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CNR on NYSE

Core Natural Resources, Inc.

In its 2026 annual report the company says: “We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. Our products have global access due to our ownership interests in two marine export terminals and access to several other third-party owned terminals. We and our predecessors have been mining coal, primarily in the Appalachian Basin, since 1864.”3 It is headquartered in Canonsburg, Pennsylvania.1 Its shares trade on NYSE under the symbol CNR.1

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Last updated Oct 21, 2026.

Overview

Compare with Coronado Global Resources, WARRIOR MET COAL, INC. or Ramaco Resources, Inc., or pick any stock.

  • TickerCNR on NYSE1
  • IndustrySilver Ores1
  • HeadquartersCanonsburg, Pennsylvania1
  • Incorporated inDC2
  • Business address275 Technology Drive, Suite #101, Canonsburg, Pa 153172
  • Filer categoryLarge accelerated filer2

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We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. We play an essential role in meeting the world’s growing need for energy, steel, cement and other infrastructure solutions. Our products have global access due to our ownership interests in two marine export terminals and access to several other third-party owned terminals.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-4.4%Operating margin4
-3.7%Net margin4
92.4%Revenue growth, 20254
-4.2%Return on equity4
0.09×Debt to equity4
$21.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Power Generation brought in 45% of the revenue Core Natural Resources, Inc. broke down this way in fiscal 2025.

  1. Power Generation$1.9B445%up 105% from 2024
  2. Metallurgical$1.3B432%up 190% from 2024
  3. Industrial$940.2M423%up 25% from 2024
  4. Terminal Revenue$21.5M41%down 31% from 2024
  5. Other Revenue$13.8M40%down 12% from 2024
Products and services by year
Products and services202320242025
Power Generation$1.1B$906.1M$1.9B
Metallurgical$386.7M$458.9M$1.3B
Industrial$1.0B$752.6M$940.2M
Terminal Revenue$47.9M$31.1M$21.5M
Other Revenue$15.7M$13.8M

Business segments

High CV Thermal brought in 53% of the revenue Core Natural Resources, Inc. broke down this way in fiscal 2025.

  1. High CV Thermal$2.2B453%up 10% from 2024
  2. Metallurgical$1.2B429%up 963% from 2024
  3. PRB$718.8M417%
  4. Core Marine Terminal$21.5M41%down 31% from 2024
Business segments by year
Business segments202320242025
High CV Thermal$2.4B$2.0B$2.2B
Metallurgical$98.9M$113.1M$1.2B
PRB$0$0$718.8M
Core Marine Terminal$47.9M$31.1M$21.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs98¢$4.1B
  • Income tax2¢$80.5M

Out of $4.2B in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending53¢$284.6M
  • Dividends paid5¢$26.3M
  • Share buybacks42¢$224.3M

Out of $305.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue56784$4.2B in 2025+203% since 2019
0$2.0B$4.0B$6.0B2019: $1.4B$1.4B20192020: $879.5M$879.5M2020−36%2021: $1.3B$1.3B2021+43%2022: $2.3B$2.3B2022+81%2023: $2.5B$2.5B2023+10%2024: $2.2B$2.2B2024−14%2025: $4.2B$4.2B2025+92%
Operating income4-$182.1M in 2025
-$250.0M0$250.0M$500.0M$750.0M$1.0B2023: $803.3M$803.3M20232024: $351.0M$351.0M2024−56%2025: -$182.1M-$182.1M2025
Net income56784-$153.2M in 2025
-$250.0M0$250.0M$500.0M$750.0M2019: $76.0M$76.0M20192020: -$9.8M-$9.8M20202021: $34.1M$34.1M20212022: $467.0M$467.0M2022+1269%2023: $655.9M$655.9M2023+40%2024: $286.4M$286.4M2024−56%2025: -$153.2M-$153.2M2025
Fiscal year2019202020212022202320242025
Revenue$1.4B5$879.5M6$1.3B7$2.3B8$2.5B4$2.2B4$4.2B4
Selling, general and admin$67.1M5$72.1M6$87.2M7$116.7M8$103.5M8$115.2M8
Operating expenses$1.2B7$1.5B8$1.7B4$1.8B4$4.3B4
Operating income$803.3M4$351.0M4-$182.1M4
Interest$66.5M5$61.2M6$63.3M7$52.6M8$29.3M8$22.2M8
Income before tax$35.4M7$568.4M8$777.9M4$330.6M4-$233.7M4
Income tax$4.5M5$4.0M6$1.3M7$101.5M8$122.0M4$44.2M4-$80.5M4
Net income$76.0M5-$9.8M6$34.1M7$467.0M8$655.9M4$286.4M4-$153.2M4
Earnings per share$2.825-$0.376$0.997$13.418$19.914$9.654-$2.984
Earnings per share (diluted)$2.815-$0.376$0.967$13.078$19.794$9.614-$2.984
Shares (weighted, basic)34.4M shares734.8M shares832.9M shares429.7M shares451.4M shares4
Shares (weighted, diluted)35.4M shares735.7M shares833.1M shares429.8M shares451.4M shares4

