CNX Resources Corp
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.42%.
Did CNX Beat Earnings? Q2 2026 Results
CNX Resources Corp delivered a blowout second quarter for the fiscal year 2026, posting earnings per share of $1.32 against a consensus estimate of $0.55, a beat of 139.09% that extended the company's streak of beating EPS estimates to four consecutive quarters. Revenue of $618.48 million topped the $480.50 million consensus by 28.72% and grew 14.4% year over year, a notably strong result given the headwinds from weaker natural gas prices. The single most material driver behind the outperformance was CNX's hedging program, which generated a realized gain of $45.00 million on commodity derivative instruments in the quarter, compared to a realized loss of $35.00 million in Q2 2025, effectively cushioning the impact of NYMEX natural gas averaging $2.90 per MMBtu, down from $3.44 a year ago. With 81% of its 2026 natural gas volumes hedged, the company maintained full-year guidance, projecting Adjusted EBITDAX of $1.26 billion to $1.31 billion and free cash flow of approximately $525 million, or roughly $3.55 per share.
- Lower NYMEX natural gas pricing ($2.90/MMBtu vs $3.44/MMBtu in Q2 2025)
- Realized hedging gain of $45 million vs realized loss of $35 million in Q2 2025
- Production volume decline to 151.5 Bcfe from 167.6 Bcfe year-over-year
- NGL sales volume growth to 14.8 Bcfe from 11.1 Bcfe year-over-year
- Unrealized gain on commodity derivative instruments of $131 million
Forward Guidance & Outlook
CNX maintained its full-year 2026 guidance with production volumes of 605-620 Bcfe (~7-8% liquids). Adjusted EBITDAX is projected at $1,265-$1,315 million. Total capital expenditures are guided at $556-$586 million, consisting of $390-$410 million for drilling & completions and $150-$160 million for non-D&C, plus a $16 million Utica Shale rights payment. Free cash flow is guided at approximately $525 million, or approximately $3.55 per share (updated from ~$3.41 due to revised share count). Environmental attribute sales are expected to contribute approximately $70 million to FCF. The company plans 34 TIL wells for 2026, with 81% of natural gas volumes hedged. Forward market prices used for guidance are NYMEX natural gas at $3.55/MMBtu with a ($0.59) differential.
CNX YoY Financials
CNX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.