Peabody Energy (BTU) Q2 2025 earnings summary

Executive summary

• Net loss attributable to common stockholders was $27.6 million, or $0.23 per diluted share, for Q2 2025, down from net income of $199.4 million in Q2 2024, mainly due to lower seaborne coal pricing and absence of prior year insurance recovery at Shoal Creek Mine.

• Adjusted EBITDA was $93.3 million, down 70% year-over-year, reflecting lower revenues and higher costs in certain segments.

• Achieved record safety, strong cost containment, and solid volumes in H1 2025, prompting an increase in full-year guidance.

• Accelerated longwall operations at Centurion Mine, targeting startup in February 2026.

• Benefited from new US legislation reducing royalty rates and providing tax credits, improving competitiveness and cost structure.

Financial highlights

• Q2 2025 revenue was $890.1 million, down from $1,042.0 million in Q2 2024; revenue for the six months ended June 30, 2025 was $1,827.1 million, down 10% year-over-year.

• Adjusted EBITDA for the six months ended June 30, 2025 was $237.3 million, down 50% from $470.2 million year-over-year.

• Cash and cash equivalents at June 30, 2025 were $585.9 million, with total liquidity approaching $1 billion.

• Operating cash flow for the first half of 2025 was $143.1 million, up from $126.8 million in the prior year.

• Declared a $0.075 per share dividend in Q2 2025.

Outlook and guidance

• Raised full-year guidance for PRB volumes by 5 million tons and lowered full-year costs by $0.63 per ton.

• Seaborne thermal volumes expected to be 200,000 tons higher, with costs $3 per ton lower at $45–$48 per ton.

• Seaborne met cost targets improved by $7.50 per ton to $150–$120 per ton.

• Full-year CapEx reduced by $30 million to $420 million.

• H2 2025 expected to benefit $15–$20 million from federal royalty reduction provisions.