CNX Resources | 8-K: FY2026 Q2 Revenue: USD 618.48 M

Revenue: As of FY2026 Q2, the actual value is USD 618.48 M.

EPS: As of FY2026 Q2, the actual value is USD 1.32, beating the estimate of USD 0.5994.

EBIT: As of FY2026 Q2, the actual value is USD 275.97 M.

Production Volumes and Activity Summary

CNX Resources Corporation’s Shale Sales Volumes for Q2-2026 were 126.5 Bcf, CBM Sales Volumes were 9.7 Bcf, and Other Sales Volumes were 0.1 Bcf. NGLs Sales Volumes reached 14.8 Bcfe, and Oil and Condensate Sales Volumes were 0.4 Bcfe. Total production for Q2-2026 was 151.5 Bcfe, with an Average Daily Production of 1,664.8 MMcfe. Activity in Q2-2026 included 2 TD (Total Depth) wells and 6 Frac (Fracturing) wells, with 5 TIL (Turn In Line) wells in SWPA Marcellus, and one rig was active at period end in CPA Utica.

Hedging Data

CNX Resources Corporation had hedged 116.0 Bcf for Q3 2026, with an average NYMEX price of $3.51/Mcf for 90.0 Bcf and an average physical fixed price of $2.65/Mcf for 26.0 Bcf. For the full year 2026, total hedged volumes were 460.5 Bcf at average NYMEX prices of $3.54/Mcf (357.0 Bcf) and physical fixed prices of $2.64/Mcf (103.6 Bcf). In 2027, 400.4 Bcf were hedged, with NYMEX hedges at $4.16/Mcf (259.8 Bcf) and physical fixed price sales at $3.31/Mcf (140.6 Bcf). For 2028, 167.6 Bcf were hedged, including 128.8 Bcf at $4.01/Mcf (NYMEX) and 38.9 Bcf at $3.11/Mcf (physical fixed price).

Hedging Gain/Loss

CNX Resources Corporation projects a total realized gain of $31,985 thousand for Q3 2026 from hedging activities. For the full year 2026, a total realized loss of -$155,493 thousand is projected, while a total realized gain of $173,500 thousand is projected for 2027. The actual realized gain on commodity derivative instruments for Q2 2026 was $45 million, with an unrealized gain of $131 million, resulting in a total gain on commodity derivative instruments of $176 million.

Consolidated Statements of Income

Net Income for Q2-2026 was $202,943 thousand, a decrease from $432,521 thousand in Q2-2025. Total Revenue and Other Operating Income was $618,484 thousand in Q2-2026, down from $962,422 thousand in Q2-2025. Total Operating Expense for Q2-2026 was $340,710 thousand, a slight decrease from $346,726 thousand in Q2-2025. Total Costs and Expenses were $381,542 thousand in Q2-2026, compared to $376,781 thousand in Q2-2025.

Consolidated Statements of Cash Flows

Net Cash Provided by Operating Activities in Q2-2026 was $279,518 thousand. Net Cash Used in Investing Activities amounted to -$141,633 thousand. Net Cash Used in Financing Activities was -$135,471 thousand.

Free Cash Flow

Free Cash Flow for Q2-2026 was $138 million, compared to $139 million in Q1-2026. For the full year 2025, Free Cash Flow was $646 million.

Price and Cost Data (Per Mcfe)

The Average Sales Price for Natural Gas was $2.40, for Oil and Condensate was $12.29, and for NGLs was $3.90 in Q2-2026. The Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement, was $2.87. Total Natural Gas, NGL and Oil Production Costs were $1.73, while Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A, were $0.87. The Natural Gas, NGL and Oil Production Cash Margin, before DD&A, was $2.00, and the Fully Burdened Cash Margin, before DD&A, was $1.68.

Non-GAAP Financial Metrics

Adjusted EBITDAX for Q2-2026 was $290 million. The Operating Margin was 30%, and the Cash Operating Margin was 59% for the same period. As of June 30, 2026, Net Debt was $2,215 million. The Adjusted Trailing-Twelve-Months (TTM) EBITDAX as of June 30, 2026, was $1,280 million.

Outlook / Guidance (2026E)

CNX Resources Corporation maintains its 2026 estimated production volumes guidance between 605 and 620 Bcfe, with liquids expected to comprise approximately 7% to 8% of total production. The company projects its Adjusted EBITDAX for 2026 to be between $1,265 million and $1,315 million, with total capital expenditures estimated to range from $556 million to $586 million. Free Cash Flow for 2026 is anticipated to be approximately $525 million, translating to approximately $3.55 per share.