Operating cash flow of $39.9M in Q2 2026 is almost entirely D&A ($36.9M), masking a net loss of -$12.3M, while free cash flow turned negative at -$5.3M and buybacks of $13.8M persist despite the cash burn, straining liquidity.
Alpha Metallurgical Resources, Inc. (AMR) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 134.75M | 144.93M | 579.92M | 851.16M | 1.48B | 174.94M | 129.24M | 131.88M | 158.38M | 305.56M | 140.91M | 150.86M |
| Operating CF Margin % | - | 6.81% | 19.61% | 24.52% | 36.18% | 7.75% | 9.13% | 6.59% | 7.8% | 18.52% | 15.36% | 16.29% |
| Operating CF Growth % | -67.71% | -75.01% | -31.87% | -42.64% | 748.28% | 35.37% | -2% | -16.73% | -48.17% | 116.85% | -6.6% | - |
| Net Income | -49.85M | -61.69M | 187.58M | 721.96M | 1.45B | 288.79M | -446.9M | -316.32M | 299.17M | 154.52M | -73.39M | -417.56M |
| Depreciation & Amortization | 161.96M | 202.08M | 174.03M | 170.89M | 127.12M | 123.29M | 161.53M | 315.07M | 72.16M | 124.01M | 168.14M | 204.34M |
| Stock-Based Compensation | 4.66M | 13.6M | 12.32M | 19.02M | 9.84M | 5.32M | 5.54M | 12.4M | 13.35M | 20.37M | 2.08M | 2.67M |
| Deferred Taxes | -25.34M | -23.74M | 5.56M | 39.72M | -14.52M | -163K | 33.12M | -12.1M | -66.68M | -78.74M | -36.07M | -250.68M |
| Other Non-Cash Items | 74.26M | 47.86M | 61.64M | 24.16M | 47.71M | 45M | 341.55M | 305.66M | 31.7M | 59.26M | 475.21M | 625.44M |
| Working Capital Changes | -30.95M | -33.18M | 138.79M | -124.59M | -134.68M | -287.29M | 34.39M | -172.83M | -191.31M | 26.15M | -22.48M | -13.35M |
| Change in Receivables | 0 | 83.4M | 145.38M | -102.48M | 82.77M | -336.24M | 91.19M | 47.42M | -84.14M | 34.84M | -71.45M | 41.4M |
| Change in Inventory | 0 | -21.5M | 64.2M | -27.9M | -63.17M | -21.33M | 48.69M | -40.69M | 33.23M | 441K | -15.35M | 2.44M |
| Change in Payables | 0 | -29.14M | -19.34M | 15.67M | 3.72M | 25.15M | -28.62M | -28.15M | -7.08M | 31.14M | 52.58M | -1.53M |
| Cash from Investing | -141.74M | -203.97M | -230.99M | -166M | -329.36M | -89.86M | -209.97M | -191.75M | 102.2M | -121.31M | -9.48M | -97.03M |
| Capital Expenditures | -148.55M | -127.15M | -198.85M | -245.37M | -164.31M | -83.3M | -153.99M | -192.41M | -92.13M | -83.12M | -57.93M | -59.53M |
| CapEx % of Revenue | 7.07% | 5.97% | 6.72% | 7.07% | 4.01% | 3.69% | 10.87% | 9.61% | 4.54% | 5.04% | 6.31% | 6.43% |
| Acquisitions | -32.9M | -37.88M | -31.47M | -42.73M | -44.43M | -6.68M | -55.63M | -10.05M | -5.25M | -40.36M | 48.45M | -5.87M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.22M | 51K | 31K | 8.21M | -591K | 4.84M | 4.1M | 3.31M | 199.5M | -80.95M | -4.86M | -6.9M |
| Cash from Financing | -64.02M | -52.23M | -128.9M | -656.43M | -981.87M | -147.04M | -22.38M | -69.69M | 22.71M | -170.28M | -3.64M | -53.59M |
| Debt Issued (Net) | -2.7M | -1.97M | -2.24M | -2.31M | -450.62M | -137.51M | -18.99M | -26.34M | 61.67M | 23.97M | 32.14M | -1.83M |
| Equity Issued (Net) | -59.74M | -45.16M | -122.3M | -540.07M | -521.8M | -786K | -209K | -37.62M | -20.27M | -49.93M | 0 | 0 |
| Dividends Paid | 0 | -415K | -3.08M | -113.01M | -13.36M | 0 | 0 | 0 | 0 | -100.73M | 0 | 0 |
| Share Repurchases | -59.74M | -45.16M | -122.3M | -540.07M | -521.8M | -786K | -209K | -37.62M | -20.27M | -49.93M | 0 | 0 |
| Other Financing | -1.58M | -4.69M | -1.28M | -1.03M | 3.92M | -8.75M | -3.18M | -5.74M | -18.69M | -43.59M | -35.78M | -51.75M |
| Net Change in Cash | -72.42M | -115.6M | 220.04M | 28.73M | 172.78M | -61.96M | -103.11M | -129.57M | 283.29M | 13.98M | 127.68M | 243K |
| Free Cash Flow | -13.79M | 17.77M | 381.07M | 605.79M | 1.32B | 91.64M | -24.75M | -60.53M | 66.25M | 222.44M | 82.98M | 91.33M |
| FCF Margin % | -0.66% | 0.83% | 12.89% | 17.45% | 32.18% | 4.06% | -1.75% | -3.02% | 3.26% | 13.48% | 9.04% | 9.86% |
| FCF Growth % | -133.37% | -95.34% | -37.09% | -54.1% | 1340.04% | 470.21% | 59.11% | -191.37% | -70.22% | 168.08% | -9.14% | - |
| FCF per Share | -1.09 | 1.37 | 29.19 | 41.37 | 72.42 | 4.86 | -1.35 | -3.22 | 5.66 | 20.65 | 8.05 | 3.01 |
| FCF Conversion (FCF/Net Income) | 0.28x | -2.35x | 3.09x | 1.18x | 1.02x | 0.61x | -0.29x | -0.42x | 0.53x | 1.98x | -1.80x | -0.36x |
| Interest Paid | 0 | 0 | 2.66M | 5.21M | 25.89M | 63.06M | 49.29M | 51.88M | 27.34M | 40.63M | 0 | 0 |
| Taxes Paid | 0 | 0 | 12.14M | 79.22M | 139.66M | 176K | 5K | 3.04M | 37K | 13.33M | 0 | 0 |
Quick answers to the most common questions about buying AMR stock.
