Alpha Announces Financial Results for Third Quarter 2026

Domestic customers have committed to approximately 3.5 million tons for 2027 at an average price of $135.48 per ton.

Rhea-AI Summary

Alpha Metallurgical Resources (NYSE: AMR) reported a third-quarter net loss of $9.3 million and issued its initial 2027 operational guidance. The loss was $0.73 per diluted share, versus $0.96 in the second quarter and $0.42 a year earlier. Adjusted EBITDA, a non-GAAP earnings measure, rose to $29.4 million from $25.6 million sequentially but fell from $41.7 million a year earlier. Coal sales reached 3.9 million tons, while coal costs rose to $106.93 per ton from $103.07 sequentially.

Domestic commitments cover approximately 3.5 million tons for 2027 at $135.48 per ton. Alpha expects 2027 shipments of 14.3 million to 15.7 million tons and coal costs of $104.00 to $110.00 per ton. Operating cash flow was $46.9 million, and quarter-end liquidity was $443.4 million. Its outlook incorporates terminal constraints following storm damage at Dominion Terminal Associates; Alpha expects a lengthy equipment replacement process.

17 points · 0 major

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointDomestic sales commitments secure approximately 3.5 million tons at $135.48 per ton for shipment in 2027.
• Moderate pointThird-quarter coal revenues rose to $560.6 million from $491.5 million in the second quarter.
• Moderate pointThird-quarter coal sales reached 3.9 million tons, versus 3.5 million sequentially and 3.9 million a year earlier.
• Moderate pointThird-quarter realized coal pricing increased to $121.09 per ton from $118.71 in the second quarter.
• Moderate pointThird-quarter Adjusted EBITDA rose to $29.4 million from $25.6 million sequentially, but declined from $41.7 million year-over-year.
• Moderate pointThird-quarter operating cash flow reached $46.9 million, versus $39.9 million sequentially and $50.6 million a year earlier.
• Moderate pointQuarter-end liquidity totaled $443.4 million, including $334.1 million cash; no revolving-credit borrowings were outstanding.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 shipments of 14.3 million–15.7 million tons, versus 2026 guidance of 14.2 million–15.4 million.

9 minor points

• Minor pointThird-quarter capital expenditures fell to $33.8 million from $45.1 million sequentially, but exceeded $25.1 million year-earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 capital expenditures of $145 million–$165 million, versus 2026 guidance of $148 million–$168 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 equity-affiliate contributions of $28 million–$37 million, versus 2026 guidance of $35 million–$45 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 depreciation, depletion and amortization of $148 million–$162 million, versus $160 million–$174 million for 2026.
• Minor point2026 metallurgical coal was approximately 87% committed and priced at $126.69 per ton as of October 29.
• Minor point2026 thermal coal was fully committed at $76.06 per ton, based on the shipment-guidance midpoint.
• Minor point2027 thermal coal was 80% committed and priced at $78.47 per ton as of October 29.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha plans to use other Hampton Roads terminals to minimize disruption during DTA equipment replacement.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha does not anticipate significant capital outlays associated with replacing DTA's damaged equipment.

Negative

• Moderate pointThird-quarter net loss was $9.3 million, narrowing from $12.3 million sequentially but widening from $5.5 million year-over-year.
• Moderate pointThird-quarter coal costs increased to $106.93 per ton from $103.07 in the second quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Alpha projects 2027 coal costs of $104.00–$110.00 per ton, versus 2026 guidance of $103.00–$107.00.
• Moderate point2027 metallurgical coal was only 26% committed and priced; another 41% was committed but unpriced.
• Moderate point. Forward-looking: it has not happened yet and may not happen.DTA's storm-damaged stacker reclaimer faces an expected lengthy replacement timeline, affecting the terminal capabilities incorporated into 2027 guidance.

