Core Natural Resources, Inc.CNR
Core Natural Resources, Inc. Segments Disclosure
NOTE 23—SEGMENT INFORMATION:
Prior to the completion of the Merger, the Company consisted of two reportable segments, the PAMC segment and the Core Marine Terminal segment. Following completion of the Merger, the Company adjusted its internal reporting structure and the Company’s CODM changed the manner in which he measures financial performance and allocates resources. Thus, the Company reassessed its reporting segments, and the Company now consists of four reportable segments: (1) the High CV Thermal segment; (2) the Metallurgical segment; (3) the Powder River Basin (“PRB”) segment; and (4) the Core Marine Terminal segment. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, and all relevant prior period amounts have been recast to reflect this change.
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management to make decisions on and assess performance of the Company’s reportable segments. The Company manages its segments by market and coal quality, not by individual mining complex or geographic region. The High CV Thermal segment contains the Company’s High CV Thermal operations in Pennsylvania,
West Virginia, and Colorado; the Metallurgical segment contains the Company’s metallurgical operations in West Virginia; the PRB segment contains the Company’s surface mining complexes in Wyoming; and the Core Marine Terminal segment contains the Company’s coal export terminal operations in the Port of Baltimore.
The Company’s CODM is the chief executive officer, who utilizes Adjusted EBITDA to monitor each segment. Adjusted EBITDA removes financial activity not related to ongoing operations, which allows for a review of more streamlined operating results. It is used by the CODM to review the budget versus actual results and to evaluate the operating performance of each segment. This review and evaluation is utilized by the CODM to determine the best allocation of resources across the segments and for other business purposes.
Reportable segment results for the year ended December 31, 2025 are:
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Total | |||||||||||||||||||||||||
| Revenues from External Customers | $ | 2,208,643 | $ | 1,202,055 | $ | 718,783 | $ | 21,477 | |||||||||||||||||||||
| Intersegment Revenues | — | — | — | 66,203 | |||||||||||||||||||||||||
| 2,208,643 | 1,202,055 | 718,783 | 87,680 | $ | 4,217,161 | ||||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||
Other Revenues (a) | 13,817 | ||||||||||||||||||||||||||||
| Elimination of Intersegment Revenues | (66,203) | ||||||||||||||||||||||||||||
| Total Consolidated Revenues | 4,164,775 | ||||||||||||||||||||||||||||
Less: (b) | |||||||||||||||||||||||||||||
| Cash Costs of Revenue | 1,252,525 | 868,839 | 643,601 | 30,841 | |||||||||||||||||||||||||
| Transportation Costs | 364,888 | 276,935 | 11,317 | — | |||||||||||||||||||||||||
Other Segment Items (c) | 11,124 | 81,936 | — | — | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 580,106 | $ | (25,655) | $ | 63,865 | $ | 56,839 | $ | 675,155 | |||||||||||||||||||
| Reconciliation of segment profit or loss measure to consolidated loss before income tax: | |||||||||||||||||||||||||||||
Other Profit or Loss (a) | 2,940 | ||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | (621,067) | ||||||||||||||||||||||||||||
| General and Administrative Costs | (214,856) | ||||||||||||||||||||||||||||
| Interest Expense | (40,124) | ||||||||||||||||||||||||||||
| Interest Income | 25,890 | ||||||||||||||||||||||||||||
| Loss on Debt Extinguishment | (11,680) | ||||||||||||||||||||||||||||
| Non-Service Related Pension and Postretirement Benefit Costs | (25,728) | ||||||||||||||||||||||||||||
| Idle Mine Costs | (24,145) | ||||||||||||||||||||||||||||
| Other Operating Income, net | 33,904 | ||||||||||||||||||||||||||||
| Other Costs | (33,992) | ||||||||||||||||||||||||||||
| Loss Before Income Tax | $ | (233,703) | |||||||||||||||||||||||||||
(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.
