 53.8% | 35.78% | 32.56% | 52.41% | 37.67% | 37.63% | 37.95% | 34.08% | 36.29% | 38.89% | 31.28% | 32.73% | 32.89% | 27.94% | 26.93% | 23.17% | 33.77% | 31.15% | 29.18% | 32.87% | 32.23% |
| Gross Profit Growth % | - | 25.53% | -11.75% | -71.95% | 74.54% | 194.1% | -38.41% | -18.21% | 95.38% | 112.52% | 24.08% | -84.24% | 35.72% | -5.12% | -48.12% | 30.08% | 6.41% | -7.3% | 53.76% | -3.23% | -2.97% | 61.54% | 29.62% | 18.27% | -36.73% | 18.92% | 107.56% | -58.05% | 2% | - |
| Operating Expenses | 203.68M | 224.52M | 153.18M | 132.79M | 130M | 133.38M | 124.37M | 187.93M | 145.84M | 141.28M | 117.36M | 122.39M | 304.83M | 279.47M | 606.68M | 1.17B | 1.05B | 857.33M | 1.08B | 716.89M | 639.93M | 571.16M | 661.75M | 594.51M | 501.24M | 625.32M | 498.58M | 253.2M | 511.7M | 288.73M |
| OpEx % of Revenue | - | 10.48% | 11.38% | 9.08% | 3.31% | 5.6% | 11.46% | 12.17% | 8.31% | 11.79% | 13.84% | 16.3% | 10.3% | 9.21% | 18.95% | 19.12% | 19.98% | 18.55% | 23.29% | 19.06% | 17.22% | 14.99% | 23.83% | 26.75% | 22.95% | 26.4% | 23.09% | 22.8% | 21.77% | 12.29% |
| Selling, General & Admin | 143.25M | 151M | 153.18M | 132.79M | 130M | 133.38M | 124.37M | 187.93M | 145.84M | 141.28M | 117.36M | 122.39M | 304.83M | 279.47M | 230.23M | 190.48M | 150.21M | 130.7M | 124.54M | 108.66M | 91.15M | 80.7M | 183.04M | 192.15M | 65.89M | 223.98M | 57.99M | 27.7M | 55.1M | 55.43M |
| SG&A % of Revenue | - | 7.05% | 11.38% | 9.08% | 3.31% | 5.6% | 11.46% | 12.17% | 8.31% | 11.79% | 13.84% | 16.3% | 10.3% | 9.21% | 7.19% | 3.11% | 2.87% | 2.83% | 2.68% | 2.89% | 2.45% | 2.12% | 6.59% | 8.65% | 3.02% | 9.46% | 2.69% | 2.49% | 2.34% | 2.36% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 73.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 962.86M | 896.12M | 726.63M | 623.82M | 608.23M | 548.78M | 490.46M | 478.7M | 402.36M | 435.35M | 401.34M | 440.59M | 225.5M | 456.6M | 233.3M |
| Operating Income | 496.01M | 787.48M | 653M | 780.74M | 3.13B | 1.73B | 510.13M | 842.32M | 1.11B | 503.43M | 186M | 122.1M | 1.25B | 863.35M | 287.47M | 1.17B | 738.31M | 819.76M | 595.64M | 263.08M | 405.13M | 249.09M | 27.67M | -58.1M | 4.75M | -19.57M | 185.99M | 70.8M | 260.7M | 468.49M |
| Operating Margin % | 21.39% | 36.76% | 48.52% | 53.38% | 79.7% | 72.69% | 46.99% | 54.55% | 63.45% | 42.01% | 21.94% | 16.26% | 42.11% | 28.46% | 8.98% | 19.1% | 14.1% | 17.74% | 12.8% | 6.99% | 10.9% | 6.54% | 1% | -2.61% | 0.22% | -0.83% | 8.61% | 6.38% | 11.09% | 19.94% |
| Operating Income Growth % | - | 20.59% | -16.36% | -75.03% | 80.47% | 239.65% | -39.44% | -24.38% | 121.25% | 170.66% | 52.33% | -90.2% | 44.34% | 200.32% | -75.39% | 58.23% | -9.94% | 37.63% | 126.41% | -35.06% | 62.64% | 800.2% | 147.62% | -1322.49% | 124.29% | -110.52% | 162.7% | -72.84% | -44.35% | - |
| EBITDA | 1.08B | 1.36B | 1.14B | 1.21B | 3.59B | 2.25B | 1.07B | 1.8B | 1.61B | 1.05B | 605.93M | 493.88M | 1.78B | 1.36B | 714.59M | 1.79B | 1.31B | 1.26B | 990.13M | 592.31M | 705.13M | 515.43M | 312.98M | 191.06M | 267.63M | 240.9M | 452.31M | 198.1M | 516.2M | 701.8M |
| EBITDA Margin % | 46.48% | 63.55% | 84.61% | 83.02% | 91.45% | 94.3% | 98.91% | 116.41% | 91.57% | 87.9% | 71.46% | 65.77% | 60.11% | 44.94% | 22.32% | 29.33% | 25.02% | 27.29% | 21.28% | 15.74% | 18.98% | 13.53% | 11.27% | 8.6% | 12.26% | 10.17% | 20.95% | 17.84% | 21.97% | 29.87% |