3 minor points

• Minor pointThird-quarter coal sales costs rose to $509.7 million from $443.7 million in the second quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 idle operations expense of $25 million–$33 million, versus $24 million–$32 million for 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Alpha expects 2027 net cash interest income of $2 million–$4 million, versus $2 million–$6 million for 2026.

News Explained

By October 31, Alpha had spent about $1.2 billion buying 7.1 million shares under a program authorizing up to $1.5 billion.

For 2027, Alpha reports that 26% of planned metallurgical shipments are committed and priced; another 41% is committed but unpriced, so that portion has no stated average price.

Under its previously authorized repurchase program, Alpha reports approximately 7.1 million shares acquired for approximately $1.2 billion as of October 31, 2026, against authorization of up to $1.5 billion.

Alpha also reports 12,662,046 shares outstanding on that date, excluding the potential effect of unvested equity awards.

For the damaged DTA equipment, the company expects a lengthy replacement process but says it does not anticipate significant capital outlays associated with the replacement.

Key Figures

Net loss: $9.3 million Net loss per diluted share: $0.73 Adjusted EBITDA: $29.4 million +4 more

Net loss

$9.3 million

Third quarter 2026

Net loss per diluted share

$0.73

Third quarter 2026

Adjusted EBITDA

$29.4 million

Third quarter 2026

Domestic metallurgical coal commitments

3.5 million tons at $135.48 per ton

Committed for shipment in 2027

Total shipment guidance

14.3 million to 15.7 million tons

2027 operational guidance

Cost of coal sales guidance

$104.00 to $110.00 per ton

2027 operational guidance

Capital expenditures guidance

$145 million to $165 million

2027, including carryover, development and maintenance capital

Previous Earnings Reports

1 past event · Latest: Aug 07

Same Type 1 event

1. Aug 07

   2Q26 earnings

   24h Move

   -0.1%

   Reported a net loss and reduced 2026 shipment guidance, establishing the prior-quarter earnings comparator.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap, asset-based revolving credit facility

3 terms

adjusted ebitda financial

"Adjusted EBITDA of $29.4 million for third quarter"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"This is a non-GAAP financial measure."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

asset-based revolving credit facility financial

"unused availability under the asset-based revolving credit facility (ABL)"

A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.

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• Reports net loss of $9.3 million and Adjusted EBITDA of $29.4 million for third quarter
• Announces sales commitments to domestic customers for shipment in 2027
• Issues 2027 operational guidance
• Provides update on stacker reclaimer equipment damage at Dominion Terminal Associates

BRISTOL, Tenn., Nov. 6, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the third quarter ending September 30, 2026.

	(millions, except per share)
	Three months ended
	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025
Net loss	($9.3)	($12.3)	($5.5)
Net loss per diluted share	($0.73)	($0.96)	($0.42)
Adjusted EBITDA(1)	$29.4	$25.6	$41.7
Operating cash flow	$46.9	$39.9	$50.6
Capital expenditures	($33.8)	($45.1)	($25.1)
Tons of coal sold	3.9	3.5	3.9
____________________
1. This is a non-GAAP financial measure. A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.

"Our third quarter volumes improved as compared to the first two quarters of the year, but cost pressures continue to influence our financial results," said Andy Eidson, Alpha's chief executive officer. "We remain committed to managing these cost challenges and continually evaluating the portfolio against the needs of the metallurgical coal market. Our 2027 operational guidance reflects our current expectations of the coming calendar year, and these estimates incorporate our analysis of potential financial impact and 2027 terminal capabilities following the June storm damage to a stacker reclaimer at Dominion Terminal Associates (DTA) in Newport News. Terminal leaders have worked diligently to keep operations moving, and conversations with DTA's insurance provider continue to progress positively to address the equipment damage caused by the high-wind storm. Despite what is expected to be a lengthy timeline for replacing the damaged equipment, we do not anticipate significant capital outlays in association with the replacement process. Additionally, we are confident in our plans to minimize the disruption to our sales and logistics processes by also utilizing our throughput capacity at other Hampton Roads terminals while work is underway to replace the damaged machinery at DTA. As evidenced by our more normalized third quarter shipment volumes, we are optimistic about the ability to continue providing excellent customer service in 2027 and beyond."

