Peabody Energy (BTU) Q1 2026 earnings summary

Executive summary

• Reported a net loss attributable to common stockholders of $32.4 million, or $0.27 per diluted share, for Q1 2026, compared to net income of $34.4 million in Q1 2025, as higher volumes and favorable mix were offset by increased costs and depreciation.

• Adjusted EBITDA was $82.5 million, down 43% year-over-year, primarily due to increased costs in the Seaborne Metallurgical segment and higher depreciation.

• Thermal coal volumes exceeded expectations due to strong demand in the U.S. and seaborne markets, while Seaborne Metallurgical performance was impacted by Centurion Mine commissioning delays.

• Advanced rare earth and critical mineral development, including a $6.25 million grant for a pilot plant and promising germanium concentrations.

• Tons sold increased 2% to 29.6 million, with growth in Powder River Basin and Seaborne Metallurgical segments.

Financial highlights

• Revenue for Q1 2026 was $973.3 million, up 4% year-over-year, with cash and cash equivalents at $492.5 million and total liquidity at $868.2 million.

• Adjusted EBITDA was $82.5 million, with Seaborne Thermal delivering $48.5 million, U.S. Thermal $61.5 million, and Seaborne Metallurgical reporting a $7.0 million loss due to Centurion challenges.

• Seaborne Thermal export prices averaged $86.25/ton, up over 5% sequentially, with costs reduced to $50.26/ton, below guidance.

• Powder River Basin Adjusted EBITDA was $23.7 million, with volumes above guidance; Other U.S. Thermal Adjusted EBITDA was $37.8 million.

• Diluted EPS was $(0.27) versus $0.27 in Q1 2025; weighted average diluted shares outstanding were 122.0 million.

Outlook and guidance

• Centurion Mine expected to return to full longwall production rates in the second half of 2026, with Q2 sales expected at 300,000 tons and full-year sales outlook revised to 2.5 million tons.

• Seaborne Thermal Q2 2026 volume guidance at 3.0 million tons, with costs expected at $57–$62/ton; full-year guidance 12.0–13.0 million tons.

• Seaborne Metallurgical Q2 volume expected at 2.3 million tons, with costs of $145–$150/ton; full-year guidance 9.3–10.3 million tons.

• PRB Q2 shipments expected at 19 million tons, costs at $13.25–$13.50/ton; full-year PRB costs up $0.50/ton due to diesel.

• Full-year 2026 capital expenditures guided at $340 million.