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Warrior Met Coal
Warrior Met Coal (HCC) investor relations material
Warrior Met Coal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record annual and quarterly sales and production volumes in 2025, driven by the early, on-budget start of Blue Creek longwall operations, which began eight months ahead of schedule and were fully funded by cash from operations.
Blue Creek's ramp-up was smooth, significantly improving production scale, cost structure, and exceeding volume expectations.
Reduced cash cost of sales per short ton by 19%–22% year-over-year, reflecting operational efficiencies and Blue Creek's lower cost structure.
Finalized two federal coal leases, adding 53 million short tons of reserves and extending mine life.
Declared $0.32 per share in cash dividends for 2025 and regular quarterly dividends.
Financial highlights
2025 revenue was $1.31 billion, down 14% year-over-year, with Q4 2025 revenues at $384 million, up from $297 million in Q4 2024 due to a 53% increase in sales volumes.
Net income for Q4 2025 was $23 million ($0.44 per diluted share), up from $1.1 million in Q4 2024; full-year net income was $57 million, down from $250.6 million in 2024.
Adjusted EBITDA for 2025 was $256.5 million, with Q4 2025 Adjusted EBITDA at $92.9 million, up 31% sequentially and 75% year-over-year.
Cash cost of sales per short ton at FOB port was $93–$94 in Q4 2025, down from $120 in Q4 2024; full-year 2025 cash cost of sales per short ton was $101.30.
Free cash flow was negative $173 million for 2025, reflecting significant capital investments; Q4 2025 free cash flow was negative $28.3 million.
Outlook and guidance
2026 coal sales guidance: 12.5–13.5 million short tons (midpoint growth rate 35%); production: 12.0–13.0 million short tons (midpoint growth rate 23%).
2026 cash cost of sales (FOB port) expected at $95–$110 per short ton.
Capital expenditures for 2026: $105–$115 million for sustaining mines, $50–$75 million for Blue Creek project.
90% of 2026 midpoint sales volume is under contract, including 85% of Blue Creek volume.
Free cash flow expected to be negative in H1 2026 due to working capital and CapEx, turning positive in H2.
What drives HVA price disconnect from PLV index?
Consider using debt for buybacks in a downturn?
Why 4.5M tons Blue Creek production in 2026?
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Next Warrior Met Coal earnings date
Q1 202629 Apr, 2026
Warrior Met Coal
Next Warrior Met Coal earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Warrior Met Coal, Inc. is a producer of metallurgical coal for the steel industry. Warrior produces thermal and non-thermal metallurgical coal for steel production and sales throughout the world. It also provides related services, such as mining, product transport, logistics, and sales & marketing support through its network of subsidiaries, agents and customers. Warrior is engaged in the development of TM3C's Cenaxa Mine, a preparation plant in Mozambique and related infrastructure on behalf of TM3C Mining SA; construction and operation of transmission lines connecting the Richards Bay Minerals Development Area to Eskom power stations; and construction of a mine ventilation shaft 10 kilometers northwest of Syferfontein Mine under contract with Exxaro Resources Limited.
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