10-K · February 27, 2026
Alpha Metallurgical Resources describes a focused metallurgical coal strategy with a substantial reserve base (294.5 million tons of proven and probable reserves) and majority export-terminal access (65.0% interest in…
Earnings analysis · 10-Q
AMR earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Alpha Metallurgical Resources reported a challenging Q1 2026, with revenues of $523.5 million, slightly missing expectations. The company continues to face headwinds from high operating costs, resulting in a diluted EPS…
Read full summary
Alpha Metallurgical Resources reported a challenging Q1 2026, with revenues of $523.5 million, slightly missing expectations. The company continues to face headwinds from high operating costs, resulting in a diluted EPS loss of $0.86, in line with consensus estimates, yet showing a slight improvement in Adjusted EBITDA to $30.0 million from the previous quarter.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.86
What stood out
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Revenue Performance
Revenue totaled $523.5 million, just below the estimated $536.6 million, reflecting a slight decline from $532 million in the previous quarter.
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Narrowed Net Loss
Net loss reduced to $11 million, or $0.86 per share, from a net loss of $142 million, or $2.6 EPS, in Q1 2025.
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Adjusted EBITDA Increase
Adjusted EBITDA increased to $30 million from $19 million in Q4 2025, showing operational resilience.
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Cash Flow Improvement
Operating cash flow improved to positive $25 million compared to negative $16 million in Q1 2025.
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Coal Sales Stability
Stable coal sale realizations amidst ongoing geopolitical tensions.
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Strong Liquidity Position
Maintained $225 million availability under the revolving credit facility with no borrowings.
What to watch
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Rising Operating Costs
Continued high operating expenses impacted gross margin, which fell to 5.2% from 10.9% year-over-year.
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Geopolitical Risks
Ongoing conflicts affecting coal prices and supply chains exacerbate financial uncertainty.
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Shipping and Supply Chain Issues
Planned shipping outages may impact future coal deliveries and customer contracts.
Management's outlook
Management indicates maintaining cost guidance for coal sales, with potential adjustments pending geopolitical developments.
Earlier filings 4
10-K · February 28, 2025
Alpha Metallurgical Resources presents a pure‑play metallurgical coal platform with a reported reserve base of 298.6 million tons (287.8 million tons metallurgical) and a 65.0% interest in the Dominion Terminal…
10-Q · August 5, 2024
Alpha reported Q2 revenue of $803,969,000 and diluted EPS of $4.49. Revenue and export volumes held up, but margins and EPS compressed materially versus prior periods; operating income fell to $70,676,000. The company…
10-Q · May 8, 2023
Alpha reported Q1 revenue of $911,235,000 and diluted EPS of $17.01, down versus Q1 2022 revenue of $1,071,964,000 and diluted EPS of $20.52. Operating income remained strong at $314,501,000 (operating margin ~34.5%)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.