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Corporate structure

Core Natural Resources, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Core Natural Resources, Inc.

  • FMR LLC Filed SCHEDULE 13G/A on Core Natural Resources, Inc., latest Aug 6, 2026 (5 filings since Jan 8, 2025)
  • State Street Corporation Filed SCHEDULE 13G on Core Natural Resources, Inc., latest May 12, 2026 (6 filings since Feb 11, 2022)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Core Natural Resources, Inc., latest Apr 29, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Core Natural Resources, Inc., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Core Natural Resources, Inc., latest Mar 26, 2026 (10 filings since Feb 9, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Core Natural Resources, Inc., latest Jul 15, 2025 (5 filings since Feb 8, 2022)
  • DME Capital Management, LP Filed SCHEDULE 13G/A on Core Natural Resources, Inc., latest Feb 14, 2025
  • GREENLIGHT CAPITAL INC Filed SC 13G/A on Core Natural Resources, Inc., latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • BlackRock Filed SC 13G/A on Core Natural Resources, Inc., latest Jan 23, 2024 (4 filings since Jan 26, 2022)
  • AZVALOR ASSET MANAGEMENT SGIIC SA Filed SC 13G on Core Natural Resources, Inc., latest May 26, 2022 (2 filings since Oct 12, 2021)
  • Core Natural Resources, Inc. Canonsburg, Pennsylvania

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Core Natural Resources, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$12.5M4 Dec 31, 2025$5.5M4 Dec 31, 2024+127.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$432.2M4 Dec 31, 2025$408.2M4 Dec 31, 2024+5.9%
Marketable securities, current$52.0M8 Dec 31, 2024$81.9M8 Dec 31, 2023−36.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$374.8M4 Dec 31, 2025$96.2M4 Dec 31, 2024+289.6%
Raw materials$148.9M4 Dec 31, 2025$17.5M4 Dec 31, 2024+751.8%
Supplies$225.9M4 Dec 31, 2025$78.7M4 Dec 31, 2024+186.9%

Properties, in its own words

See “Principal Properties” in Item 1 of this Report for a description of our mining properties and our terminals through which we provide coal and export terminal services, incorporated herein by this reference. See the map under “Principal Properties” in Item 1 of this Report for the location of the Company’s material properties. Our principal executive offices are located at 275 Technology Drive, Suite 101, Canonsburg, Pennsylvania 15317-9565.

Item 2 of the 10-K filed Feb 17, 2026.3

Leadership

Who has led Core Natural Resources, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James A. Brock2017–2025
  2. Paul A. Lang2025–now

Chair

  1. James A. Brock2025–now

President

  1. Katharine A. Fredriksen2017
  2. Miteshkumar Thakkar2025–now

Chief financial officer

  1. David M. Khani2017–2019
  2. Miteshkumar Thakkar2020–2026
  3. Nathan Joseph Tucker2026–now

Chief operating officer

  1. George John Schuller Jr.2025–now
20202025
Board members and other officers (24)

Former names

  • CONSOL Energy Inc.Aug 7, 2017 to Jan 10, 20252
  • CONSOL Mining CorpJul 11, 2017 to Nov 22, 20172

Timeline

  1. Aug 19, 20268-K Executive or director change; Regulation FD disclosure43
  2. Aug 6, 20268-K Results of operations; Regulation FD disclosure44
  3. Jun 4, 20268-K Regulation FD disclosure45
  4. May 7, 20268-K Results of operations; Regulation FD disclosure46
  5. Apr 30, 20268-K Shareholder vote; Regulation FD disclosure47
  6. Feb 12, 20268-K Results of operations; Regulation FD disclosure48
  7. Dec 18, 20258-K Regulation FD disclosure49
  8. Nov 6, 20258-K Results of operations; Regulation FD disclosure50
  9. Oct 8, 20258-K Executive or director change; Regulation FD disclosure51
  10. Aug 5, 20258-K Results of operations; Regulation FD disclosure52
  11. Jul 31, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation53
  12. Jun 30, 20258-K Regulation FD disclosure54
  13. Jan 16, 2025New chief executive Paul A. Lang becomes CEO12
  14. Nov 3, 2017New chief executive James A. Brock becomes CEO13

