Alpha Metallurgical Resources, Inc. (AMR): Results of Operations and Financial Condition
Alpha Metallurgical Resources, Inc. (AMR) filed an SEC Form 8-K — Results of Operations and Financial Condition. FOR IMMEDIATE RELEASE Alpha Announces Financial Results for Second Quarter 2026 • Reports second quarter net loss of $12.3 million and Adjusted EBITDA of $25.6 million BRISTOL, Tenn., August 7, 2026 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of met
How this was made
The 30-second read
Why it matters
Traders can update AMR’s near-term earnings model using the disclosed Q2 loss/EBITDA, operating cash flow, per-ton realization and cost, and the stated guidance drivers (reduced efficiency at DTA, fewer shipped tons, higher supply costs).
Market read
Primary earnings disclosure with explicit quarterly metrics and forward-looking guidance rationale tied to volume and cost headwinds plus operational mitigation plans.
What to watch
The company’s large liquidity position ($447.8M) and substantial repurchase authorization ($1.5B) may cushion downside and affect valuation even if near-term earnings are pressured.
Alpha Announces Financial Results for Second Quarter 2026
Alpha reported a net loss of $12.3 million, lower Adjusted EBITDA, lower Met segment revenue, fewer tons sold, and reduced 2026 shipment guidance amid soft met market conditions, higher supply costs and disruption at Dominion Terminal Associates.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net lossGAAP | ($12.3 million) | – | – |
| Net loss per diluted shareGAAP | ($0.96) | – | – |
| Adjusted EBITDAnon-GAAP | $25.6 million | – | – |
| Operating cash flowGAAP | $39.9 million | – | – |
| Capital expendituresother | ($45.1 million) | – | – |
| Tons of coal soldother | 3.5 million | – | – |
| Met segment coal revenuesother | $491.5 million | – | – |
| Met segment coal revenues excluding freight & handlingnon-GAAP | $421.3 million | – | – |
| Met segment tons soldother | 3.5 million | – | – |
| Met segment coal sales realization per tonnon-GAAP | $118.71 | – | – |
| Met segment cost of coal salesother | $443.7 million | – | – |
| Met segment cost of coal sales excluding freight & handling/idlenon-GAAP | $365.8 million | – | – |
| Met segment cost of coal sales per tonnon-GAAP | $103.07 | – | – |
| Domestic Met segment sales tons soldother | 0.9 million | – | – |
| Domestic Met segment coal revenuesother | $124.8 million | – | – |
| Domestic Met segment realization per tonother | $134.37 | – | – |
| Export Australian-indexed Met segment sales tons soldother | 0.7 million | – | – |
| Export Australian-indexed Met segment coal revenuesother | $98.5 million | – | – |
| Export Australian-indexed Met segment realization per tonother | $143.82 | – | – |
| Export other-pricing-mechanisms Met segment sales tons soldother | 1.5 million | – | – |
| Export other-pricing-mechanisms Met segment coal revenuesother | $162.9 million | – | – |
| Export other-pricing-mechanisms Met segment realization per tonother | $109.08 | – | – |
| Total Met coal revenuesother | $386.2 million | – | – |
| Total Met coal realization per tonother | $124.30 | – | – |
| Thermal coal revenuesother | $35.1 million | – | – |
| Thermal coal realization per tonother | $79.36 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Met segmentMet segment coal revenues excluding freight & handling were $421.3 million; tons sold were 3.5 million; coal sales realization was $118.71 per ton; and cost of coal sales per ton was $103.07. | $491.5 million | – | – |
2026 outlook
- Tax rate0 % to 5 % cash tax rate
- NoteMetallurgical shipments: 13.2 million tons to 14.0 million tons
- NoteThermal shipments: 1.0 million tons to 1.4 million tons
- NoteMet segment total shipments: 14.2 million tons to 15.4 million tons
- NoteMetallurgical domestic committed volume: 3.8 million tons at an average price of $136.18 per ton
- NoteMetallurgical export committed volume: 5.7 million tons at an average price of $122.77 per ton
- NoteMetallurgical total committed volume: 9.5 million tons at an average price of $128.17 per ton
- NoteThermal committed volume: 1.3 million tons at an average price of $75.94 per ton
- NoteMet segment committed volume: 10.8 million tons at an average price of $121.94 per ton
- NoteMetallurgical committed/priced: 70 %
- NoteThermal committed/priced: 100 %
- NoteMet segment committed/priced: 73 %
- NoteMetallurgical committed/unpriced: 30 %
- NoteMet segment committed/unpriced: 27 %
- NoteMet segment cost of coal sales per ton: $103.00 to $107.00
- NoteSG&A: $53 million to $59 million
- NoteIdle operations expense: $24 million to $32 million
- NoteNet cash interest income: $2 million to $6 million
- NoteDD&A: $160 million to $174 million
- NoteCapital expenditures: $148 million to $168 million
- NoteCapital contributions to equity affiliates: $35 million to $45 million
Capital returns
- The board authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for repurchases of common stock.