| EBITDA Growth % | -22.46% | 19.57% | -6.22% | -66.16% | 59.63% | 109.33% | -40.27% | 11.85% | 52.59% | 73.83% | 22.69% | -72.24% | 30.46% | 90.81% | -60.17% | 36.95% | 3.88% | 27.37% | 67.16% | -16% | 36.81% | 64.69% | 63.81% | -28.61% | 11.1% | -46.74% | 128.33% | -61.62% | -26.45% | - |
| D&A (Non-Cash Add-back) | 581.67M | 574.11M | 485.75M | 433.59M | 461.21M | 515.12M | 563.67M | 955.29M | 493.42M | 549.9M | 419.94M | 371.78M | 532.64M | 500.19M | 427.12M | 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 |
| EBIT | 1.2B | 973.53M | 3.75M | 2.24B | -61.84M | -483.86M | 33.97M | 183.87M | 517.76M | 48.09M | -469.72M | 80.4M | 379.35M | 116.75M | 287.47M | 1.04B | 672.95M | 819.76M | 761.78M | 459.81M | 575.99M | 682M | 113.99M | 3.94M | 5.79M | -85.49M | 103.95M | 173.91M | 70.8M | 468.49M |
| Net Interest Income | -128.98M | -169.59M | -150.59M | -143.28M | -127.69M | -151.16M | -170.81M | -151.38M | -145.93M | -161.44M | -195.19M | -213.97M | -221.03M | -203.31M | -191.1M | -254.33M | -197.39M | -31.42M | -36.18M | -30.85M | 0 | 0 | 0 | 0 | -46.21M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.3M | 2.3M | 15.89M | 28.94M | -5.99M | 7.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 169.45M | 170.59M | 150.59M | 143.28M | 127.69M | 151.16M | 170.81M | 151.38M | 145.93M | 161.44M | 195.19M | 216.27M | 223.33M | 219.2M | 220.06M | 248.34M | 205.03M | 31.42M | 36.18M | 30.85M | 0 | 0 | 0 | 0 | 46.21M | -259.9M | 79.44M | 30.7M | 48.3M | 234.82M |
| Other Income/Expense | 581.75M | 15.46M | -773.36M | 1.44B | -3.34B | -2.37B | -1.11B | -782.63M | -15.14M | -384.84M | -771.34M | -1.05B | -1.07B | -817.27M | 119.22M | -225.18M | -172.89M | -31.42M | 129.96M | 165.88M | 145.79M | -27.32M | -31.43M | -37.44M | -45.18M | 259.9M | -69.18M | -67.37M | -30.7M | -234.82M |
| Pretax Income | 1.5B | 802.94M | -120.36M | 2.22B | -211.95M | -636.51M | -602.83M | 59.68M | 1.1B | 118.58M | -585.35M | -930.56M | 180.15M | 46.08M | 406.69M | 787.95M | 467.91M | 788.35M | 725.6M | 428.96M | 550.92M | 654.68M | 82.56M | -33.51M | -40.42M | 240.34M | 106.55M | 40.1M | 212.4M | 233.68M |
| Pretax Margin % | 64.88% | 37.48% | -8.94% | 151.98% | -5.4% | -26.7% | -55.53% | 3.86% | 62.59% | 9.9% | -69.03% | -123.93% | 6.09% | 1.52% | 12.7% | 12.88% | 8.94% | 17.06% | 15.6% | 11.4% | 14.83% | 17.18% | 2.97% | -1.51% | -1.85% | 10.15% | 4.93% | 3.61% | 9.04% | 9.95% |
| Income Tax | 325.12M | 169.78M | -29.87M | 502.21M | -69.87M | -137.87M | -174.09M | 27.74M | 215.56M | -176.46M | -34.4M | -280.36M | 15.2M | -33.19M | 88.73M | 191.25M | 109.29M | 221.2M | 239.93M | 136.14M | 112.43M | 64.34M | -32.65M | -20.94M | -52.1M | 56.69M | 56.69M | -493K | 100K | 49.89M |
| Effective Tax Rate % | 21.62% | 21.14% | 24.82% | 22.59% | 32.97% | 21.66% | 28.88% | 46.47% | 19.62% | -148.81% | 5.88% | 30.13% | 8.44% | -72.03% | 21.82% | 24.27% | 23.36% | 28.06% | 33.07% | 31.74% | 20.41% | 9.83% | -39.54% | 62.5% | 128.88% | 23.59% | 53.2% | -1.23% | 0.05% | 21.35% |
