Peabody Energy (BTU) Q3 2025 earnings summary

Executive summary

• Net loss attributable to common stockholders was $70.1 million for Q3 2025, including $54 million in costs related to a terminated acquisition, compared to net income of $101.3 million in Q3 2024.

• Adjusted EBITDA was $99.5 million, down 56% year-over-year but up 14% sequentially from Q2 2025, driven by higher PRB and seaborne thermal volumes and lower metallurgical costs.

• Revenue declined 7% year-over-year to $1,012.1 million for Q3 2025, primarily due to lower seaborne coal pricing and volumes.

• Centurion mine longwall production to begin next quarter, targeting full-scale production in February 2026 and expected to expand premium hard coking coal shipments sevenfold by 2026.

• Dividend of $0.075 per share declared on October 30, 2025.

Financial highlights

• Q3 2025 revenue: $1,012.1 million (down from $1,088.0 million in Q3 2024); Adjusted EBITDA: $99.5 million; net loss: $70.1 million; diluted EPS: $(0.58).

• Operating cash flow for Q3 was $122 million; cash and liquidity at quarter-end were $603.3 million and over $950 million, respectively.

• Adjusted EBITDA margin for Seaborne Thermal was 17% in Q3 2025.

• PRB Adjusted EBITDA margin per ton was $2.29 in Q3 2025.

• Capital investment in Centurion tapering, positioning for increased shareholder returns.

Outlook and guidance

• Q4 2025 targets raised for seaborne met, seaborne thermal, and PRB segments; Seaborne Thermal Q4 volume expected at 3.2 million tons, costs $45–$48/ton; Seaborne Metallurgical Q4 volume at 2.4 million tons, costs $110–$115/ton; PRB Q4 volume at 23 million tons, costs $11.00–$11.50/ton.

• Full-year 2025 guidance: Seaborne Thermal 15.1–15.4M tons, Seaborne Metallurgical 8.3–8.5M tons, PRB 84.0–86.0M tons, Other U.S. Thermal 13.2–13.4M tons.

• Expected 2025 capital expenditures are approximately $420 million.

• Centurion mine to be lowest cost met coal operation, boosting portfolio realizations to ~80% of benchmark by 2026.

• The company anticipates continued volatility in seaborne coal prices due to global supply/demand dynamics and regulatory changes.