Q2 26 EPS
$1.32
BEAT +139.09%
Est. $0.55
Q2 26 Revenue
$618.5M
BEAT +28.72%
Est. $480.5M
vs S&P Since Q2 26
-1.2%
TRAILING MARKET
CNX +3.0% vs S&P +4.2%
Market Reaction
Did CNX Beat Earnings? Q2 2026 Results
CNX Resources Corp delivered a blowout second quarter for the fiscal year 2026, posting earnings per share of $1.32 against a consensus estimate of $0.55, a beat of 139.09% that extended the company's streak of beating EPS estimates to four consecuti… Read more CNX Resources Corp delivered a blowout second quarter for the fiscal year 2026, posting earnings per share of $1.32 against a consensus estimate of $0.55, a beat of 139.09% that extended the company's streak of beating EPS estimates to four consecutive quarters. Revenue of $618.48 million topped the $480.50 million consensus by 28.72% and grew 14.4% year over year, a notably strong result given the headwinds from weaker natural gas prices. The single most material driver behind the outperformance was CNX's hedging program, which generated a realized gain of $45.00 million on commodity derivative instruments in the quarter, compared to a realized loss of $35.00 million in Q2 2025, effectively cushioning the impact of NYMEX natural gas averaging $2.90 per MMBtu, down from $3.44 a year ago. With 81% of its 2026 natural gas volumes hedged, the company maintained full-year guidance, projecting Adjusted EBITDAX of $1.26 billion to $1.31 billion and free cash flow of approximately $525 million, or roughly $3.55 per share.
Key Takeaways
- • Lower NYMEX natural gas pricing ($2.90/MMBtu vs $3.44/MMBtu in Q2 2025)
- • Realized hedging gain of $45 million vs realized loss of $35 million in Q2 2025
- • Production volume decline to 151.5 Bcfe from 167.6 Bcfe year-over-year
- • NGL sales volume growth to 14.8 Bcfe from 11.1 Bcfe year-over-year
- • Unrealized gain on commodity derivative instruments of $131 million
CNX Forward Guidance & Outlook
CNX maintained its full-year 2026 guidance with production volumes of 605-620 Bcfe (~7-8% liquids). Adjusted EBITDAX is projected at $1,265-$1,315 million. Total capital expenditures are guided at $556-$586 million, consisting of $390-$410 million for drilling & completions and $150-$160 million for non-D&C, plus a $16 million Utica Shale rights payment. Free cash flow is guided at approximately $525 million, or approximately $3.55 per share (updated from ~$3.41 due to revised share count). Environmental attribute sales are expected to contribute approximately $70 million to FCF. The company plans 34 TIL wells for 2026, with 81% of natural gas volumes hedged. Forward market prices used for guidance are NYMEX natural gas at $3.55/MMBtu with a ($0.59) differential.
CNX YoY Financials
Q2 2026 vs Q2 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% |