(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(c) Other segment items include other non-operating income and expenses that are not part of each segment’s ongoing operations.
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Corporate and Other (a) | Consolidated | ||||||||||||||||||||||||||||||
Segment Assets (b) | $ | 2,107,970 | $ | 2,020,450 | $ | 261,193 | $ | 91,930 | $ | 1,648,510 | $ | 6,130,053 | |||||||||||||||||||||||
| Depreciation, Depletion and Amortization | $ | 207,891 | $ | 252,882 | $ | 33,177 | $ | 5,621 | $ | 121,496 | $ | 621,067 | |||||||||||||||||||||||
| Capital Expenditures | $ | 174,153 | $ | 73,107 | $ | 8,126 | $ | 7,473 | $ | 21,722 | $ | 284,581 | |||||||||||||||||||||||
(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.
(b) Represents assets as of December 31, 2025.
Reportable segment results for the year ended December 31, 2024 are:
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Total | |||||||||||||||||||||||||
| Revenues from External Customers | $ | 2,004,567 | $ | 113,067 | $ | — | $ | 31,064 | |||||||||||||||||||||
| Intersegment Revenues | — | — | — | 56,682 | |||||||||||||||||||||||||
| 2,004,567 | 113,067 | — | 87,746 | $ | 2,205,380 | ||||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||
Other Revenues (a) | 15,708 | ||||||||||||||||||||||||||||
| Elimination of Intersegment Revenues | (56,682) | ||||||||||||||||||||||||||||
| Total Consolidated Revenues | 2,164,406 | ||||||||||||||||||||||||||||
Less: (b) | |||||||||||||||||||||||||||||
| Cash Costs of Revenue | 973,139 | 128,445 | — | 27,372 | |||||||||||||||||||||||||
| Transportation Costs | 321,367 | 9,341 | — | — | |||||||||||||||||||||||||
Other Segment Items (c) | — | (390) | — | — | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 710,061 | $ | (24,329) | $ | — | $ | 60,374 | $ | 746,106 | |||||||||||||||||||
| Reconciliation of segment profit or loss measure to consolidated earnings before income tax: | |||||||||||||||||||||||||||||
Other Profit or Loss (a) | 4,731 | ||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | (223,526) | ||||||||||||||||||||||||||||
| General and Administrative Costs | (115,224) | ||||||||||||||||||||||||||||
| Interest Expense | (22,192) | ||||||||||||||||||||||||||||
| Interest Income | 19,223 | ||||||||||||||||||||||||||||
| Non-Service Related Pension and Postretirement Benefit Costs | (17,384) | ||||||||||||||||||||||||||||
| Idle Mine Costs | (4,859) | ||||||||||||||||||||||||||||
| Other Operating Expense, net | (43,224) | ||||||||||||||||||||||||||||
| Other Costs | (13,004) | ||||||||||||||||||||||||||||
| Earnings Before Income Tax | $ | 330,647 | |||||||||||||||||||||||||||
(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.
(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(c) Other segment items include other non-operating income and expenses that are not part of each segment’s ongoing operations.
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Corporate and Other (a) | Consolidated | ||||||||||||||||||||||||||||||
Segment Assets (b) | $ | 1,739,792 | $ | 140,798 | $ | — | $ | 88,146 | $ | 910,807 | $ | 2,879,543 | |||||||||||||||||||||||
| Depreciation, Depletion and Amortization | $ | 172,997 | $ | 8,635 | $ | — | $ | 4,889 | $ | 37,005 | $ | 223,526 | |||||||||||||||||||||||
| Capital Expenditures | $ | 149,021 | $ | 13,614 | $ | — | $ | 8,350 | $ | 7,003 | $ | 177,988 | |||||||||||||||||||||||
(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.
(b) Represents assets as of December 31, 2024.