Eidson added: "Today we are pleased to announce the results of our 2027 domestic sales negotiations, with 3.5 million tons committed to domestic customers for shipment next year. These commitments provide a solid foundation on which we will build our seaborne sales for 2027."

Financial Performance

Alpha reported a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter, as compared to net loss of $12.3 million, or $0.96 per diluted share, in the second quarter.

Total Adjusted EBITDA was $29.4 million for the third quarter, compared to $25.6 million in the second quarter. 

Coal Revenues

	(millions)
	Three months ended
	Sep. 30, 2026	Jun. 30, 2026
Met segment	$560.6	$491.5
Met segment (excl. freight & handling)(1)	$474.1	$421.3
Tons Sold	(millions)
	Three months ended
	Sep. 30, 2026	Jun. 30, 2026
Met segment	3.9	3.5
____________________
1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Coal Sales Realization⁽¹⁾

	(per ton)
	Three months ended
	Sep. 30, 2026	Jun. 30, 2026
Met segment	$121.09	$118.71
____________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Third quarter net realized pricing for the Met segment was $121.09 per ton.

The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.

	(in millions, except per ton data)
Met Segment Sales	Three months ended Sep. 30, 2026
	Tons Sold	Coal Revenues	Realization/ton(1)	% of Met Tons Sold
Domestic	1.0	$133.3	$136.17	27 %
Export - Australian indexed	0.8	$120.4	$150.46	22 %
Export - other pricing mechanisms	1.8	$196.7	$107.03	51 %
Total Met coal revenues	3.6	$450.4	$124.52	100 %
Thermal coal revenues	0.3	$23.7	$79.44
Total Met segment coal revenues (excl. freight & handling)(1)	3.9	$474.1	$121.09
____________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Cost of Coal Sales

	(in millions, except per ton data)
	Three months ended
	Sep. 30, 2026	Jun. 30, 2026
Met segment	$509.7	$443.7
Met segment (excl. freight & handling/idle)(1)	$418.6	$365.8
	(per ton)
Met segment(1)	$106.93	$103.07
____________________
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Alpha's Met segment cost of coal sales increased to an average of $106.93 per ton in the third quarter, compared to $103.07 per ton in the second quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the third quarter increased to $46.9 million as compared to $39.9 million in the second quarter. Capital expenditures for the third quarter were $33.8 million compared to $45.1 million for the second quarter.

As of September 30, 2026, the company had total liquidity of $443.4 million, including cash and cash equivalents of $334.1 million and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of September 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of September 30, 2026, was $10.6 million.

Share Repurchase Program

As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of October 31, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.31 per share. The number of common stock shares outstanding as of October 31, 2026 was 12,662,046, not including the potential effect of unvested equity awards.

The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.

2027 Domestic Sales Commitments

Alpha has committed approximately 3.5 million tons of metallurgical coal to domestic customers for shipment in the 2027 calendar year at an average price of $135.48 per ton.

Issuance of 2027 Operational Guidance

The company is issuing operational guidance for the 2027 calendar year. For sales volumes, Alpha expects to ship between 13.1 million and 14.1 million metallurgical tons, as well as another 1.2 million to 1.6 million tons of incidental thermal coal, bringing total 2027 shipment expectations to a range of 14.3 million to 15.7 million tons for the year.

Alpha projects 2027 cost of coal sales of between $104.00 and $110.00 per ton.

Selling, general and administrative (SG&A) costs are expected to be between $53 million and $59 million in 2027, excluding non-recurring expenses and non-cash stock compensation. Idle operations expense is expected to be between $25 million and $33 million. Alpha anticipates 2027 net cash interest income of $2 million to $4 million, and depreciation, depletion and amortization of $148 million to $162 million.

