CNRHIGH SIGNALOPERATIONAL10-K

CNR completed a major merger with Arch during the reporting period, substantially expanding the balance sheet while facing declining operating cash flows.

The Arch merger represents a transformative transaction that has meaningfully expanded CNR's asset base and operational scale, as evidenced by the substantial increases in current assets, liabilities, and capital expenditures. However, the combination occurred amid challenging operating conditions, with revenue declining 12.9% and operating cash flows falling 35.8%, suggesting integration challenges or market headwinds that investors should monitor closely.

Comparing 2026-02-17 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

The financial profile reflects a company in transition following the Arch merger, with balance sheet items expanding substantially - current assets grew 70.5% and total liabilities increased 87% - while operational metrics weakened notably. Operating cash flows declined 35.8% to $306M despite higher capital expenditures of $285M, creating a concerning gap between cash generation and investment needs. The revenue decline of 12.9% to $2.2B, combined with reduced interest expense, suggests the combined entity is navigating integration complexities while managing an expanded debt profile.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+87%
$1.3B→$2.5B

Liabilities grew 87% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Assets
Balance Sheet
+70.5%
$786.0M→$1.3B

Current assets grew 70.5% — improving short-term liquidity or inventory/receivables build.

Dividends Paid
Cash Flow
+65.6%
$15.9M→$26.3M

Dividend payments increased 65.6% — management confidence in sustained cash generation.

Current Liabilities
Balance Sheet
+61.6%
$518.7M→$838.3M

Current liabilities surged 61.6% — significant near-term obligations; verify ability to meet short-term debt.

Capital Expenditure
Cash Flow
+59.9%
$178.0M→$284.6M

Capital expenditure jumped 59.9% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-35.8%
$476.4M→$305.8M

Operating cash flow fell 35.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Interest Expense
P&L
-24.3%
$29.3M→$22.2M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Revenue
P&L
-12.9%
$2.6B→$2.2B

Revenue softened 12.9% — monitor whether this is cyclical or structural.

SG&A Expense
P&L
+11.4%
$103.5M→$115.2M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-20
ADDED
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 ITEM 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 61 ITEM 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 130 ITEM 9A.
The information set forth herein does not include the results of operations or cash flows of Arch prior to January 14, 2025.
See Note 2 Merger with Arch for further discussion of the unaudited pro forma information.
The forward-looking statements in this Report speak only as of the date of this Report.
We disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly.
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.
We began regular-way trading under the name CONSOL Energy Inc.
REMOVED
Employer Identification No.) 275 Technology Drive Suite 101 Canonsburg , PA 15317-9565 ( 724 ) 416-8300 (Address, including zip code, and telephone number, including area code, of registrant s principal executive offices) CONSOL Energy Inc.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 ITEM 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations 60 ITEM 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 124 ITEM 9A.
Since the Merger occurred subsequent to the end of the reporting period, unless otherwise specifically noted, information set forth herein does not include the information of Arch.
With a focus on seaborne markets, we play an essential role in meeting the world's growing need for steel, infrastructure and energy, and have ownership interests in two marine export terminals.
(formerly known as CONSOL Energy Inc.), a Delaware corporation, completed its previously announced all-stock merger of equals transaction with Arch pursuant to the Merger Agreement.
Our Mission The Company's mission is to become the world's leading provider of essential coal-based natural resources in support of human progress.
We are dedicated to the responsible utilization of vital natural resources.
In doing so, we are committed to safe and sustainable practices that aim to reduce our environmental footprint, enhance our operations and create opportunities for our business and stakeholders.
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