Core Natural Resources, Inc.CNR
Core Natural Resources, Inc. Revenue Disclosure
NOTE 3—REVENUE FROM CONTRACTS WITH CUSTOMERS:
The following tables disaggregate the Company’s revenue from contracts with customers by product type and market:
| Year Ended December 31, 2025 | |||||||||||||||||
| Domestic | Export | Total | |||||||||||||||
| Power Generation | $ | 1,531,509 | $ | 328,918 | $ | 1,860,427 | |||||||||||
| Industrial | 132,628 | 807,540 | 940,168 | ||||||||||||||
| Metallurgical | 157,183 | 1,171,703 | 1,328,886 | ||||||||||||||
| Total Coal Revenue | 1,821,320 | 2,308,161 | 4,129,481 | ||||||||||||||
| Third-Party Terminal Revenue | 21,477 | ||||||||||||||||
| Other Revenue | 13,817 | ||||||||||||||||
| Total Revenue from Contracts with Customers | $ | 4,164,775 | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Domestic | Export | Total | |||||||||||||||
| Power Generation | $ | 649,056 | $ | 257,065 | $ | 906,121 | |||||||||||
| Industrial | 19,811 | 732,806 | 752,617 | ||||||||||||||
| Metallurgical | 44,861 | 414,035 | 458,896 | ||||||||||||||
| Total Coal Revenue | 713,728 | 1,403,906 | 2,117,634 | ||||||||||||||
| Third-Party Terminal Revenue | 31,064 | ||||||||||||||||
| Other Revenue | 15,708 | ||||||||||||||||
| Total Revenue from Contracts with Customers | $ | 2,164,406 | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| Domestic | Export | Total | |||||||||||||||
| Power Generation | $ | 672,509 | $ | 399,506 | $ | 1,072,015 | |||||||||||
| Industrial | 34,453 | 965,537 | 999,990 | ||||||||||||||
| Metallurgical | 10,671 | 376,059 | 386,730 | ||||||||||||||
| Total Coal Revenue | 717,633 | 1,741,102 | 2,458,735 | ||||||||||||||
| Third-Party Terminal Revenue | 47,900 | ||||||||||||||||
| Total Revenue from Contracts with Customers | $ | 2,506,635 | |||||||||||||||
Coal Revenue
The Company has disaggregated its coal revenue between domestic and export revenues, as well as between the industrial, power generation and metallurgical markets. Domestic coal revenue tends to be derived from contracts that typically have a term of one year or longer, and the pricing is typically fixed. Historically, export coal revenue tended to be derived from spot or shorter-term contracts with pricing determined closer to the time of shipment or based on a market index; however, the Company has secured several long-term export contracts with varying pricing arrangements.
The estimated transaction price from each of the Company’s contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services and per ton price fluctuations based on certain coal sales price indices. The estimated transaction price for each contract is allocated to the Company’s performance obligations based on relative stand-alone selling prices determined at contract inception. The Company has determined that each ton of coal represents a separate and distinct performance obligation.
While the Company does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial. At December 31, 2025 and 2024, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, the Company has not recognized any amortization of previously existing
capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal revenue in the current period that is not a result of current period performance.
Terminal Revenue
Terminal revenues are attributable to the Company’s Core Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the terminal, stockpiling, blending, weighing, sampling, redelivery and loading of coal onto vessels. Revenues for these services are earned and performance obligations are considered fulfilled as the services are performed.
The Core Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At December 31, 2025 and 2024, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, the Company has not recognized any amortization of previously existing capitalized costs of obtaining terminal customer contracts. Further, the Company has not recognized any terminal revenue in the current period that is not a result of current period performance.
Other Revenue
Other revenue consists of revenue generated from carbon products and materials businesses led by CONSOL Innovations LLC, our wholly-owned subsidiary. This revenue is primarily comprised of sales of carbon-based tools, parts and materials that are used in the aerospace and other industries. Revenues for these products are earned and recognized as the tools are built and progress toward product completion. Additionally, other revenue consists of revenue generated from the processing of third-party coal at various mining complexes. Revenues for these services are earned and performance obligations are considered fulfilled as the services are performed.
Contract Balances
Contract assets, when present, are recorded separately from trade receivables in the Company’s Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company’s right to consideration becomes unconditional. Credit is extended based on the Company’s assessment of several factors, including, but not limited to, a customer’s financial condition and ability to perform its obligations. The Company typically does not have material contract assets that are stated separately from trade receivables since the Company’s performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company’s performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the goods passes to the customer, or over time when services are provided.
Outstanding Performance Obligations
As of December 31, 2025, the Company had outstanding performance obligations to deliver coal related to contracts with customers. For contracts in which volumes and prices per ton were fixed or reasonably estimable, future estimated revenue totaled approximately $3.5 billion. The Company expects to satisfy approximately 52% of these performance obligations in 2026 with the remainder thereafter. Actual revenue recognized related to these contracts may differ materially due to price adjustments for coal quality and cost escalations, volume optionality provisions or other contractual terms. Revenue associated with contracts containing variable-based pricing mechanisms has been excluded from the figures above as it cannot be reasonably estimated.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2019 | Feb 14, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.