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Oil & gas E&P · Energy · Fiscal year ends Dec 31
CNX Resources reported revenue of $2.2B in the fiscal year ended Dec 2025, up 76.8% from the year before. Net income was $633M. Operating cash flow of $1B less capital expenditure of $495M left free cash flow of $534M. Net debt was $2.4B.
Ranks among the 35 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 757 | 1,261 | 3,435 | 1,267 | 2,239 |
| Interest expense | 151 | 128 | 143 | 151 | 171 |
| Income tax | −138 | −69.9 | 502 | −29.9 | 170 |
| Net income | −499 | −142 | 1,721 | −90.5 | 633 |
| Diluted EPS | −2.31 | −0.75 | 8.99 | −0.60 | 3.98 |
| Diluted shares | 216 | 190 | 192 | 151 | 160 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 3.6 | 21.3 | 0.4 | 17.2 | 0.8 |
| Receivables | 330 | 348 | 116 | 180 | 265 |
| Inventory | 6.1 | 27.2 | 19.8 | 14.6 | 26.2 |
| Current assets | 460 | 574 | 422 | 371 | 490 |
| Net PP&E | 6,989 | 7,097 | 7,343 | 7,384 | 7,863 |
| Goodwill | 323 | 323 | 323 | 323 | 323 |
| Total assets | 8,101 | 8,516 | 8,627 | 8,512 | 9,094 |
| Payables | 122 | 191 | 147 | 123 | 159 |
| Deferred revenue | 19.0 | 22.1 | 15.8 | 20.7 | 14.6 |
| Current liabilities | 955 | 1,313 | 823 | 1,123 | 1,124 |
| Short-term debt | 0.0 | 0.0 | 326 | 328 | 208 |
| Long-term debt | 2,214 | 2,206 | 1,889 | 1,838 | 2,213 |
| Total liabilities | 4,400 | 5,565 | 4,266 | 4,414 | 4,757 |
| Shareholders' equity | 3,700 | 2,950 | 4,361 | 4,098 | 4,337 |
| Backlog (remaining obligations) | 47.4 | 36.3 | 25.6 | 37.6 | 20.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 926 | 1,235 | 815 | 816 | 1,029 |
| Capital expenditure | 466 | 566 | 679 | 540 | 495 |
| Free cash flow | 460 | 669 | 135 | 275 | 534 |
| Depreciation & amortisation | 515 | 461 | 434 | 486 | 574 |
| Stock-based compensation | 16.6 | 16.4 | 20.2 | 20.1 | 23.7 |
| Acquisitions | – | – | 0.0 | 0.0 | 518 |
| Share buybacks | 245 | 565 | 320 | 184 | 524 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.7% | 172.4% | −63.1% | 76.8% |
| EPS growth (YoY) | – | – | – | −106.7% | – |
| Net margin | −65.9% | −11.3% | 50.1% | −7.1% | 28.3% |
| Return on equityBlank when equity is negative | −13.5% | −4.8% | 39.5% | −2.2% | 14.6% |
| Free cash flow margin | 60.8% | 53.1% | 3.9% | 21.7% | 23.8% |
| Cash conversion (CFO ÷ net income) | −1.86x | −8.69x | 0.47x | −9.01x | 1.63x |
| Receivable days | 159 | 101 | 12 | 52 | 43 |
| Debt ÷ equity | 0.60x | 0.75x | 0.51x | 0.53x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,211 | 2,184 | 2,214 | 2,149 | 2,421 |
| Current ratio | 0.48x | 0.44x | 0.51x | 0.33x | 0.44x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.