Free cash flow has deteriorated to a negative $11.6M in 2026Q1, with capital expenditures remaining elevated at 7.7% of revenue despite the ongoing top-line decline.
| Cash from Operations | 151.79M | 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 % | -170.12% | -75.01% | -31.87% | -42.64% | 748.28% | 35.37% | -2% | -16.73% | -48.17% | 116.85% | -6.6% | - |
| Net Income | -38.77M | -61.69M | 187.58M | 721.96M | 1.45B | 288.79M | -446.9M | -316.32M | 299.17M | 154.52M | -73.39M | -417.56M |
| Depreciation & Amortization | 186.2M | 202.08M | 174.03M | 145.39M | 127.12M | 123.29M | 161.53M | 315.07M | 72.16M | 124.01M | 168.14M | 204.34M |
| Stock-Based Compensation | -720.11K | 13.6M | 12.32M | 19.02M | 9.84M | 5.32M | 5.54M | 12.4M | 13.35M | 20.37M | 2.08M | 2.67M |
| Deferred Taxes | -17.65M | -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 | 75.23M | 47.86M | 61.64M | 49.66M | 47.71M | 45M | 341.55M | 305.66M | 31.7M | 59.26M | 475.21M | 625.44M |
| Working Capital Changes | -52.5M | -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 | -209.79M | -203.97M | -230.99M | -166M | -329.36M | -89.86M | -209.97M | -191.75M | 102.2M | -121.31M | -9.48M | -97.03M |
| Capital Expenditures | -129.37M | -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 | 6.1% | 5.97% | 6.72% | 7.07% | 4.01% | 3.69% | 10.87% | 9.61% | 4.54% | 5.04% | 6.31% | 6.43% |
| Acquisitions | -41.55M | -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 | 120K | 51K | 31K | 8.21M | -591K | 4.84M | 4.1M | 3.31M | 199.5M | -80.95M | -4.86M | -6.9M |
| Cash from Financing | -69.72M | -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) | -2.4M | -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) | -62.9M | -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 | -62.9M | -45.16M | -122.3M | -540.07M | -521.8M | -786K | -209K | -37.62M | -20.27M | -49.93M | 0 | 0 |
| Other Financing | -4.42M | -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 | -129.15M | -115.6M | 220.04M | 28.73M | 172.78M | -61.96M | -103.11M | -129.57M | 283.29M | 13.98M | 127.68M | 243K |
| Free Cash Flow | 22.42M | 17.77M | 381.07M | 605.79M | 1.32B | 91.64M | -24.75M | -60.53M | 66.25M | 222.44M | 82.98M | 91.33M |
| FCF Margin % | 1.06% | 0.83% | 12.89% | 17.45% | 32.18% | 4.06% | -1.75% | -3.02% | 3.26% | 13.48% | 9.04% | 9.86% |
| FCF Growth % | -90.35% | -95.34% | -37.09% | -54.1% | 1340.04% | 470.21% | 59.11% | -191.37% | -70.22% | 168.08% | -9.14% | - |
| FCF per Share | 1.75 | 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) | -0.58x | -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 |
Cyclical Commodity Price Exposure
According to quarterly financial disclosures, AMR's operating cash flow has consistently decoupled from net income, with the OCF/NI ratio reaching -2.63 in 2026Q1, suggesting that accounting earnings are failing to capture the underlying cash volatility inherent in the company's current metallurgical coal production cycle.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are masking the true economic reality of the business. Investors should monitor this divergence, as it suggests that the company's reported profitability is increasingly disconnected from its ability to generate actual liquidity from core mining operations.
Based on reported cash flow statements, AMR's free cash flow trajectory has shifted from a peak margin of 17.3% in 2023Q4 to a negative 2.2% in 2026Q1, reflecting a rapid deterioration in the company's ability to fund operations and capital requirements through internal cash generation.
This downward trend in free cash flow highlights the vulnerability of the company's high fixed-cost structure during periods of declining realized coal prices. The transition to negative FCF margins suggests that the business is currently consuming its cash reserves to maintain production levels, which warrants further investigation into the sustainability of current mining operations.
As reported in recent filings, AMR's capital expenditure as a percentage of revenue has climbed to 7.7% in 2026Q1, indicating that the company is maintaining significant investment levels despite a sharp contraction in top-line performance and negative operating margins.
The persistence of high capital intensity suggests that the company is either committed to long-term reserve development or is struggling to scale back maintenance capex in line with lower production volumes. This capital-heavy approach may further strain liquidity if the current pricing environment for metallurgical coal does not improve in the near term.
Data from recent quarterly reports indicates that working capital changes have become a recurring drag on cash flow, with a $16.8M outflow in 2026Q1, signaling potential inefficiencies in inventory management or delays in converting coal production into realized cash receipts from export customers.
The consistent negative impact of working capital on operating cash flow suggests that the company is struggling to optimize its cash conversion cycle. Investors should monitor whether these outflows are driven by temporary logistical bottlenecks at port facilities or a more structural build-up of unsold inventory in a cooling global steel market.
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.