Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 92.4% Revenue growth, 20253 What sells Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services Power Generation brought in 45% of the revenue Core Natural Resources, Inc. broke down this way in fiscal 2025.
Power Generation $1.9B3 45% up 105% from 2024 Metallurgical $1.3B3 32% up 190% from 2024 Industrial $940.2M3 23% up 25% from 2024 Terminal Revenue $21.5M3 1% down 31% from 2024 Other Revenue $13.8M3 0% down 12% from 2024 Products and services by year
Products and services 2023 2024 2025 Power Generation $1.1B $906.1M $1.9B Metallurgical $386.7M $458.9M $1.3B Industrial $1,000.0M $752.6M $940.2M Terminal Revenue $47.9M $31.1M $21.5M Other Revenue $15.7M $13.8M
Business segments High CV Thermal brought in 53% of the revenue Core Natural Resources, Inc. broke down this way in fiscal 2025.
High CV Thermal $2.2B3 53% up 10% from 2024 Metallurgical $1.2B3 29% up 963% from 2024 PRB $718.8M3 17% Core Marine Terminal $21.5M3 1% down 31% from 2024 Business segments by year
Business segments 2023 2024 2025 High CV Thermal $2.4B $2.0B $2.2B Metallurgical $98.9M $113.1M $1.2B PRB $0 $0 $718.8M Core Marine Terminal $47.9M $31.1M $21.5M
Where the money goes Where each dollar of revenue went, fiscal 2025 Other costs
Other costs 98¢ $4.1B Income tax 2¢ $80.5M Out of $4.2B in revenue.3
Where each dollar of operating cash went, fiscal 2025 Capital spending Share buybacks
Capital spending 53¢ $284.6M Dividends paid 5¢ $26.3M Share buybacks 42¢ $224.3M Out of $305.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 6 7 3 $4.2B in 2025+203% since 2019 0 $2.0B $4.0B $6.0B 2019: $1.4B $1.4B 2019 2020: $879.5M $879.5M 2020 −36% 2021: $1.3B $1.3B 2021 +43% 2022: $2.3B $2.3B 2022 +81% 2023: $2.5B $2.5B 2023 +10% 2024: $2.2B $2.2B 2024 −14% 2025: $4.2B $4.2B 2025 +92% Operating income3 -$182.1M in 2025-$250.0M 0 $250.0M $500.0M $750.0M $1.0B 2023: $803.3M $803.3M 2023 2024: $351.0M $351.0M 2024 −56% 2025: -$182.1M -$182.1M 2025 Net income4 5 6 7 3 -$153.2M in 2025-$250.0M 0 $250.0M $500.0M $750.0M 2019: $76.0M $76.0M 2019 2020: -$9.8M -$9.8M 2020 2021: $34.1M $34.1M 2021 2022: $467.0M $467.0M 2022 +1269% 2023: $655.9M $655.9M 2023 +40% 2024: $286.4M $286.4M 2024 −56% 2025: -$153.2M -$153.2M 2025 Revenue8 9 $1.1B in Q2 FY2026+5% since Q1 FY2026 0 $500.0M $1.0B $1.5B Q1 FY2026: $1.1B $1.1B Q1 FY2026 Q2 FY2026: $1.1B $1.1B Q2 FY2026 +5% Operating income8 9 $155.8M in Q2 FY2026+376% since Q1 FY2026 0 $50.0M $100.0M $150.0M $200.0M Q1 FY2026: $32.7M $32.7M Q1 FY2026 Q2 FY2026: $155.8M $155.8M Q2 FY2026 +376% Net income8 9 $126.5M in Q2 FY2026+501% since Q1 FY2026 0 $50.0M $100.0M $150.0M Q1 FY2026: $21.0M $21.0M Q1 FY2026 Q2 FY2026: $21.0M $21.0M Q2 FY2026 +0% Q2 FY2026: $126.5M $126.5M Q2 