| Net Income | 1.18B | 633.16M | -90.49M | 1.72B | -142.08M | -498.64M | -483.77M | -80.73M | 796.53M | 380.75M | -848.1M | -374.88M | 163.09M | 660.44M | 318.36M | 632.5M | 346.78M | 539.72M | 442.47M | 267.78M | 408.88M | 580.86M | 115.21M | -7.8M | 11.68M | 183.65M | 107.04M | 40M | 174.6M | 183.79M |
| Net Margin % | 50.85% | 29.55% | -6.72% | 117.64% | -3.62% | -20.92% | -44.56% | -5.23% | 45.38% | 31.77% | -100.02% | -49.92% | 5.51% | 21.77% | 9.94% | 10.34% | 6.62% | 11.68% | 9.51% | 7.12% | 11.01% | 15.24% | 4.15% | -0.35% | 0.53% | 7.75% | 4.96% | 3.6% | 7.43% | 7.82% |
| Net Income Growth % | 499.59% | 799.67% | -105.26% | 1311.12% | 71.51% | -3.07% | -499.25% | -110.14% | 109.2% | 144.89% | -126.23% | -329.86% | -75.31% | 107.45% | -49.67% | 82.39% | -35.75% | 21.98% | 65.24% | -34.51% | -29.61% | 404.18% | 1577.42% | -166.79% | -93.64% | 71.57% | 167.6% | -77.09% | -5% | - |
| Net Income (Continuing) | 1.18B | 633.16M | -90.49M | 1.72B | -142.08M | -498.64M | -428.74M | 31.95M | 883.11M | 295.04M | -550.95M | -650.2M | 164.95M | 79.26M | 0 | 632.5M | 358.63M | 567.14M | 485.66M | 292.82M | 438.49M | 590.35M | 115.21M | -12.57M | 11.68M | 183.65M | 60.13M | 107.04M | 40M | 183.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85.71M | -297.16M | 275.31M | -1.86M | 579.79M | 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 | 801.76M | 751.78M | 0 | 142.49M | 153.75M | 0 | 0 | -47K | 0 | -8.46M | 238.93M | 212.16M | 163.12M | 135.66M | 93.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.63 | 3.98 | -0.60 | 8.99 | -0.75 | -2.31 | -2.15 | 0.17 | 3.71 | 1.65 | -3.70 | -1.64 | 0.70 | 2.87 | 1.70 | 2.76 | 1.60 | 2.95 | 2.40 | 1.45 | 2.20 | 3.13 | 1.09 | -0.05 | 0.08 | 1.17 | 0.67 | 0.31 | 0.86 | 0.85 |
| EPS Growth % | 452.91% | 763.33% | -106.67% | 1298.67% | 67.53% | -7.44% | -1364.71% | -95.42% | 124.85% | 144.59% | -125.61% | -334.29% | -75.61% | 68.82% | -38.41% | 72.5% | -45.76% | 22.92% | 65.52% | -34.09% | -29.71% | 187.16% | 2385.12% | -163.6% | -93.59% | 74.63% | 116.13% | -63.95% | 1.18% | - |
| EPS (Basic) | - | 4.48 | -0.60 | 10.63 | -0.75 | -2.31 | -2.15 | 0.17 | 3.75 | 1.66 | -3.70 | -1.64 | 0.71 | 2.89 | 1.71 | 2.79 | 1.61 | 2.99 | 2.43 | 1.47 | 2.23 | 3.17 | 1.10 | -0.05 | 0.08 | 1.17 | 0.67 | 0.31 | 0.86 | 0.85 |
| Diluted Shares Outstanding | 154.54M | 160.35M | 151.31M | 192.01M | 189.51M | 215.97M | 199.23M | 190.73M | 214.63M | 230.95M | 229.39M | 229.19M | 231.58M | 230.08M | 229.14M | 229M | 217.04M | 182.82M | 184.68M | 184.15M | 185.64M | 185.53M | 182.4M | 163.47M | 157.67M | 157.64M | 159M | 129.03M | 201.85M | 217.61M |
| Basic Shares Outstanding | 135.51M | 141.45M | 151.31M | 162.49M | 189.51M | 215.97M | 199.23M | 190.73M | 212.35M | 228.84M | 229.39M | 228.94M | 229.99M | 228.73M | 227.59M | 226.68M | 214.92M | 180.69M | 182.39M | 182.05M | 183.35M | 183.49M | 180.46M | 163.47M | 157.46M | 157.23M | 159M | 129.03M | 201.85M | 217.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 35.26% | 13% | 44.69% | 15.23% | 24.76% | 13.39% | 16.49% | 21.09% | 12.57% | 8.84% | 43.81% | - | 566% | - | 82.23% | - | 12.89% | 250.29% |
Commodity price volatility exposure
As indicated by the most recent quarterly data, CNX achieved a 28.8% year-over-year revenue increase to $786.7M, reflecting a significant acceleration in top-line performance that appears to be heavily influenced by regional natural gas pricing dynamics rather than consistent, organic volume growth across all segments.
