Warrior Met Coal Raises Guidance as Sales Volumes Hit Record
The metallurgical coal producer reported revenue of $509.7 million for the second quarter, a 71% increase over the prior year.
Warrior Met Coal (HCC), the metallurgical coal producer, reported second-quarter revenue of $509.7 million, a 71% increase compared to $297.5 million in the same period last year.
The result followed a significant expansion in output and sales, marking a trajectory of growth as the company integrated new capacity. Sales volumes reached a record 3.7 million short tons in the second quarter, up 65% from 2.2 million short tons in the prior-year period and increasing from 3.0 million short tons in the first quarter of 2026.
Production volumes grew 45% year-over-year to 3.3 million short tons. While this exceeded the 2.3 million short tons produced in the second quarter of 2025, it represented a sequential decline from the 3.5 million short tons produced in the first quarter.
Average net selling prices rose to $137.82 per short ton from $130.01 in the prior-year quarter, though the figure declined from $149.39 in the first quarter. Average gross selling price realization as a percentage of the Platts Premium Low Vol index dropped to 66% from 80% in the prior year, which the company attributed to a 21% higher sales mix of high-vol A coal sold into the Pacific Basin.
Adjusted EBITDA rose 193% year-over-year to $156.9 million, up from $53.6 million in the second quarter of 2025. The adjusted EBITDA margin expanded to 30.8% from 18.0% in the prior-year period. Cash cost of sales per short ton decreased 9% year-over-year to $92.53, although costs rose sequentially from $96.17 in the first quarter.
Free cash flow swung to $103.4 million from negative $56.7 million in the second quarter of 2025, following the completion of the Blue Creek construction phase. Inventory levels decreased to 1.4 million short tons as of June 30, 2026, compared to 1.9 million short tons as of March 31, 2026.
Warrior Met Coal raised its full-year 2026 volume guidance by 0.5 million short tons, citing positive customer reception of the Blue Creek product.