CNR

CNR is no longer the pre-merger Consol — the January 14, 2025 close of the Arch transaction restructured the company into four segments (High CV Thermal, Metallurgical, PRB, Core Marine Terminal) and is the dominant reason FY2025 revenue exploded +92.4% to $4.16B while net income flipped to a -$153M loss and operating income to -$182M. The 10-K explicitly flags $101M of fire-extinguishment and idle costs at the Leer South mine following the January 13, 2025 combustion event, against only $19.4M of insurance proceeds advanced so far — a real, identifiable drag on the FY2025 print that should not recur at the same magnitude now that longwall operations resumed in December 2025 and the affected area is permanently sealed.

The balance sheet is still defensible but meaningfully more levered post-deal: long-term debt jumped +299% to $317M, total liabilities are $2.45B against $3.68B equity (0.67x L/E), and cash of $432M plus $1.34B current assets vs. $838M current liabilities leaves working capital intact. Operating cash flow of $306M covered $285M of capex with little to spare, yet management still returned ~$250M to shareholders ($224M buybacks +$26M dividends) — aggressive capital return for a company that just printed a GAAP loss, and a tell that management views 2025 results as transitory. D&A of $621M (up +178%) is largely merger-accounting noise and is why the loss looks worse than the cash picture.