Core Natural Resources, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
CNR$79.31+5.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001710366-26-000041
ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001710366-26-000054
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 163 previous paragraphs and 189 current paragraphs.
120 unchanged; 36 reworded; 22 added; 7 removed; 0 previous and 11 current paragraphs rearranged.
Tables are not compared: 12 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
On a consolidated basis, depreciation, depletion and amortization costs were $167 million for the three months ended June 30, 2026, compared to $169 million for the three months ended June 30, 2025. The decrease was due to various items, none of which were individually significant in either period.
Current report
On a consolidated basis, general and administrative costs were $27 million for the three months ended June 30, 2026, compared to $35 million for the three months ended June 30, 2025. The $8 million decrease in the period-to-period comparison was primarily due to Merger-related costs and ongoing synergies, specifically related to lower professional and consulting services and severance and benefit costs, as well as lower headcount.
Current report
Other includes various items, none of which were individually significant in either period.
Current report
Results of Operations: Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Current report
Revenues
Current report
Consolidated revenues in the six months ended June 30, 2026 were $106 million higher than the six months ended June 30, 2025 due to increases in the High CV Thermal, Metallurgical and Core Marine Terminal segments of $16 million, $104 million and $7 million, respectively, partially offset by a decrease in the PRB segment of $26 million. The increase in the High CV Thermal segment was mainly due to higher sales tons, partially offset by weakened pricing. The increase in the Metallurgical segment was primarily attributable to higher sales tons and a more favorable product mix. The decrease in the PRB segment was largely attributable to lower sales tons. See the discussion in “Operational Performance” below for further information about segment results.
Current report
Cost of Sales
Current report
Our consolidated cost of sales in the six months ended June 30, 2026 decreased $15 million compared to the six months ended June 30, 2025 primarily due to a $61 million decrease in the Metallurgical segment, partially offset by increases in the High CV Thermal, PRB and Core Marine Terminal segments of $47 million, $16 million and $2 million, respectively. The decrease in the Metallurgical segment was primarily due to a production decrease at our higher-cost continuous miner operations as well as the impact of Section 45X tax credits, partially offset by a production increase at our lower-cost longwall operations. The increase in the High CV Thermal segment was primarily related to increased export logistics and transportation obligations compared to the prior year period. Our operations were impacted by increased electricity, fuel and explosives costs due to higher commodity prices compared to the prior year. The remaining decrease in cost of sales was largely due to lower non-active mining costs when compared to the prior year period. See the discussion in “Operational Performance” below for further information about segment results.
Current report
Depreciation, Depletion and Amortization
Current report
General and Administrative Costs
Current report
Other includes various items, none of which were individually significant in either period.
Current report
Interest Expense and Interest Income
Current report
Adjusted EBITDA decreased $12 million in the period-to-period comparison, primarily due to a $2.39 decrease in realized coal revenue per ton sold, partially offset by an $0.89 decrease in cash cost of coal sold per ton. The decrease in realized coal revenue per ton sold was primarily related to increased export logistics and transportation obligations compared to the prior year period. The decrease in cash cost of coal sold per ton was primarily due to the impact of Section 45X tax credits in the current year period.
Current report
Adjusted EBITDA increased $202 million in the period-to-period comparison, primarily due to insurance recoveries related to the Leer South insurance claim of $125 million in the current year period compared to fire extinguishment and idle costs of $21 million in the prior year period. Current year adjusted EBITDA was also positively impacted by a $9.91 increase in realized coal revenue per ton sold and a $10.28 decrease in cash cost of coal sold per ton. The increase in realized coal revenue per ton sold largely related to increased coal benchmark pricing and a more favorable product mix when compared to the prior year period. The decrease in cash cost of coal sold per ton was primarily due to higher sales tons from restarting our Leer South longwall mine, which has a lower operating cost per ton than our continuous miner operations, as well as the impact of Section 45X tax credits.
Current report
Adjusted EBITDA decreased $22 million in the period-to-period comparison, primarily due to a 2.4 million decrease in tons sold and a $1.45 increase in cash cost of coal sold per ton. In addition to lower sales tons, cash cost of coal sold per ton was negatively impacted by increased fuel and explosives costs due to higher diesel prices compared to the prior year period.
