Free cash flow has trended into a $91.9 million deficit in 2026Q1, driven by elevated capital intensity and a negative operating cash flow to net income ratio of -0.16.
| Cash from Operations | 206.6M | 229.25M | 367.45M | 701.11M | 841.9M | 351.54M | 112.63M | 532.81M | 559.4M | 434.51M | -49.88M | -131.82M |
| Operating CF Margin % | - | 17.5% | 24.09% | 41.82% | 48.42% | 33.19% | 14.39% | 42.01% | 40.59% | 37.17% | -13.52% | -24.2% |
| Operating CF Growth % | -173.2% | -37.61% | -47.59% | -16.72% | 139.49% | 212.13% | -78.86% | -4.75% | 28.74% | 971.03% | 62.16% | - |
| Net Income | 137.51M | 57M | 250.6M | 478.63M | 641.3M | 150.88M | -35.76M | 301.7M | 696.79M | 455.05M | -111.49M | -310.58M |
| Depreciation & Amortization | 154.64M | 1.56M | 159.42M | 2.09M | 3.17M | -58.47M | 118.09M | 97.33M | 97.21M | 75.41M | 80.36M | 123.63M |
| Stock-Based Compensation | 30.05M | 19.95M | 22.07M | 18.21M | 17.62M | 9.37M | 7.6M | 5.82M | 6.41M | 4.18M | 899K | 4.03M |
| Deferred Taxes | -16.18M | -9.39M | -8.05M | 52.87M | 141.81M | 49.1M | -20.07M | 68.48M | -223.04M | -1.69M | 562K | -40.79M |
| Other Non-Cash Items | 34.75M | 190.16M | 3.42M | 143.59M | 121.26M | 216.32M | 4.18M | 3.23M | -17.46M | 3.72M | 204.69M | 496K |
| Working Capital Changes | -134.18M | -30.04M | -60.02M | 5.72M | -83.25M | -15.66M | 38.59M | 56.26M | -511K | -102.17M | -12.74M | 91.39M |
| Change in Receivables | -127.75M | -40.72M | -31.16M | 53.6M | -29.68M | -38.85M | 37.14M | 38.93M | -20.65M | -51.85M | -41.27M | 46.86M |
| Change in Inventory | -51.65M | -28.32M | -18.5M | -30.79M | -79.84M | 45.69M | -13.46M | -30.49M | -1.81M | -13.73M | 10.2M | 20.6M |
| Change in Payables | 1.03M | 30.86M | -2.55M | 215K | -5.44M | -20.32M | 15.36M | 13.41M | 5.06M | 14.39M | -19.48M | 16.68M |
| Cash from Investing | -384.81M | -405.15M | -538M | -527.21M | -255.14M | -71.15M | -108.19M | -134.21M | -107.63M | -92.63M | -36.31M | -64.25M |
| Capital Expenditures | -341.24M | -320.26M | -457.22M | -491.67M | -208.74M | -57.89M | -87.49M | -107.28M | -98.69M | -92.63M | -16.95M | -64.97M |
| CapEx % of Revenue | 23.22% | 24.45% | 29.98% | 29.33% | 12.01% | 5.47% | 11.18% | 8.46% | 7.16% | 7.92% | 4.59% | 11.93% |
| Acquisitions | 0 | 0 | 0 | -2.42M | 2.53M | 209K | 0 | 9.8M | 2.93M | 0 | -24.07M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -64.45M | -91.27M | -31.06M | -33.11M | -48.94M | -13.46M | -26.93M | -30.06M | -8.94M | 0 | 12.86M | 722K |
| Cash from Financing | -73.83M | -15.38M | -68.51M | -265.18M | -153.12M | -96.47M | 14.1M | -411.62M | -281.63M | -458.28M | 186.49M | -147.15M |
| Debt Issued (Net) | -41.68M | 11.83M | -12.91M | -194.69M | -69.73M | -82.98M | 25.76M | -157.54M | 125.69M | 341.19M | -223K | -4.61M |
| Equity Issued (Net) | -14.77M | -9.38M | 0 | 0 | 0 | 0 | 0 | -12.55M | -38.03M | 0 | 200M | 0 |
| Dividends Paid | -17.38M | -17.82M | -43.82M | -61.08M | -79.67M | -10.46M | -10.39M | -240.39M | -360.63M | -796.9M | 0 | 0 |
| Share Repurchases | -14.77M | -9.38M | 0 | 0 | 0 | 0 | 0 | -12.55M | -38.03M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -11.78M | -9.42M | -3.72M | -3.04M | -1.27M | -1.14M | -8.65M | -2.56M | -13.29M | -142.53M |
| Net Change in Cash | -252.04M | -191.28M | -239.06M | -91.28M | 433.64M | 183.92M | 18.53M | -13.02M | 170.14M | -116.39M | 65.58M | -343.21M |
| Free Cash Flow | -134.64M | -91.02M | -89.77M | 209.43M | 633.16M | 293.65M | 25.14M | 425.54M | 460.7M | 341.89M | -66.84M | -196.79M |
| FCF Margin % | -9.16% | -6.95% | -5.89% | 12.49% | 36.41% | 27.72% | 3.21% | 33.55% | 33.43% | 29.24% | -18.11% | -36.13% |
