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Warrior Met Coal

Warrior Met Coal (HCC) Q1 2026 Earnings

Reported Apr 30, 2026 at 4:05 PM ET · SEC Source

Q1 26 EPS

$1.37

MISS 3.70%

Est. $1.42

Q1 26 Revenue

$458.6M

MISS 1.01%

Est. $463.3M

vs S&P Since Q1 26

-12.8%

TRAILING MARKET

HCC -10.0% vs S&P +2.8%

Market Reaction

Did HCC Beat Earnings? Q1 2026 Results

Warrior Met Coal posted a mixed first quarter for 2026, swinging back to profitability but falling just short of Wall Street's earnings target as the transformational ramp-up of its Blue Creek mine reshaped nearly every line of the income statement. … Read more Warrior Met Coal posted a mixed first quarter for 2026, swinging back to profitability but falling just short of Wall Street's earnings target as the transformational ramp-up of its Blue Creek mine reshaped nearly every line of the income statement. The Alabama coal producer earned $1.37 per share, missing the $1.44 consensus estimate by 4.54%, even as revenue surged 52.9% year-over-year to $458.59 million, driven by record quarterly sales volumes of 3.0 million short tons and a 10% rise in average net selling price to $149.39 per short ton. Net income reached $72.34 million, compared to a loss of $8.17 million a year ago, while Adjusted EBITDA climbed 263% to $143.35 million as Blue Creek's lower cost structure pushed cash cost of sales per ton down 14% to $96.17. Free cash flow remained negative, weighed by final construction spending and a $145.80 million working capital build, but management noted that with Blue Creek's $1.02 billion buildout now complete, the company is positioned to convert its expanded production base into cash generation, reaffirming full-year 2026 sales guidance of 12.5 to 13.5 million short tons.

Key Takeaways

  • • Blue Creek mine ramp-up drove record sales volumes of 3.0 million short tons, up 38% YoY
  • • Production volumes increased 55% to 3.5 million short tons
  • • Average net selling price increased 10% to $149.39 per short ton
  • • Cash cost of sales per short ton decreased 14% to $96.17 due to Blue Creek's lower cost structure and 45X Credit benefit
  • • Adjusted EBITDA increased 263% to $143.4 million with margin expanding to 31.3% from 13.2%
  • • Cash margin per ton improved to $53.22 from $23.44

HCC Forward Guidance & Outlook

Warrior reaffirmed its full year 2026 guidance: coal sales of 12.5–13.5 million short tons, coal production of 12.0–13.0 million short tons, cash cost of sales (FOB port) of $95–$110 per short ton, sustaining mine capex of $105–$115 million, Blue Creek project capex of $50–$75 million, D&D of $225–$250 million, SG&A of $75–$85 million, interest expense of $20–$25 million, and interest income of $3–$8 million. Key factors that may affect the outlook include four planned longwall moves (two in Q2, one each in Q3 and Q4), HCC index pricing, geography of sales and freight rates, global trade and tariff policies, new labor contract, and inflationary pressures.

24/7 Wall St

HCC YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

HCC Revenue by Segment

Business unit performance breakdown

“The first quarter marked a defining milestone for Warrior as we completed the final project spending for the development of our transformational Blue Creek mine, delivering the project ahead of schedule and fully in line with our capital expenditure guidance. Blue Creek is already making a meaningful contribution to our financial performance with its volumes a key driver of record sales volume during the first quarter and its lower cost structure a critical foundation for our ability to expand margins and drive free cash flow despite continued challenging market conditions for steelmaking coal.”

— Walt Scheller, Q1 2026 Earnings Press Release

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