Warrior Met Coal (HCC) FY2025 results: revenue $1.3 billion, down 14.1% on the year
Warrior Met Coal, Inc. (HCC) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, down 14.1% on the year before. Net income was $57 million, down 77.3%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$1.3 billion
-14.1% on the year
FY2018FY2025
Operating margin
3.5%
16.7% a year earlier
FY2018FY2025
Net income
$57 million
-77.3% on the year
FY2018FY2025
Diluted EPS
$1.08
-77.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 7 new, 1 kept.
Q4 net income rose year over year: Fourth-quarter net income was $23.0 million, or $0.44 per diluted share, against $1.1 million, or $0.02, a year earlier. Full-year net income was $57.0 million.
Adjusted EBITDA rose on Blue Creek: Adjusted EBITDA was $92.9 million, up from $53.2 million, which the company attributed to improved operating performance and early Blue Creek profitability. Full-year Adjusted EBITDA was $256.5 million.
Cash cost share fell to 72.2%: Cash cost of sales was $269.6 million, or 72.2% of mining revenues, down from 77.4%. Management cited the Blue Creek sales mix and its lower inherent cost structure, plus lower variable costs.
Index price down 22% year over year: The average index price for premium low-volatility coal was 22% lower than a year earlier.
Blue Creek longwall started early: Blue Creek longwall commissioning began in October, eight months ahead of schedule.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
229
367
701
-37.6%
Capital expenditure
320
457
492
-30.0%
Free cash flow
-91.0
-89.8
209
Free cash flow margin
-6.9%
-5.9%
12.5%
Cash from investing
-405
-538
-527
Cash from financing
-15.4
-68.5
-265
Depreciation and amortisation
189
154
127
+22.5%
Share-based compensation
20.0
22.1
18.2
-9.6%
Dividends paid
17.8
43.8
61.1
-59.3%
Dividend per share
$0.32
$0.82
$1.16
-61.0%
Diluted shares, weighted
53m
52m
52m
+0.5%
Shares outstanding at period end
53m
52m
52m
+0.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,141
2,091
1,874
+2.4%
Debt
154
154
153
+0.4%
Finance lease liabilities
54.5
6.2
8.8
+776.5%
Other liabilities
434
341
321
+27.2%
Total liabilities and equity
2,784
2,592
2,357
+7.4%
Investments
n/a
44.6
0.0
Cash and equivalents
300
492
738
-39.0%
Receivables
182
141
98.2
+28.9%
Inventory
236
208
184
+13.7%
Other assets
2,066
1,707
1,337
+21.1%
Total assets
2,784
2,592
2,357
+7.4%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.