Core Natural Resources Posts $9 Million Profit After Insurance Gain

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter net income was $0.18 a share and adjusted EBITDA was $165.2 million as the coal producer returned $90 million to stockholders.

Core Natural Resources (CNR) reported net income of $9.0 million, or $0.18 a share, in the third quarter of 2026, a sharp drop from $126.5 million, or $2.51 a share, in the second quarter, when the company recognized the remaining $125.4 million of Leer South insurance proceeds.

Adjusted EBITDA was $165.2 million, down from $323.6 million in the second quarter. The third-quarter figure included nine months of discretionary employee incentive compensation totaling $17.2 million. Revenues were $1.1 billion, matching the prior quarter.

Chairman and Chief Executive Jimmy Brock said normal geologic variability and weather-related shipment delays dampened quarter-over-quarter comparisons, and that the company remains on track to deliver a strong full-year performance.

High calorific value thermal coal sales slipped to 8.2 million tons from 8.4 million tons. Realized coal revenue per ton sold fell to $56.58 from $58.11, which the company attributed principally to sales mix. Cash cost of coal sold per ton rose 7% to $41.44 from $38.58 due to normal geologic variability at the Pennsylvania Mining Complex, and cash margin per ton sold compressed to $15.14 from $19.53.

In the metallurgical segment, coking coal sales were 2.3 million tons, in line with the prior quarter, with thermal byproduct at 0.2 million tons. Segment realized coal revenue per ton sold rose 5% to $120.18 from $114.13, and coking coal realized revenue per ton sold was $124.06. Cash cost of coal sold per ton increased 8% to $92.92 from $85.65, principally from a short-term increase in contract labor utilization, and cash margin per ton sold declined to $27.26 from $28.48. The company said late-quarter storms slipped loading of two high-value vessels into early October.

Powder River Basin sales volumes rose 32% to 13.5 million tons from 10.2 million tons on seasonally stronger demand. Realized coal revenue per ton sold was $14.29, generally in line with $14.28, and cash cost of coal sold per ton improved 9% to $13.49 from $14.85, with cash margin per ton sold turning positive at $0.80 from a $0.57 deficit.

Marketing secured 29.4 million tons of new sales commitments across all segments for future delivery at prices reflecting a significantly improved market environment, including 2.4 million tons of metallurgical coal for 2027 North American delivery at an average fixed price higher than last year’s commitments.

The company invested $84.7 million to repurchase 930,611 shares at an average price of $90.96, bringing cumulative buybacks to $413.9 million for 5.2 million shares, about 9.6% of shares outstanding at program launch, and total capital returned to $449.7 million including dividends. Shares outstanding ended at 48.9 million, nearly 10% below February 2025.

Net cash provided by operating activities was $174.6 million and free cash flow was $80.3 million. Total liquidity was $1.0 billion, including $443.9 million in cash and cash equivalents and short-term investments, with $586.1 million remaining under the $1.0 billion repurchase authorization. The board declared a $0.10 per share quarterly dividend payable December 15, 2026, to holders of record November 30, 2026.

Full-year 2026 sales-volume guidance is 88.0–91.5 million tons, with coking 9.0–9.5 million tons, high CV thermal 31.5–32.5 million tons, and Powder River Basin 47.5–49.5 million tons. Metallurgical cash cost guidance is $88.00–$90.00 per ton, high CV thermal $40.00–$41.00 per ton, and PRB $13.75–$14.00 per ton.