HCC
Warrior Met Coal, Inc.83.55
+0.04+0.05%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Guidance assumptions, returns plans detailed
Q&A unpacked conservative 2026 guidance, pegging PLV at $185-$215/ton and gross realizations at 75% amid persistent High Vol A weakness from new supply like Blue Creek and others. Costs eyed at $95-$110/ton, with H1 working capital build up to $50M+ offset by H2 free cash flow positivity. Management targets $300M+ cash before unleashing returns via higher fixed dividends, specials, and buybacks—opportunistic even in downturns. Mine 4 stays at record pace. Analysts probed realizations; replies stayed cautious. Buybacks beckon below $86. Watch relativities and Blue Creek contracts for thesis durability.
Key Stats
Market Cap
4.39BP/E (TTM)
126.59Basic EPS (TTM)
0.66Dividend Yield
0%Recent Filings
10-K
FY2025 results
Warrior Met Coal hit record production of 9.3 million metric tons in FY2025 ended December 31, 2025, up 24% y/y, powered by Blue Creek's longwall startup in October that delivered 1.8 million tons in its first three months. Q4 ramped sharply with sequential gains from the new mine's low-cost High Vol A coal, cutting cash costs to $111.66/ton (down 19% y/y) amid a 30% price drop to $146/ton, yet margins held as variable costs flexed down. Blue Creek slashed the all-in breakeven while boosting nameplate capacity 88% to 13.7 million tons/year. Liquidity stayed rock-solid at $484 million with no debt draws. Federal coal leases added 48 million tons of reserves. Blue Creek transforms output.
8-K
Blue Creek boosts Warrior's results
Warrior Met Coal reported Q4 2025 net income of $23.0 million and Adjusted EBITDA of $92.9 million, fueled by record 2.9 million short ton sales—including 881 thousand from Blue Creek's early longwall ramp-up eight months ahead of schedule. Cash costs plunged 22% to $93.53 per short ton, despite softer prices. Blue Creek transforms costs. Raised 2026 sales guidance to 12.5-13.5 million short tons amid challenging markets.
8-K
Secures key coal leases
Warrior Met Coal's subsidiaries secured federal coal leases on November 25, 2025, for Mine No. 1 (8,346 acres, 36.3 million short tons recoverable) and Mine No. 4 (5,704 acres, 16.9 million short tons), bidding ~$32 million and ~$15 million respectively in five annual payments. Leases grant 20-year exclusive mining rights with 7% production royalties. Mining plans approved January 13, 2026. Reserves secured.
8-K
Blue Creek longwall starts early
Warrior kicked off longwall operations at Blue Creek eight months ahead of schedule and on budget, boosting Q3 sales volumes 27% to a record 2.4M short tons despite 21% lower net prices. Blue Creek contributed 378k short tons sold; cash costs plunged 18% to $100.73/ton. Raised full-year production guidance 10%; won $46.8M bid for 58M short tons federal lease. Regulatory steps remain.
10-Q
Q3 FY2025 results
Warrior Met Coal held Q3 revenues flat at $328.6M, matching last year despite a 26.6% y/y sales volume jump to 2.1M metric tons fueled by Blue Creek ramp-up, yet average net selling price fell $39.81/ton to $149.73 (derived). Operating income dipped to $20.7M from $39.1M on higher depreciation, SG&A, and lease interest, with gross margins squeezed but cash costs down $25.10/ton to $111.00. YTD operating income plunged 95.7% to $11.1M versus $259.1M, reflecting 25.2% revenue drop to $926.1M from lower prices, while net income swung to $34.0M on tax benefits. Cash sits at $336.3M plus $140.5M ABL availability against $154.1M debt (7.875% notes due 2028); op cash flow generated $153.2M but FCF not disclosed in the 10-Q. Blue Creek longwall started early. Labor contract talks drag on.
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