The company expects capital expenditures, including carryover, development and maintenance capital, in the range of $145 million to $165 million.

Contributions to equity affiliates are expected in the range of $28 million to $37 million, which include cash contributions for normal operations of Dominion Terminal Associates as well as Alpha's 2027 share of the investments in DTA's previously announced facility upgrade program.

The company expects a 2027 cash tax rate of between 0% and 5%.

2026 Operational Performance Update

As of October 29, 2026, Alpha has committed and priced approximately 87% of its metallurgical coal for 2026 at an average price of $126.69 per ton. At the midpoint of guidance, Alpha's thermal coal is fully committed for the year at an average price of $76.06 per ton.

	2026 Guidance			2027 Guidance
in millions of tons	Low	High		Low	High
Metallurgical	13.2	14.0		13.1	14.1
Thermal	1.0	1.4		1.2	1.6
Met segment - total shipments	14.2	15.4		14.3	15.7
Committed/Priced1,2,3	Committed	Volume (in millions of tons)	Average Price	Committed	Volume (in millions of tons)	Average Price
Metallurgical - domestic		3.7	$135.98		3.5	$135.48
Metallurgical - export		8.1	$122.49		0.1	$100.32
Metallurgical total	87 %	11.8	$126.69	26 %	3.6	$134.46
Thermal	100 %	1.3	$76.06	80 %	1.1	$78.47
Met segment	89 %	13.1	$121.45	31 %	4.7	$121.18
Committed/Unpriced1,3	Committed			Committed
Metallurgical total	12 %			41 %
Thermal	— %			— %
Met segment	11 %			37 %
Costs per ton4	Low	High		Low	High
Met segment	$103.00	$107.00		$104.00	$110.00
in millions (except taxes)	Low	High		Low	High
SG&A5	$53	$59		$53	$59
Idle operations expense	$24	$32		$25	$33
Net cash interest income	$2	$6		$2	$4
DD&A	$160	$174		$148	$162
Capital expenditures	$148	$168		$145	$165
Capital contributions to equity affiliates6	$35	$45		$28	$37
Cash tax rate	0 %	5 %		0 %	5 %

 

Notes:
1.	Based on committed and priced coal shipments as of October 29, 2026. Committed percentage based on the midpoint of shipment guidance range.
2.	Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
3.	Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
4.	Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.
5.	Excludes expenses related to non-cash stock compensation and non-recurring expenses.
6.	Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.

Conference Call

The company plans to hold a conference call regarding its third quarter results on November 6, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.

Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information.

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Coal revenues	$        560,579		$        525,203		$      1,575,617		$      1,603,545
Other revenues	1,666		1,575		4,471		5,464
Total revenues	562,245		526,778		1,580,088		1,609,009
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)	509,656		461,635		1,427,708		1,446,172
Depreciation, depletion and amortization	35,486		43,899		111,456		132,631
Accretion on asset retirement obligations	5,249		5,503		15,678		16,625
Amortization of acquired intangibles	876		1,357		2,628		4,071
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)	18,668		15,697		52,523		46,337
Other operating loss (income)	340		1,209		(943)		3,215
Total costs and expenses	570,275		529,300		1,609,050		1,649,051
Loss from operations	(8,030)		(2,522)		(28,962)		(40,042)
Other (expense) income:
Interest expense	(967)		(765)		(2,770)		(2,289)
Interest income	2,561		3,948		9,686		12,193
Equity loss in affiliates	(4,754)		(6,240)		(17,204)		(19,936)
Miscellaneous expense, net	(3,780)		(3,266)		(10,925)		(10,357)
Total other expense, net	(6,940)		(6,323)		(21,213)		(20,389)
Loss before income taxes	(14,970)		(8,845)		(50,175)		(60,431)
Income tax benefit	5,677		3,330		17,598		16,015
Net loss	$          (9,293)		$          (5,515)		$         (32,577)		$         (44,416)
Basic loss per common share	$            (0.73)		$            (0.42)		$             (2.56)		$             (3.41)
Diluted loss per common share	$            (0.73)		$            (0.42)		$             (2.56)		$             (3.41)
Weighted average shares – basic	12,683,945		13,015,413		12,732,145		13,040,138
Weighted average shares – diluted	12,683,945		13,015,413		12,732,145		13,040,138

