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Alliance Resource Partners (ARLP) investor relations material
Alliance Resource Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Third quarter 2025 revenues were $571.4 million, down 6.9% year-over-year but up 4.4% sequentially, mainly due to lower coal sales prices and reduced transportation revenues, partially offset by higher coal sales volumes.
Net income attributable to unitholders was $95.1 million, up 10.2% year-over-year, driven by reduced operating expenses and higher investment income.
Adjusted EBITDA for Q3 2025 was $185.8 million, up 9% year-over-year and 14.8% sequentially.
Free cash flow for the quarter was $151.4 million, and distributable cash flow was $106.4 million, both up sequentially.
For the nine months ended September 30, 2025, revenues declined 10.7% to $1.66 billion, and net income fell 33.7% to $228.5 million.
Financial highlights
Average coal sales price per ton was $58.78, down 7.5% year-over-year but up 1.5% sequentially; coal sales for Q3 were $511.6 million.
Total coal production was 8.4 million tons (up 8.5% year-over-year), and coal sales volumes were 8.7 million tons (up 3.9% year-over-year).
Segment Adjusted EBITDA for Q3 2025 increased 7.8% to $207.2 million; margin was 36.3%.
Operating expenses for Q3 2025 decreased 8.8% to $359.3 million, with per ton costs in coal operations down 11.1% to $40.99.
Total liquidity at quarter end was $541.8 million, including $94.5 million in cash and 568 Bitcoin valued at $64.8 million.
Outlook and guidance
Full-year 2025 coal sales guidance tightened to 32.5–33.25 million tons, with 32.8 million tons already committed and priced.
2026 contracted and priced sales tons increased to 29.1 million, up 9% from last quarter.
Segment-adjusted EBITDA expense per ton for 2025 expected at $60–$62 in Appalachia and $34–$36 in Illinois Basin.
Maintenance capital expenditures estimated at $7.28 per ton produced for 2025.
Management anticipates sufficient liquidity to meet 2025 cash requirements and expects to remain in compliance with debt covenants.
What drives 2026 volume growth?
Future contract pricing and terms
Gavin investment: expected returns
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Next Alliance Resource Partners earnings date
Q4 202526 Jan, 2026
Next Alliance Resource Partners earnings date
Q4 202526 Jan, 2026
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Frequently asked questions
Alliance Resource Partners LP is a diversified natural resource company primarily involved in the production and marketing of coal. The company operates underground mining complexes and surface mines supplying thermal and metallurgical coal to utilities and industrial customers. It also holds interests in oil and gas mineral rights and related activities. Alliance Resource Partners LP is headquartered in Tulsa, Oklahoma, and its shares are listed on the NASDAQ.
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