Core Natural Resources, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Core Natural Resources, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,231	1,412	1,532	1,431	1,022	1,261	2,280	2,569	2,236	4,165
Cost of revenue								1,378	1,431	3,545
Gross profit								1,191	805	620
Selling, general and administrative	50	83.6	65.3	67.1	72.1	87.2	117	103	115
General and administrative								103	115	215
Operating expenses	877	887
Operating income								803	351	-182
Interest expense	14.1	26.1	83.8	66.5	61.2	63.3	52.6	29.3	22.2	40.1
Interest income	1.17	2.62	2.15	2.94	1.23	3.29	6.03	13.6	19.2	25.9
Other non-operating income				53.3	127	38.4	24.4	53.3	80.7	-34
Pre-tax income	65	170	188	98.1	-9.24	35.4	568	778	331	-234
Income tax	14.6	87.2	8.83	4.54	3.97	1.3	101	122	44.2	-80.5
Net income to minority interests	8.95	14.9	25.8	17.6	-3.46	0	0
Net income	41.5	67.6	153	76	-9.76	34.1	467	656	286	-153
EBITDA								1,045	575	439
EPS, basic	1.48	2.42	5.48	2.82	-0.37	0.99	13.41	19.91	9.65	-2.98
EPS, diluted	1.48	2.40	5.38	2.81	-0.37	0.96	13.07	19.79	9.61	-2.98
Shares, basic (weighted)	28	28	27.9	26.9	26.1	34.4	34.8	32.9	29.7	51.4
Shares, diluted (weighted)	28	28.2	28.4	27.1	26.1	35.4	35.7	33.1	29.8	51.4
Dividend per share					0.00	0.00	2.05	2.20	0.50	0.40

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.3	154	236	80.3	50.9	150	273	199	408	432
Short-term investments							0	81.9	52
Receivables	95.7	132	87.6	132	118	104	158	148	137	349
Inventory	50.2	53.4	48.6	54.1	56.2	62.9	66.3	88.2	96.2	375
Other current assets	17.6	23.7	31.4	30.9	25.4	25.2	62.5	71.2	66.9	130
Total current assets	200	399	474	338	293	386	598	601	786	1,340
Property, plant and equipment	2,180	2,122	2,107	2,092	2,049	1,979	1,960	1,903	1,922	4,387
Lease right-of-use assets				72.6	53.4	22	19.8	14.7	5.51	12.5
Other non-current assets	307	186	180	264	181	209	146	171	172	403
Total assets	2,687	2,707	2,761	2,694	2,523	2,574	2,704	2,675	2,880	6,130
Accounts payable	82.9	109	131	106	71.2	76.6	130	137	144	336
Accrued liabilities	292	291	226	236	223	252	270	291	262	404
Deferred revenue	10.5	6.81	0.15
Short-term debt	0.37	19.3	118	32.1	33.7	36.6	4.74	1.64	104	77.6
Total current liabilities	379	422	492	392	368	445	449	444	519	838
Long-term debt	302	857	709	654	567	568	342	182	79.5	317
Lease liabilities				55.4	35.7	15.3	15.1	10.4	5.47	10.8
Other non-current liabilities	14.9	24	16.6	14.9	17.4	17.5	33.1	19.7	58.6	93.6
Total liabilities	1,887	2,363	2,209	2,121	1,970	1,901	1,539	1,332	1,311	2,452
Total debt	302	876	826	686	601	605	347	184	183	395
Paid-in capital	0	553	551	524	643	647	646	548	540	2,982
Retained earnings	0	-43.7	182	260	247	281	669	944	1,162	818
Other comprehensive income	-400	-305	-323	-349	-337	-255	-150	-149	-135	-123
Shareholders' equity	658	204	410	435	554	673	1,166	1,343	1,568	3,678
Minority interests	142	139	142	137	0
Total equity	800	344	552	572	554	673	1,166	1,343	1,568	3,678
Total liabilities and equity	2,687	2,707	2,761	2,694	2,523	2,574	2,704	2,675	2,880	6,130
Shares outstanding	0	28	27.4	25.9	34	34.5	34.7	29.9	29.4	51