- As of July 31, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.29 per share.
- The number of common stock shares outstanding as of July 31, 2026 was 12,679,045, not including the potential effect of unvested equity awards.
What drove it
- Second-quarter Met segment net realized pricing was $118.71 per ton.
- The Met segment sales mix included domestic tons representing 30% of Met tons sold, export Australian-indexed tons representing 22%, and export tons using other pricing mechanisms representing 48%.
- As of July 30, 2026, Alpha had committed and priced approximately 70% of its metallurgical coal for 2026 at an average price of $128.17 per ton.
- At the midpoint of guidance, Alpha's thermal coal was fully committed for the year at an average price of $75.94 per ton.
- Management cited fewer shipped tons, higher supply costs and soft met market conditions.
Concerns
- Management reduced sales-volume guidance for the balance of 2026 because it expects reduced efficiency at Dominion Terminal Associates following high-wind storm damage in June.
- Management increased cost of coal sales guidance, reflecting expected lower shipped tons and continued higher supply costs.
- Soft met market conditions were described as persisting.
- The insurance claims process and discussions with third-party equipment providers are expected to provide clarity on the longer-term replacement plan for the stacker reclaimer.
What to watch
- Shipment performance and cost of coal sales per ton relative to 2026 guidance of $103.00 to $107.00.
- Operational efficiency at Dominion Terminal Associates and the use of capacity at other East Coast terminals.
- Progress of insurance claims and the longer-term plan to replace the stacker reclaimer.
- Execution against committed metallurgical and thermal coal volumes and stated average prices.
- Capital contributions to equity affiliates of $35 million to $45 million, including normal operations at DTA and expected facility-upgrade investments.
Balance sheet and cash flow
- Cash provided by operating activities was $39.9 million in the second quarter, compared to $29.0 million in the first quarter and $53.2 million in the second quarter of 2025.
- Capital expenditures were $45.1 million in the second quarter, compared to $40.7 million in the first quarter and $34.6 million in the second quarter of 2025.
- As of June 30, 2026, total liquidity was $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 million, and $184.3 million of unused availability under the ABL, partially offset by a minimum required liquidity of $75.0 million.
- As of June 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL.
- Total long-term debt, including the current portion of long-term debt, was $11.4 million as of June 30, 2026.
Analysis
Alpha reported a second-quarter net loss of $12.3 million, or $0.96 per diluted share, compared with a net loss of $11.0 million, or $0.86 per diluted share, in the first quarter and a net loss of $5.0 million, or $0.38 per diluted share, in the second quarter of 2025. Adjusted EBITDA was $25.6 million, compared with $30.0 million in the first quarter and $46.1 million in the second quarter of 2025. The reported results reflect a difficult operating and market backdrop identified by management, including fewer shipped tons, higher costs and persisting soft met market conditions.
Met segment coal revenues were $491.5 million, compared with $523.5 million in the first quarter. Met segment coal revenues excluding freight and handling were $421.3 million, compared with $447.3 million, while Met segment tons sold were 3.5 million versus 3.6 million. Met segment coal sales realization was $118.71 per ton, compared with $124.39 per ton. The quarter's Met sales included domestic volume of 0.9 million tons, export Australian-indexed volume of 0.7 million tons and export volume under other pricing mechanisms of 1.5 million tons.