Alpha Metallurgical Resources, Inc. (AMR) generated $144.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alpha Metallurgical Resources, Inc. (AMR) generated $17.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Alpha Metallurgical Resources, Inc. (AMR) spent $127.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Alpha Metallurgical Resources, Inc. (AMR) returned $0.4M to shareholders via cash dividends and spent $45.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash burn amid negative margins
Metrics are mathematically derived from official filings.
Earnings Quality Masked by D&A
AMR's operating cash flow remained positive in Q2 2026 at $39.9M despite a net loss of $12.3M, but the gap is almost entirely D&A, suggesting low earnings quality.
The OCF/NI ratio of -3.25 in Q2 2026 reflects that cash generation is driven by non-cash charges, not underlying profitability. With D&A of $36.9M nearly matching OCF, the company is barely covering cash costs, and working capital changes were minimal. This indicates that the positive cash flow is a function of accounting adjustments rather than operational strength, and investors should monitor whether cash flow can sustain without further asset write-downs.
FCF Turns Negative as Cycle Bites
Free cash flow swung to -$5.3M in Q2 2026 from +$158.0M in Q3 2024, with FCF margin contracting from 23.5% to -1.1%, reflecting severe cyclical pressure.
The trajectory shows a sharp deterioration: FCF has been negative for three of the last four quarters, and the cumulative FCF over the last four quarters is -$1.5M. This contrasts with the $132.5M FCF in Q1 2024, highlighting the collapse in pricing power. The negative FCF margin indicates that the company is not generating enough cash to cover its capital expenditures, which may force it to draw down its cash reserves or reduce investment.
Capital Spending Outpaces Cash Generation
CapEx averaged $38.5M per quarter over the last four quarters, exceeding operating cash flow in Q1 and Q2 2026, indicating that maintenance and growth spending are not being funded by operations.
CapEx/Revenue has remained relatively stable around 7-9%, but with revenue declining, absolute CapEx has not scaled down proportionally. This suggests that a significant portion of CapEx is maintenance-related, as the company must sustain its mining infrastructure. The inability to reduce CapEx in a downturn implies that cash burn will continue unless prices recover, and investors should assess whether the company can defer non-essential projects.
Working Capital Releases Provide Temporary Relief
Working capital changes contributed $121.7M to cash flow in Q3 2024 but have been a drag in recent quarters, with Q1 2026 showing a -$16.8M outflow, indicating inventory or receivable buildup.
The large positive working capital swing in Q3 2024 was likely due to a drawdown of inventory or faster collections, but subsequent quarters show negative changes, suggesting that the company is building inventory or facing slower collections as demand weakens. This pattern indicates that cash flow is being supported by one-time releases, which are not sustainable. The recent negative working capital changes may signal that the company is accumulating unsold coal, which could lead to further cash strain.
Buybacks Persist Despite Cash Constraints
AMR spent $13.8M on buybacks in Q2 2026 and $22.9M in Q1 2026, even as FCF turned negative, suggesting a commitment to shareholder returns that may strain liquidity.
Despite negative free cash flow, the company continued repurchasing shares, totaling $36.7M over the last two quarters. This capital deployment appears aggressive given the operating losses and may indicate management's confidence in a recovery, but it also reduces the cash cushion. With $365M in cash, the company can sustain this for a few quarters, but if losses persist, the buyback pace may need to be curtailed to preserve liquidity.
Cumulative Cash Flow Diverges from Losses
Over the last five quarters, cumulative net income is -$71.0M while operating cash flow is +$213.8M, a divergence of $284.8M driven by D&A and working capital swings.
The cumulative gap between net income and operating cash flow is substantial, indicating that the company's cash generation is not reflected in its earnings due to heavy non-cash charges. However, this divergence is narrowing as D&A remains stable but working capital releases fade. Investors should recognize that the positive cash flow is not a sign of profitability but rather a function of accounting, and the trend suggests that cash flow will eventually align with the weak earnings unless prices improve.
What Could Invalidate the Base Case
The bear case hinges on AMR's inability to return to positive operating margins before its $365M cash reserve is depleted, given persistent negative cash flow from operations.
While the low debt-to-equity ratio of 0.02% provides a fortress balance sheet, the company's negative operating margins and sustained cash burn could erode liquidity faster than expected. The $365M cash pile may seem adequate, but with quarterly cash burn averaging around $10M in FCF, the company has limited runway if prices remain depressed. Additionally, the aggressive buyback program could accelerate cash depletion, and any further deterioration in working capital or CapEx requirements would shorten the timeline. Investors should monitor whether management can cut costs or defer capital spending to preserve cash.