CNX Resources (CNX) Q3 2025 Earnings
Reported Oct 30, 2025 at 6:58 AM ET · SEC Source
Q3 25 EPS
$1.21
BEAT +223.88%
Est. $0.37
Q3 25 Revenue
$583.8M
BEAT +32.58%
Est. $440.4M
vs S&P Since Q3 25
-5.2%
TRAILING MARKET
CNX +3.8% vs S&P +9.0%
Market Reaction
Did CNX Beat Earnings? Q3 2025 Results
CNX Resources delivered a decisive beat in the third quarter of 2025, posting diluted EPS of $1.21 against a consensus estimate of $0.37, a 223.88% positive surprise, while revenue of $583.84 million topped expectations by 32.58% and surged 74.4% yea… Read more CNX Resources delivered a decisive beat in the third quarter of 2025, posting diluted EPS of $1.21 against a consensus estimate of $0.37, a 223.88% positive surprise, while revenue of $583.84 million topped expectations by 32.58% and surged 74.4% year over year. The primary engine behind the quarter's strength was a sharp expansion in natural gas production, with total output reaching 161.3 Bcfe compared to 134.5 Bcfe in Q3 2024, driving natural gas, NGL and oil revenue to $400.99 million from $259.46 million a year ago. GAAP net income climbed to $202.10 million from $65.54 million in the prior-year period, aided by a $131.69 million gain on commodity derivative instruments. Despite some softness in sequential pricing, with average natural gas sales prices slipping to $2.43 per Mcfe, the company raised its full-year free cash flow guidance to approximately $640 million and nudged production volume guidance higher to 620-625 Bcfe, even as analysts maintain cautious ratings with price targets near $32.
Key Takeaways
- • Total production volumes increased to 161.3 Bcfe from 134.5 Bcfe year-over-year
- • Shale gas volumes grew to 139.2 Bcf from 110.8 Bcf in Q3 2024
- • Capital expenditures declined to $75.5 million from $114.7 million year-over-year
- • Gain on commodity derivative instruments of $131.7 million
- • Gain on asset sales and abandonments of $67.5 million
- • Operating margin improved to 42% from 29% in Q3 2024
- • Cash operating margin of 62% versus 58% in Q3 2024
CNX YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CNX Revenue by Segment
With YoY comparisons, source: SEC Filings
CNX Earnings Trends
CNX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CNX EPS Trend
Earnings per share: estimate vs actual
CNX Revenue Trend
Quarterly revenue: estimate vs actual
CNX Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.97 | $2.18 | +123.96% | $786.7M | +39.70% |
| Q4 25 BEAT FY | $0.39 | $1.28 | +231.86% | $610.5M | +41.75% |
| FY Full Year | — | $3.98 | — | $2.24B | — |
| Q3 25 BEAT | $0.37 | $1.21 | +223.88% | $583.8M | +32.58% |
| Q2 25 BEAT | $0.45 | $2.53 | +464.61% | $962.4M | +100.95% |