FY2026 +501% Fiscal year 2019 2020 2021 2022 2023 2024 2025 Revenue $1.4B4 $879.5M5 $1.3B6 $2.3B7 $2.5B3 $2.2B3 $4.2B3 Selling, general and admin $67.1M4 $72.1M5 $87.2M6 $116.7M7 $103.5M7 $115.2M7 Operating income $803.3M3 $351.0M3 -$182.1M3 Interest $66.5M4 $61.2M5 $63.3M6 $52.6M7 $29.3M7 $22.2M7 Income tax $4.5M4 $4.0M5 $1.3M6 $101.5M7 $122.0M3 $44.2M3 -$80.5M3 Net income $76.0M4 -$9.8M5 $34.1M6 $467.0M7 $655.9M3 $286.4M3 -$153.2M3 Earnings per share $2.824 -$0.375 $0.996 $13.417 $19.913 $9.653 -$2.983 Earnings per share (diluted) $2.814 -$0.375 $0.966 $13.077 $19.793 $9.613 -$2.983
Total assets4 5 6 7 3 $6.1B in 2025+128% since 2019 0 $2.0B $4.0B $6.0B $8.0B 2019: $2.7B $2.7B 2019 2020: $2.5B $2.5B 2020 −6% 2021: $2.6B $2.6B 2021 +2% 2022: $2.7B $2.7B 2022 +5% 2023: $2.7B $2.7B 2023 −1% 2024: $2.9B $2.9B 2024 +8% 2025: $6.1B $6.1B 2025 +113% Total liabilities10 4 5 6 7 3 $2.5B in 2025+16% since 2019 0 $1.0B $2.0B $3.0B 2019: $2.1B $2.1B 2019 2020: $2.0B $2.0B 2020 −7% 2021: $1.9B $1.9B 2021 −4% 2022: $1.5B $1.5B 2022 −19% 2023: $1.3B $1.3B 2023 −13% 2024: $1.3B $1.3B 2024 −2% 2025: $2.5B $2.5B 2025 +87% Shareholders’ equity10 7 3 $3.7B in 2025+745% since 2019 0 $1.0B $2.0B $3.0B $4.0B 2019: $435.2M $435.2M 2019 2020: $553.5M $553.5M 2020 +27% 2021: $672.8M $672.8M 2021 +22% 2022: $1.2B $1.2B 2022 +73% 2023: $1.3B $1.3B 2023 +15% 2024: $1.6B $1.6B 2024 +17% 2025: $3.7B $3.7B 2025 +135% Cash10 5 6 7 3 $432.2M in 2025+438% since 2019 0 $200.0M $400.0M $600.0M 2019: $80.3M $80.3M 2019 2020: $50.9M $50.9M 2020 −37% 2021: $149.9M $149.9M 2021 +195% 2022: $273.1M $273.1M 2022 +82% 2023: $199.4M $199.4M 2023 −27% 2024: $408.2M $408.2M 2024 +105% 2025: $432.2M $432.2M 2025 +6% Long-term debt10 4 5 6 7 3 $317.3M in 2025−51% since 2019 0 $200.0M $400.0M $600.0M $800.0M 2019: $653.8M $653.8M 2019 2020: $566.9M $566.9M 2020 −13% 2021: $568.1M $568.1M 2021 +0% 2022: $342.1M $342.1M 2022 −40% 2023: $181.9M $181.9M 2023 −47% 2024: $79.5M $79.5M 2024 −56% 2025: $317.3M $317.3M 2025 +299% Total assets8 9 $6.1B in Q2 FY2026−0% since Q1 FY2025 0 $2.0B $4.0B $6.0B $8.0B Q1 FY2025: $6.1B $6.1B Q1 FY2025 Q2 FY2025: $6.1B $6.1B Q2 FY2025 +0% Q1 FY2026: $6.1B $6.1B Q1 FY2026 −1% Q2 FY2026: $6.1B $6.1B Q2 FY2026 +1% Total liabilities8 9 $2.4B in Q2 FY2026−2% since Q1 FY2025 0 $1.0B $2.0B $3.0B Q1 FY2025: $2.5B $2.5B Q1 FY2025 Q2 FY2025: $2.5B $2.5B Q2 FY2025 +0% Q1 FY2026: $2.4B $2.4B Q1 FY2026 −2% Q2 FY2026: $2.4B $2.4B Q2 FY2026 +0% Shareholders’ equity8 9 $3.7B in Q2 FY2026+1% since Q1 FY2025 0 $1.0B $2.0B $3.0B $4.0B Q1 FY2025: $3.7B $3.7B Q1 FY2025 Q2 FY2025: $3.7B $3.7B Q2 FY2025 +0% Q1 FY2026: $3.7B $3.7B Q1 FY2026 −1% Q2 FY2026: $3.7B $3.7B Q2 FY2026 +0% Q2 FY2026: $3.7B $3.7B Q2 FY2026 +2% Cash8 9 $473.2M in Q2 FY2026+9% since Q1 