Current report
Operational Performance: Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025
Current report
High CV Thermal Segment Analysis
Current report
Metallurgical Segment Analysis
Current report
Adjusted EBITDA increased $280 million in the period-to-period comparison, primarily due to insurance recoveries related to the Leer South insurance claim of $135 million in the current year period compared to fire extinguishment and idle costs of $58 million in the prior year period. Current year adjusted EBITDA was also positively impacted by an $11.92 increase in realized coal revenue per ton sold and a $4.53 decrease in cash cost of coal sold per ton. The increase in realized coal revenue per ton sold largely related to increased coal benchmark pricing and a more favorable product mix when compared to the prior year period. The decrease in cash cost of coal sold per ton was primarily due to higher sales tons from restarting our Leer South longwall mine, which has a lower operating cost per ton than our continuous miner operations, as well as the impact of Section 45X tax credits.
Current report
PRB Segment Analysis
Current report
Adjusted EBITDA decreased $40 million in the period-to-period comparison, primarily due to a 1.2 million decrease in tons sold and a $1.24 increase in cash cost of coal sold per ton. In addition to lower sales tons, cash cost of coal sold per ton was negatively impacted by increased fuel and explosives costs due to higher diesel prices compared to the prior year period.
Current report
Core Marine Terminal Segment Analysis
Removed paragraphs (7)
Previous report
One Big Beautiful Bill Act
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law by the President of the U.S. Several provisions included in the OBBBA are expected to benefit the Company, including language designating U.S.-produced metallurgical coal as a “critical material” under Internal Revenue Code Section 45X (Advanced Manufacturing Production Credit), through which the Company will be eligible for a 2.5% monetizable tax credit on production-related costs beginning in 2026 and sunsetting at the end of 2029. The Company is currently evaluating the OBBBA provisions, and the determination as to the applicability and extent of the OBBBA’s provisions on the Company’s future results of operations and cash flows will be dependent upon interpretations of the law and revenue rulings issued by the U.S. Treasury Department.
Previous report
Executive Orders
Previous report
President Trump issued a series of executive orders in April 2025 intended to reduce the regulatory burden on U.S. coal-based power plants and to ensure the long-term preservation of the U.S. coal fleet. The Trump Administration views the coal fleet as essential to the security, resilience and reliability of the U.S. power system. Reduction of regulatory burden allows for any impediments to domestic thermal coal demand to be challenged and possibly removed so that the Company could have an increased chance to sell more of its thermal coals specifically within the U.S. The executive orders help to further de-risk the domestic thermal market in the near term.
Previous report
Adjusted EBITDA increased $78 million in the period-to-period comparison, primarily due to a $13.77 increase in realized coal revenue per ton sold and higher tons sold. Metallurgical coal benchmark prices increased compared to the prior year period due to stronger demand. In addition, the Leer South mine was fully operational in the current year period compared to being idled in the prior year period due to the combustion-related event. Prior year Adjusted EBITDA was negatively impacted by $36 million of costs incurred associated with this incident, whereas insurance reimbursements of $10 million were recorded in the current year period.
Previous report
Adjusted EBITDA decreased $18 million in the period-to-period comparison, primarily due to a $1.20 increase in cash cost of coal sold per ton, partially offset by higher tons sold. The increase in cash cost of coal sold per ton was largely attributable to increased fuel and explosives costs due to higher commodity prices, as well as increased maintenance costs compared to the prior year period.
Previous report
•An aggregate principal amount of $2 million of other debt arrangements.
Reworded paragraphs (36)
Previous wording
The Company incurred fire extinguishment and idle costs of $101 million at Leer South in 2025 for which it is pursuing recoveries under its relevant insurance policies. The Company’s initial advancement of insurance proceeds was $19.4 million, recorded in the third quarter of 2025. During the three months ended March 31, 2026, the Company recorded additional recoveries of $9.7 million. The Company will continue to pursue all avenues for additional recoveries.
Current wording
The Company incurred fire extinguishment and idle costs of $101 million at Leer South in 2025 for which it has pursued recoveries under its relevant insurance policies. In June 2026, the Company settled the Leer South insurance claim for total recoveries of $154.5 million, of which $125.4 million and $135.1 million were recorded during the three and six months ended June 30, 2026, respectively. Of the total recoveries of $154.5 million, the portion attributable to business interruption insurance was $114.9 million, which was recorded during the three and six months ended June 30, 2026.
Previous wording
Our mines in West Virginia produce a premium metallurgical product used in the global steel industry. Our surface mines in the Powder River Basin produce thermal coal for sale into domestic and international markets. Our thermal longwall mines produce a high-quality, high calorific value thermal product that can compete effectively in seaborne markets.
Current wording
Our mines in West Virginia produce a premium metallurgical product used in the global steel industry. Our surface mines in the Powder River Basin (“PRB”) produce thermal coal for sale into domestic and international markets. Our thermal longwall mines produce a high-quality, high calorific value thermal product that can compete effectively in seaborne markets.
