CNX Resources (CNX) opened 2026 with Q1 revenue of US$786.7 million and basic EPS of US$2.45, alongside net income of US$348.1 million. This sets a clear earnings marker for investors to weigh against its recent share price of US$37.88. The company’s quarterly revenue moved from US$610.6 million in Q1 2025 to US$786.7 million in Q1 2026, while basic EPS shifted from a loss of US$1.34 to EPS of US$2.45 over the same period. On a trailing twelve month basis, EPS stands at US$8.42 against revenue of about US$2.8 billion and net income of US$1.18 billion, indicating a materially different margin profile compared with a year ago.

See our full analysis for CNX Resources.

With the headline numbers on the table, the next step is to compare these results with the prevailing CNX narratives to see which stories the margins support and which ones the latest quarter starts to challenge.

TTM profit tops US$1.2b against cautious forecasts

• On a trailing twelve month basis, CNX earned US$1.18b in net income on US$2.77b of revenue. Analyst forecasts point to earnings declining about 22% per year and revenue about 6.2% per year over the next three years.
• Consensus narrative expects revenue to grow around 5.8% a year with earnings reaching US$687.0 million. The recent TTM net income of US$1.18b and Basic EPS of US$8.42 create a tension between the strong recent profit profile and the softer forecasts.
  • Analysts are tying their US$38.33 price target to earnings of US$687.0 million and a 9.0x P/E. The current P/E is quoted at 4.6x versus peers at 23.8x and the US Oil & Gas industry at 15.1x.
  • Readers can use the current US$37.88 share price and the expectation that margins ease from 30.7% to 28.1% to judge whether the stronger trailing results or the softer outlook feel more realistic.

Low 4.6x P/E and DCF fair value gap

• CNX trades on a 4.6x P/E versus peers at 23.8x and the US Oil & Gas industry at 15.1x. The current US$37.88 share price sits well below the DCF fair value of about US$181.10.
• Bulls argue that the combination of a low multiple and profitability turn, including five year earnings growth of 33.1% per year, heavily supports a more optimistic view than the forecast declines would suggest.
  • The bullish narrative links future earnings of US$831.0 million and revenue of US$2.5b to a 9.6x P/E and the same US$38.33 target level. This represents a much smaller multiple than the peer group, even while assuming CNX keeps generating sizeable profits.
  • Comparing that to the current TTM EPS of US$8.42 and net income of US$1.18b gives you a concrete way to judge whether the bullish call for ongoing strong cash generation lines up with how the market is pricing the stock today.

Bulls point to the low 4.6x P/E and recent US$1.18b in TTM earnings as reasons the story could be mispriced, and you can see how their full thesis stacks up against these numbers in the 🐂 CNX Resources Bull Case

Forecast earnings decline and high debt

• Forecasts indicate earnings may fall around 22% per year and revenue about 6.2% per year over the next three years, while the company is also flagged as carrying a high level of debt.
• Bears focus on these projected declines and the balance sheet, arguing that weaker profit and revenue trends, plus leverage, help explain why the market is not paying anywhere near the DCF fair value figure of about US$181.10.
  • They highlight that even with the US$38.33 analyst target and the current US$37.88 price, the stock trades at a large discount to that DCF fair value. This may reflect concern that the recent TTM net income of US$1.18b is not sustainable if earnings track the forecast path.
  • Comparing the Q1 2026 net income of US$348.1 million and Basic EPS of US$2.45 to the projected multi year declines gives a simple check on whether you think the recent profitability profile can absorb both softer revenue and the servicing of that higher debt load.

Skeptics lean on the projected 22% annual earnings decline and elevated debt when they explain why CNX trades where it does today, and you can review how that cautious case is laid out in full in the 🐻 CNX Resources Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CNX Resources on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Does this mix of strong recent earnings, softer forecasts, and balance sheet questions feel convincing to you, or only part of the picture? Take a closer look at the underlying data, then weigh up the 3 key rewards and 2 important warning signs

See What Else Is Out There

CNX combines high debt with forecasts for earnings and revenue declines, which raises questions about how resilient its recent profit profile could be.

If that mix of softer outlook and leverage feels uncomfortable, check out solid balance sheet and fundamentals stocks screener (46 results) to quickly focus on companies that pair earnings power with sturdier balance sheets.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.