FY2025 0 $200.0M $400.0M $600.0M Q1 FY2025: $432.2M $432.2M Q1 FY2025 Q2 FY2025: $432.2M $432.2M Q2 FY2025 +0% Q1 FY2026: $412.7M $412.7M Q1 FY2026 −5% Q2 FY2026: $473.2M $473.2M Q2 FY2026 +15% Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash $80.3M10 $50.9M5 $149.9M5 $273.1M6 $199.4M7 $408.2M3 $432.2M3 Current assets $338.0M10 $292.9M4 $386.3M5 $598.5M6 $601.0M7 $786.0M3 $1.3B3 Total assets $2.7B4 $2.5B5 $2.6B6 $2.7B7 $2.7B3 $2.9B3 $6.1B3 Current liabilities $392.3M10 $368.5M4 $445.2M5 $448.8M6 $443.7M7 $518.7M3 $838.3M3 Long-term debt $653.8M10 $566.9M4 $568.1M5 $342.1M6 $181.9M7 $79.5M3 $317.3M3 Total liabilities $2.1B10 $2.0B4 $1.9B5 $1.5B6 $1.3B7 $1.3B3 $2.5B3 Shareholders’ equity $435.2M10 $553.5M10 $672.8M7 $1.2B3 $1.3B3 $1.6B3 $3.7B3 Shares outstanding 25.9M shares5 34.0M shares6 34.5M shares7 34.7M shares3 29.9M shares3 29.4M shares3 51.0M shares3
Cash from operations4 5 6 7 3 $305.8M in 2025+25% since 2019 0 $250.0M $500.0M $750.0M $1.0B 2019: $244.6M $244.6M 2019 2020: $129.3M $129.3M 2020 −47% 2021: $305.6M $305.6M 2021 +136% 2022: $651.0M $651.0M 2022 +113% 2023: $857.9M $857.9M 2023 +32% 2024: $476.4M $476.4M 2024 −44% 2025: $305.8M $305.8M 2025 −36% Capital spending4 5 6 7 3 $284.6M in 2025+68% since 2019 0 $100.0M $200.0M $300.0M 2019: $169.7M $169.7M 2019 2020: $86.0M $86.0M 2020 −49% 2021: $132.8M $132.8M 2021 +54% 2022: $171.5M $171.5M 2022 +29% 2023: $167.8M $167.8M 2023 −2% 2024: $178.0M $178.0M 2024 +6% 2025: $284.6M $284.6M 2025 +60% Free cash flow4 5 6 7 3 $21.2M in 2025−72% since 2019 0 $200.0M $400.0M $600.0M $800.0M 2019: $74.8M $74.8M 2019 2020: $43.3M $43.3M 2020 −42% 2021: $172.8M $172.8M 2021 +299% 2022: $479.5M $479.5M 2022 +177% 2023: $690.2M $690.2M 2023 +44% 2024: $298.4M $298.4M 2024 −57% 2025: $21.2M $21.2M 2025 −93% Dividends paid5 6 7 3 $26.3M in 20250 $20.0M $40.0M $60.0M $80.0M 2020: $0 $0 2020 2021: $0 $0 2021 2022: $71.5M $71.5M 2022 2023: $75.5M $75.5M 2023 +6% 2024: $15.9M $15.9M 2024 −79% 2025: $26.3M $26.3M 2025 +66% Share buybacks4 6 7 3 $224.3M in 2025+585% since 2019 0 $100.0M $200.0M $300.0M $400.0M 2019: $32.7M $32.7M 2019 2020: $0 $0 2020 2021: $0 $0 2021 2022: $0 $0 2022 2023: $399.4M $399.4M 2023 2024: $70.9M $70.9M 2024 −82% 2025: $224.3M $224.3M 2025 +216% Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash from operations $244.6M4 $129.3M5 $305.6M6 $651.0M7 $857.9M3 $476.4M3 $305.8M3 Capital spending $169.7M4 $86.0M5 $132.8M6 $171.5M7 $167.8M3 $178.0M3 $284.6M3 Free cash flow $74.8M $43.3M $172.8M $479.5M $690.2M $298.4M $21.2M Dividends paid $05 $06 $71.5M7 $75.5M3 $15.9M3 $26.3M3 Share buybacks $32.7M4 $04 $06 $07 $399.4M3 $70.9M3 $224.3M3 Dividend per share $0.005 $0.006 $2.057 $2.203 $0.503 $0.403
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