The revenue trajectory shows high sensitivity to Appalachian basis differentials, which complicates the assessment of long-term growth durability. While the recent surge is impressive, investors should monitor whether this expansion is sustainable or merely a reflection of temporary market pricing anomalies that could reverse in subsequent periods.
Based on the provided financial statements, CNX's gross margin has experienced notable volatility, dropping to zero in 2026Q1 from a peak of 63.5% in 2024Q1, suggesting that the company's cost structure is highly susceptible to shifts in production mix and realized pricing environments.
The inability to maintain consistent gross margins implies that the company's integrated midstream advantage may be offset by rising extraction costs or unfavorable hedging outcomes. This instability warrants further investigation into whether the current cost-to-revenue relationship is structurally sound or if it remains overly dependent on external commodity factors.
According to the reported income statements, CNX's net income has fluctuated wildly, ranging from a $432.5M profit in 2025Q2 to a $197.7M loss in 2025Q1, indicating that non-operating items and mark-to-market hedging adjustments are significantly distorting the underlying quality of reported earnings per share.
The disconnect between operating income and net income suggests that investors should prioritize cash flow metrics over GAAP earnings to gauge true performance. The recurring impact of non-cash items makes it difficult to ascertain the company's core profitability, potentially masking the true efficiency of its shale and CBM operations.
As reported in recent filings, the company's cash position has dwindled to a nominal $779,000, a figure that appears dangerously thin for an industrial energy firm, raising concerns about the sustainability of its aggressive share repurchase strategy in the face of potential operational or market shocks.
While management's focus on share count reduction is evident, the lack of a liquidity buffer may leave the company vulnerable to sudden margin calls or unexpected capital expenditure requirements. This strategy appears to prioritize short-term shareholder returns at the expense of maintaining a robust financial cushion for cyclical downturns.
Quick answers to the most common questions about buying CNX stock.
For fiscal year 2025, CNX Resources Corporation (CNX) reported total revenue of $2.14B. This represents a 8.8% decline compared to $2.35B in 1997.
CNX Resources Corporation (CNX) is profitable, generating $633.2M in net income for the fiscal year ending 2025 with a net profit margin of 29.6%.
CNX Resources Corporation (CNX) reported an operating income of $787.5M, resulting in an operating profit margin of 36.8%. This margin reflects the operational efficiency of the business before interest and taxes.
CNX Resources Corporation (CNX) generated $1.01B in gross profit for the year, representing a gross profit margin of 47.2%. This demonstrates the company's core pricing power and production efficiency.