Met segment cost of coal sales was $443.7 million, compared with $474.4 million in the first quarter. Met segment cost of coal sales excluding freight and handling/idle was $365.8 million, compared with $388.3 million. Cost of coal sales per ton was $103.07, compared with $107.98. Although this per-ton cost was lower than in the first quarter, management raised its full-year cost guidance to $103.00 to $107.00 per ton, citing lower expected shipment volumes and continued higher supply costs.
Operating cash flow was $39.9 million, compared with $29.0 million in the first quarter, while capital expenditures were $45.1 million, compared with $40.7 million. Alpha reported total liquidity of $447.8 million as of June 30, 2026, no amounts borrowed under the ABL, and total long-term debt of $11.4 million. The company continued its repurchase program, having acquired approximately 7.0 million shares at a cost of approximately $1.2 billion as of July 31, 2026.
The outlook centers on reduced 2026 shipment expectations, with Met segment total shipments guided to 14.2 million tons to 15.4 million tons. Management tied the reduced volume outlook to expected reduced efficiency at DTA after high-wind storm damage in June, while planning to use other East Coast terminal capacity to mitigate disruption. As of July 30, 2026, metallurgical coal was approximately 70% committed and priced at an average price of $128.17 per ton, while thermal coal was fully committed at an average price of $75.94 per ton. The key reported issues are the pace of DTA recovery, shipment execution and the persistence of higher supply costs under soft met market conditions.
Management, verbatim
Due to several factors, we closed out the first half of 2026 with fewer tons shipped and higher costs than expected.
Andy Eidson, chief executive officer
With soft met market conditions persisting, our increased cost of coal sales guidance incorporates our expectation of fewer shipped tons for the year, together with the continuation of higher supply costs we’ve been experiencing.
Andy Eidson, chief executive officer
Not in the filing
stated, not guessed- GAAP total revenue
- GAAP gross margin
- GAAP operating income or loss
- GAAP cost of sales
- GAAP income tax expense or benefit
- GAAP effective tax rate
- GAAP net income attributable to Alpha Metallurgical Resources, Inc.
- Dividend declaration or payment
- Free cash flow
- Prior 2026 outlook for comparison
- Year-over-year and sequential percentage changes for reported metrics
- Year-over-year comparison for Met segment revenue, Met segment tons sold, Met segment realization and Met segment cost of coal sales
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
AMR’s 8-K includes a Q2 2026 results press release and management commentary on shipment volumes, coal cost pressures, and operational impacts from June storm damage at Dominion Terminal Associates (DTA).
Ticker impact
AMR reported Q2 2026 net loss of $12.3M, Adjusted EBITDA of $25.6M, and updated guidance ranges tied to fewer tons and higher coal costs.
Likely negative-to-neutral near term as net loss and cost/volume headwinds are emphasized, partially offset by liquidity and repurchase authorization.
The article is a primary 8-K earnings release with specific Q2 financials, per-ton realization/cost changes, and management commentary linking guidance to terminal damage and met market softness.
Market effects
Metallurgical coal producers may see read-across on cost inflation and volume sensitivity to logistics/terminal disruptions.
East Coast coal export/handling efficiency concerns (DTA storm damage) highlight operational risk for regional supply chains.
Soft met market conditions and supply-cost dynamics can influence global pricing expectations for steelmaking coal.
Counterpoint
The guidance update is driven by temporary terminal inefficiency and storm-related constraints; if insurance claims and equipment replacement progress, volumes and costs could normalize faster than the market assumes.
Key entities
- companyAlpha Metallurgical Resources, Inc.
Subject of the 8-K, reporting Q2 2026 financial results, liquidity, and guidance drivers tied to coal volumes, costs, and terminal disruption.
- counterpartyDominion Terminal Associates (DTA)
Terminal operator whose June storm damage is cited as reducing efficiency and shaping AMR’s reduced sales volume guidance.