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.61 a share, on Nov 6, 2025.55

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results44
  2. May 7, 2026Reported quarterly or annual results46
  3. Feb 12, 2026Reported quarterly or annual results48
  4. Nov 6, 2025Reported quarterly or annual results50
  5. Aug 5, 2025Reported quarterly or annual results52
  6. May 8, 2025Reported quarterly or annual results56
  7. Feb 20, 2025Reported quarterly or annual results57
  8. Nov 5, 2024Reported quarterly or annual results58

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

351 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 51 major events, 172 insider forms, 38 large holders, 69 other. The latest 20:

  1. Sep 23, 2026SD EDGAR
  2. Aug 20, 20263 EDGAR
  3. Aug 19, 20268-K EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Aug 6, 20268-K EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Jun 4, 20268-K EDGAR
  8. May 19, 20268-K EDGAR
  9. May 12, 2026SCHEDULE 13G EDGAR
  10. May 7, 202610-Q EDGAR
  11. May 7, 20268-K EDGAR
  12. May 6, 2026SCHEDULE 13G/A EDGAR
  13. May 4, 20268-K EDGAR
  14. May 1, 20264 EDGAR
  15. May 1, 20263 EDGAR
  16. May 1, 20263 EDGAR
  17. May 1, 20264 EDGAR
  18. Apr 30, 20268-K EDGAR
  19. Apr 29, 2026SCHEDULE 13G EDGAR
  20. Apr 29, 2026SCHEDULE 13G EDGAR

The 351 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 1 buys and 42 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 19, 2026Klein Rosemary LSVP, CLO & Corp. Sec.Sale15,000$106.87$1.6MForm 4
Mar 18, 2026Brock James AExecutive Chair and CEOSale40,760$101.15$4.1MForm 4
Mar 17, 2026Rothka JohnChief Accounting OfficerSale1,000$97.66$97.7KForm 4
Mar 10, 2026Rothka JohnChief Accounting OfficerSale3,800$91.62$348.2KForm 4
Mar 10, 2026NAVARRE RICHARD ADirectorSale6,000$91.70$550.2KForm 4
Oct 9, 2025Rothka JohnChief Accounting OfficerSale1,000$100.00$100.0KForm 4
Oct 8, 2025Rothka JohnChief Accounting OfficerSale1,000$95.00$95.0KForm 4
Oct 3, 2025Rothka JohnChief Accounting OfficerSale2,500$90.00$225.0KForm 4
Sep 25, 2025NAVARRE RICHARD ADirectorSale5,000$82.20$411.0KForm 4
Sep 17, 2025KRIEGSHAUSER PATRICK ADirectorSale3,043$77.07$234.5KForm 4
May 9, 2025Lang Paul AChief Executive OfficerBuy7,500$66.95$502.1KForm 4
Mar 31, 2025KOEPPEL HOLLY KDirectorSale8,815$75.30$663.7KForm 4
Jun 28, 2024Brock James AExecutive Chair and CEOSale15,698$100.99$1.6MForm 4
Jun 27, 2024Brock James AExecutive Chair and CEOSale1,700$99.55$169.2KForm 4
May 23, 2024Brock James AExecutive Chair and CEOSale900$98.19$88.4KForm 4
May 22, 2024Brock James AExecutive Chair and CEOSale5,400$98.21$530.3KForm 4
Mar 7, 2024Rothka JohnChief Accounting OfficerSale2,000$94.56$189.1KForm 4
Dec 20, 2023Brock James AExecutive Chair and CEOSale6,669$102.55$683.9KForm 4
Dec 19, 2023Brock James AExecutive Chair and CEOSale5,047$99.59$502.6KForm 4
Dec 18, 2023Wiegand Martha AGeneral Counsel & SecretarySale3,334$100.00$333.4KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul A. LangFormer Chief Executive Officer$780.8K$27.2M69
2025James A. BrockChief Executive Officer and Chair69$1.0M$19.4M69
2025Mitesh B. ThakkarPresident and Chief Financial Officer47$675.0K$7.7M69
2025George J. Schuller, Jr.Senior Vice President and Chief Operating Officer62$635.0K$5.1M69
2025Rosemary L. KleinSenior Vice President, Chief Legal Officer and Corporate Secretary59$510.0K$4.7M69
2025Deck S. SloneSenior Vice President, Chief External and Government Affairs Officer62$500.0K$4.7M69
2024James A. BrockChief Executive Officer and Chair69$1.0M$13.1M69
2024Mitesh B. ThakkarPresident and Chief Financial Officer47$649.0K$4.3M69
2023James A. BrockChief Executive Officer and Chair69$1.0M$13.2M69
2023Mitesh B. ThakkarPresident and Chief Financial Officer47$595.6K$3.4M69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,596,655$607.9M0.0%+174,094
State Street Corp3,953,520$316.4M0.0%−23,804
Vanguard Portfolio Management LLC3,018,983$241.6M0.0%+61,101
Fmr LLC2,895,835$231.7M0.0%−1,149,930
DME Capital Management, LP2,283,200$182.7M4.7%+425,060
Vanguard Capital Management LLC2,185,507$174.9M0.0%−3,207
Dimensional Fund Advisors LP1,488,824$119.1M0.0%+115,882
Geode Capital Management, LLC1,330,502$106.5M0.0%+53,962
Flat Footed LLC1,165,762$93.3M16.2%+1,120,797
Goehring & Rozencwajg Associates, LLC1,100,977$88.1M5.1%+392,752
Van Eck Associates Corp844,230$67.6M0.0%+665,200
Charles Schwab Investment Management Inc766,054$61.3M0.0%−8,512
Merewether Investment Management, LP687,465$55.0M1.0%−39,169
American Century Companies Inc647,784$51.8M0.0%+128,751
Encompass Capital Advisors LLC589,633$47.2M2.0%+89,633
UBS Group AG567,369$45.4M0.0%+92,172
Northern Trust Corp519,375$41.6M0.0%+23,824
Magnolia Group, LLC467,524$37.4M7.9%−134,976
Jb Capital Partners LP466,779$37.4M5.8%No change
Gendell Jeffrey L413,570$33.1M0.3%+263,570
Balyasny Asset Management L.P.393,337$31.5M0.1%−17,481
Scopus Asset Management, L.P.384,000$30.7M0.7%+20,000
Morgan Stanley377,819$30.2M0.0%+15,386
Millennium Management LLC368,617$29.5M0.0%−79,941
Vanguard Fiduciary Trust Co342,923$27.4M0.0%+4,134