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data)
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$        334,111		$        365,974
Short-term investments	—		49,582
Trade accounts receivable, net of allowance for credit losses of $2,987 and $2,519 as of September 30, 2026 and December 31, 2025, respectively	241,581		278,620
Inventories, net	252,852		193,000
Prepaid expenses and other current assets	27,366		31,132
Total current assets	855,910		918,308
Property, plant, and equipment, net of accumulated depreciation and amortization of $862,616 and $774,101 as of September 30, 2026 and December 31, 2025, respectively	633,092		621,866
Owned and leased mineral rights, net of accumulated depletion and amortization of $166,514 and $150,616 as of September 30, 2026 and December 31, 2025, respectively	404,165		416,944
Other acquired intangibles, net of accumulated amortization of $45,701 and $43,072 as of September 30, 2026 and December 31, 2025, respectively	31,824		34,452
Long-term restricted cash	129,202		126,911
Long-term restricted investments	34,528		34,356
Deferred income taxes	8,470		8,087
Other non-current assets	160,609		119,702
Total assets	$      2,257,800		$      2,280,626
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt	$             3,126		$             3,575
Trade accounts payable	93,948		66,169
Accrued expenses and other current liabilities	187,835		135,778
Total current liabilities	284,909		205,522
Long-term debt	7,441		9,841
Workers' compensation and black lung obligations	183,438		190,965
Pension obligations	67,108		87,317
Asset retirement obligations	200,994		204,745
Deferred income taxes	157		15,433
Other non-current liabilities	21,168		21,308
Total liabilities	765,215		735,131
Commitments and Contingencies
Stockholders' Equity
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued	—		—
Common stock - par value $0.01, 50,000,000 shares authorized, 22,496,891 issued and 12,667,855 outstanding at September 30, 2026 and 22,437,379 issued and 12,805,909 outstanding at December 31, 2025	225		224
Additional paid-in capital	864,382		852,030
Accumulated other comprehensive loss	(53,473)		(60,433)
Treasury stock, at cost: 9,829,036 shares at September 30, 2026 and 9,631,470 shares at December 31, 2025	(1,380,689)		(1,341,027)
Retained earnings	2,062,140		2,094,701
Total stockholders' equity	1,492,585		1,545,495
Total liabilities and stockholders' equity	$      2,257,800		$      2,280,626

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in thousands)
	Nine Months Ended September 30,
	2026		2025
Operating activities:
Net loss	$          (32,577)		$          (44,416)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	111,456		132,631
Amortization of acquired intangibles	2,628		4,071
(Gain) loss on disposal of assets, net	(2,087)		860
Accretion on asset retirement obligations	15,678		16,625
Employee benefit plans, net	20,045		19,369
Deferred tax benefit	(17,598)		(15,997)
Stock-based compensation	12,353		10,405
Equity loss in affiliates	17,204		19,936
Other, net	2,808		(1,165)
Changes in operating assets and liabilities	(14,124)		(16,359)
Net cash provided by operating activities	115,786		125,960
Investing activities:
Capital expenditures	(119,589)		(98,196)
Capital contributions to equity affiliates	(36,384)		(28,405)
Purchases of investment securities	(53,561)		(87,973)
Sales and maturities of investment securities	103,869		48,739
Other, net	2,213		143
Net cash used in investing activities	(103,452)		(165,692)
Financing activities:
Principal repayments of long-term debt	(2,100)		(2,387)
Common stock repurchases and related expenses	(39,734)		(25,153)
Other, net	(72)		(2,574)
Net cash used in financing activities	(41,906)		(30,114)
Net decrease in cash and cash equivalents and restricted cash	(29,572)		(69,846)
Cash and cash equivalents and restricted cash at beginning of period	492,885		604,161
Cash and cash equivalents and restricted cash at end of period	$          463,313		$          534,315
Supplemental disclosure of noncash investing and financing activities:
Accrued capital expenditures	$              4,596		$            11,559