Previous wording
Consolidated revenues in the three months ended March 31, 2026 were $67 million higher than the three months ended March 31, 2025 due to increases in the High CV Thermal, Metallurgical, PRB and Core Marine Terminal segments of $11 million, $38 million, $13 million and $3 million, respectively. The increase in the Metallurgical segment was primarily attributable to increased metallurgical coal benchmark pricing coupled with higher sales tons. In the High CV Thermal and PRB segments, increased sales tons were partially offset by a weakened pricing environment. In the Core Marine Terminal segment, revenues increased primarily due to improved pricing and higher throughput tons. See the discussion in “Operational Performance” below for further information about segment results.
Current wording
Consolidated revenues in the three months ended June 30, 2026 were $39 million higher than the three months ended June 30, 2025 due to increases in the High CV Thermal, Metallurgical and Core Marine Terminal segments of $6 million, $66 million and $4 million, respectively, which were partially offset by a decrease in the PRB segment of $39 million. The increase in the High CV Thermal segment was mainly due to slightly higher sales tons coupled with higher pricing related to increased export logistics and transportation obligations. The increase in the Metallurgical segment was primarily attributable to higher sales tons and a more favorable product mix. The decrease in the PRB segment was largely attributable to lower sales tons in the current year period. See the discussion in “Operational Performance” below for further information about segment results.
Previous wording
Cost of sales includes items such as direct operating costs, royalties, production taxes and credits, direct administration costs and transportation costs. Our consolidated cost of sales in the three months ended March 31, 2026 increased $9 million compared to the three months ended March 31, 2025 due to increases in the High CV Thermal and PRB segments of $30 million in each segment primarily due to increased sales tons. These increases were partially offset by a decrease in the Metallurgical segment of $40 million, primarily due to the $36 million of fire and idle costs in the prior year period associated with the combustion-related event at the Leer South mine compared to insurance reimbursements of $10 million in the current year period, partially offset by increased sales tons. The increased costs in the current year period were partially offset by Section 45X tax credits. In addition, prior year results included operating overhead and certain actuarial costs that did not recur. See the discussion in “Operational Performance” below for further information about segment results.
Current wording
Cost of sales includes items such as direct operating costs, royalties, production taxes and credits, direct administration costs and transportation costs. Our consolidated cost of sales in the three months ended June 30, 2026 decreased $24 million compared to the three months ended June 30, 2025 principally due to decreases in the Metallurgical and PRB segments of $21 million and $15 million, respectively, partially offset by increases in the High CV Thermal and Core Marine Terminal segments of $17 million and $2 million, respectively. The decrease in the Metallurgical segment was primarily due to a production decrease at our higher-cost continuous miner operations as well as the impact of Section 45X tax credits, partially offset by a production increase at our lower-cost longwall operations. The decrease in the PRB segment was largely due to lower sales tons in the current year period. The increase in the High CV Thermal segment was primarily related to increased export logistics and transportation obligations compared to the prior year period. The remaining decrease in cost of sales was largely due to lower non-active mining costs when compared to the prior year period. See the discussion in “Operational Performance” below for further information about segment results.
Previous wording
On a consolidated basis, depreciation, depletion and amortization costs were $146 million for the three months ended March 31, 2026, compared to $122 million for the three months ended March 31, 2025, resulting in a $25 million increase. The increase was primarily attributable to additional assets placed into service.
Current wording
On a consolidated basis, depreciation, depletion and amortization costs were $313 million for the six months ended June 30, 2026, compared to $291 million for the six months ended June 30, 2025, resulting in a $22 million increase. The increase was primarily attributable to additional assets placed into service.
Previous wording
On a consolidated basis, general and administrative costs were $36 million for the three months ended March 31, 2026, compared to $89 million for the three months ended March 31, 2025. The $53 million decrease in the period-to-period comparison was primarily due to non-recurring Merger-related transaction costs incurred during the three months ended March 31, 2025, including fees paid to financial, legal and accounting advisors, severance and benefit costs, filing fees and debt restructuring costs. The remaining decrease related to lower headcount resulting from the synergies of the Merger.
Current wording
On a consolidated basis, general and administrative costs were $63 million for the six months ended June 30, 2026, compared to $124 million for the six months ended June 30, 2025. The $61 million decrease in the period-to-period comparison was primarily due to non-recurring Merger-related transaction costs incurred during the six months ended June 30, 2025, including fees paid to financial, legal and accounting advisors, severance and benefit costs, filing fees and debt restructuring costs. The remaining decrease related to lower headcount resulting from the synergies of the Merger.
