Alpha Metallurgical Resources, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 23 October 2026: press release. The quarter’s numbers.

Key takeaways

Net loss of $9.3 million: Preliminary net loss was $9.3 million, or $0.73 per diluted share, for the third quarter 2026. Source
Adjusted EBITDA of $29.4 million: Adjusted EBITDA was $29.4 million, compared with $25.6 million in the second quarter and $30.0 million in the first quarter. Source
Realization rose to $121.09: Met segment net realized pricing was $121.09 per ton, against $118.71 in the second quarter. Non-GAAP coal revenues were $474.1 million, excluding freight and handling. Source
Cost per ton rose to $106.93: Non-GAAP cost of coal sales was $418.6 million, or $106.93 per ton, compared with $103.07 per ton in the second quarter. Source
Non-GAAP coal margin per ton lower: Non-GAAP coal margin was $55.5 million, or $14.16 per ton, against $15.64 per ton in the second quarter. GAAP coal margin was $9.6 million, or $2.45 per ton. Source
Total liquidity of $443.4 million: Total liquidity was $443.4 million, made up of cash and cash equivalents of $334.1 million and $184.3 million of unused ABL availability, less a $75.0 million minimum required liquidity. Source
Figures prepared internally by management: The third quarter figures are preliminary and were prepared internally by management, before final closing procedures and adjustments. Source

“As expected, our preliminary third quarter results reflect stronger volumes than in the first half but continued cost pressure,”
Andy Eidson, chief executive officer

Results and volumes

Net loss of $9.3 million: Preliminary net loss was $9.3 million, or $0.73 per diluted share, for the third quarter 2026. Source
Adjusted EBITDA of $29.4 million: Adjusted EBITDA was $29.4 million, compared with $25.6 million in the second quarter and $30.0 million in the first quarter. Source
Tons sold rose to 3.9 million: Met segment tons sold were 3.9 million, up from 3.5 million in the second quarter. Management described volumes as higher than in the first half. Source

Met segment pricing and mix

Realization rose to $121.09: Met segment net realized pricing was $121.09 per ton, against $118.71 in the second quarter. Non-GAAP coal revenues were $474.1 million, excluding freight and handling. Source
Other-pricing exports realized least: Export sales under other pricing mechanisms were 1.8 million tons, 51% of Met tons, at $107.03 per ton, below the domestic and Australian-indexed realizations. Source
Australian-indexed exports realized most: Australian-indexed exports realized $150.46 per ton on 0.8 million tons. Domestic sales realized $136.17 per ton on 1.0 million tons. Source
Thermal coal sold at $79.44: Thermal coal sold 0.3 million tons for $23.7 million, at $79.44 per ton, within Met segment coal revenues excluding freight and handling. Source

“Our realizations for the quarter were influenced by the market volatility of the last few months.”
Andy Eidson, chief executive officer

Costs and margin

Cost per ton rose to $106.93: Non-GAAP cost of coal sales was $418.6 million, or $106.93 per ton, compared with $103.07 per ton in the second quarter. Source
Non-GAAP coal margin per ton lower: Non-GAAP coal margin was $55.5 million, or $14.16 per ton, against $15.64 per ton in the second quarter. GAAP coal margin was $9.6 million, or $2.45 per ton. Source
Idled mine costs lower: Idled and closed mine costs of $4.5 million were excluded from non-GAAP cost of coal sales. The second quarter amount was $7.7 million. Source
Freight revenue excluded from non-GAAP: Coal revenues were $560.6 million, including $86.5 million of freight and handling fulfillment revenues that non-GAAP coal revenues exclude. Source

Liquidity and debt

Total liquidity of $443.4 million: Total liquidity was $443.4 million, made up of cash and cash equivalents of $334.1 million and $184.3 million of unused ABL availability, less a $75.0 million minimum required liquidity. Source
No ABL borrowings outstanding: No amounts were borrowed under the asset-based revolving credit facility, and $40.7 million of letters of credit were outstanding under it. Source
Long-term debt $10.6 million: Total long-term debt, including the current portion, was $10.6 million at September 30, compared with $11.4 million at June 30. Source

“We look forward to providing more information about our results and outlook for 2027 when we announce our definitive third quarter financial results on November 6.”
Andy Eidson, chief executive officer

Share repurchases

Cumulative buybacks about $1.2 billion: Since the program started, the company has acquired about 7.1 million shares at a cost of about $1.2 billion, against a program of up to $1.5 billion. Source
Third-quarter buyback about $3.0 million: The company spent about $3.0 million to repurchase roughly 18,000 shares during the third quarter. Source
Shares outstanding slightly lower: Common shares outstanding were 12,667,855 at September 30, compared with 12,679,045 at July 31, excluding unvested equity awards. Source