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

	As of September 30,
	2026		2025
Cash and cash equivalents	$          334,111		$          408,519
Long-term restricted cash	129,202		125,796
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$          463,313		$          534,315

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands)
	Three Months Ended						Nine Months Ended September 30,
	September 30, 2026		June 30, 2026		September 30, 2025		2026		2025
Net loss	$          (9,293)		$        (12,252)		$          (5,515)		$      (32,577)		$      (44,416)
Interest expense	967		962		765		2,770		2,289
Interest income	(2,561)		(2,919)		(3,948)		(9,686)		(12,193)
Income tax benefit	(5,677)		(6,595)		(3,330)		(17,598)		(16,015)
Depreciation, depletion and amortization	35,486		36,044		43,899		111,456		132,631
Non-cash stock compensation expense	4,381		4,236		2,950		12,353		10,405
Accretion on asset retirement obligations	5,249		5,214		5,503		15,678		16,625
Amortization of acquired intangibles	876		876		1,357		2,628		4,071
Adjusted EBITDA	$         29,428		$         25,566		$         41,681		$       85,024		$       93,397

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS
	Three Months Ended
(In thousands, except for per ton data)	September 30, 2026		June 30, 2026		September 30, 2025
Coal revenues	$         560,579		$        491,505		$        525,203
Less: freight and handling fulfillment revenues	(86,508)		(70,220)		(82,448)
Non-GAAP coal revenues	$         474,071		$        421,285		$        442,755
Non-GAAP coal sales realization per ton	$           121.09		$          118.71		$          114.94
Cost of coal sales (exclusive of items shown separately below)	$         509,656		$        443,663		$        461,635
Depreciation, depletion and amortization - production (1)	35,218		35,750		43,582
Accretion on asset retirement obligations	5,249		5,214		5,503
Amortization of acquired intangibles	876		876		1,357
Total cost of coal sales	550,999		485,503		512,077
Less: freight and handling costs	(86,508)		(70,220)		(82,448)
Less: depreciation, depletion and amortization - production (1)	(35,218)		(35,750)		(43,582)
Less: accretion on asset retirement obligations	(5,249)		(5,214)		(5,503)
Less: amortization of acquired intangibles	(876)		(876)		(1,357)
Less: idled and closed mine costs	(4,531)		(7,654)		(4,517)
Non-GAAP cost of coal sales	$        418,617		$        365,789		$        374,670
Non-GAAP cost of coal sales per ton	$          106.93		$          103.07		$            97.27
GAAP coal margin	$            9,580		$            6,002		$          13,126
GAAP coal margin per ton	$              2.45		$              1.69		$              3.41
Non-GAAP coal margin	$          55,454		$          55,496		$          68,085
Non-GAAP coal margin per ton	$            14.16		$            15.64		$            17.68
Tons sold	3,915		3,549		3,852
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to      selling, general and administrative functions.

