CNX Resources Corp

CNX Resources delivered a standout fourth quarter, with earnings per share of $1.28 beating the $0.39 consensus by 231.86% and revenue of $610.48 million clearing estimates by 41.75% as the Appalachian natural gas producer rode a sharp rebound in commodity prices and higher production volumes. Revenue surged 86.6% year-over-year, while the company swung to GAAP net income of $196.25 million from a net loss of $144.62 million in the year-ago quarter, a turnaround driven in large part by $130 million in unrealized derivative gains and a meaningful improvement in realized natural gas prices, which climbed to $3.12 per Mcf from $2.41 a year earlier. Full-year free cash flow nearly doubled to $646 million, and the company repurchased $523.56 million of its own stock across 2025. Looking ahead, CNX guided 2026 production of 605 to 620 Bcfe with adjusted EBITDAX of $1.31 to $1.36 billion and free cash flow of approximately $550 million, while noting it has already hedged 81% of next year's natural gas output at a weighted average price of $2.75 per Mcf.