Q1 26 EPS
$2.18
BEAT +123.96%
Est. $0.97
Q1 26 Revenue
$786.7M
BEAT +39.70%
Est. $563.1M
vs S&P Since Q1 26
-15.8%
TRAILING MARKET
CNX -7.8% vs S&P +8.0%
Market Reaction
Did CNX Beat Earnings? Q1 2026 Results
CNX Resources posted a blowout first quarter of 2026, with earnings per share of $2.18 beating the $0.97 consensus estimate by 123.96% and revenue of $786.65 million topping expectations by 39.70% while rising 28.8% year-over-year. The primary engine… Read more CNX Resources posted a blowout first quarter of 2026, with earnings per share of $2.18 beating the $0.97 consensus estimate by 123.96% and revenue of $786.65 million topping expectations by 39.70% while rising 28.8% year-over-year. The primary engine behind the outperformance was a sharp swing in commodity derivative positions, as an unrealized gain of $226.00 million on derivatives flipped from a $418.00 million unrealized loss a year ago, complementing the benefit of stronger natural gas prices that averaged $5.04 per MMBtu versus $3.65 in Q1 2025. The company swung to GAAP net income of $348.15 million from a net loss of $197.72 million, while adjusted EBITDAX climbed to $400.00 million from $325.00 million. Looking ahead, CNX narrowed its full-year adjusted EBITDAX guidance to $1.26 billion to $1.31 billion and trimmed its free cash flow outlook modestly to approximately $525.00 million, reflecting updated forward pricing assumptions and a wider basis differential, with 81% of natural gas volumes hedged for the remainder of 2026.
Key Takeaways
- • Higher NYMEX natural gas prices ($5.04/MMBtu in Q1 2026 vs. $3.65 in Q1 2025)
- • Production volume growth to 152.4 Bcfe from 147.8 Bcfe year-over-year
- • Unrealized gain on commodity derivatives of $226 million vs. $418 million unrealized loss in Q1 2025
- • Average sales price of natural gas, NGL and oil including cash settlements increased to $3.28/Mcfe from $2.99/Mcfe
- • Operating margin expanded to 43% from 37% year-over-year
- • Cash operating margin improved to 71% from 65% year-over-year
CNX YoY Financials
Q1 2026 vs Q1 2025, 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.55 | $1.32 | +139.09% | $618.5M | +28.72% |
| 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% |