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 29, 2021Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000+775.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Core Natural Resources, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCore Natural Resources, Inc.1
  • CIK0001710366
  • Employer ID (EIN)82-19540583
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)1220 Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address275 Technology Drive, Suite #101, Canonsburg, PA 153171
  • Phone724-416-83001
  • Shares outstanding49,636,257 as of Jul 31, 202610
  • Public float$3.5B as of Jun 30, 20253
  • AuditorErnst & Young LLP, Pittsburgh, Pennsylvania PCAOB ID 42; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceJul 11, 20171
  • Filings664 in all: 4 (299), 8-K (88), SC 13G/A (37), 3 (33), 10-Q (27), 144 (27), SC 13G (24), 425 (19)1
    All 32 form types

    4/A (16), SCHEDULE 13G/A (10), 10-K (9), DEF 14A (9), DEFA14A (9), UPLOAD (9), CORRESP (8), 10-12B/A (6), SCHEDULE 13G (6), ARS (3), S-8 (3), SC 13D/A (3), SD (3), 424B3 (2), EFFECT (2), PRE 14A (2), S-4 (2), S-4/A (2), 10-12B (1), 10-K/A (1), 8-K/A (1), CERTNYS (1), S-3ASR (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 17, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 16, 2026
    Latest 8-K (8-K) Aug 19, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock ($0.01 par value)CNRNew York Stock Exchange

From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Core Natural Resources, Inc. names in Item 1A of its 10-K filed Feb 17, 2026: 54 risks under these headings, as written.3

