Revenue has contracted for five consecutive quarters, down 28.0% year-over-year in Q2 2026, with gross margin collapsing to 10.0% from 20.1% in Q1 2024 and operating income swinging from a $141.9M profit to a -$10.5M loss, reflecting negative operating leverage.
Alpha Metallurgical Resources, Inc. (AMR) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 2.1B | 2.13B | 2.96B | 3.47B | 4.1B | 2.26B | 1.42B | 2B | 2.03B | 1.65B | 917.41M | 926.02M |
| Revenue Growth % | -5.65% | -27.99% | -14.81% | -15.36% | 81.59% | 59.49% | -29.24% | -1.47% | 23.11% | 79.85% | -0.93% | - |
| Cost of Goods Sold | 2.06B | 2.13B | 2.63B | 2.5B | 2.41B | 1.8B | 1.43B | 1.88B | 1.73B | 1.43B | 919.39M | 979.47M |
| COGS % of Revenue | - | 99.87% | 88.79% | 72.06% | 58.83% | 79.74% | 100.98% | 93.96% | 85.33% | 86.79% | 100.22% | 105.77% |
| Gross Profit | 38.95M | 2.71M | 331.65M | 969.89M | 1.69B | 457.61M | -13.92M | 120.94M | 297.93M | 217.99M | -1.99M | -53.45M |
| Gross Margin % | 1.85% | 0.13% | 11.21% | 27.94% | 41.17% | 20.26% | -0.98% | 6.04% | 14.67% | 13.21% | -0.22% | -5.77% |
| Gross Profit Growth % | - | -99.18% | -65.81% | -42.56% | 268.98% | 3386.74% | -111.51% | -59.41% | 36.67% | 11070.81% | 96.28% | - |
| Operating Expenses | 107.9M | 64.08M | 103.8M | 106.8M | 107.63M | 98.41M | 156.76M | 290.05M | 52.93M | 67.64M | 48.7M | 44.06M |
| OpEx % of Revenue | - | 3.01% | 3.51% | 3.08% | 2.62% | 4.36% | 11.07% | 14.49% | 2.61% | 4.1% | 5.31% | 4.76% |
| Selling, General & Admin | 47.68M | 60.16M | 74M | 82.39M | 71.62M | 63.9M | 57.36M | 78.95M | 59.27M | 67.46M | 48.7M | 44.16M |
| SG&A % of Revenue | - | 2.83% | 2.5% | 2.37% | 1.75% | 2.83% | 4.05% | 3.95% | 2.92% | 4.09% | 5.31% | 4.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.71M | 3.92M | 29.8M | 24.41M | 36.01M | 34.51M | 99.41M | 211.09M | -1.25M | 0 | 0 | -85K |
| Operating Income | -50.29M | -61.37M | 227.85M | 863.09M | 1.58B | 359.2M | -170.69M | -169.1M | 193.76M | 181.53M | -50.69M | -394.93M |
| Operating Margin % | -2.39% | -2.88% | 7.7% | 24.86% | 38.54% | 15.9% | -12.05% | -8.45% | 9.54% | 11% | -5.53% | -42.65% |
| Operating Income Growth % | - | -126.93% | -73.6% | -45.4% | 340.11% | 310.44% | -0.94% | -187.27% | 6.74% | 458.11% | 87.16% | - |
| EBITDA | 111.67M | 140.71M | 401.88M | 1.03B | 1.71B | 482.49M | -9.16M | 145.97M | 265.92M | 305.53M | 117.45M | -190.59M |
| EBITDA Margin % | 5.32% | 6.61% | 13.59% | 29.79% | 41.64% | 21.36% | -0.65% | 7.29% | 13.09% | 18.52% | 12.8% | -20.58% |
| EBITDA Growth % | -29.86% | -64.99% | -61.13% | -39.46% | 254% | 5368.52% | -106.27% | -45.11% | -12.97% | 160.14% | 161.62% | - |
| D&A (Non-Cash Add-back) | 161.96M | 202.08M | 174.03M | 170.89M | 127.12M | 123.29M | 161.53M | 315.07M | 72.16M | 124.01M | 168.14M | 204.34M |
| EBIT | -73.7M | -84.44M | 214.56M | 852.38M | 1.58B | 361.85M | -169.11M | -205.38M | 176.3M | 141.73M | -94.69M | -412.81M |
| Net Interest Income | 9.46M | 12.45M | 14.4M | 5.01M | -18.61M | -69.32M | -67.5M | -60.27M | -36.86M | -35.77M | 0 | -24K |
| Interest Income | 12.96M | 15.47M | 18.21M | 11.93M | 3.19M | 336K | 7.03M | 7.25M | 1.95M | 210K | 20.46M | 4K |
