Warrior Met Coal (HCC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 55% YoY to $507.9M; net income was $49.3M and Adjusted EBITDA reached $124.0M as Blue Creek drove higher volumes and prices.

• Operating cash flow of $166.0M and free cash flow of $138.9M supported a $2.00/share special dividend alongside the $0.08 regular dividend.

Financial highlights

• Revenue was $507.9M vs. $328.6M YoY; net income was $49.3M vs. $36.6M, and diluted EPS was $0.93 vs. $0.70.

• Adjusted EBITDA rose 76% to $124.0M from $70.6M; a one-time sale of surplus inventory reduced Adjusted EBITDA by ~$27M versus selling those tons at the quarterly average price.

• Operating cash flow was $166.0M; free cash flow was $138.9M vs. negative $19.5M in Q3 2025.

• 9M revenue was $1,476.2M, net income $209.1M and Adjusted EBITDA $424.3M; 9M free cash flow was $150.4M vs. negative $144.7M.

Outlook and guidance

• FY2026 guidance was reaffirmed: sales of 13.0–14.0M short tons, production of 12.5–13.5M short tons and cash cost of sales of $95–$105 per short ton.

• FY2026 capex guidance is $155–$190M, including $105–$115M for existing mines and $50–$75M for Blue Creek; depreciation and depletion guidance is $225–$250M.

• FY2026 SG&A guidance is $75–$85M; interest expense is $20–$25M and interest income is $3–$8M.

• 2027 volumes are expected to exceed 2026, though the final target was still being developed; Blue Creek optimization will proceed bottleneck by bottleneck.