Previous wording
Insurance proceeds recorded in the three months ended March 31, 2026 related to the final resolution of the Francis Scott Key Bridge collapse business interruption insurance claim.
Current wording
Business interruption insurance proceeds recorded in the six months ended June 30, 2026 related to the final resolutions of the Leer South and the Francis Scott Key Bridge collapse insurance claims.
Previous wording
On a consolidated basis, interest expense was $11 million for the three months ended March 31, 2026, compared to $8 million for the three months ended March 31, 2025. The $3 million increase in the period-to-period comparison was primarily due to additional interest on the Series 2025 Bonds (as defined below), as well as interest incurred on new equipment financing arrangements and increased fees associated with the Company’s Receivables Financing Agreement as a result of the July 2025 amendment.
Current wording
On a consolidated basis, interest expense was $23 million for the six months ended June 30, 2026, compared to $18 million for the six months ended June 30, 2025. The $5 million increase in the period-to-period comparison was primarily due to interest incurred on new equipment financing arrangements, as well as additional interest on the Series 2025 Bonds (as defined below).
Previous wording
Loss on debt extinguishment of $12 million was recorded in the three months ended March 31, 2025 due to the amendment of the Company’s Revolving Credit Facility and the refinancing of the Series 2025 Bonds.
Current wording
Loss on debt extinguishment of $12 million was recorded in the six months ended June 30, 2025 due to the amendment of the Company’s Revolving Credit Facility and the refinancing of the Series 2025 Bonds.
Previous wording
Adjusted EBITDA increased $3 million in the period-to-period comparison, primarily due to increased throughput tons as well as favorable pricing. Throughput volumes at the Core Marine Terminal were 4.8 million tons for the three months ended March 31, 2026, compared to 4.3 million tons for the three months ended March 31, 2025.
Current wording
Adjusted EBITDA increased $3 million in the period-to-period comparison, primarily due to increased throughput tons as well as favorable pricing. Throughput volumes at the Core Marine Terminal were 5.2 million tons for the three months ended June 30, 2026, compared to 4.9 million tons for the three months ended June 30, 2025.
Previous wording
Adjusted EBITDA decreased $19 million in the period-to-period comparison, primarily due to a $4.32 decrease in realized coal revenue per ton sold, partially offset by a 0.6 million increase in tons sold and a $0.22 decrease in cash cost of coal sold per ton. The decrease in realized coal revenue per ton sold was primarily due to softened international markets, which weighed on Newcastle prices, coupled with weak demand in Europe, which weighed on API2 pricing. The decrease in cash cost of coal sold per ton was primarily due to higher sales tons to absorb fixed costs on a per ton basis compared to the prior year period.
Current wording
Adjusted EBITDA decreased $31 million in the period-to-period comparison, primarily due to a $3.26 decrease in realized coal revenue per ton sold, which was partially offset by a $0.50 decrease in cash cost of coal sold per ton and higher tons sold. The decrease in realized coal revenue per ton sold was principally related to increased export logistics and transportation obligations compared to the prior year period. The decrease in cash cost of coal sold per ton was largely due to higher sales tons to absorb fixed costs on a per ton basis compared to the prior year period.
Previous wording
The Company’s potential sources of liquidity include cash generated from operating activities, cash on hand, borrowings under the Revolving Credit Facility and Receivables Financing Agreement (which are discussed and defined below) and, if necessary, the ability to issue equity or debt securities. The Company believes that cash generated from these sources, without needing to issue equity or debt securities, will be sufficient to meet its short-term working capital requirements, long-term capital expenditure requirements and debt servicing obligations, as well as to provide required letters of credit or surety bonds necessary for the Company’s operations.
Current wording
The Company’s potential sources of liquidity include cash generated from operating activities, cash on hand, short-term investments, borrowings under the Revolving Credit Facility and Receivables Financing Agreement (which are discussed and defined below) and, if necessary, the ability to issue equity or debt securities. The Company believes that cash generated from these sources, without needing to issue equity or debt securities, will be sufficient to meet its short-term working capital requirements, long-term capital expenditure requirements and debt servicing obligations, as well as to provide required letters of credit or surety bonds necessary for the Company’s operations.
