Short answer
WARRIOR MET COAL, INC. (HCC) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $1.3B (−14.1% year over year) and net income of $57M.
- Top risk flagged: IRS private letter ruling Sept 18, 2017 on Section 382 NOL utilization exception dependent on accurate representations to IRS
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- −14.1% YoY
- Net income
- $57M
- −77.3% YoY
- Operating margin
- 3.5%
- −13.2 pp YoY
- EPS (diluted)
- $1.08
- −77.5% YoY
- ROE
- 2.7%
- −9.3 pp YoY
- Operating cash flow
- $229M
- −37.6% YoY
Source: XBRL data from the WARRIOR MET COAL, INC. (HCC) FY2025 10-K on SEC EDGAR. USD.
WARRIOR MET COAL, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Mining and sale of metallurgical coal primarily for steel production
- No new products, services, or segments introduced or emphasized this year; focus remains on metallurgical coal assets
- Strategic update: Amended and Restated Asset-Based Revolving Credit Agreement extended and amended on August 28, 2025
- Notable quantitative metric: Asset retirement obligations recorded at $70.2 million for land reclamation as of December 31, 2025
- Noteworthy fact: Auditor's report highlights significant judgment in estimating asset retirement obligations due to regulatory and discounting complexities
Management Discussion & Analysis
- Revenue $1.31B, down 15% YoY from $1.53B, driven by -29.5% price decline offset by +21% volume increase (8.7M vs 7.2M tons sold)
- Net income $57M (4.4% margin) vs $251M (16.4% margin) in 2024; operating income 3.5% vs 16.7%; adjusted EBITDA $256.5M vs $447.9M
- Best segment: Blue Creek mine started early, producing 1.8M tons in 2025; highest production growth (24% total volume increase)
- Cash flow from operations $229.2M; capex $402.2M focused on Blue Creek; dividend paid $0.08/share quarterly; liquidity $483.9M (cash + credit)
- Management outlook: 2026 coal price expected stable to 2025; risks include global steel demand weakness, trade tariff uncertainties, and supply disruptions from events like Australia’s Cyclone Koji
Risk Factors
- IRS private letter ruling Sept 18, 2017 on Section 382 NOL utilization exception dependent on accurate representations to IRS
- Alabama House Bill 170 repeal of corporate income tax throwback rule effective Jan 1, 2021 limits use of $45.0M state deferred tax assets
- Valuation allowance required on deferred tax assets due to cyclical industry, historical losses, and limited future taxable income projections
Generated from the filing text; verify against the original. How to read a 10-K
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