CNX Resources Q2 Earnings Surpass Estimates, Production Falls Y/Y

The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.

CNX Resources’ Output & Profitability Metrics

The average natural gas sales price was $2.40 per thousand cubic feet equivalent (Mcfe), down 15.5% from $2.84 in the year-ago period. Including cash settlements, the average realized price for natural gas, NGLs and oil increased 7.1% to $2.87 per Mcfe. Total production cost was $1.73 per Mcfe, up 3.59% year over year.

Total production volumes were 151.5 billion cubic feet equivalent (Bcfe), down 9.6% year over year. Average daily production fell 9.6% year over year to 1,664.8 million cubic feet equivalent from 1,841.8 million cubic feet equivalent.

Adjusted EBITDAX declined 12.7% year over year to $290 million from $332 million.

Interest expenses totaled $39.02 million, down 11.4% year over year figure of $44.04 million.

CNX’s Financial Position and Cash Flow

As of June 30, 2026, CNX Resources had cash and cash equivalents of $6.16 million compared with $0.8 million as of Dec. 31, 2025. 

Long-term debt as of June 30, 2026, was $2.22 billion compared with $2.21 billion as of Dec. 31, 2025 

In the second quarter of 2026, net cash provided by operating activities was $279.5 million compared with $282.5 million in the year-ago quarter.

In the second quarter of 2026, capital expenditures rose 25% year over year to $142 million compared with $113.6 million in the year-ago quarter.

Free cash flow totaled $138 million in the second quarter of 2026, marking CNX Resources’ 26th consecutive quarter of positive free cash flow generation compared with $188 million a year earlier.

During the second quarter, CNX Resources repurchased 5.6 million shares at an average price of $35.28 per share for a total cost of $199 million. Over the past 23 quarters, CNX incurred a total cost of $2.2 billion to repurchase nearly 105.8 million shares at an average price of $20.43 per share.

CNX Resources Reaffirms 2026 Outlook

Management maintained its 2026 production guidance of 605-620 Bcfe. 

Adjusted EBITDAX is projected between $1.27 billion and $1.32 billion. 

Total capital expenditures are expected in the range of $556-$586 million. This includes a $16 million payment for Utica Shale rights.

CNX Resources reaffirmed free cash flow guidance of approximately $525 million.

CNX’s Zacks Rank

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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