Reportable segment results for the year ended December 31, 2023 are:
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Total | |||||||||||||||||||||||||
| Revenues from External Customers | $ | 2,359,796 | $ | 98,939 | $ | — | $ | 47,900 | |||||||||||||||||||||
| Intersegment Revenues | — | — | — | 58,266 | |||||||||||||||||||||||||
| 2,359,796 | 98,939 | — | 106,166 | $ | 2,564,901 | ||||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||
| Elimination of Intersegment Revenues | (58,266) | ||||||||||||||||||||||||||||
| Total Consolidated Revenues | 2,506,635 | ||||||||||||||||||||||||||||
Less: (b) | |||||||||||||||||||||||||||||
| Cash Costs of Revenue | 939,892 | 98,803 | — | 27,259 | |||||||||||||||||||||||||
| Transportation Costs | 335,186 | 17,183 | — | — | |||||||||||||||||||||||||
Other Segment Items (c) | (429) | (73) | — | — | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,085,147 | $ | (16,974) | $ | — | $ | 78,907 | $ | 1,147,080 | |||||||||||||||||||
| Reconciliation of segment profit or loss measure to consolidated earnings before income tax: | |||||||||||||||||||||||||||||
Other Profit or Loss (a) | (663) | ||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | (241,317) | ||||||||||||||||||||||||||||
| General and Administrative Costs | (103,470) | ||||||||||||||||||||||||||||
| Interest Expense | (29,325) | ||||||||||||||||||||||||||||
| Interest Income | 13,597 | ||||||||||||||||||||||||||||
| Loss on Debt Extinguishment | (2,725) | ||||||||||||||||||||||||||||
| Non-Service Related Pension and Postretirement Benefit Costs | (7,011) | ||||||||||||||||||||||||||||
| Idle Mine Costs | (4,515) | ||||||||||||||||||||||||||||
| Other Operating Income, net | 19,111 | ||||||||||||||||||||||||||||
| Other Costs | (12,890) | ||||||||||||||||||||||||||||
| Earnings Before Income Tax | $ | 777,872 | |||||||||||||||||||||||||||
(a) Profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.
(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(c) Other segment items include other non-operating income and expenses that are not part of each segment’s ongoing operations.
| High CV Thermal | Metallurgical | PRB | Core Marine Terminal | Corporate and Other (a) | Consolidated | ||||||||||||||||||||||||||||||
Segment Assets (b) | $ | 1,582,434 | $ | 126,865 | $ | — | $ | 83,322 | $ | 882,382 | $ | 2,675,003 | |||||||||||||||||||||||
| Depreciation, Depletion and Amortization | $ | 191,391 | $ | 8,235 | $ | — | $ | 4,227 | $ | 37,464 | $ | 241,317 | |||||||||||||||||||||||
| Capital Expenditures | $ | 144,550 | $ | 12,656 | $ | — | $ | 4,568 | $ | 6,017 | $ | 167,791 | |||||||||||||||||||||||
(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.
(b) Represents assets as of December 31, 2023.
Revenues from customers that exceeded 10% of consolidated revenues were as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Customer A (a) | (b) | $ | 240,990 | $ | 283,115 | ||||||||||||
Customer B (a) | (b) | $ | 220,537 | $ | 286,041 | ||||||||||||
(a) Revenues from this customer were principally included in the High CV Thermal segment.
(b) Revenues during these periods were less than 10% of the Company’s consolidated revenues.
Enterprise-Wide Disclosures
For the year ended December 31, 2025, the U.S. was attributed greater than 40% of total revenue, and India was attributed greater than 10% of total revenue. For the year ended December 31, 2024, India and the U.S. were each attributed greater than 30% of total revenue, and China was attributed greater than 10% of total revenue. For the year ended December 31, 2023, India and the U.S. were each attributed greater than 30% of total revenue.
The Company’s property, plant and equipment is predominantly located in the U.S. At December 31, 2025 and 2024, less than 1% of the Company’s net property, plant and equipment was located in Canada.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.