Warrior Met Coal reported strong Q4 and full-year 2025 results, driven by record sales volumes and the commencement of operations at the Blue Creek mine, which is reshaping its production profile and cost structure. Despite challenging market conditions, the company achieved significant increases in net income and adjusted EBITDA, positioning it for substantial volume expansion and enhanced profitability in 2026.
Record quarterly sales volumes of 2.9 million short tons, including 881 thousand short tons from the new Blue Creek mine.
positiveCash cost of sales (free-on-board port) per short ton decreased by 22% to $93.53 in Q4 2025 from $119.55 in Q4 2024, driven by Blue Creek's lower cost structure.
positiveNet income increased significantly to $23.0 million ($0.44/share) in Q4 2025 from $1.1 million ($0.02/share) in Q4 2024.
positiveAdjusted EBITDA increased to $92.9 million in Q4 2025 from $53.2 million in Q4 2024.
positiveRaised volume guidance for 2026 due to solid operational performance by Blue Creek.
positiveAverage net selling price decreased 16% year-over-year in Q4 2025 to $129.60 per short ton from $154.54 in Q4 2024.
attentionFor the full year 2025, total revenues decreased 14% to $1.3 billion, driven by a 30% decrease in average net selling prices.
negativeFree cash flows were negative $28.3 million in Q4 2025, compared to negative $88.0 million in Q4 2024, primarily due to continued development of Blue Creek.
negativeInventory levels increased to 1.6 million short tons as of December 31, 2025, compared to 1.1 million short tons as of September 30, 2025.
attentionDepreciation and depletion expenses increased to $56.4 million in Q4 2025 from $39.2 million in Q4 2024, primarily due to new assets at Blue Creek.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Blue Creek Mine | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Our team's disciplined execution in the fourth quarter and throughout 2025 delivered exceptional progress at Blue Creek.
We are poised for a significant expansion in scale in 2026 as the early start of the Blue Creek longwall operation is already driving higher production, improved cost performance and record quarterly sales volumes.
Even in these early stages of production and sales, Blue Creek's contributions to our financial results are having a notable impact – which we expect will only increase as the mine continues to ramp up toward full production.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.