Key Highlights

  • Total revenues rose to USD 507.9 million in the third quarter of 2026 from USD 328.6 million, a 54.6% increase (calculated), as steelmaking coal sales Volume climbed 48.2%.
  • Net income was USD 49.3 million, or USD 0.93 per diluted share (GAAP), versus USD 36.6 million, or USD 0.70, though the prior-year quarter included a USD 13.7 million income tax benefit.
  • Warrior Met Coal (NYSE:HCC) posted adjusted EBITDA of USD 124.0 million (non-GAAP) against USD 70.6 million, as the average net selling price rose to USD 158.25 per metric ton from USD 149.73.
  • Operating cash flow for nine months was USD 286.5 million versus USD 153.2 million, while capital expenditures fell to USD 136.2 million from USD 226.1 million, and cash stood at USD 437.1 million.

Blue Creek Volume Drives a 76% Jump in Adjusted EBITDA

Warrior Met Coal (NYSE:HCC) filed its Quarterly Report on November 4, 2026 for the period ended September 30. The Alabama-based company mines non-thermal steelmaking coal for steel producers in Europe, South America and Asia. Production reached 2.8 million metric tons, up 35.8%, led by the Blue Creek mine, where longwall operations began in October 2025. Sales of USD 501.0 million included a USD 154.1 million lift from higher volume and USD 27.0 million from price. Adjusted EBITDA, a non-GAAP measure, rose to USD 124.0 million from USD 70.6 million, about 75.6% higher (calculated). Operating Income was USD 50.8 million against USD 20.7 million.

Cost Pressures, Tax Effects and the Nine-Month Picture

Cost of sales rose USD 129.0 million to USD 368.5 million, yet fell slightly as a share of Revenue to 72.6% from 72.9%. Cash cost per metric ton rose USD 4.73 on lower Mine No. 7 output spreading costs over fewer tons, higher variable transportation and royalties, and inflation, partly offset by Blue Creek's lower cost and a Section 45X credit. Depreciation and depletion climbed to USD 68.1 million from USD 43.6 million, and interest expense doubled roughly to USD 4.5 million as Capitalized Interest ended. Income tax was a small benefit of USD 0.4 million versus USD 13.7 million a year earlier. Nine-month Net Income was USD 209.1 million, or USD 3.96 per share, against USD 34.0 million, or USD 0.65.

Customer Mix, Capital Spending and Open Labor Talks

Sales volume mix moved to 55% Asia, 35% Europe and 10% South America, compared with 43% Europe and 38% Asia a year earlier, and the company says the mix varies with shipment timing. Blue Creek construction was completed in the first quarter at a total project cost of USD 1,028.1 million. Full-year 2026 capital spending is expected at USD 155.0 million to USD 190.0 million. The quarterly Dividend stayed at USD 0.08 per share. A risk remains in labor: the collective bargaining agreement with the union for certain hourly employees expired on April 1, 2021, and negotiations continue. The filing gives no Earnings guidance.

Where Things Stand

Higher volume from Blue Creek did most of the work, with a modestly better price. Warrior Met Coal (NYSE:HCC) lifted adjusted EBITDA to USD 124.0 million from USD 70.6 million as sales volume rose 48.2% and net selling price improved by USD 8.52 per metric ton. Offsetting that, cash cost per ton rose, depreciation jumped and last year's profit had a larger tax benefit. Next markers are the fourth-quarter volume ramp, cost per ton as Blue Creek matures, customer mix and the unresolved union contract.