Previous wording
Our total liquidity as of March 31, 2026 was comprised of the following:
Current wording
Our total liquidity as of June 30, 2026 comprised the following:
Previous wording
Events that negatively impact our operations, overall financial condition and liquidity could result in our inability to comply with the Revolving Credit Facility’s financial covenants. This could limit our ability to borrow under the Revolving Credit Facility if we are unable to obtain necessary waivers or amendments. The Company expects to maintain adequate liquidity through its net cash provided by operating activities and cash and cash equivalents on hand, as well as the Revolving Credit Facility and its Receivables Financing Agreement, to fund its working capital needs and capital expenditures in the short-term and long-term.
Current wording
Events that negatively impact our operations, overall financial condition and liquidity could result in our inability to comply with the Revolving Credit Facility’s financial covenants. This could limit our ability to borrow under the Revolving Credit Facility if we are unable to obtain necessary waivers or amendments. The Company expects to maintain adequate liquidity through its net cash provided by operating activities, cash and cash equivalents on hand and short-term investments, as well as the Revolving Credit Facility and its Receivables Financing Agreement, to fund its working capital needs and capital expenditures in the short-term and long-term.
Previous wording
At March 31, 2026, the Company had a $133 million fund in place that will cover, in part, future reclamation costs of the thermal assets in the PRB. Additionally, the Company maintains $17 million in water treatment trust funds that will fund future water treatment obligations in Pennsylvania, as well as replace surety bonds and related collateral requirements. The Company expects to continue to contribute a minimum of $2 million per year to the funds. These amounts are included in Funds for Asset Retirement Obligations on the Condensed Consolidated Balance Sheets.
Current wording
At June 30, 2026, the Company had a $134 million fund in place that will cover, in part, future reclamation costs of the thermal assets in the PRB. Additionally, the Company maintains $19 million in water treatment trust funds that will fund future water treatment obligations in Pennsylvania, as well as replace surety bonds and related collateral requirements. The Company expects to continue to contribute a minimum of $2 million per year to the water treatment trust funds. These amounts are included in Funds for Asset Retirement Obligations on the Condensed Consolidated Balance Sheets.
Previous wording
In December 2024, the Office of Workers’ Compensation Programs (the “OWCP”) issued a final rule revising the regulations under the Black Lung Benefits Act related to self-insurance by coal mine operators. Under the new standard, self-insured coal mine operators are required to post additional security for the Black Lung benefit liabilities. The final rule requires a security amount equal to 100% of a self-insured operator’s projected black lung liabilities. The rule became effective on January 13, 2025, and operators were required to remit the increased security amount within one year. The final rule, including any assessments, is subject to appeal. In February 2025, the Company received letters from the OWCP that additional guidance regarding the final rule will be provided at a future date.
Current wording
In December 2024, the Office of Workers’ Compensation Programs (the “OWCP”) issued a final rule revising the regulations under the Black Lung Benefits Act related to self-insurance by coal mine operators. Under the new standard, self-insured coal mine operators are required to post additional security for the Black Lung benefit liabilities. The final rule requires a security amount equal to 100% of a self-insured operator’s projected black lung liabilities. The rule became effective on January 13, 2025, and operators were required to remit the increased security amount within one year. In February 2025, the Company received letters from the OWCP that additional guidance regarding the final rule will be provided at a future date. In July 2026, the OWCP published proposed rule changes to the Black Lung Benefits Act, which eliminates the 100% collateral requirement for all operators, and proposes a complex financial review to be conducted to calculate a Composite Solvency Score (“CSS”) for each operator. The CSS determines the percentage of security that companies will be required to provide relative to total black lung liabilities. The Company is currently evaluating the potential impacts of the proposed rule, and any increased security requirement as a result of these proposed changes could adversely impact our financial position and liquidity.
Previous wording
The Company participates in the United Mine Workers of America (the “UMWA”) Combined Benefit Fund and the UMWA 1992 Benefit Plan for which benefits are reflected in the Company’s consolidated financial statements when paid. These benefit arrangements may result in additional liabilities that are not recognized on the Condensed Consolidated Balance Sheet at March 31, 2026. The various multi-employer benefit plans are discussed in Note 17 - Other Employee Benefit Plans in the Notes to the Audited Consolidated Financial Statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company’s total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $1 million for both the three months ended March 31, 2026 and 2025. The Company also uses a combination of surety bonds, corporate guarantees and letters of credit to secure its financial obligations for employee-related, environmental, performance and various other items that are not reflected on the Condensed Consolidated Balance Sheet at March 31, 2026. Management believes these items will expire without being funded. See Note 14 - Commitments and Contingent Liabilities in the Notes to the Condensed Consolidated Financial Statements included in this Report for additional details of the various financial guarantees that have been issued by the Company.