  • Risks Related to Our Business
  • Risks Related to Our Common Stock and the Securities Market
  • Risks Related to Our Merger with Arch
  • Deterioration in the global economic conditions in any of the industries in which our customers operate, or a worldwide financial downturn, or negative credit market conditions may have a materially adverse effect on our liquidity, results of operations, cash flows, business and financial condition that we cannot predict.
  • Prices for coal are volatile and can fluctuate widely based upon a number of factors beyond our control including oversupply relative to the demand available for our coal, weather, the price and availability of alternative fuels and technologies and plans by electric power generators to shut down or move away from coal-fired generation. A substantial or extended decline in the prices we receive for our coal will adversely affect our business, results of operations, financial condition and cash flows.
  • Any significant downtime of our major pieces of equipment at our strategic operations, or any inability to obtain equipment, parts and raw materials in a timely manner, in sufficient quantities or at reasonable costs, could impair our ability to satisfy our customer obligations and materially and adversely affect our results of operations.
  • If our coal customers do not extend existing contracts or do not enter into new multi-year coal sales contracts on favorable terms, profitability of our operations could be adversely affected.
  • We have customer concentration, so the loss of, or significant reduction in, purchases by our largest coal customers could adversely affect our business, financial condition, results of operations and cash flows.
  • Our ability to collect payments from our customers could be impaired if their creditworthiness deteriorates.
  • Our inability to acquire or develop additional coal reserves that are economically recoverable may have a material adverse effect on our future profitability.
  • We face risks related to our pursuit of new lines of business, such as those involving sustainable innovations and rare earth minerals.
  • Decreases in coal consumption patterns for steel production, electric power generation and industrial applications could adversely affect our business.
The other 45 risks
  • The availability and reliability of modes of transportation and transportation facilities as well as fluctuations in transportation costs could affect the demand for our coal, and any significant damage to the Core Marine Terminal or the Dominion Terminal that impacts their use could impair our ability to supply coal to our customers.
  • Competition within the coal industry may adversely affect our ability to sell coal. Increased competition or a loss of our competitive position could adversely affect our sales of, or prices for, our coal, which could impair our profitability. In addition, foreign currency fluctuations could adversely affect the competitiveness of our coal abroad.
  • Inflation could result in higher costs and decreased profitability.
  • A significant portion of our production is sold in international markets, and our international sales may continue to grow, which exposes us to additional risks and uncertainties.
  • Compliance with import and export requirements, the Foreign Corrupt Practices Act and other applicable anti-corruption laws may increase the risks of doing business internationally.
  • The characteristics of coal may make it costly for electric power generators and other coal users to comply with various environmental standards regarding the emissions of impurities released when coal is burned, which could cause our customers to replace coal with alternative fuels.
  • Regulation to address climate change (or emissions of GHGs including carbon dioxide and methane) and uncertainty regarding such regulation may affect us directly or indirectly by increasing our operating costs, reducing the value of our coal assets and adversely impacting the market for coal.
  • We are subject to litigation seeking to hold energy companies accountable for the effects of climate change and may be subject to additional such litigation in the future.
  • Existing and future government laws, regulations and other legal requirements relating to protection of the environment and other laws that govern our business may increase our costs of doing business and may restrict our coal operations.
  • Our business involves many hazards and operating risks, some of which may not be fully covered by insurance. The occurrence of a significant accident or other event that is not fully insured could curtail our operations and have a material adverse effect on our results of operations, financial condition and cash flows.
  • Failure to obtain or renew surety bonds on acceptable terms could affect our ability to secure reclamation and coal lease obligations and failure to obtain adequate insurance coverages could both have a material adverse effect on our business and results of operations.
  • Our mines are located in areas containing oil and natural gas shale plays, and we may have conflicts with competing holders of mineral rights and rights to use adjacent, overlying or underlying lands.
  • In order to maintain, grow and diversify our business, we will be required to make substantial capital expenditures. If we are unable to obtain needed capital or financing on satisfactory terms, our financial leverage could increase.
  • We are subject to various risks associated with scrutiny of companies’ management of ESG matters.
  • The Russia-Ukraine war, and sanctions brought by the U.S. and other countries against Russia, have caused significant market disruptions that may lead to increased volatility in the price of certain commodities, including oil, natural gas,
  • coal and other sources of energy. In addition, global unrest, including conflicts and political unrest in the Middle East and Venezuela, has the potential to cause disruption to the global supply chain that could adversely affect our exports.
  • New or existing tariffs and other trade measures could adversely affect our business, results of operations, financial condition and cash flows.
  • We may be unsuccessful in finding suitable joint venture partners or acquisition targets or in integrating the operations of any future acquisitions, including acquisitions involving new lines of business, with our existing operations, and in realizing all or any part of the anticipated benefits of any such acquisitions.
