ARLP earnings analysis
What we found in ARLP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Alliance Resource Partners, L.P. reported Q1 2026 revenue of $516.0 million, a 4.5% decrease from $540.5 million in Q1 2025, driven largely by lower coal sales prices despite an increase in oil & gas royalties. Gross margin expanded slightly during the quarter while diluted EPS was reported at $0.07, representing a significant decline of 87.7% year-over-year. Management highlighted strong coal sales volumes and substantial commitments for future coal sales but faced challenges with pricing and operational impairments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Consensus Expectations
- Actual revenue of $516.017 million exceeded the estimate of $515.125 million by 0.17%.
- Operating Cash Flow Positive
- Operating cash flow for Q1 2026 was $105.5 million, down from $145.7 million in Q1 2025.
- Strong Oil & Gas Royalties
- Oil & gas royalties climbed 14.6% year-over-year to $41.3 million, supported by increased drilling activities.
- Decrease in Operating Expenses
- Segment Adjusted EBITDA Expense decreased 4.4% to $330.958 million, reflecting lower costs per ton sold.
- Stable Coal Sales Volumes
- Coal sales volumes improved slightly, with tons sold at 7,860, a 1.1% increase from last year.
- Reduced Cash Used in Financing
- Cash used in financing activities dropped to $40 million from $108.3 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Net Income
- Net income fell 87.7% to $9.09 million, down from $73.98 million in Q1 2025.
- Material Impairment Charges
- Recorded non-cash asset impairment charges of $37.8 million due to longwall production ceasing.
- Lower Coal Sales Pricing
- Average coal sales prices per ton decreased by 6.5%, leading to a $30.6 million reduction in coal sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.07
- Segment
- Illinois Basin Coal Operations: $309.755M
- Segment
- Appalachia Coal Operations: $133.527M
- Segment
- Oil & Gas Royalties: $41.341M
What they said about what is next.
Management reports that 2026 coal sales volumes are over 95% committed and priced midpoint of guidance but no specific numeric guidance provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · November 7, 2025
- ARLP reported Q3 2025 revenues of $571.367M and EPS of $0.73, with operating income of $104.964M (operating margin ~18.4%). Revenue was down year-over-year but the quarter showed margin expansion and a higher net income…
- 10-Q · August 7, 2025
- Q2 2025 results show revenue and operating profitability deterioration versus Q2 2024, with total revenue of $547.5M (down from $593.4M) and operating income of $88.7M (down from $117.4M). Diluted EPS fell to $0.46 from…
- 10-Q · May 9, 2025
- ARLP reported Q1 2025 revenue of $540.468M, down from $651.697M in Q1 2024, driven by lower coal and transportation revenues. Income from operations fell to $94.278M (from $160.295M) and diluted EPS declined to $0.57…
- 10-K · February 27, 2025
- ARLP’s 10‑K emphasizes a strategy of maintaining its coal-mining base while growing oil & gas mineral royalty interests and selective investments (e.g., Matrix Design and recent acreage acquisitions). Financially, 2024…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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