| Interest Expense | 3.5M | 3.02M | 3.81M | 6.92M | 21.8M | 69.65M | 74.53M | 67.52M | 38.81M | 35.98M | 0 | 28K |
| Other Income/Expense | -26.92M | -26.09M | -17.1M | -17.63M | -26.13M | -67M | -72.95M | -103.8M | -56.27M | -76.6M | -64.5M | -17.91M |
| Pretax Income | -77.2M | -87.46M | 210.75M | 845.46M | 1.55B | 292.2M | -243.63M | -272.9M | 137.49M | 105.76M | -115.19M | -412.84M |
| Pretax Margin % | -3.68% | -4.11% | 7.13% | 24.35% | 37.91% | 12.94% | -17.2% | -13.64% | 6.77% | 6.41% | -12.56% | -44.58% |
| Income Tax | -27.36M | -25.77M | 23.17M | 123.5M | 106.2M | 3.41M | -2.16M | -53.29M | -165.36M | -67.98M | -41.8M | -155.05M |
| Effective Tax Rate % | 35.43% | 29.47% | 10.99% | 14.61% | 6.83% | 1.17% | 0.89% | 19.53% | -120.27% | -64.28% | 36.29% | 37.56% |
| Net Income | -49.85M | -61.69M | 187.58M | 721.96M | 1.45B | 288.79M | -446.9M | -316.32M | 299.17M | 154.52M | -78.14M | -417.56M |
| Net Margin % | -2.37% | -2.9% | 6.34% | 20.8% | 35.32% | 12.79% | -31.56% | -15.81% | 14.73% | 9.37% | -8.52% | -45.09% |
| Net Income Growth % | -7.1% | -132.89% | -74.02% | -50.16% | 401.59% | 164.62% | -41.28% | -205.73% | 93.61% | 297.75% | 81.29% | - |
| Net Income (Continuing) | -49.85M | -61.69M | 187.58M | 721.96M | 1.45B | 288.79M | -241.47M | -219.62M | 302.85M | 173.74M | -73.39M | -257.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 1.86M | -205.43M | -96.7M | 0 | 0 | -4.75M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.93 | -4.75 | 14.28 | 49.30 | 79.49 | 15.30 | -24.42 | -10.80 | 25.54 | 14.35 | -7.58 | -13.77 |
| EPS Growth % | -9.55% | -133.26% | -71.03% | -37.98% | 419.54% | 162.65% | -126.11% | -142.29% | 77.98% | 289.31% | 44.95% | - |
| EPS (Basic) | - | -4.75 | 14.41 | 51.18 | 82.82 | 15.66 | -24.42 | -10.80 | 25.55 | 15.12 | -7.58 | -13.77 |
| Diluted Shares Outstanding | 12.68M | 13M | 13.06M | 14.64M | 18.22M | 18.87M | 18.3M | 18.81M | 11.71M | 10.77M | 10.31M | 30.33M |
| Basic Shares Outstanding | 12.68M | 13M | 13.02M | 14.11M | 17.49M | 18.44M | 18.3M | 18.81M | 11.71M | 10.22M | 10.31M | 30.33M |
| Dividend Payout Ratio | - | - | 1.64% | 15.65% | 0.92% | - | - | - | - | 65.19% | - | - |
Quick answers to the most common questions about buying AMR stock.
For fiscal year 2025, Alpha Metallurgical Resources, Inc. (AMR) reported total revenue of $2.13B. This represents a 130.0% increase compared to $926.0M in 2015.
Alpha Metallurgical Resources, Inc. (AMR) reported a net loss of $61.7M for the fiscal year ending 2025.
Alpha Metallurgical Resources, Inc. (AMR) reported an operating income of $-61.4M, resulting in an operating profit margin of -2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Alpha Metallurgical Resources, Inc. (AMR) generated $2.7M in gross profit for the year, representing a gross profit margin of 0.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained negative operating margins
Metrics are mathematically derived from official filings.
Revenue Slide Reflects Cyclical Downturn
AMR's revenue contracted 28.0% year-over-year in Q2 2026, with sequential declines persisting for five consecutive quarters, indicating a deepening demand trough for metallurgical coal.
