Peabody Energy (BTU) Q4 2025 earnings summary

Executive summary

• Achieved record safety performance with a 0.71 incident rate, 12% better than prior record, and strong environmental results.

• Centurion Mine completed and began longwall mining ahead of schedule, now producing premium hard coking coal.

• Operational performance included increased volumes, cost control, and asset optimization with renewable and critical mineral initiatives.

• U.S. policy and market conditions supported higher coal plant utilization and volumes, especially in the Powder River Basin.

Financial highlights

• Q4 net income attributable to common stockholders: $10.4 million ($0.09 per diluted share); full-year net loss was $52.9 million.

• Adjusted EBITDA: $118 million in Q4, $454.9 million for the year; operating cash flow for the year was $336 million.

• Ended 2025 with $575 million in cash and total liquidity above $900 million.

• Full-year 2025 revenue was $3,861.5 million, down from $4,236.7 million in 2024.

• Declared a $0.075 per share dividend payable March 10, 2026.

Outlook and guidance

• 2026 focus: ramping up Centurion, capitalizing on electricity demand, and returning to free cash flow generation.

• Seaborne thermal volumes expected to decline in 2026 due to mine closures; costs projected at $50/ton.

• Seaborne met volumes to rise to 10.8 million tons in 2026 with Centurion ramp-up; costs targeted at $113/ton.

• U.S. Thermal volumes and costs expected to remain consistent with 2025.

• Total 2026 capital expenditures estimated at $340 million, $70 million lower than 2025.