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Core Natural Resources cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$80.1M in Q3 2026 · $301M over twelve months

Operating cash flow$175M
Capital spending−$94.4M
Free cash flow+$80.1M
Cash / net income19.4×
Cash conversion cycle35 days

Analysis

In Q3 2026, Core Natural Resources generated $175M of operating cash flow and spent $94.4M on capital projects, leaving free cash flow of $80.1M. That is $41.5M more than in Q3 2025 ($38.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $652M; the largest uses were capital spending ($351M), buybacks ($211M), other investing ($49.0M); besides operations, cash came from asset & business sales ($10.6M); the cash balance fell by $10.0M.

Operating cash flow was $175M against net income of $9.0M — 19.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$159M, other liabilities +$42.4M, inventory +$17.2M.

Its cash conversion cycle was 35 days (receivables 30 + inventory 36 − payables 32).

Free cash flow

Core Natural Resources: free cash flow by quarterCore Natural Resources: free cash flow by quarter$80.5MQ4 2024−$174MQ1 2025$131MQ2 2025$38.6MQ3 2025$26.0MQ4 2025$46.3MQ1 2026$149MQ2 2026$80.1MQ3 2026
Operating cash flow less capital spending.
Core Natural Resources: operating cash flow against capital spendingCore Natural Resources: operating cash flow against capital spendingOperating cash flowCapital spending$121M$40.8MQ4 2024−$110M$64.8MQ1 2025$220M$89.2MQ2 2025$87.9M$49.3MQ3 2025$107M$81.3MQ4 2025$119M$73.1MQ1 2026$250M$102MQ2 2026$175M$94.4MQ3 2026
Latest (Q3 2026): Operating cash flow $175M, Capital spending $94.4M.

Capital allocation, year by year

Core Natural Resources: where the cash came from (up) and went (down), by fiscal yearCore Natural Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $306MFY2021: Net borrowing $47.6MFY2021: Asset sales $13.6MFY2021: Capital spending −$133M$367MFY2021FY2022: Operating cash flow $651MFY2022: Net borrowing −$24.5MFY2022: Asset sales $21.5MFY2022: Capital spending −$172MFY2022: Dividends −$71.5M$673MFY2022FY2023: Operating cash flow $858MFY2023: Net borrowing −$25.3MFY2023: Asset sales $4.3MFY2023: Capital spending −$168MFY2023: Buybacks −$399MFY2023: Dividends −$75.5M$862MFY2023FY2024: Operating cash flow $476MFY2024: Net borrowing −$10.5MFY2024: Asset sales $7.4MFY2024: Capital spending −$178MFY2024: Buybacks −$70.9MFY2024: Dividends −$15.9M$484MFY2024FY2025: Operating cash flow $306MFY2025: Net borrowing $102MFY2025: Asset sales $7.5MFY2025: Capital spending −$285MFY2025: Buybacks −$224MFY2025: Dividends −$26.3M$415MFY2025
Over these 5 years operating cash flow totalled $2.6B; the largest uses were capital spending ($935M) and buybacks ($695M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$428M
Debt$456M
Net debt$27.4M
Due within a year$77.6M

Core Natural Resources funds itself: free cash flow was $301M over the last twelve months, and $428M of cash and investments stands against $456M of debt ($77.6M due within a year, 5.5× covered by cash).

Core Natural Resources: debt maturities by year (FY2025)Core Natural Resources: debt maturities by year (FY2025)$77.6MYear 1$2.6MYear 2$2.2MYear 3$2.0MYear 4$6.5MYear 5$310MAfter year 5
Principal due in each year as disclosed in the annual report, against $428M of cash and investments now.

Where the cash came from and went

Core Natural Resources: sources (+) and uses (−) of cash, Q3 2026Core Natural Resources: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$175MCapital spending−$94.4MBuybacks−$84.7MCash drawn (+) / kept (−)$43.5MOther investing−$23.7MNet borrowing (+) / repaid (−)−$10.3MDividends−$4.9MAsset & business sales$213KOther financing−$185K
Core Natural Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Core Natural Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$652MCapital spending−$351MBuybacks−$211MOther investing−$49.0MNet borrowing (+) / repaid (−)−$30.3MDividends−$20.3MAsset & business sales$10.6MCash drawn (+) / kept (−)$10.0MOther financing−$7.5MTaxes on employees’ shares−$3.2M

From profit to cash

Core Natural Resources: net income to operating cash flow, Q3 2026Core Natural Resources: net income to operating cash flow, Q3 2026Net income$9.0MDepreciation & amortization$159MStock-based pay$2.4MDeferred taxes−$12.5MGains on disposals−$175KOther non-cash$1.4MInventory$17.2MPayables−$7.1MPrepaid and other assets−$731KOther liabilities$42.4MOperating cash flow$175M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202630363235
Q2 202629383334
Q1 202630383335
Q4 202530393138
Q3 202529443142
Q2 202529382839
Q1 202524252326
Q4 202419263510

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$175M−$94.4M−$84.7M−$4.9M−$10.3M$43.5M$80.1M
Q2 2026$250M−$102M−$63.0M−$5.0M−$9.1M−$61.9M$149M
Q1 2026$119M−$73.1M−$41.9M−$5.1M−$7.2M$18.0M$46.3M
Q4 2025$107M−$81.3M−$21.7M−$5.2M−$3.6M$10.4M$26.0M
Q3 2025$87.9M−$49.3M−$19.4M−$5.1M−$3.3M−$4.7M$38.6M
Q2 2025$220M−$89.2M−$81.9M−$5.2M−$2.8M−$27.6M$131M
Q1 2025−$110M−$64.8M−$101M−$10.7M$112M−$132M−$174M
Q4 2024$121M−$40.8M—−$7.4M−$2.3M−$77.9M$80.5M

Core Natural Resources: income statement and cash flow

Core Natural Resources, Q3 2026: revenue $1.1B (+14% year over year), operating margin 0.6%. The chart follows the revenue to costs, profit and cash.

Core Natural Resources: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.