Core Natural Resources Q2 2026 earnings: Metallurgical gains offset PRB weakness

Core Natural Resources (NYSE: CNR) reported Q2 2026 revenue of $1.141 billion, up 3.5% year over year, diluted EPS of $2.51, and free cash flow of $148.0 million. Metallurgical cash margin expanded to $28.48 per ton from $8.29 as higher volume, better realized pricing and lower unit costs lifted the segment. Powder River Basin cash margin fell to negative $0.57 per ton amid lower spring shipments and higher fuel and fixed-cost absorption pressure. Results also included a material benefit from the Leer South insurance settlement.