  • We must obtain, maintain and renew governmental permits and approvals which, if we cannot obtain in a timely manner, would reduce our production, cash flow and results of operations.
  • Our mines are subject to stringent federal and state safety regulations that increase our cost of doing business at active operations and may place restrictions on our methods of operation. In addition, government inspectors, under certain circumstances, have the ability to order our operations to be shut down based on safety considerations.
  • Our operations may impact the environment or cause exposure to hazardous substances, and our properties may have environmental contamination, which could result in liabilities to us. In addition, government inspectors, under certain circumstances, have the ability to order our operations to be shut down based on environmental considerations.
  • Our operations include coal refuse disposal areas, slurry impoundments and other water retaining or dam structures, with multiple facilities classified as “high” or “significant” hazards, depending on the extent of damage or loss of life that could occur in the event of a failure. A failure of these structures would result in liabilities that could have a material impact on our business.
  • We depend on the services of key executives, and any inability to attract and retain key management personnel could have a material adverse effect on our business.
  • We have asset retirement obligations and obligations for long-term employee benefits. If the assumptions underlying our accruals are inaccurate, we could be required to expend greater amounts than anticipated.
  • We face uncertainties in estimating our economically recoverable coal reserves, and inaccuracies in our estimates could result in lower-than-expected revenues, higher-than-expected costs and decreased profitability.
  • Defects may exist in our chain of title for our undeveloped coal reserves where we have not done a thorough chain of title examination of our undeveloped coal reserves. We may incur additional costs and delays to mine coal because we have to acquire additional property rights to perfect our title to coal rights. If we fail to acquire additional property rights to perfect our title to coal rights, we may have to reduce our estimated reserves.
  • As a result of the Murray Energy bankruptcy, the Company could be required to pay for certain liabilities previously acquired by Murray in a 2013 transaction between Murray and our former parent.
  • We are subject to certain ongoing indemnification obligations related to our separation from our former parent that, if realized, could materially impact our financial condition, results of operations and cash flows.
  • The provisions of our debt agreements and the risks associated with our debt could adversely affect our business, financial condition, liquidity and results of operations.
  • Terrorist attacks or cyber incidents could result in information theft, data corruption, operational disruption, damage to our brand and reputation, legal liability and/or financial loss.
  • Certain provisions in our multi-year fixed-price coal sales contracts may provide limited protection during adverse economic conditions, may result in economic penalties to us or permit the customer to terminate the contract.
  • Our ability to operate our business effectively could be impaired if we fail to attract and retain qualified personnel, or if a meaningful segment of our employees becomes unionized.
  • If we do not maintain effective internal control over financial reporting, we could fail to accurately report our financial results.
  • Our stock price has fluctuated and may continue to fluctuate significantly.
  • If securities analysts issue unfavorable commentary about us, downgrade our shares or fail to publish research or reports about our Company, the price of our shares could decline.
  • We cannot guarantee the timing, amount or payment of dividends on our common stock in the future or that we will continue to repurchase shares of our common stock.
  • Your percentage of ownership in the Company may be diluted in the future.
  • Certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws, and of Delaware law, may prevent or delay an acquisition of us, which could decrease the trading price of our common stock.
  • Our certificate of incorporation designates the State Courts of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain an alternative judicial forum for disputes with us or our directors, officers, employees or agents.
  • Uncertainties associated with the Merger may cause a loss of management personnel and other key employees, which could adversely affect the future business and operations of the Company.
  • The business relationships of the Company may be subject to disruption due to uncertainty associated with the Merger, which could have a material effect on the business, financial condition, cash flows and results of operations of the Company.
  • The Company has incurred and expects to continue to incur significant costs in connection with the Merger and integration of Arch with the Company, which may be in excess of those anticipated by the Company.
  • The failure to integrate the businesses and operations of the Company and Arch successfully in the expected time frame may adversely affect the Company’s future results.
  • The Company may fail to realize all of the anticipated benefits of the Merger.
  • The Company’s ability to utilize its historic net operating loss carryforwards and certain other tax attributes may be limited.

Legal proceedings

Our operations are subject to a variety of risks and disputes normally incidental to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. We are not currently subject to any material litigation other than those described in Note 22—Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Report, which descriptions are incorporated herein by this reference.

SEC regulations require us to disclose certain information about environmental proceedings if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. We use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required, as permitted pursuant to Item 103(c)(3)(iii) of Regulation S-K. No such environmental proceedings were pending or contemplated as of December 31, 2025.

The opening of Item 3, Legal Proceedings.3

Sources

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