Preliminary basis of figures

Figures prepared internally by management: The third quarter figures are preliminary and were prepared internally by management, before final closing procedures and adjustments. Source
Adjusted EBITDA as non-GAAP measure: Adjusted EBITDA is described as a non-GAAP measure that management uses to gauge the financial performance of coal operations. Source
Reconciliation tables accompany release: Tables accompanying the financial schedules reconcile net loss to Adjusted EBITDA, and non-GAAP cost and revenue measures are also reconciled. Source

Coming up, as management said on 23 October 2026

Definitive results on November 6: Definitive third quarter results are planned before market open on Friday, November 6, 2026. Source
Information on 2027 prospects: Management said it will provide more information on results and 2027 prospects when it announces the definitive third quarter results. Source

Figures management reported

Figure	Reported
Met segment tons sold Source	3.9 million tons
Met segment non-GAAP coal sales realization Source	$121.09 per ton

Risks management discussed

Demand: Management said quarterly realizations were influenced by market volatility over the last few months. Source
Financial: The third quarter figures are preliminary and may change, and the definitive results could differ from them. Source

Earlier plans management reported on

Met: Management said the preliminary quarter's results were as expected, with higher volumes than the first half and continued cost pressure. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Alpha Announces Preliminary Financial Results for Third Quarter 2026

BRISTOL, Tenn., October 23, 2026 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the third quarter ending September 30, 2026. The company plans to release its definitive third quarter financial results on November 6, 2026.

	(millions, except per share)
	Three months ended
	Sep. 30, 2026
Net loss	($9.3)
Net loss per diluted share	($0.73)
Adjusted EBITDA	$29.4
Tons of coal sold	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.

“As expected, our preliminary third quarter results reflect stronger volumes than in the first half but continued cost pressure,” said Andy Eidson, Alpha’s chief executive officer. “Our realizations for the quarter were influenced by the market volatility of the last few months. We look forward to providing more information about our results and outlook for 2027 when we announce our definitive third quarter financial results on November 6.”

Preliminary Financial Performance

Alpha expects to report a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter 2026.

For the third quarter, total Adjusted EBITDA is expected to be $29.4 million.

Coal Revenues

	(millions)
	Three months ended
	Sep. 30, 2026
Met segment	$560.6
Met segment (excl. freight & handling)	$474.1

Tons Sold

(millions)

Three months ended

Sep. 30, 2026

Met segment

3.9

1. Represents Non-GAAP coal revenues which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

Coal Sales Realization

(per ton)

Three months ended

Sep. 30, 2026

Met segment

$121.09

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	% 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)	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
Met segment	$509.7
Met segment (excl. freight & handling/idle)	$418.6

	(per ton)
Met segment	$106.93

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which are defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

Liquidity and Capital Resources

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 borrowings 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 September 30, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the third quarter of 2026, the company spent approximately $3.0 million for the repurchase of roughly 18,000 shares. The number of common stock shares outstanding as of September 30, 2026 was 12,667,855, 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.

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company’s actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company’s financial closing procedures, final adjustments, and other developments.

Earnings Announcement and Conference Call

The company plans to announce its definitive third quarter 2026 financial results before the market opens on Friday, November 6, 2026. The company also expects to hold a conference call regarding its third quarter 2026 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

PRELIMINARY ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

	Three Months Ended
	September 30, 2026
Net loss	$(9,293)
Interest expense	967
Interest income	(2,561)
Income tax benefit	(5,677)
Depreciation, depletion, and amortization	35,486
Non-cash stock compensation expense	4,381
Accretion on asset retirement obligations	5,249
Amortization of acquired intangibles	876
Adjusted EBITDA	$29,428

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

PRELIMINARY RESULTS OF OPERATIONS

	Three Months Ended
(In thousands, except for per ton data)	September 30, 2026
Coal revenues	$560,579
Less: freight and handling fulfillment revenues	(86,508)
Non-GAAP coal revenues	$474,071
Non-GAAP coal sales realization per ton	$121.09
Cost of coal sales (exclusive of items shown separately below)	$509,656
Depreciation, depletion and amortization - production	35,218
Accretion on asset retirement obligations	5,249
Amortization of acquired intangibles	876
Total cost of coal sales	$550,999
Less: freight and handling costs	(86,508)
Less: depreciation, depletion and amortization - production	(35,218)
Less: accretion on asset retirement obligations	(5,249)
Less: amortization of acquired intangibles	(876)
Less: idled and closed mine costs	(4,531)
Non-GAAP cost of coal sales	$418,617
Non-GAAP cost of coal sales per ton	$106.93
GAAP coal margin	$9,580
GAAP coal margin per ton	$2.45
Non-GAAP coal margin	$55,454
Non-GAAP coal margin per ton	$14.16
Tons sold	3,915

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