Warrior Met Coal Reports 2025 Financial Results, Blue Creek Mine Exceeds Expectations
Warrior Met Coal, Inc. (NYSE: HCC) reported its financial results for the year ended December 31, 2025, showcasing a net income of $57.0 million, or $1.08 per diluted share, compared to $250.6 million in the prior year. The company's total revenue reached $1.31 billion, a decrease from $1.53 billion in 2024, primarily due to lower average selling prices for steelmaking coal. Despite the revenue decline, the company achieved record sales volumes of 8.7 million metric tons and production volumes of 9.3 million metric tons, marking a 21% and 24% increase, respectively, compared to the previous year.
A significant development for Warrior Met Coal was the commencement of longwall operations at the Blue Creek mine in October 2025, eight months ahead of schedule. This milestone is expected to significantly impact the company's production profile and cost structure in 2026. The Blue Creek mine contributed to lower cash costs, improving the company's position in the global cost curve. The company invested $240.3 million in the Blue Creek project in 2025, bringing the total investment to $956.8 million to date. An additional $50.0 to $75.0 million is expected to be invested in 2026 for final construction.
The company's average net selling price per metric ton of steelmaking coal decreased to $146.20 in 2025 from $207.32 in 2024. Cash cost of sales per metric ton also decreased to $111.66 in 2025 from $138.10 in 2024, driven by the lower cost structure of Blue Creek coal and the impact of lower steelmaking coal prices on variable costs. The company's sales geographic customer mix shifted, with Asia accounting for 48% of sales in 2025 compared to 42% in 2024. Europe accounted for 37% of sales in 2025, down from 38% in 2024, and South America accounted for 14% of sales in 2025, down from 19% in 2024.
Looking ahead, Warrior Met Coal anticipates capital spending to range from $155.0 million to $215.0 million for the full year 2026, including sustaining capital expenditures and final construction costs for Blue Creek. The company also finalized federal coal leases with the Bureau of Land Management, providing access to approximately 48 million metric tons of additional reserves. As of December 31, 2025, Warrior Met Coal had total liquidity of $483.9 million, including $300.0 million in cash and cash equivalents and $140.5 million available under its Amended ABL Facility. The company continues to focus on asset optimization and cost management to drive profitability and cash flow generation. The Board of Directors has declared a regular quarterly cash dividend of $0.08 per share, payable on March 2, 2026, to stockholders of record as of February 23, 2026.
About WARRIOR MET COAL, INC.
Warrior Met Coal, Inc. is a U.S.-based producer and exporter of high-quality steelmaking coal, primarily hard coking coal, serving global steel industries in Europe, South America, and Asia. Operating efficient underground longwall mines in Alabama, it focuses on premium products, cost leadership, and environmental sustainability. The company emphasizes safety, innovation, and strategic logistics to deliver reliable, high-margin coal to international customers.
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