Current wording
The Company participates in the United Mine Workers of America (the “UMWA”) Combined Benefit Fund and the UMWA 1992 Benefit Plan for which benefits are reflected in the Company’s consolidated financial statements when paid. These benefit arrangements may result in additional liabilities that are not recognized on the Condensed Consolidated Balance Sheet at June 30, 2026. The various multi-employer benefit plans are discussed in Note 17—Other Employee Benefit Plans in the Notes to the Audited Consolidated Financial Statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company’s total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $1 million and $2 million for the six months ended June 30, 2026 and 2025, respectively. The Company also uses a combination of surety bonds, corporate guarantees and letters of credit to secure its financial obligations for employee-related, environmental, performance and various other items that are not reflected on the Condensed Consolidated Balance Sheet at June 30, 2026. Management believes these items will expire without being funded. See Note 14—Commitments and Contingent Liabilities in the Notes to the Condensed Consolidated Financial Statements included in this Report for additional details of the various financial guarantees that have been issued by the Company.
Previous wording
Net cash provided by (used in) operating activities changed by $229 million in the period-to-period comparison primarily due to the payment of non-recurring Merger-related expenditures in the three months ended March 31, 2025, increased segment earnings when compared to the prior year period and other working capital changes.
Current wording
Net cash provided by operating activities increased by $259 million in the period-to-period comparison primarily due to increased segment earnings, including recoveries related to the Leer South insurance claim, as well as the payment of non-recurring Merger-related expenditures in the six months ended June 30, 2025.
Previous wording
Net cash (used in) provided by investing activities changed by $363 million in the period-to-period comparison primarily due to cash acquired via the Merger, which was partially offset by the purchase of Arch’s tax-exempt bonds, and the liquidation of the Company’s remaining U.S. Treasury securities during the three months ended March 31, 2025, which resulted in net proceeds of $75 million.
Current wording
Net cash (used in) provided by investing activities changed by $370 million in the period-to-period comparison primarily due to the Merger, which included cash acquired, partially offset by the purchase of Arch’s tax-exempt bonds. Additionally, the Company liquidated its U.S. Treasury securities during the six months ended June 30, 2025, which resulted in net proceeds of $75 million.
Previous wording
Net cash used in financing activities increased by $16 million in the period-to-period comparison. Cash outflows related to share repurchases totaled $42 million in the three months ended March 31, 2026 compared to $101 million in the three months ended March 31, 2025. In connection with the Merger, the Company amended its Revolving Credit Facility and refinanced its tax-exempt bonds during the three months ended March 31, 2025. Proceeds of $114 million were received in connection with the bond refinancing, and fees associated with these transactions amounted to $16 million. Additionally, dividend payments decreased by $6 million compared to the prior year period.
Current wording
Net cash used in financing activities increased by $5 million in the period-to-period comparison. Cash outflows related to share repurchases totaled $105 million in the six months ended June 30, 2026 compared to $183 million in the six months ended June 30, 2025. In connection with the Merger, the Company amended its Revolving Credit Facility and refinanced its tax-exempt bonds during the six months ended June 30, 2025. Proceeds of $114 million were received in connection with the bond refinancing, and fees associated with these transactions amounted to $17 million. Additionally, dividend payments decreased by $6 million compared to the prior year period.
Previous wording
In November 2017, the Company entered into a revolving credit facility with PNC Bank, N.A. (“PNC”) (as amended, the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in January 2025 in connection with the Merger. The January 2025 amendment increased the available revolving commitments from $355 million to $600 million and extended the scheduled maturity date to April 30, 2029, provided that, if any of the MEDCO Bonds or PEDFA Bonds (as defined below) and any subsequent refinancings thereof remain outstanding 91 days prior to their stated maturity and our specified liquidity, as measured under the Revolving Credit Facility, is less than $250 million at that time, the maturity date of the Revolving Credit Facility will be such date. Additionally, the Company reduced the applicable interest rate margin on its borrowings and letters of credit under the Revolving Credit Facility by 75 basis points.
Current wording
In November 2017, the Company entered into a revolving credit facility with PNC Bank, National Association (“PNC”) (as amended, the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in January 2025 in connection with the Merger. The January 2025 amendment increased the available revolving commitments from $355 million to $600 million and extended the scheduled maturity date to April 30, 2029, provided that, if any of the MEDCO Bonds or PEDFA Bonds (as defined below) and any subsequent refinancings thereof remain outstanding 91 days prior to their stated maturity and our specified liquidity, as measured under the Revolving Credit Facility, is less than $250 million at that time, the maturity date of the Revolving Credit Facility will be such date. Additionally, the Company reduced the applicable interest rate margin on its borrowings and letters of credit under the Revolving Credit Facility by 75 basis points.