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	50.5	82.6	179	93.6	-13.2	34.1	467	656	286	-153
Depreciation and amortization	178	172	201	207	211	225	227	241	224	621
Stock-based compensation	12.9	22.1	10.2	12.8	11.6	6.63	7.89	10	11.4	32.9
Deferred income tax	91.5	16.6	-16.5	-17.4	11.7	-14.8	49.4	14.1	8.82	-81
Change in inventory	3.35	-3.26	4.77	-5.49	-2.07	-6.68	-3.02	-21.5	-8.02	28.7
Change in payables	-4.15	7.04	37.5	-21.7	-30.8	11.5	39.2	11.4	4.57	-24.3
Cash from operations	329	248	414	245	129	306	651	858	476	306
Capital expenditures	-53.6	-81.4	-146	-170	-86	-133	-172	-168	-178	-285
Purchases of investments						0	0	-201	-67	-4.8
Cash from investing	-45.8	-56.8	-154	-173	-76.3	-127	-142	-259	-165	47.7
Debt issued				0	0	75	0	0	0	114
Stock issued		0	0	0
Share buybacks	0	0	-25.8	-32.7	0	0	0	-399	-70.9	-224
Dividends paid					0	0	-71.5	-75.5	-15.9	-26.3
Cash from financing	-277	-50.6	-149	-257	-82.4	-30.9	-380	-682	-107	-200
Net change in cash	6.67	141	111	-185	-29.4	147	129	-83.7	204	154
Free cash flow	276	167	268	74.8	43.3	173	479	690	298	21.2
Interest paid	14.1	18.2	92.9	73.6	63	54.4	50.8	29.3	23.8	37.2
Income taxes paid	0	0	12.8	40.1	1.48	3.2	55.8	111	39.3	0.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.3%	Gross profit / revenue.
Operating margin	1.9%	Operating income / revenue.
EBITDA margin	16.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.8%	Pre-tax income / revenue.
Net margin	2.3%	Net income / revenue.
FCF margin	6.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.2%	Cash from operations / revenue.
Effective tax rate	-205.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	1.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.2%	Capital expenditures / revenue.
D&A / revenue	15.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	86.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-23.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-151.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-23.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-153.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-131.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-35.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-92.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-64.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-20.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-42.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	134.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	46.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	46.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	112.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	72.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	12.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.83x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.63x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.3%	Total debt / total assets.
Liabilities / assets	39.3%	Total liabilities / total assets.
Net debt	-$25.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.77x	Operating income / interest expense.
Working capital	$621.6M	Current assets - current liabilities.
Tangible book value	$3.72B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	0.98x	Revenue / average property, plant and equipment.
Inventory turnover	9.26x	Cost of revenue / average inventory.
Days inventory	39 days	365 x average inventory / cost of revenue.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	36 days	Days inventory + days sales outstanding - days payables.
FCF conversion	259.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$84.61	Revenue / diluted weighted shares.
FCF per share	$5.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.20	Cash from operations / diluted weighted shares.
Book value per share	$74.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$74.60	Tangible book value / shares outstanding.
Cash per share	$9.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	7.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	56.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.42B	Share price x shares outstanding.
Enterprise value	$4.39B	Market cap + total debt - cash - short-term investments.
P/E	44.1x	Market cap / net income. Only when net income is positive.
P/S	1.03x	Market cap / revenue.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.19x	Market cap / tangible book value, when positive.
P/FCF	17.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.82x	Market cap / cash from operations, when positive.
EV/Sales	1.03x	Enterprise value / revenue.
EV/EBIT	55.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.08x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was Core Natural Resources, Inc.'s revenue in fiscal 2025?

Core Natural Resources, Inc. reported revenue of $4.16B for fiscal 2025, 86.2% higher than the year before.

Was Core Natural Resources, Inc. profitable in fiscal 2025?

No. It reported a net loss of $153.2M.

How much free cash flow did Core Natural Resources, Inc. generate in fiscal 2025?

Cash from operations of $305.8M minus capital expenditures of $284.6M left free cash flow of $21.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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