Short answer
CNX Resources Corp (CNX) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $2.2B (+76.8% year over year) and net income of $633M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +76.8% YoY
- Net income
- $633M
- +799.7% YoY
- EPS (diluted)
- $3.98
- +763.3% YoY
- ROE
- 14.6%
- +16.8 pp YoY
- Operating cash flow
- $1.0B
- +26.1% YoY
Source: XBRL data from the CNX Resources Corp (CNX) FY2025 10-K on SEC EDGAR. USD.
CNX Resources Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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