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Dec 31, 2025
Warrior Met Coal Q4 2025 Earnings Report
Warrior Met Coal reported strong fourth-quarter and full-year 2025 results, driven by record sales volumes, the commencement of operations at the transformational Blue Creek mine, and continued cost improvements.
Key Takeaways
Warrior Met Coal delivered exceptional performance in Q4 2025, with net income rising to $23.0 million from $1.1 million in Q4 2024, and adjusted EBITDA significantly increasing to $92.9 million from $53.2 million. This growth was primarily fueled by record sales volumes, including a substantial contribution from the new Blue Creek mine, and improved cost efficiency.
Commissioning of the Blue Creek longwall operations began in October, eight months ahead of schedule and on budget.
Achieved record quarterly sales volumes of 2.9 million short tons of steelmaking coal, with 881 thousand short tons from the Blue Creek mine.
Reduced cash cost of sales (free-on-board port) per short ton by 22% to $93.53 in Q4 2025 from $119.55 in Q4 2024.
Raised volume guidance for 2026 due to solid operational performance by Blue Creek.
Forward Guidance
Warrior expects 2026 to reflect a substantial step-change in production and sales volumes, driven by Blue Creek operating for the full year and continued operational excellence at Mines No. 4 and 7. While volumes are expected to be higher, the Company anticipates a continued challenging pricing environment.
Positive Outlook
- Substantial step-change in production and sales volumes.
- Blue Creek operating for the full year.
- Continued operational excellence at Mines No. 4 and 7.
- Total Blue Creek project capital expenditures expected to be primarily spent by end of Q1 2026.
- Strengthened first quartile cost structure and growing reserve base.
Challenges Ahead
- Continued challenging pricing environment.
- Weak demand for steelmaking coal.
- Record high Chinese steel exports.
- Ample global supply, particularly in the High Vol A quality tier.
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