CNX Resources Corp (CNX) FY2025 10-K Annual Report
CNX Resources Corp (CNX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CNX Resources Corp FY2025 10-K Analysis
Business Overview
- • Core business model: exploration, production, and midstream operations in natural gas industry
- • New or emphasized risk from increased state-level regulation: Pennsylvania’s Act 127 and Ohio SB315 expanding natural gas gathering line oversight
- • Strategic risk shift focusing on local ordinances: Cecil Township, PA increased well pad setbacks from 500 to 2,500-5,000 feet
- • Notable regulatory uncertainty: potential loss of FERC exemption on midstream gathering pipelines, risking higher costs and lower revenues
- • Most unusual fact: local Pennsylvania courts’ rulings on property rights and Environmental Rights Amendment could restrict hydraulic fracturing operations
Management Discussion & Analysis
- • Total average sales price per Mcfe $2.75 in 2025 vs $2.66 in 2024, up $0.09
- • Liquids uplift added $0.05 per Mcfe in 2025 vs $0.17 in 2024, reducing overall liquids benefit
- • Gas sales volumes hedged: 482.3 Bcf at $2.59/Mcf in 2025 vs 420.6 Bcf at $2.58 in 2024
- • Hedged average prices for 2026-2028 production between $2.74 and $3.28 per Mcf, reducing price risk
- • No explicit profitability, segment performance, cash flow, or capital allocation data disclosed in section
Risk Factors
- • Regulatory risk from uncertain development timing under SEC Rule 4.10(a) for proved undeveloped reserves exceeding five years, including 320 Bcfe related to Buchanan mine
- • Macroeconomic exposure to natural gas price volatility, with 2025 realized loss on commodity derivatives of $181M impacting revenues
- • Operational risk from reliance on long-term unconditional purchase obligations totaling $1.48B as of December 31, 2025, not recorded on balance sheet
- • Competitive threat from use of advanced geological and statistical technologies for reserve assignments, leveraging analog well performance and geophysical data
- • Financial risk from concentration of natural gas sales, with over 10% revenue dependence on three customers each exceeding $200M in 2025 contracts
CNX Resources Corp FY2025 Key Financial MetricsXBRL
Revenue
$2.2B
▲ +76.8% YoY
Net Income
$633M
▲ +799.7% YoY
Net Margin
28.3%
▲ +3542bp YoY
ROE
14.6%
▲ +1681bp YoY
Total Assets
$9.1B
▲ +6.8% YoY
EPS (Diluted)
$3.98
▲ +763.3% YoY
Operating Cash Flow
$1.0B
▲ +26.1% YoY
Source: XBRL data from CNX Resources Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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