Previous wording
The Revolving Credit Facility also includes financial covenants, including (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum interest coverage ratio. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio is 1.50 to 1.00, the maximum total net leverage ratio is 2.50 to 1.00 and the minimum interest coverage ratio is 3.00 to 1.00. The Revolving Credit Facility contains customary events of default, including failure to make payments when due, cross-default and cross-judgment default and certain bankruptcy and insolvency events.
Current wording
The Revolving Credit Facility also includes financial covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum interest coverage ratio. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio shall be 1.50 to 1.00, the maximum total net leverage ratio shall be 2.50 to 1.00 and the minimum interest coverage ratio shall be 3.00 to 1.00. The Revolving Credit Facility contains customary events of default, including failure to make payments when due, cross-default and cross-judgment default and certain bankruptcy and insolvency events.
Previous wording
The Company’s first lien gross leverage ratio was 0.25 to 1.00 at March 31, 2026. The Company’s total net leverage ratio was 0.07 to 1.00 at March 31, 2026. The Company’s interest coverage ratio was 31.61 to 1.00 at March 31, 2026. The Company was in compliance with all covenants under the Revolving Credit Facility as of March 31, 2026.
Current wording
The Company’s first lien gross leverage ratio was 0.19 to 1.00 at June 30, 2026. The Company’s total net leverage ratio was (0.05) to 1.00 at June 30, 2026. The Company’s interest coverage ratio was 32.65 to 1.00 at June 30, 2026. The Company was in compliance with all covenants under the Revolving Credit Facility as of June 30, 2026.
Previous wording
At March 31, 2026, there were no borrowings outstanding under the Revolving Credit Facility and the facility is currently only used for providing letters of credit, with $110 million of letters of credit outstanding, leaving $490 million of unused capacity. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies’ statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements, and these letters of credit reduce the Company’s borrowing facility capacity.
Current wording
At June 30, 2026, the Revolving Credit Facility had no borrowings outstanding and$109 million of letters of credit outstanding, leaving $491 million of unused borrowing capacity. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies’ statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements, and these letters of credit reduce the Company’s borrowing facility capacity.
Previous wording
The Receivables Documents contain various customary representations and warranties, covenants and default provisions that provide for the termination and acceleration of the commitments and loans under the Receivables Financing Agreement in certain circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. The Company guarantees the performance of the obligations of Arch; Core Sales, LLC; Mingo Logan Coal LLC; Mountain Coal Company, L.L.C.; ICG Beckley, LLC; ICG Tygart Valley, LLC; Wolf Run Mining LLC; Thunder Basin Coal Company, L.L.C.; CONSOL Pennsylvania Coal Company LLC; Core Marine Terminals LLC; and Itmann Mining Company LP under the securitization, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Receivables Financing Agreement. However, neither the Company nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder.
Current wording
The Receivables Documents contain various customary representations and warranties, covenants and default provisions that provide for the termination and acceleration of the commitments and loans under the Receivables Financing Agreement in certain circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. The Company guarantees the performance of the obligations of Arch; Core Sales, LLC; Mingo Logan Coal LLC; Mountain Coal Company, L.L.C.; ICG Beckley, LLC; ICG Tygart
Previous wording
At March 31, 2026, eligible accounts receivable yielded $191 million of borrowing capacity. At March 31, 2026, the Receivables Financing Agreement had no outstanding borrowings and approximately $158 million of letters of credit outstanding, leaving $33 million of unused capacity. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.
Current wording
At June 30, 2026, the Company’s eligible accounts receivable yielded $210 million of borrowing capacity. At June 30, 2026, the Receivables Financing Agreement had no borrowings outstanding and $158 million of letters of credit outstanding, leaving $52 million of unused borrowing capacity. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.
Previous wording
•$72 million on its long-term debt and operating and finance lease obligations, including interest;
Current wording
•$70 million on its long-term debt and operating and finance lease obligations, including interest;
Previous wording
•$69 million on its employee-related long-term liabilities, including obligations that the Company has under multi-employer plans; and
Current wording
•$68 million on its employee-related long-term liabilities, including obligations that the Company has under multi-employer plans; and
Previous wording
•$98 million on its environmental obligations and $165 million on its other current liabilities.
Current wording
•$98 million on its environmental obligations and $158 million on its other current liabilities.
