Core Natural Resources, Inc.
corenaturalresources.comWhat Do They Do?
Sells metallurgical and thermal coal to electric power generators, industrial customers and steelmakers.
10-K for FY2025, filed Feb 17, 2026We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. We play an essential…View ↗
We have a well-established and diverse customer base, comprised of both domestic and international industrial customers, metallurgical…View ↗
After the Merger, our presence in the metallurgical coal market includes two longwall mines in the Leer Complex and three continuous miner…View ↗
How Do They Make Money?
It sells coal under fixed-price or market-index-linked contracts; each sale is counted when coal is loaded at a preparation facility, terminal or customer destination. Terminal services earn revenue as performed, while carbon-product sales are counted as tools and parts are built.
10-K for FY2025, filed Feb 17, 2026Coal revenue is recognized when the performance obligation has been satisfied and the corresponding transaction price has been determined.…View ↗
The Company has disaggregated its coal revenue between domestic and export revenues, as well as between the industrial, power generation…View ↗
Terminal revenues are attributable to the Company’s Core Marine Terminal and include revenues earned from providing receipt and unloading…View ↗
Other revenue consists of revenue generated from carbon products and materials businesses led by CONSOL Innovations LLC, our wholly-owned…View ↗
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10-K for FY2025, filed Feb 17, 2026
FY2025 revenue by product or service ↗
$4.2B
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10-K for FY2025, filed Feb 17, 2026
$4.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Coal
Sold outright
10-K for FY2025, filed Feb 17, 2026 |
99%
FY2022: 89%
|
Coal, FY2025
$4.1B Sources
|
Sold outright |
|
Terminal Revenue
|
0.5%
FY2022: 3.5%
|
Terminal Revenue, FY2025
$21.5M Sources
|
|
|
Other Revenue
|
0.3% |
Other Revenue, FY2025
$13.8M Sources
|
Who Are Their Customers?
The company sells to domestic and international power generators, industrial customers and metallurgical end-users; most customers arrange their own transportation.
10-K for FY2025, filed Feb 17, 2026We have a well-established and diverse customer base, comprised of both domestic and international industrial customers, metallurgical…View ↗
We sell coal produced by our mines and additional coal that we purchase from other producers. During the year ended December 31, 2025…View ↗
Coal is transported from the Company’s mining operations to customers predominantly by railroad cars and ocean vessels. Most customers…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $153.2M in FY2025, but brought in more cash than it spent: $21.2M of free cash flow.
10-K for FY2025, filed Feb 17, 2026
−$182.1MView ↗
10-K for FY2025, filed Feb 17, 2026
−$153.2MView ↗
10-K for FY2025, filed Feb 17, 2026
$21.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$126.5MView ↗
- ▲ Now profitable
- vs −$36.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 19, 2026
Nathan Tucker became chief financial officer
Thakkar remains president and has day-to-day responsibility for the company’s operations, marketing, logistics and long-term strategy.
Sources
8-K, filed Aug 19, 2026
On August 18, 2026, as part of its long-term succession process, the Board of Directors (the “Board”) of Core Natural Resources, Inc. (the…View ↗
Growing. Revenue grew 3.3x in 4 years, from $1.3B in FY2021 to $4.2B in FY2025, about 35% a year.
Broader coal portfolio
The earlier report centers on the Pennsylvania complex, terminal and Itmann; the latest also describes Leer metallurgical mines and western thermal mines serving domestic and export markets.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 17, 2026Our core businesses consist of our:View ↗
Pennsylvania Mining Complex: The PAMC, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation…View ↗
vessels from rail cars. It is also the only major east coast United States coal terminal served by two railroads, Norfolk Southern and CSX.View ↗
Itmann Mining Complex: Construction of the Itmann No. 5 Mine, located in Wyoming County, West Virginia, began in the second half of 2019…View ↗
After the Merger, our presence in the metallurgical coal market includes two longwall mines in the Leer Complex and three continuous miner…View ↗
Coal-derived products
The earlier report describes carbon foam and research into coal-derived materials; the latest describes aerospace parts manufacturing and progress toward a commercial-scale coal-plastic decking line.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 17, 2026We are also pursuing a variety of alternative and innovative uses of coal to diversify our business. For example, in 2022, we acquired the…View ↗
We are also pursuing a variety of alternative and innovative uses of coal to diversify our business. These activities are led by CONSOL…View ↗
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