Key Highlights

  • Total revenues were USD 507.93 million against an estimate of USD 505.84 million and USD 328.6 million a year earlier.
  • EPS of USD 0.95 compares with an estimate of USD 1.55, while GAAP diluted EPS was USD 0.93.
  • Net income was USD 49.3 million against USD 36.6 million; Adjusted EBITDA was USD 124.0 million against USD 70.6 million.
  • The Board declared a Special Dividend of USD 2.00 per share, payable November 20, and a USD 0.08 regular dividend.

The latest Capital moves at Warrior Met Coal (NYSE:HCC) frame the quarter: on October 27 the Board declared a special Cash Dividend of USD 2.00 per share, payable November 20, alongside a regular quarterly dividend of USD 0.08 per share payable November 13. Management also guides 2026 capital spending to USD 155.0 million to USD 190.0 million. Third quarter total revenues were USD 507.93 million against an estimate of USD 505.84 million, and EPS of USD 0.95 compares with an estimate of USD 1.55.

Guidance and Capital Priorities

The capital spending range comprises sustaining capital of approximately USD 105.0 million to USD 115.0 million and USD 71.3 million for the final construction of Blue Creek. Construction at the mine was completed in the first quarter, with total project spending of USD 1,028.1 million. Management said final costs were in line with its capital guidance and that no material additional project capital is needed.

Capital expenditures for the first nine months were USD 136.2 million, against USD 226.1 million a year earlier. Under its capital allocation policy, the company said excess cash beyond Business requirements may be returned through special dividends or repurchases. Of a USD 70.0 million repurchase authorization, approximately USD 59.4 million remains.

The Quarter in Detail

Sales of steelmaking coal were USD 501.0 million against USD 320.0 million, and other revenues were USD 6.9 million against USD 8.6 million. Sales Volume was 3.166 million metric tons, against 2.137 million, which management attributed primarily to Blue Creek. The average net selling price was USD 158.25 per metric ton against USD 149.73, while cash cost of sales per metric ton was USD 115.73 against USD 111.00. The company noted that Premium LV prices averaged approximately USD 278.57 per metric ton in the quarter, against USD 179.28 in the third quarter of 2025.

Cost of sales was USD 368.5 million, Depreciation and depletion was USD 68.1 million, and selling, general and administrative expense was USD 13.7 million against USD 17.2 million. Operating Income was USD 50.8 million against USD 20.7 million. Net Income was USD 49.3 million after an income tax benefit of USD 0.4 million, against USD 36.6 million and a benefit of USD 13.7 million a year earlier.

Production, Customers and Market Conditions

Production was 2.8 million metric tons against 2.0 million, which the company linked to higher output at Blue Creek. By destination, 55% of sales volume went to Asia, 35% to Europe and 10% to South America, a mix that included 43% Europe and 38% Asia a year earlier.

Management described China as the main driver of seaborne conditions, with coking coal mine utilization near 70% and approximately 50 mines still suspended in late September. It said Market Participants increasingly look for better domestic Supply there in the fourth quarter, and it noted that trade and Tariff measures continue to add volatility.

Reference Points for Investors

Revenue of USD 507.93 million sits alongside net income of USD 49.3 million, Adjusted EBITDA of USD 124.0 million and a special dividend of USD 2.00 per share.

Balance sheet markers include cash and cash equivalents of USD 437.1 million, USD 140.5 million available under the asset-based lending Facility with no loans outstanding, and total Liquidity of USD 577.6 million. Nine-month Operating Cash Flow was USD 286.5 million. Management named the November 13 and November 20 dividend payments, the capital spending range and the ramp-up and optimization of Blue Creek as its stated reference items.