| FCF Growth % | 17.17% | -1.38% | -142.86% | -66.92% | 115.62% | 1068.15% | -94.09% | -7.63% | 34.75% | 611.52% | 66.04% | - |
| FCF per Share | -2.55 | -1.73 | -1.72 | 4.02 | 12.24 | 5.71 | 0.49 | 8.26 | 8.71 | 6.47 | -1.27 | -3.74 |
| FCF Conversion (FCF/Net Income) | -0.98x | 4.02x | 1.47x | 1.46x | 1.31x | 2.33x | -3.15x | 1.77x | 0.80x | 0.95x | 0.45x | 0.42x |
| Interest Paid | 19.91M | 0 | 13.62M | 23.97M | 0 | 0 | 30.52M | 33.54M | 30.24M | 211K | 0 | 0 |
| Taxes Paid | 0 | 0 | 26.5M | 27M | 0 | 0 | 69K | 85K | 3K | 2.35M | 0 | 0 |
Capital Intensive Project Execution
As reported in recent financial statements, Warrior Met Coal's operating cash flow to net income ratio reached a negative 0.16 in 2026Q1, highlighting a significant disconnect between accounting profits and actual cash generation that warrants close scrutiny from investors monitoring the firm's underlying operational health.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital swings are heavily influencing reported earnings. This divergence implies that the company's profitability metrics may not be fully representative of its ability to fund operations internally during this capital-intensive phase.
Based on the company's reported figures, free cash flow has trended into negative territory, reaching a deficit of $91.9 million in 2026Q1, which reflects the heavy burden of ongoing growth-related expenditures that currently outpace the cash generated from core metallurgical coal mining operations.
The consistent negative free cash flow trajectory indicates that the company is currently in a cash-consuming phase of its lifecycle. Investors should monitor whether this trend reverses as the Blue Creek project nears completion or if persistent market headwinds continue to suppress cash inflows.
According to historical data, capital expenditures as a percentage of revenue peaked at 49.7% in 2023Q4 and remained elevated at 17.5% in 2026Q1, signaling that the firm is prioritizing long-term asset development over immediate cash preservation through aggressive investment in its mining infrastructure.
The high capital intensity suggests that the company is heavily reliant on reinvestment to maintain its competitive position and expand production capacity. This strategy appears to be a deliberate trade-off, though it leaves the firm with limited free cash flow flexibility until these projects reach full operational maturity.
As indicated by quarterly filings, working capital changes have been highly erratic, including a significant $114.6 million outflow in 2026Q1, which suggests that timing differences in inventory management and receivables collection are creating meaningful, albeit temporary, pressure on the company's available cash reserves.
These fluctuations in working capital appear to be a byproduct of the company's export-heavy business model and the inherent lumpiness of vessel loading schedules. Such volatility necessitates a cautious approach when evaluating the company's short-term liquidity, as these swings can mask the underlying cash-generating efficiency of the mines.
Quick answers to the most common questions about buying HCC stock.
Warrior Met Coal, Inc. (HCC) generated $229.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Warrior Met Coal, Inc. (HCC) reported negative free cash flow of $91.0M in 2025, indicating capital requirements exceeded cash from operations.
Warrior Met Coal, Inc. (HCC) spent $320.3M 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, Warrior Met Coal, Inc. (HCC) returned $17.8M to shareholders via cash dividends and spent $9.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.