High Cv Thermal was Core Natural Resources’s largest segment in fiscal 2025, bringing in $2.21B of $4.16B (53%).
| Segment | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| High Cv Thermal | — | $2.36B | $2.00B | $2.21B | |
| Pamc | $2.15B | — | — | — | |
| Prb | — | — | — | $718.78M | |
| Metallurgical | — | $98.94M | $113.07M | $1.20B | |
| Core Marine Terminal | — | $106.17M | $87.75M | $87.68M | |
| Consol Marine Terminal | $78.92M | — | — | — | |
| Corporate & Other | — | — | $15.71M | $13.82M | |
| Corporate & Reconciling Items | $49.61M | — | — | — | |
| Intersegment Revenues | — | -$58.27M | -$56.68M | -$66.20M | |
| Total | $2.28B | $2.51B | $2.16B | $4.16B |
Core Natural Resources brought in $4.16B from its six segments in fiscal 2025, the year ended December 31, 2025. Core Natural Resources regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $2.16B. High Cv Thermal was the largest at $2.21B (53.0%), ahead of Metallurgical at $1.20B (28.9%) and Prb at $718.78M (17.3%). The other two segments brought in $101.50M combined.
Compared with fiscal 2024, Metallurgical grew fastest, up 963.1% to $1.20B, while Core Marine Terminal fell the most, down 0.1% to $87.68M.
Core Natural Resources began breaking out High Cv Thermal in fiscal 2023, Prb in fiscal 2025, Metallurgical in fiscal 2023 and Core Marine Terminal in fiscal 2023. Core Natural Resources stopped reporting Pamc ($2.15B in fiscal 2022), Consol Marine Terminal ($78.92M in fiscal 2022) and Corporate & Reconciling Items ($49.61M in fiscal 2022) as separate segments. The total is net of Intersegment Revenues, which took $66.20M off revenue in fiscal 2025.
Power Generation was Core Natural Resources’s largest product and service line in fiscal 2025, bringing in $1.86B of $4.16B (45%).
| Product and Service | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Power Generation | $1.30B | $1.07B | $906.12M | $1.86B | ||
| Coal Revenue | — | — | — | — | ||
| Industrial | $411.10M | $999.99M | $752.62M | $940.17M | ||
| Metallurgical | $305.25M | $386.73M | $458.90M | $1.33B | ||
| Freight Revenue | $182.44M | — | — | — | ||
| Terminal Revenue | $78.92M | $47.90M | $31.06M | $21.48M | ||
| Other Revenue | — | — | $15.71M | $13.82M | ||
| Total | $2.28B | $2.51B | $2.16B | $4.16B |
Core Natural Resources brought in $4.16B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 92.4% from $2.16B in fiscal 2024. Power Generation was the largest at $1.86B (44.7%), ahead of Metallurgical at $1.33B (31.9%) and Industrial at $940.17M (22.6%). The other two lines brought in $35.29M combined.
Compared with fiscal 2024, Metallurgical grew fastest, up 189.6% to $1.33B. Every line above 2% of revenue grew.
Core Natural Resources began breaking out Other Revenue in fiscal 2024, when it brought in $15.71M. Core Natural Resources stopped reporting Freight Revenue as a separate line after fiscal 2022, when it brought in $182.44M.
Export was Core Natural Resources’s largest region in fiscal 2025, bringing in $2.31B of $4.13B (56%).
| Geography | FY 2023 | FY 2025 |
|---|---|---|
| Export | $1.74B | $2.31B |
| Domestic | $717.63M | $1.82B |
| Total | $2.46B | $4.13B |
Core Natural Resources brought in $4.13B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 68.0% from $2.46B in fiscal 2023, the previous year with figures. Export was the largest at $2.31B (55.9%), ahead of Domestic at $1.82B (44.1%).
Compared with fiscal 2023, the previous year with figures, Domestic grew 153.8% to $1.82B and Export grew 32.6% to $2.31B. From fiscal 2023 to 2025, combined revenue from these regions grew from $2.46B to $4.13B, a compound annual growth rate of 29.6%. Export's share of the total fell from 70.8% to 55.9%.
Core Natural Resources (CNR) reports its revenue by segment, by product and service and by geography. In fiscal 2025, High Cv Thermal was its largest segment, bringing in $2.21B (53.0% of the total), followed by Metallurgical at $1.20B (28.9%).
High Cv Thermal was Core Natural Resources' largest segment in fiscal 2025, bringing in $2.21B, or 53.0% of the $4.16B total across its six segments.
Power Generation was Core Natural Resources' largest product and service line in fiscal 2025, bringing in $1.86B, or 44.7% of the $4.16B total across its five product and service lines.
Export was Core Natural Resources' largest region in fiscal 2025, bringing in $2.31B, or 55.9% of the $4.13B total across its two regions.
Among Core Natural Resources' product and service lines that make up at least 2% of revenue, Metallurgical grew fastest in fiscal 2025, up 189.6% from $458.90M to $1.33B.
Every figure comes from Core Natural Resources' annual financial filings, as reported. Each line keeps the name Core Natural Resources gives it, and years follow its fiscal calendar.
Core Natural Resources' revenue by segment goes back to fiscal 2021, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.