CNX Resources Corp
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
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 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.
- 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
Forward Guidance & Outlook
CNX updated its 2026 guidance, maintaining production volumes of 605-620 Bcfe with approximately 7-8% liquids content. The company narrowed its adjusted EBITDAX guidance to $1,265-$1,315 million from a previous $1,310-$1,360 million, reflecting updated forward pricing at $3.64/MMBtu NYMEX (down from $4.07) and a wider natural gas differential of ($0.64) vs. prior ($0.56). Base capital expenditures remain at $540-$570 million with total capex of $556-$586 million including Utica shale rights payments. Free cash flow guidance was revised to approximately $525 million from approximately $550 million, or approximately $3.41 per share. Guidance includes approximately $45 million in expected asset sales and approximately $20 million from 45Z tax credit sales. The company plans 34 wells turned in line for the full year, with 81% of natural gas volumes hedged.
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Figures from SEC filings and company reports. Not investment advice.