Filing Flows › Core Natural Resources (CNR) › Q3 2025
Core Natural Resources (CNR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Core Natural Resources (CNR) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +81% from a year earlier and -9% from the quarter before. Operating margin was -1.2%, net earnings $31.6M (3.2% of revenue).
Core Natural Resources, Q3 2025: revenue $1.0B (+81% year over year), operating margin -1.2%, net earnings $31.6M, operating cash flow $87.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -9% | +81% |
| Operating profit | −$11.8M | — | — |
| Net earnings | $31.6M | — | — |
| Operating cash flow | $87.9M | -60% | -46% |
| Free cash flow | $38.9M | — | — |
What changed
Revenue was $1.0B in Q3 2025, up 81% year over year and down 9% from the previous quarter. Power Generation was the largest line at 48% of revenue. Power Generation added $0.25B year over year (up 103%), 55% of the total change. Third-Party Terminal Revenue declined 25%.
Operating costs exceeded revenue by $0.01B, an operating margin of -1.2%. Total costs grew 133% against revenue growth of 81%. The fastest-growing cost line was Other operating costs (+235%). Net earnings were $0.03B, down 67% year over year.
Operating cash flow was $0.09B (down 46% year over year), 278% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items used $0.10B. After capital Expenditures, net ($0.05B), free cash flow as the company reports it was $0.04B.
Questions
What was Core Natural Resources' revenue in the third quarter 2025?
Core Natural Resources (CNR) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +81% from a year earlier and -9% from the quarter before.
Was Core Natural Resources profitable in the third quarter 2025?
Operating loss was $11.8M (-1.2% of revenue) and net earnings $31.6M.