The revenue trajectory shows a clear deceleration from $864.1M in Q1 2024 to $492.9M in Q2 2026, a cumulative drop of 43%. This appears driven by both lower realized prices and reduced shipment volumes, as evidenced by management's guidance cut for H2 2026. The sequential decline from Q1 2026 (6.1%) suggests the downturn is not yet bottoming, and investors should monitor global steel demand and PLV index trends for signs of stabilization.
Gross Margin Collapses to Breakeven
Gross margin compressed to 10.0% in Q2 2026 from 20.1% in Q1 2024, with Q4 2025 and Q1 2026 posting negative gross margins, indicating pricing power has evaporated.
The gross margin deterioration from 20.1% to 10.0% over nine quarters reflects a structural shift in the pricing environment, as realized prices have fallen faster than the company's cost base. The negative gross margins in Q4 2025 and Q1 2026 suggest that AMR's high fixed-cost underground mining operations are particularly vulnerable to price declines. This margin compression appears more severe than peers like HCC (8.5% gross margin), implying AMR's cost structure may be less competitive in the current cycle.
Operating Leverage Amplifies Losses
Operating income swung from $141.9M profit in Q1 2024 to -$10.5M loss in Q2 2026, with SG&A remaining relatively stable, demonstrating negative operating leverage as revenue declines.
SG&A expenses have remained remarkably stable, ranging from $13.8M to $22.4M, even as revenue fell by 43%. This indicates that overhead costs are largely fixed, causing operating losses to deepen when gross profit contracts. The operating margin of -2.1% in Q2 2026, despite a positive gross margin, underscores that SG&A alone is insufficient to absorb the revenue decline. This suggests that any further revenue deterioration will directly worsen operating losses, as the company has limited ability to cut overhead quickly.
Losses Persist Despite SBC Adjustments
Net income has been negative for six consecutive quarters, with Q2 2026 EPS of -$0.96, while stock-based compensation of $4.2M adds to cash burn, indicating low earnings quality.
The company's net losses are not solely due to non-cash charges; SBC of $4.2M in Q2 2026 represents a real economic cost that is not reflected in operating cash flow. The negative net margin of -2.5% and ROE of -3.9% suggest that the company is destroying shareholder value at the current operating level. The narrow EPS beat against consensus (-$0.96 vs -$0.97) appears to be a low-quality surprise, as management simultaneously lowered guidance, indicating that the beat was driven by a lowered bar rather than operational improvement.
Cost Base Sticky Amid Price Decline
COGS as a percentage of revenue rose from 79.9% in Q1 2024 to 90.0% in Q2 2026, indicating that cost reductions have not kept pace with falling prices, squeezing margins.
The cost of goods sold has declined in absolute terms from $690.7M to $443.7M, but this reduction is proportionally less than the revenue decline, causing gross margin to compress. This suggests that variable costs, such as labor and consumables, are not adjusting quickly to lower production volumes, possibly due to contractual obligations or operational inflexibility. Management's commentary about 'higher costs than expected' in H1 2026 reinforces the view that cost discipline is lacking in the current environment, and investors should monitor whether cost initiatives can restore margins.
Q1 2024 Marks Peak Profitability
Q1 2024 was the last quarter of robust profitability, with net income of $127.0M and EPS of $9.59, after which revenue and margins entered a sustained decline.
The inflection point is clearly Q1 2024, where AMR generated its highest revenue ($864.1M) and gross margin (20.1%) in the observed period. From that point, every subsequent quarter has seen lower revenue and generally weaker margins, with the company slipping into operating losses by Q1 2025. This suggests that the cyclical peak in metallurgical coal prices occurred in early 2024, and the subsequent downturn has been more prolonged than initially anticipated. The lasting impact is that AMR's cost structure, optimized for higher prices, is now misaligned with the current pricing environment, and the company may need to undergo significant restructuring to regain profitability.
What Could Invalidate the Base Case
The bear case centers on AMR's inability to return to positive operating margins before its $365M cash reserve is depleted, given persistent negative cash flow from operations.
Short-sellers would argue that AMR's fortress balance sheet is misleading, as the company is burning cash at an operating level with no clear catalyst for price recovery. The negative operating margin of -2.9% and net margin of -2.9% imply that the company is losing money on every ton sold, and with management lowering volume guidance, the cash burn could accelerate. If metallurgical coal prices remain depressed, AMR may be forced to draw down its cash reserves to fund operations, potentially leading to asset sales or equity dilution. The market's current valuation may not fully reflect the risk of prolonged losses, especially if the company's high-cost mines become uneconomical at current prices.