Alpha Metallurgical Resources (AMR) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q4 2025 was $28.5 million, with 3.8 million tons shipped, reflecting a challenging year with market weakness but improved cost performance and operational resilience.

• Largest U.S. metallurgical coal producer, accounting for 20% of national output, with a diverse portfolio and global reach through majority ownership of the DTA export terminal.

• Sold 15.3 million tons of coal in 2025, with 75% exported and 25% sold domestically.

• Maintains a strong safety and environmental record, with incident rates and non-fatal days lost significantly below industry averages.

• Focus remains on safe, efficient operations, maintaining a strong balance sheet, and long-term shareholder value via disciplined capital allocation and substantial share repurchases.

Financial highlights

• Adjusted EBITDA for 2025 was $122 million, with a margin of 6%; Q4 Adjusted EBITDA was $28.5 million, down from $41.7 million in Q3.

• Revenue for 2025 was $2.13 billion, with a 2020–2025 CAGR of 8.5%.

• Free cash flow for 2025 was $(20) million, with FCF conversion at -17%.

• Q4 2025 coal revenues were $519.1 million, slightly down from $525.2 million in Q3 2025.

• Unrestricted cash at year-end was $366 million, with total liquidity of $524.3 million, down from $568.5 million at the end of Q3.

Outlook and guidance

• 2026 shipment guidance: 14.4–15.4 million tons metallurgical, 0.7–1.1 million tons byproduct; 4.1 million tons in domestic sales commitments at an average price of $136.30 per ton.

• 77% of export volumes committed at an average price of $134/ton; domestic committed at $136/ton.

• Met segment cost per ton guidance for 2026 is $95–$101; SG&A guidance is $53–$59 million; capital expenditures expected at $148–$168 million.

• 45X tax credit expected to provide a benefit of about $2 per ton at the midpoint of volume guidance.

• Ongoing development of Kingston Wildcat mine, targeting 500,000 tons in 2026 and ramping up to 1 million tons per year.