Core Natural Resources (CNR) Cash Flow: Operating & Free Cash Flow

Core Natural Resources (CNR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Core Natural Resources generated $305.75M of operating cash flow and spent $284.58M on capital expenditures. That left free cash flow of $21.17M, down 92.9% from $298.40M a year earlier, or 0.5% of revenue. It returned $266.15M to shareholders through $26.26M in dividends and $239.88M in share buybacks.

Core Natural Resources Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Core Natural Resources, Inc. (CNR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Oct 2017
Operating Activities
Net Income	-153.22	286.41	655.89	466.98	34.11	-13.21	93.56	178.79	82.57
Depreciation & Amortization	621.07	0.00	0.00	226.88	0.00	0.00	0.00	0.00	0.00
Deferred Income Tax	-80.97	8.82	14.12	49.39	-14.76	11.69	-17.42	-16.48	16.61
Stock Based Compensation	32.92	11.35	10.05	7.89	6.63	11.58	12.76	10.24	22.09
Change in Working Capital	-138.59	-17.64	-59.22	-83.37	58.19	-63.53	-80.31	27.51	-32.13
Change in Accounts Receivable	-64.05	49.24	36.92	-52.58	44.71	11.13	-38.96	39.16	-44.42
Change in Inventory	28.66	-8.02	-21.54	-3.02	-6.68	-2.07	-5.49	4.77	-3.26
Change in Accounts Payable	-24.27	4.57	11.45	39.24	11.47	-30.76	-21.71	37.49	7.04
Change in Other Working Capital	-78.93	-30.46	-86.05	12.19	9.20	-41.83	-14.15	-53.91	8.51
Other Operating Activities	-56.43	-30.46	237.11	12.19	9.20	182.81	235.97	213.48	158.97
Net Cash from Operating Activities	305.75	476.39	857.95	650.99	305.57	129.33	244.57	413.53	248.11
Investing Activities
Capital Expenditures	-284.58	-177.99	-167.79	-171.51	-132.75	-86.00	-169.74	-145.75	-81.41
Acquisitions	368.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	-103.03	-66.96	-200.87	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	80.17	100.98	122.66	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	347.59	-21.06	-13.43	7.79	5.39	9.67	-2.80	-7.90	24.58
Net Cash from Investing Activities	47.66	-165.03	-259.43	-142.18	-127.36	-76.33	-172.54	-153.65	-56.83
Financing Activities
Debt Repayment	-26.67	-11.47	-191.74	-294.36	-101.18	-67.00	-183.89	-73.92	587.24
Common Stock Repurchased	-239.88	-70.88	-399.38	-6.26	0.00	0.00	-32.73	-25.84	0.00
Dividends Paid	-26.26	-15.86	-75.47	-71.49	0.00	0.00	0.00	-18.23	-581.50
Other Financing Activities	-20.48	-8.87	-15.61	-14.22	-4.67	-15.44	-40.04	-30.93	-56.35
Net Cash from Financing Activities	-199.79	-107.09	-682.20	-380.07	-30.85	-82.44	-256.67	-148.92	-50.61
Summary
Effect of Forex Changes on Cash	-168.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	153.62	204.27	-83.68	128.75	147.36	-29.44	-184.64	110.96	140.67
Cash at Beginning of Period	447.54	243.27	326.95	198.21	50.85	80.29	264.94	153.98	13.31
Cash at End of Period	432.17	447.54	243.27	326.95	198.21	50.85	80.29	264.94	153.98
Free Cash Flow	21.17	298.40	690.16	479.48	172.82	43.33	74.83	267.78	166.70
Supplemental Disclosures
Interest Paid	37.20	23.79	29.25	50.84	54.40	-	-	-	-
Income Taxes Paid	0.50	39.25	111.30	55.75	3.20	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Core Natural Resources Cash Flow

What is Core Natural Resources's free cash flow?

Core Natural Resources generated free cash flow of $21.17M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $305.75M minus $284.58M of capital expenditures. That was down 92.9% from $298.40M a year earlier. Free cash flow equaled 0.5% of revenue.

How much does Core Natural Resources spend on capital expenditures?

Core Natural Resources spent $284.58M on capital expenditures in fiscal 2025, compared with $177.99M a year earlier. That equals 93.1% of operating cash flow.

Does Core Natural Resources pay dividends or buy back shares?

Yes. In fiscal 2025 Core Natural Resources returned $26.26M in dividends and $239.88M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition