Alpha Metallurgical Resources, Inc. (AMR) Earnings
Alpha Metallurgical Resources, Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $-1.49. AMR has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -14.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | $-0.43 | $-0.96 | -122.7% | $493M | -5.5% |
| May 8, 2026 | $-0.86 | $-0.86 | +0.0% | $525M | -1.9% |
| Nov 6, 2025 | $-0.35 | $-0.42 | -20.0% | $527M | -2.2% |
| Aug 8, 2025 | $-2.38 | $-0.38 | +84.0% | $550M | -3.8% |
| May 9, 2025 | $-1.53 | $-2.60 | -69.9% | $532M | -14.4% |
| Feb 28, 2025 | $1.12 | $-0.16 | -114.3% | $617M | -6.2% |
| Nov 1, 2024 | $2.78 | $0.29 | -89.6% | $672M | -1.6% |
| Feb 26, 2024 | $9.07 | $13.06 | +44.0% | $960M | +20.5% |
| Nov 2, 2023 | $6.46 | $6.65 | +2.9% | $742M | -0.5% |
| Aug 4, 2023 | $12.69 | $12.16 | -4.2% | $858M | +3.0% |
| Feb 23, 2023 | $15.07 | $13.37 | -11.3% | $823M | -1.1% |
| May 5, 2022 | $19.04 | $20.52 | +7.8% | $1.1B | +13.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Financial Results - Q2 2026 adjusted EBITDA came in at $25.6 million, with 3.5 million tons shipped during the quarter. First half 2026 results came in below expectations, with lower shipment volumes and higher operating costs than initial projections. - Total liquidity as of June 30, 2026 was $447.8 million, including $307.6 million in unrestricted cash, $30.9 million in short-term investments, and $184.3 million in unused availability under the company's ABL facility, with no outstanding borrowings on the ABL. - Cash provided by operating activities was $39.9 million in Q2 2026, up from $29 million in Q1 2026. ### Operational Events - One of the two stacker reclaimer machines at the DTA terminal sustained major damage from an 80+ mile per hour wind storm on June 14, 2026. DTA has filed an insurance claim for the damage, and recovery planning is still ongoing with no definitive timeline for restoring full capacity. - The DTA team has implemented alternate workflows to maintain coal throughput while repairs are planned, and the company is leveraging available capacity at other East Coast terminals to mitigate shipment delays. All operational impacts from the reduced DTA capacity are already incorporated into updated full-year guidance. - Thirteen of the company's West Virginia mines, plants, and docks received safety awards from the Home Safety Association for 2025 performance. The company's mine rescue teams won top overall and category honors at two industry competitions in summer 2026. ### Market Conditions - Global metallurgical (met) coal markets remain weak, driven by sluggish global steel demand. U.S. East Coast met coal pricing has been largely stagnant in recent months, while Australian premium low vol (POV) met coal pricing has retreated, tightening the spread between Australian POV and U.S. East Coast low vol coal to 14% from 23% in the first quarter. Seaborne thermal coal pricing has also been largely flat since the end of Q2. - As of August 6, 2026, the Australian premium low vol index fell 12% to $214.30 per metric ton from quarter-end, while all U.S. East Coast met coal indices and the API2 seaborne thermal coal index remained virtually flat compared to the end of Q2.
Guidance
- Full-year 2026 coal shipment volume guidance was revised downward, with a midpoint 1 million tons lower than initial expectations. The new shipment guidance range is 14.2 million to 15.4 million tons, which incorporates weaker-than-expected first half performance and sustained reduced operational capacity at DTA for the remainder of 2026. - Full-year 2026 cost of coal sales guidance was revised upward, with a midpoint $7 per ton higher than initial estimates. The new cost guidance range is $103 to $107 per ton, driven by higher costs for supplies including diesel (impacted by volatility from the Iran war) and elevated costs spread over a lower total shipment volume. - Shipment cadence for the second half of 2026 is expected to follow historical seasonal trends between Q3 and Q4, with minor timing shifts possible due to occasional customer cargo delays that could move volumes between quarters.
Segment performance
Alpha Metallurgical Resources has one core reporting segment, the Metallurgical (MET) segment that also includes incidental thermal coal byproduct: - Total Q2 2026 tons sold: 3.5 million tons, down from 3.6 million tons in Q1 2026 - MET segment weighted average realization: $124.30 per ton in Q2 2026, down from $128.40 per ton in Q1 2026 - Export met tons priced against Atlantic indices: $109.08 per ton in Q2 2026, down from $110.32 per ton in Q1 2026 - Export met tons priced against Australian indices: $143.82 per ton in Q2 2026, down from $144.95 per ton in Q1 2026 - Overall average met segment realization: $118.71 per ton in Q2 2026, down from $124.39 per ton in Q1 2026 - Incidental thermal coal portion of the MET segment: average realization of $79.36 per ton in Q2 2026, up from $69.41 per ton in Q1 2026 - MET segment cost of coal sales: $103.07 per ton in Q2 2026, down from $107.98 per ton in Q1 2026 - Adjusted EBITDA: $25.6 million in Q2 2026, down from $30 million in Q1 2026 - SG&A (excluding non-cash stock compensation and non-recurring items): $13.7 million in Q2 2026, up from $13.5 million in Q1 2026 - As of Q2 end, at the midpoint of 2026 guidance: 70% of MET segment tonnage is committed and priced at an average of $128.17 per ton; 30% of MET tonnage is committed but unpriced; the thermal byproduct portion is fully committed and priced at an average of $75.94 per ton
Risks & headwinds
- Ongoing weakness in global steel demand has kept met coal market pricing depressed, and management notes that current pricing spreads between coal grades are unsustainable, with no near-term catalysts for pricing improvement expected without a broad pickup in global economic activity. - The DTA terminal storm damage has created ongoing operational uncertainty: there is no definitive timeline for repairing or replacing the damaged stacker reclaimer, and full operational capacity cannot be restored until engineering work, insurance settlements, and logistics for moving the damaged equipment are completed. - Persistently elevated input costs, particularly for diesel and other mining supplies driven in part by the Iran war, have increased operating costs beyond initial projections for 2026. - Some domestic met coal customers declined to exercise volume optionality in their contracts for 2026, leading to a reduction in committed domestic tonnage, and weak global steel demand continues to pressure met coal sales volumes and realizations.
Analyst Q&A
Q: What is the expected throughput optimization at DTA with only one working stacker reclaimer, and how will this split between Q3 and Q4 2026? Could you estimate 2027 utilization levels with only one operational machine? /
A: Management notes that many factors, including engineering, insurance, and logistics, are still unresolved, so no specific efficiency numbers or long-term utilization figures can be provided at this time. All expected impacts of reduced DTA capacity are already incorporated into the revised 2026 full-year guidance, with potential for minor upside if work progresses faster than expected. The DTA team has already done strong work to maintain throughput under the current constrained capacity.
Q: Are you seeing any cost relief, and what operational efforts are you taking to reduce costs amid higher diesel and DTA-related expenses? /
A: Management is actively evaluating the full mine portfolio, prioritizing margin over absolute volume: lower margin tons are prioritized for production cuts, while higher margin tons are retained. Operational teams continue to identify internal efficiencies to reduce costs across the business, with adjustments rolled out gradually through the remainder of the year.
Q: What needs to occur for U.S. East Coast High Vol A met coal pricing to gain momentum, and would Alpha consider additional production cuts if market conditions do not improve into 2027? /
A: Management states that weak pricing is primarily a demand-driven story, not a supply-driven one; enough production cannot be cut to offset the current lack of global steel demand, and a broad improvement in the global economy is needed for a pricing inflection. Some production has already been cut from lower-margin high vol grades, and the company will continue to adjust its portfolio to prioritize higher-margin production.
Q: What is the current status of 2027 domestic met coal contract negotiations, and how will the sales mix between domestic and seaborne low vol coal be allocated? /
A: Negotiations are still early, so no specific details on pricing or volume can be provided yet. Domestic steel producers are currently having a strong year, and management hopes to participate in that market strength in 2027 contracts. No fixed mix of low vol coal between domestic and seaborne markets has been set, and management will align allocation with customer demand as negotiations progress; overall demand for domestic coking coal remains solid.