Warrior Met Coal (HCC) Q3 FY2026 earnings: revenue $508 million, up 54.6% on the year

Warrior Met Coal, Inc. (HCC) reported revenue of $508 million for Q3 FY2026, the quarter ended 30 September 2026, up 54.6% on the same quarter a year earlier. Net income was $49 million, up 34.7% on the year, and diluted earnings per share $0.93. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$508 million

+54.6% on the year · -0.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

10.0%

6.3% a year earlier

Q4 FY2024Q3 FY2026

Net income

$49 million

+34.7% on the year · -43.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.93

+32.9% on the year · -43.6% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 kept.

Sales and production volumes rose: Tons sold rose 48% to 3.5 million short tons and tons produced rose 36% to 3.1 million, with Blue Creek contributing to both.
Net income and Adjusted EBITDA grew: Net income was $49.3 million and Adjusted EBITDA rose 76% to $124.0 million, attributed to the Blue Creek ramp-up and higher steelmaking coal prices.
Realization fell on sales mix: Gross selling price realization fell to about 66% from 83%, mainly from a 25% higher mix of High-Vol A coal sold into the Pacific Basin at higher freight rates.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	508	510	329	-0.3%	+54.6%
Cost of revenue	369	340	240	+8.4%	+53.9%
Gross profit	139	170	89.1	-17.8%	+56.5%
Gross margin	27.4%	33.3%	27.1%
Selling, general and administrative	13.7	9.8	17.2	+40.0%	-20.3%
Operating income	50.8	94.5	20.7	-46.3%	+145.1%
Operating margin	10.0%	18.5%	6.3%
Interest expense	4.5	5.5	2.3	-19.3%	+93.3%
Pre-tax income	48.9	91.1	22.9	-46.4%	+113.9%
Income tax	-0.4	3.7	-13.7
Effective tax rate	-0.9%	4.1%	-60.2%
Net income	49.3	87.4	36.6	-43.6%	+34.7%
Net margin	9.7%	17.2%	11.1%
Diluted EPS	$0.93	$1.65	$0.70	-43.6%	+32.9%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	166	132	105	+25.5%	+58.5%
Capital expenditure	27.1	28.9	82.6	-6.3%	-67.2%
Free cash flow	139	103	22.1	+34.4%	+528.0%
Free cash flow margin	27.3%	20.3%	6.7%
Cash from investing	-17.0	-18.3	-134
Cash from financing	-14.2	-14.2	-17.8
Depreciation and amortisation	68.1	58.3	43.6	+16.8%	+56.2%
Share-based compensation	3.4	2.5	5.2	+37.2%	-34.8%
Dividends paid	4.2	4.2	4.2	-0.0%	+0.4%
Dividend per share	$0.08	$0.08	$0.08	0.0%	0.0%
Diluted shares, weighted	53m	53m	53m	+0.0%	+0.4%
Shares outstanding at period end	53m	53m	53m	+0.0%	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,339	2,290	2,118	+2.1%	+10.4%
Debt	155	155	154	+0.1%	+0.4%
Finance lease liabilities	46.3	49.2	57.3	-5.8%	-19.2%
Other liabilities	422	406	353	+3.8%	+19.4%
Total liabilities and equity	2,962	2,900	2,683	+2.1%	+10.4%
Cash and equivalents	437	302	336	+44.6%	+30.0%
Receivables	246	263	142	-6.5%	+73.4%
Inventory	215	265	219	-19.0%	-2.0%
Other assets	2,064	2,070	1,985	-0.3%	+3.9%
Total assets	2,962	2,900	2,683	+2.1%	+10.4%

Questions

What was Warrior Met Coal's revenue in Q3 FY2026?

Warrior Met Coal (HCC) reported revenue of $508 million for Q3 FY2026, the quarter ended 30 September 2026, up 54.6% on the same quarter a year earlier.

How much did Warrior Met Coal earn in Q3 FY2026?

Net income for Q3 FY2026 was $49 million, up 34.7% on the year, and diluted earnings per share $0.93.

When did Warrior Met Coal report Q3 FY2026 results?

Warrior Met Coal filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	416	379	625	390	345	510	380	423	364	504	397	328	297	300	298	329	384	459	510	508
Cost of revenue	155	135	191	203	181	233	230	260	187	286	261	232	229	246	226	240	271	290	340	369
Gross profit	260	243	434	187	164	277	149	163	177	218	135	96.1	68.7	54.2	71.1	89.1	113	168	170	139
Gross margin	63%	64%	69%	48%	48%	54%	39%	39%	49%	43%	34%	29%	23%	18%	24%	27%	29%	37%	33%	27%
SG&A	9.4	13.9	12.5	10.6	11.8	14.5	13.2	11.1	13.0	18.9	15.5	11.5	17.2	18.4	11.9	17.2	18.1	28.2	9.8	13.7
Operating income	184	187	373	124	118	210	90.4	108	134	149	70.9	39.1	-4.2	-17.4	7.7	20.7	34.6	79.4	94.5	50.8
Operating margin	44%	49%	60%	32%	34%	41%	24%	25%	37%	30%	18%	12%	-1%	-6%	3%	6%	9%	17%	19%	10%
Interest expense	n/a	n/a	n/a	n/a	n/a	7.4	5.5	3.4	1.6	1.1	0.9	1.4	0.8	2.1	2.9	2.3	2.4	3.2	5.5	4.5
Pre-tax income	165	180	365	119	119	211	96.6	102	141	156	79.2	46.4	2.0	-14.2	9.9	22.9	35.9	78.8	91.1	48.9
Tax rate	16%	19%	19%	17%	16%	14%	15%	16%	9%	12%	11%	10%	42%	n/a	43%	-60%	36%	8%	4%	-1%
Net income	138	146	297	98.4	99.7	182	82.1	85.4	129	137	70.7	41.8	1.1	-8.2	5.6	36.6	23.0	72.3	87.4	49.3
Net margin	33%	39%	48%	25%	29%	36%	22%	20%	35%	27%	18%	13%	0%	-3%	2%	11%	6%	16%	17%	10%
Diluted EPS	$2.70	$2.83	$5.74	$1.90	$1.93	$3.51	$1.58	$1.64	$2.48	$2.62	$1.35	$0.80	$0.02	-$0.16	$0.11	$0.70	$0.44	$1.37	$1.65	$0.93
Operating cash flow	175	70.1	330	247	195	193	125	139	245	104	147	62.2	54.2	10.9	37.5	105	76.1	-11.7	132	166
Capital expenditure	23.7	10.5	68.2	41.3	85.2	68.2	136	107	181	99.7	111	116	131	68.5	75.0	82.6	94.2	80.1	28.9	27.1
Free cash flow	151	59.6	261	206	110	125	-11.6	32.0	64.2	4.4	36.0	-53.7	-76.5	-57.6	-37.4	22.1	-18.1	-91.9	103	139
Dividends paid	2.6	3.1	29.0	44.4	3.1	50.0	3.7	3.7	3.7	30.6	4.2	4.2	4.8	5.2	4.2	4.2	4.2	4.7	4.2	4.2
Shares outstanding	51m	52m	52m	52m	52m	52m	52m	52m	52m	52m	52m	52m	52m	53m	53m	53m	53m	53m	53m	53m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.