--- title: "Core Natural Resources | 10-K: FY2025 Revenue Beats Estimate at USD 4.165 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276175630.md" datetime: "2026-02-17T22:06:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276175630.md) - [en](https://longbridge.com/en/news/276175630.md) - [zh-HK](https://longbridge.com/zh-HK/news/276175630.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276175630.md) | [English](https://longbridge.com/en/news/276175630.md) # Core Natural Resources | 10-K: FY2025 Revenue Beats Estimate at USD 4.165 B Revenue: As of FY2025, the actual value is USD 4.165 B, beating the estimate of USD 4.119 B. EPS: As of FY2025, the actual value is USD -2.98, missing the estimate of USD -1.8661. EBIT: As of FY2025, the actual value is USD -167.83 M. #### Consolidated Financial Performance - **Total Revenues**: Increased to $4,164,775 thousand in 2025 from $2,164,406 thousand in 2024, a $2.0 billion increase primarily due to the merger with Arch Resources, Inc. - **Cost of Sales**: Rose to $3,544,817 thousand in 2025 from $1,431,432 thousand in 2024, a $2.1 billion increase, also mainly due to the merger. - **Depreciation, Depletion and Amortization**: Increased to $621,067 thousand in 2025 from $223,526 thousand in 2024, with $382 million attributed to assets acquired in the merger. - **General and Administrative Costs**: Increased to $214,856 thousand in 2025 from $115,224 thousand in 2024, a $100 million increase, including $66 million of non-recurring merger-related transaction costs. - **Other Operating Income and Expense, net**: Swung to an income of $33,904 thousand in 2025 from an expense of - $43,224 thousand in 2024. - **Net (Loss) Income**: Core Natural Resources, Inc. reported a net loss of - $153,216 thousand in 2025 compared to a net income of $286,405 thousand in 2024. - **Adjusted EBITDA**: Decreased to $512,066 thousand in 2025 from $655,488 thousand in 2024. - **Interest Expense, net**: Increased to - $40,124 thousand in 2025 from - $22,192 thousand in 2024. - **Interest Income**: Increased to $25,890 thousand in 2025 from $19,223 thousand in 2024. - **Loss on Debt Extinguishment**: Recorded at - $11,680 thousand in 2025. - **Income Tax (Benefit) Expense**: Reported a benefit of - $80,487 thousand in 2025 compared to an expense of $44,242 thousand in 2024. #### Segmented Operational Performance ##### High CV Thermal Segment - **Total Tons Produced**: 30.5 million tons in 2025 (up from 25.7 million tons in 2024). - **Total Tons Sold**: 30.6 million tons in 2025 (up from 25.7 million tons in 2024). - **Realized Coal Revenue per Ton Sold**: $60.34 in 2025 (down from $65.54 in 2024). - **Cash Cost of Coal Sold per Ton**: $40.99 in 2025 (up from $37.89 in 2024). - **Cash Margin per Ton Sold**: $19.35 in 2025 (down from $27.65 in 2024). - **Adjusted EBITDA**: $580,106 thousand in 2025 (down from $710,061 thousand in 2024). - **Merger Contribution**: The West Elk mine contributed 3.2 million tons of sales, $165 million in realized coal revenue, and $160 million in cash cost of coal sold in 2025. ##### Metallurgical Segment - **Total Tons Produced**: 8.9 million tons in 2025 (up from 0.7 million tons in 2024). - **Total Tons Sold**: 9.0 million tons in 2025 (up from 0.7 million tons in 2024). - **Realized Coal Revenue per Ton Sold**: $102.36 in 2025 (down from $153.10 in 2024). - **Cash Cost of Coal Sold per Ton**: $96.13 in 2025 (down from $189.58 in 2024). - **Cash Margin per Ton Sold**: $6.23 in 2025 (up from - $36.48 in 2024). - **Adjusted EBITDA**: - $25,655 thousand in 2025 (compared to - $24,329 thousand in 2024). - **Merger Contribution**: Merger-acquired operations contributed 8.4 million tons of sales, $837 million in realized coal revenue, and $775 million in cash cost of coal sold in 2025. - **Leer South mine costs**: Incurred $101 million in fire and idling costs, partially offset by $19 million in insurance reimbursements. ##### PRB Segment - **Total Tons Produced**: 48.9 million tons in 2025 (no activity in 2024). - **Total Tons Sold**: 48.9 million tons in 2025 (no activity in 2024). - **Realized Coal Revenue per Ton Sold**: $14.46 in 2025. - **Cash Cost of Coal Sold per Ton**: $13.15 in 2025. - **Cash Margin per Ton Sold**: $1.31 in 2025. - **Adjusted EBITDA**: $63,865 thousand in 2025. ##### Core Marine Terminal Segment - **Throughput Tons**: 18.1 million tons in 2025 (up from 17.0 million tons in 2024). - **Adjusted EBITDA**: $56,839 thousand in 2025 (down from $60,374 thousand in 2024). #### Cash Flow - **Net Cash Provided by Operating Activities**: Decreased to $306 million in 2025 from $476 million in 2024, primarily due to non-recurring merger-related expenditures. - **Net Cash Provided by (Used in) Investing Activities**: Changed to $48 million provided in 2025 from - $165 million used in 2024. - **Net Cash Used in Financing Activities**: Increased to - $200 million in 2025 from - $107 million in 2024, driven by higher share repurchases and increased dividend payments. #### Debt and Liquidity (As of December 31, 2025) - **Total Long-Term Indebtedness**: $459 million. - **Total Liquidity**: $949 million, comprising $432 million in cash and cash equivalents, $185 million from the Receivables Financing Agreement, and $600 million from the Revolving Credit Facility, less - $268 million in outstanding letters of credit. #### Other Key Metrics - **Royalty Income - Non-Operated Coal**: $31 million in 2025 (up from $18 million in 2024), with $11 million from merger-acquired agreements. - **Stock Repurchases**: 3,088,520 shares repurchased at an average price of $72.61 per share during 2025. - **Dividends Declared**: $0.40 per common share in 2025. #### Outlook / Guidance Core Natural Resources, Inc. aims to drive long-term value by maximizing cash flow through efficient operations, maintaining a strong balance sheet, and returning capital to shareholders. The company anticipates benefiting from increased global power demand, particularly from artificial intelligence and data center construction, positioning itself to meet higher coal demand. Additionally, the One Big Beautiful Bill Act is expected to provide a 2.5% monetizable tax credit on production-related costs for U.S.-produced metallurgical coal starting in 2026. ### 相關股票 - [Core Natural Resources (CNR.US)](https://longbridge.com/zh-HK/quote/CNR.US.md) ## 相關資訊與研究 - [Society Pass Delays Annual 10-K Yearly Filing](https://longbridge.com/zh-HK/news/281287662.md) - [Polar Power Delays Annual 10-K Filing](https://longbridge.com/zh-HK/news/281283373.md) - [SurgePays Delays Filing of Annual 10-K Report](https://longbridge.com/zh-HK/news/281284831.md) - [Jaguar Health Delays Annual Form 10-K Filing](https://longbridge.com/zh-HK/news/281436517.md) - [AppYea Delays Annual 10-K Filing Briefly](https://longbridge.com/zh-HK/news/281286342.md)