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Warrior Met Coal (HCC) investor relations material
Warrior Met Coal Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Commenced Blue Creek longwall operations eight months ahead of schedule and on budget, accelerating production ramp-up and contributing to record sales volumes and increased nameplate capacity by 25%.
Raised full-year 2025 production and sales guidance by 10% due to Blue Creek ramp-up and operational excellence.
Secured federal coal leases for 58 million short tons (53 million metric tons) of high-quality reserves, extending mine life and supporting long-term growth.
Achieved record quarterly sales volumes of 2.4 million short tons, including 378,000 from Blue Creek.
Declared a regular quarterly cash dividend of $0.08 per share.
Financial highlights
Q3 2025 net income was $36.6 million ($0.70 per diluted share), down from $41.8 million ($0.80) in Q3 2024.
Adjusted EBITDA for Q3 2025 was $70.6 million, down from $78.5 million year-over-year; margin was 21.5% versus 24% last year.
Total revenues were $328.6 million, nearly flat year-over-year, as a 27% increase in sales volumes offset a 21% decline in average net selling price.
Cash cost of sales per short ton decreased 18% to $100.73, reflecting cost control and Blue Creek's lower cost structure.
Liquidity at quarter-end was $525.2 million, including $336.3 million in cash and $140.5 million available under the ABL facility.
Outlook and guidance
Full-year 2025 production guidance raised to 9.4–9.8 million short tons, with 1.8 million from Blue Creek; sales volume guidance increased to 9.2–9.6 million short tons.
Cash cost of sales guidance lowered to $105–$110 per short ton, reflecting recent cost performance.
Capital expenditures for Blue Creek project expected at $225–$250 million for 2025, with total project capex of $995 million to $1.075 billion.
Premium LV coal prices expected to remain volatile but rangebound between $185–$195/ton for the remainder of 2025.
Market conditions for steelmaking coal expected to remain weak and range-bound due to oversupply and subdued global demand.
Blue Creek production strategy in weak markets?
Detail operational benefits of new federal coal lease
When will increased shareholder returns materialize?
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Next Warrior Met Coal earnings date
Q4 202519 Feb, 2026
Next Warrior Met Coal earnings date
Q4 202519 Feb, 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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