Warrior Met Coal (HCC) Q2 2026 earnings summary

Executive summary

• Blue Creek ramp-up drove record Q2 sales of 3.7 million short tons, up 65% year over year, and helped lift revenue 71% to $509.7 million.

• Net income was $87.4 million and Adjusted EBITDA was $156.9 million, versus $5.6 million and $53.6 million in Q2 2025.

• Generated $103.4 million in free cash flow as Blue Creek construction spending ended and its contribution to earnings and cash flow grew.

• Full-year sales and production volume guidance increased by 500,000 tons following strong customer adoption of Blue Creek coal.

Financial highlights

• Revenue was $509.7 million versus $297.5 million; higher sales volumes and average selling prices drove the increase.

• Net income was $87.4 million, or $1.65 per diluted share, versus $5.6 million, or $0.11; Adjusted EBITDA rose 193% to $156.9 million.

• Average net selling price was $137.82 per short ton, up 6% year over year; cash cost of sales per short ton FOB port fell 9% to $92.53.

• Operating cash flow was $132.3 million and free cash flow was $103.4 million, versus $37.5 million and negative $56.7 million in Q2 2025.

• First-half net income was $159.8 million and Adjusted EBITDA was $300.3 million, versus a $2.6 million net loss and $93.1 million Adjusted EBITDA in H1 2025.

Outlook and guidance

• 2026 sales guidance rose to 13.0–14.0 million short tons and production guidance to 12.5–13.5 million short tons; Blue Creek sales are expected at 5 million short tons, 90% contracted.

• Full-year cash cost of sales FOB port is expected at $95–$105 per short ton.

• Blue Creek’s 6 million-ton run rate remains a goal; further ramp-up depends on staffing and operational readiness.

• PLV pricing is expected below H1 supply-driven highs but above most of 2025; subdued second-tier relativities may weigh on H2 realizations and free cash flow.