November 5, 2026 - Today, Core Natural Resources, Inc. (NYSE: CNR) reported net income of $9.0 million, or $0.18 per diluted share, in the third quarter of 2026. Additionally, Core reported adjusted EBITDA1 of $165.2 million in the quarter, which included nine months of discretionary employee incentive compensation totaling $17.2 million. Third quarter revenues totaled $1.1 billion.

"Core continues to demonstrate the power of its highly cash-generative portfolio of world-class assets and its strategic engagement in the most compelling segments of the global marketplace," said Jimmy Brock, Core's chairman and CEO. "During Q3, the Core team again generated robust free cash flow and returned a substantial amount of capital to stockholders for the seventh straight quarter. While normal geologic variability and weather-related shipment delays dampened quarter-over-quarter comparisons, Core remains on track to deliver a strong full-year performance and to drive significant long-term value for our stockholders."

Operational and Marketing Update

During Q3 2026, Core's high calorific value thermal segment achieved coal sales of 8.2 million tons, down 2 percent from the previous quarter, and recorded realized coal revenue per ton sold1 of $56.58, which was also modestly lower due principally to sales mix. The segment had cash cost of coal sold per ton1 of $41.44, which was 7 percent higher than in Q2 2026 due to normal geologic variability at its Pennsylvania Mining Complex. 

In the metallurgical segment, coking coal sales totaled 2.3 million tons in Q3, in line with the previous quarter, and thermal byproduct sales totaled 0.2 million tons. The segment achieved realized coal revenue per ton sold1 for coking coal of $124.06 and realized coal revenue per ton sold1 for the metallurgical segment as a whole of $120.18, representing a quarter-over-quarter increase of 5 percent. The segment reported a cash cost of coal sold per ton1 of $92.92, representing an 8 percent quarter-over-quarter increase principally due to a short-term increase in contract labor utilization. The metallurgical segment's sales volumes were hampered by stormy weather late in the quarter that caused the loading of two high-value vessels to slip into early October.

In the Powder River Basin segment, Q3 sales volumes totaled 13.5 million tons, representing a 32 percent increase over the previous quarter due to seasonally stronger demand. Realized coal revenue per ton sold1 was $14.29, which was generally in line with Q2 2026, and cash cost of coal sold per ton1 was $13.49, representing a 9 percent improvement due in large part to the increased volume levels.

During Q3, the marketing team secured 29.4 million tons of new sales commitments across all segments for delivery in future periods, at prices reflecting the significantly improved market environment. Included in this total, the Core team committed 2.4 million tons of metallurgical coal for delivery in 2027 to North American customers, at an average fixed price higher than last year's commitments.

Financial, Liquidity, and Capital Return Update

Core's capital return framework targets the return to stockholders of around 75 percent of free cash flow1, with the significant majority of that return directed to share repurchases complemented by a sustaining quarterly dividend of $0.10 per share. During Q3 2026, the company invested $84.7 million to repurchase 930,611 shares of its common stock at an average share price of $90.96. Core has now invested a total of $413.9 million to repurchase 5.2 million shares of common stock, or roughly 9.6 percent of total shares outstanding as of the program's launch, at an average share price of $79.53, and a total of $449.7 million, inclusive of dividend payments, in the capital return program overall.

Since the inception of its capital return program in February 2025, Core has returned approximately 85 percent of its free cash flow1 to stockholders via its capital return program. As of September 30, 2026, Core had $586.1 million of remaining authorization under its existing $1.0 billion share repurchase program.

In addition, the board declared a $0.10 per share quarterly dividend payable on December 15, 2026, to stockholders of record on November 30, 2026.

"During Q3, Core again demonstrated the consistency and resilience of its highly cash-generative operating portfolio," Brock said. "The Core team generated strong free cash flow and continued to reduce share count in a steady and systematic manner, ending the quarter with 48.9 million shares outstanding, or nearly 10 percent lower than the total in February 2025 when the capital return program was launched. Given the resurgent market environment and strong contract book we continue to build, Core expects to continue to shrink the share count in Q4 and as we turn the corner into 2027."

During Q3 2026, Core generated net cash provided by operating activities of $174.6 million and free cash flow1 of $80.3 million. At September 30, 2026, Core had total liquidity of $1.0 billion, including $443.9 million in cash and cash equivalents and short-term investments.

Market Update

Thermal coal market conditions strengthened markedly in Q3, particularly overseas. Continuing disruptions in global LNG and refined product markets are buoying international thermal coal demand and boosting seaborne pricing. Correspondingly, rising U.S. thermal coal exports combined with ongoing U.S. power demand growth are beginning to tighten domestic thermal markets as well.

Longer term, U.S. grid operators are projecting substantial power demand growth, spurred by reindustrialization and the AI-driven data center build-out. With the U.S. coal fleet operating at an average capacity factor of less than 50 percent – and with the Trump Administration moving aggressively to ensure the long-term viability of the U.S. coal fleet – Core expects U.S. thermal coal demand to climb in coming years. Likewise, the long-term outlook for thermal coal in the seaborne market appears positive. Energy markets are tight around the world; India's cement production is growing at a rapid clip; and the International Energy Agency expects global electricity demand to grow at 3.6 percent in 2026 and 3.8 percent in 2027.

Seaborne metallurgical markets also strengthened appreciably during Q3. Current assessments indicate High-Vol A coal (FOB the vessel on the U.S. East Coast) at more than $30 per metric ton higher today than at the start of Q3. In addition, China recently agreed – as part of bilateral trade negotiations – to import at least 10 million metric tons of coal from U.S. coal producers in both 2027 and 2028, with U.S. metallurgical producers likely to be prime beneficiaries, in Core's estimation. Core expects increasing demand and elevated Australian Premium Low-Vol pricing to continue to support U.S. East Coast prices, and for the significant differential between the two products to narrow over time as Asian buyers seek to take advantage of the wide price spread. Meanwhile, Core continues to make good progress in marketing its Leer brand coal as an advantageous, high value-in-use substitute for Australian premium products.

Core expects the ongoing, steel-dependent build-out of Southeast Asian economies – along with sustained investment in new blast furnace capacity across that region – to support a constructive, long-term market outlook for high-quality coking coals.

Outlook

"While mining conditions can and will vary from quarter to quarter, the Core team remains laser-focused on achieving world-class productivity and industry-leading cost performance on a sustained basis across our entire mining portfolio, while operating in tight alignment with our core values of safety and compliance, continuous improvement, and financial performance," said Mitesh Thakkar, Core's president. "With our strategically diversified operating platform, Core is uniquely positioned to capitalize on what we view as the highest potential market opportunities in the coal universe — tightening global energy markets, an ongoing infrastructure build-out in the developing world, and resurgent U.S. power demand."

1 - Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures and Realized Coal Revenue per Ton Sold and Cash Cost of Coal Sold per Ton are operating ratios derived from non-GAAP financial measures, each of which is reconciled to the most directly comparable GAAP financial measures below, under the caption "Reconciliation of Non-GAAP Financial Measures." Cash Margin per Ton Sold is an operating ratio derived from non-GAAP financial measures and is defined as realized coal revenue per ton sold less cash cost of coal sold per ton.

To see the full results with financial figures included, click here.