Previous wording
The Company believes it will be able to satisfy these material cash requirements with cash generated from operating activities, cash on hand, borrowings under the Revolving Credit Facility and Receivables Financing Agreement and, if necessary, cash generated from its ability to issue equity or debt securities.
Current wording
The Company believes it will be able to satisfy these material cash requirements with cash generated from operating activities, cash on hand, short-term investments, borrowings under the Revolving Credit Facility and Receivables Financing Agreement and, if necessary, cash generated from its ability to issue equity or debt securities.
Previous wording
At March 31, 2026, the Company had total long-term debt and finance lease obligations of $461 million outstanding, including the current portion of $43 million. This long-term debt consisted of:
Current wording
At June 30, 2026, the Company had total long-term debt and finance lease obligations of $454 million outstanding, including the current portion of $42 million, which consisted of:
Previous wording
•An aggregate principal amount of $132 million of finance leases with a weighted-average interest rate of 6.91%.
Current wording
•An aggregate principal amount of $128 million of finance leases with a weighted-average interest rate of 6.92%.
Previous wording
•An aggregate principal amount of $10 million of various equipment financing arrangements with a weighted-average interest rate of 7.22%.
Current wording
•An aggregate principal amount of $8 million of various equipment financing arrangements with a weighted-average interest rate of 6.84%.
Previous wording
At March 31, 2026, the Company had no borrowings outstanding and approximately $110 million of letters of credit outstanding under the $600 million Revolving Credit Facility. At March 31, 2026, the Company had no borrowings outstanding and approximately $158 million of letters of credit outstanding under the Receivables Financing Agreement.
Current wording
At June 30, 2026, the Company had no borrowings outstanding and approximately $109 million of letters of credit outstanding under the $600 million Revolving Credit Facility. At June 30, 2026, the Company had no borrowings outstanding and approximately $158 million of letters of credit outstanding under the Receivables Financing Agreement.
Previous wording
During the three months ended March 31, 2026, the Company repurchased and retired 464,600 shares of the Company’s common stock at an average price of $90.23 per share.
Current wording
During the six months ended June 30, 2026, the Company repurchased and retired 1,184,504 shares of the Company’s common stock at an average price of $88.60 per share.
Previous wording
Total equity attributable to the Company was$3,657 million at March 31, 2026 and $3,678 million at December 31, 2025. See the Condensed Consolidated Statements of Stockholders’ Equity in this Report for additional details.
Current wording
Total equity attributable to the Company was$3,719 million at June 30, 2026 and $3,678 million at December 31, 2025. See the Condensed Consolidated Statements of Stockholders’ Equity in this Report for additional details.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
Business interruption insurance proceeds recorded in the three months ended June 30, 2026 related to the Leer South insurance claim.
Current report — wording carried from elsewhere
On a consolidated basis, interest expense was $12 million for the three months ended June 30, 2026, compared to $10 million for the three months ended June 30, 2025. The $2 million increase in the period-to-period comparison was primarily due to interest incurred on new equipment financing arrangements.
Current report — wording carried from elsewhere
Other Operating Income and Expense, net
Current report — wording carried from elsewhere
Other operating income and expense, net consisted of the following items:
Current report — wording carried from elsewhere
Interest income decreased $3 million in the period-to-period comparison primarily due to changes in interest rates.
Current report — wording carried from elsewhere
Non-Service Related Pension and Postretirement Benefit Costs
Current report — wording carried from elsewhere
Non-service related pension and postretirement benefit costs decreased $1 million in the period-to-period comparison primarily due to the impact of changes in actuarial assumptions made at the beginning of each year.
Current report — wording carried from elsewhere
The following table presents results by reportable segment:
Current report — wording carried from elsewhere
(a) Realized coal revenue per ton sold, cash cost of coal sold per ton and cash margin per ton sold are operating ratios derived from non-GAAP financial measures, and Adjusted EBITDA is a non-GAAP financial measure. See “How We Evaluate Our Operations—Reconciliation of Non-GAAP Financial Measures” above for definitions and reconciliations of these amounts to the most directly comparable GAAP measures.
Current report — wording carried from elsewhere
Adjusted EBITDA increased $5 million in the period-to-period comparison, primarily due to increased throughput tons as well as favorable pricing. Throughput volumes at the Core Marine Terminal were 10.0 million tons for the six months ended June 30, 2026, compared to 9.2 million tons for the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Valley, LLC; Wolf Run Mining LLC; Thunder Basin Coal Company, L.L.C.; CONSOL Pennsylvania Coal Company LLC; Core Marine Terminals LLC; and Itmann Mining Company LP under the securitization, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Receivables Financing Agreement. However, neither the Company nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder.