CNX Resources Corp (NYSE: CNX) shares traded up 3.5% in early activity following the company’s fourth-quarter 2025 earnings beat, rallying from recent levels and moving toward its 52-week high near $42.13 after dipping as low as about $27 over the past year.
Q4 Sales, Profit and Cash Flow
CNX reported Q4 2025 revenue of roughly $610 million, topping analyst forecasts and marking a notable year-over-year increase versus prior periods. Earnings per share came in around $1.28, substantially above consensus estimates.
The company said free cash flow for the quarter was about $132 million, representing its 24th consecutive quarter of positive free cash flow. For full-year 2025, free cash flow reached approximately $646 million, exceeding guidance and reflecting strong operational cash generation.
Operational Metrics and Cost Discipline
CNX maintained solid cash operating margins in Q4, with margins in the mid-60% range and fully burdened cash costs of about $1.15 per Mcfe before depletion, depreciation and amortization—consistent with low-cost Appalachian gas operations.
Capital Allocation and Balance Sheet
Management continued an aggressive share repurchase program, buying back nearly 2.9 million shares in Q4 at an average near $34 per share and increasing total authorization by $2 billion to $2.4 billion. The company also exchanged a portion of convertible notes for common stock, reducing net debt.
CNX’s liquidity remained strong with substantial undrawn credit capacity and a manageable leverage profile, with leverage expected to improve into 2026.
Production and Hedging
Operational data released on the investor relations site show positive E&P performance, though specific production figures and hedging outcomes were disclosed in supplemental materials rather than the headline earnings.
52-Week Commentary and Stock Performance
CNX’s stock has experienced volatility over the past 12 months, with the 52-week range between about $27 and $42.13. The recent earnings beat and strong cash generation supported the uptick in shares, which traders saw as extending a broader recovery trend.
Analyst Activity and Outlook
As of the latest updates, no major analyst upgrades or downgrades tied directly to the Q4 results have been widely reported today. One recent sector note suggested a Buy rating on the stock, reflecting confidence in free cash flow and management execution.