 

	Nine Months Ended
(In thousands, except for per ton data)	September 30, 2026		September 30, 2025
Coal revenues	$      1,575,617		$      1,603,545
Less: freight and handling fulfillment revenues	(232,942)		(250,961)
Non-GAAP coal revenues	$      1,342,675		$      1,352,584
Non-GAAP coal sales realization per ton	$           121.40		$           117.66
Cost of coal sales (exclusive of items shown separately below)	$      1,427,708		$      1,446,172
Depreciation, depletion and amortization - production (1)	110,574		131,678
Accretion on asset retirement obligations	15,678		16,625
Amortization of acquired intangibles	2,628		4,071
Total cost of coal sales	1,556,588		1,598,546
Less: freight and handling costs	(232,942)		(250,961)
Less: depreciation, depletion and amortization - production (1)	(110,574)		(131,678)
Less: accretion on asset retirement obligations	(15,678)		(16,625)
Less: amortization of acquired intangibles	(2,628)		(4,071)
Less: idled and closed mine costs	(22,057)		(17,028)
Non-GAAP cost of coal sales	$      1,172,709		$      1,178,183
Non-GAAP cost of coal sales per ton	$           106.03		$           102.49
GAAP coal margin	$           19,029		$             4,999
GAAP coal margin per ton	$               1.72		$               0.43
Non-GAAP coal margin	$         169,966		$         174,401
Non-GAAP coal margin per ton	$             15.37		$             15.17
Tons sold	11,060		11,496
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to      selling, general and administrative functions.

 

	Three Months Ended September 30, 2026
(In thousands, except for per ton data)	Tons Sold		Coal Revenues		Non-GAAP Coal sales realization per ton		% of Met Tons Sold
Domestic	979		$    133,312		$      136.17		27 %
Export - Australian indexed	800		120,370		$      150.46		22 %
Export - other pricing mechanisms	1,838		196,715		$      107.03		51 %
Total Met segment - met coal	3,617		450,397		$      124.52		100 %
Met segment - thermal coal	298		23,674		$        79.44
Non-GAAP coal revenues	3,915		474,071		$      121.09
Add: freight and handling fulfillment revenues	—		86,508
Coal revenues	3,915		$    560,579
	Nine Months Ended September 30, 2026
(In thousands, except for per ton data)	Tons Sold		Coal Revenues		Non-GAAP Coal sales realization per ton		% of Met Tons Sold
Domestic	2,716		$    369,194		$      135.93		27 %
Export - Australian indexed	2,605		381,233		$      146.35		26 %
Export - other pricing mechanisms	4,754		516,559		$      108.66		47 %
Total Met segment - met coal	10,075		1,266,986		$      125.76		100 %
Met segment - thermal coal	985		75,689		$        76.84
Non-GAAP coal revenues	11,060		1,342,675		$      121.40
Add: freight and handling fulfillment revenues	—		232,942
Coal revenues	11,060		$  1,575,617

 

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com 
CorporateCommunications@AlphaMetResources.com 
(423) 573-0369

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SOURCE ALPHA METALLURGICAL RESOURCES, INC.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Alpha Metallurgical Resources' third-quarter 2026 earnings?

Alpha reported a $9.3 million net loss, or $0.73 per diluted share, for the quarter ended September 30, 2026. That compares with losses of $12.3 million, or $0.96 per diluted share, in the second quarter and $5.5 million, or $0.42 per diluted share, a year earlier.

What is AMR's shipment and coal-cost guidance for 2027?

Alpha expects 14.3 million to 15.7 million tons of total shipments and coal costs of $104.00 to $110.00 per ton in 2027. Shipment guidance includes 13.1 million to 14.1 million metallurgical tons and 1.2 million to 1.6 million tons of incidental thermal coal.

What does Alpha's 2027 guidance include for administrative expenses and taxes?

Alpha expects 2027 selling, general and administrative expenses of $53 million to $59 million, excluding non-recurring expenses and non-cash stock compensation, and a cash tax rate of 0% to 5%. Both ranges match its 2026 guidance.

What will Alpha's 2027 contributions to Dominion Terminal Associates fund?

Expected equity-affiliate contributions of $28 million to $37 million include DTA's normal operations and Alpha's 2027 share of investments in its previously announced facility upgrade program. These contributions are distinct from the damaged-equipment replacement process, for which Alpha does not anticipate significant capital outlays.