CNX Resources (CNX) Q2 2025 Earnings
How Did CNX Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +1.27%.
Did CNX Beat Earnings? Q2 2025 Results
Yes. CNX Resources reported Q2 2025 earnings of $2.53 a share on Jul 24, 2025, beating the $0.45 consensus estimate by 464.6%. Revenue was $962.4M against a $478.9M estimate.
CNX Resources posted a blowout second quarter, with earnings per share of $2.53 beating the $0.45 consensus by 464.61% and revenue of $962.42 million arriving more than double the $478.93 million analysts had expected, a 213.4% jump from the year-ago period. The single biggest driver was a $421.12 million gain on commodity derivative instruments, including $456.00 million in unrealized mark-to-market gains, which propelled the company to GAAP net income of $432.52 million from a net loss of $18.26 million a year prior. Beyond derivatives, the underlying business also showed genuine momentum; natural gas, NGL and oil revenue nearly doubled to $485.02 million as total production climbed to 167.6 Bcfe from 134.0 Bcfe, while free cash flow surged to $188.00 million from just $47.00 million. Some analysts have cautioned that the derivative-driven gains may obscure core earnings power, though adjusted net income itself rose to $100.00 million from $55.00 million. Looking ahead, CNX raised the low end of its 2025 production guidance to 615 Bcfe and updated its FCF per share estimate to $4.07, backed by approximately $575.00 million in full-year free cash flow guidance.
- Strong production volume growth with total production of 167.6 Bcfe, up from 134.0 Bcfe in Q2 2024
- Average daily production increased to 1,841.8 MMcfe from 1,472.5 MMcfe year-over-year
- Shale sales volumes increased to 146.9 Bcf from 111.7 Bcf in Q2 2024
- Higher NYMEX natural gas prices of $3.44/MMBtu vs $1.89/MMBtu in Q2 2024
- Unrealized gain of $456 million on commodity derivative instruments
- Lower capital expenditures of $113.6 million vs $151.9 million in Q2 2024
- Total production cash costs before DD&A declined to $0.79/Mcfe from $0.86/Mcfe year-over-year
- Adjusted EBITDAX increased to $332 million from $242 million in Q2 2024
What Was CNX Resources's Outlook in Q2 2025?
CNX updated its full-year 2025 guidance, raising the production volume low end to 615 Bcfe (from 605 Bcfe) while maintaining the high end at 620 Bcfe, with approximately 7-8% liquids and 85% of natural gas hedged. Adjusted EBITDAX guidance was maintained at $1,225-$1,275 million. Total capital expenditures guidance remained at $450-$500 million. Free cash flow guidance was reiterated at approximately $575 million, with FCF per share updated to approximately $4.07 (from $3.97 previously) based on updated shares outstanding of 141,418,560. The company plans 34 total TILs for 2025. Forward market pricing assumptions include NYMEX natural gas at $3.59/MMBtu with a differential of ($0.67). Environmental attributes sales are expected to contribute approximately $65 million to FCF (down from prior estimate of $75 million). Total FCF guidance includes approximately $50 million in expected asset sales.
CNX YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $962.4M | $307.1M | +213.4% |
| Operating Income | $615.7M | $299.6M | +105.5% |
| Net Income | $432.5M | $16.8M | +2,468.6% |
CNX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.