Revenue and operating margin have recovered sharply from trough levels, with operating margin reaching 18.5% in Q2 2026 before easing to 10.0% in Q3 2026, indicating that profitability remains highly sensitive to met coal pricing.
Warrior Met Coal, Inc. (HCC) 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 | 1.86B | 1.31B | 1.53B | 1.68B | 1.74B | 1.06B | 782.74M | 1.27B | 1.38B | 1.17B | 369.02M | 544.73M |
| Revenue Growth % | 52.19% | -14.12% | -9.03% | -3.57% | 64.15% | 35.32% | -38.28% | -7.96% | 17.87% | 216.81% | -32.26% | - |
| Cost of Goods Sold | 1.53B | 1.2B | 1.21B | 1.08B | 852.93M | 724.6M | 777M | 847.9M | 726.82M | 620.95M | 423.62M | 628.99M |
| COGS % of Revenue | - | 91.51% | 79.12% | 64.12% | 49.05% | 68.41% | 99.27% | 66.85% | 52.74% | 53.11% | 114.8% | 115.47% |
| Gross Profit | 329.29M | 111.23M | 318.49M | 601.51M | 885.81M | 334.62M | 5.74M | 420.41M | 651.19M | 548.14M | -54.6M | -84.25M |
| Gross Margin % | 17.7% | 8.49% | 20.88% | 35.88% | 50.95% | 31.59% | 0.73% | 33.15% | 47.26% | 46.89% | -14.8% | -15.47% |
| Gross Profit Growth % | - | -65.07% | -47.05% | -32.09% | 164.72% | 5729.56% | -98.63% | -35.44% | 18.8% | 1103.94% | 35.2% | - |
| Operating Expenses | 69.84M | 65.68M | 63.6M | 60.11M | 84.38M | 90.86M | 32.88M | 37.01M | 133.84M | 111.87M | 29.52M | 193.45M |
| OpEx % of Revenue | - | 5.01% | 4.17% | 3.59% | 4.85% | 8.58% | 4.2% | 2.92% | 9.71% | 9.57% | 8% | 35.51% |
| Selling, General & Admin | 69.84M | 65.68M | 63.08M | 51.82M | 48.79M | 35.59M | 32.88M | 37.01M | 36.63M | 36.45M | 29.52M | 69.82M |
| SG&A % of Revenue | - | 5.01% | 4.14% | 3.09% | 2.81% | 3.36% | 4.2% | 2.92% | 2.66% | 3.12% | 8% | 12.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 524K | 8.29M | 35.59M | 55.27M | 0 | 0 | 97.21M | 75.41M | 0 | 123.63M |
| Operating Income | 259.45M | 45.55M | 254.89M | 541.41M | 801.42M | 243.75M | -27.14M | 383.39M | 508.29M | 423.4M | -84.11M | -319.53M |
| Operating Margin % | 13.95% | 3.48% | 16.71% | 32.29% | 46.09% | 23.01% | -3.47% | 30.23% | 36.89% | 36.22% | -22.79% | -58.66% |
| Operating Income Growth % | - | -82.13% | -52.92% | -32.44% | 228.79% | 998.16% | -107.08% | -24.57% | 20.05% | 603.37% | 73.68% | - |
| EBITDA | 494.56M | 234.12M | 414.31M | 668.76M | 916.7M | 385.17M | 90.95M | 480.72M | 605.5M | 498.81M | -3.76M | -195.89M |
| EBITDA Margin % | 26.58% | 17.87% | 27.16% | 39.89% | 52.72% | 36.36% | 11.62% | 37.9% | 43.94% | 42.67% | -1.02% | -35.96% |
| EBITDA Growth % | 174.57% | -43.49% | -38.05% | -27.05% | 138% | 323.48% | -81.08% | -20.61% | 21.39% | 13376.92% | 98.08% | - |
| D&A (Non-Cash Add-back) | 235.11M | 188.56M | 159.42M | 127.36M | 115.28M | 141.42M | 118.09M | 97.33M | 97.21M | 75.41M | 80.36M | 123.63M |
| EBIT | 270.27M | 64.19M | 287.94M | 569.38M | 814.54M | 236.48M | -23.59M | 396.45M | 514.69M | 423.4M | -93.18M | -300.29M |
| Net Interest Income | -4.66M | 8.73M | 28.78M | 22.74M | -19M | -35.39M | -32.31M | -29.34M | -37.31M | -6.95M | 0 | -51.08M |
| Interest Income | 10.94M | 18.48M | 33.05M | 40.7M | 12.44M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.59M | 9.74M | 4.27M | 17.96M | 31.43M | 36.5M | 32.31M | 29.34M | 37.31M | 6.95M | 0 | 51.08M |
| Other Income/Expense | -4.78M | 8.89M | 28.78M | 10.01M | -18.32M | -43.78M | -28.77M | -16.28M | -37.31M | -6.95M | -10.35M | -31.84M |
| Pretax Income | 254.67M | 54.44M | 283.67M | 551.42M | 783.1M | 199.98M | -55.91M | 367.12M | 470.97M | 416.45M | -111.45M | -351.37M |
| Pretax Margin % | 13.69% | 4.16% | 18.6% | 32.89% | 45.04% | 18.88% | -7.14% | 28.95% | 34.18% | 35.62% | -30.2% | -64.5% |
| Income Tax | 22.63M | -2.55M | 33.06M | 72.79M | 141.81M | 49.1M | -20.14M | 65.42M | -225.81M | -38.59M | 36K | -40.79M |
| Effective Tax Rate % | 8.89% | -4.69% | 11.66% | 13.2% | 18.11% | 24.55% | 36.03% | 17.82% | -47.95% | -9.27% | -0.03% | 11.61% |
| Net Income | 232.04M | 57M | 250.6M | 478.63M | 641.3M | 150.88M | -35.76M | 301.7M | 696.79M | 455.05M | -111.49M | -310.58M |
| Net Margin % | 12.47% | 4.35% | 16.43% | 28.55% | 36.88% | 14.24% | -4.57% | 23.79% | 50.56% | 38.92% | -30.21% | -57.02% |
| Net Income Growth % | 559.73% | -77.26% | -47.64% | -25.37% | 325.04% | 521.91% | -111.85% | -56.7% | 53.12% | 508.15% | 64.1% | - |
| Net Income (Continuing) | 232.04M | 57M | 250.6M | 478.63M | 641.3M | 150.88M | -35.76M | 301.7M | 696.79M | 455.05M | -111.49M | -310.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.39 | 1.08 | 4.79 | 9.20 | 12.40 | 2.93 | -0.70 | 5.86 | 13.17 | 8.62 | -2.12 | -5.90 |
| EPS Growth % | 553.57% | -77.45% | -47.93% | -25.81% | 323.21% | 518.57% | -111.95% | -55.5% | 52.78% | 506.6% | 64.07% | - |
| EPS (Basic) | - | 1.08 | 4.79 | 9.21 | 12.42 | 2.94 | -0.70 | 5.87 | 13.19 | 8.62 | -2.12 | -5.90 |
| Diluted Shares Outstanding | 52.88M | 52.6M | 52.34M | 52.05M | 51.72M | 51.45M | 51.17M | 51.49M | 52.92M | 52.81M | 52.68M | 52.68M |
| Basic Shares Outstanding | 52.84M | 52.56M | 52.29M | 51.97M | 51.62M | 51.38M | 51.17M | 51.36M | 52.81M | 52.8M | 52.64M | 52.68M |
| Dividend Payout Ratio | - | 31.27% | 17.49% | 12.76% | 12.42% | 6.93% | - | 79.68% | 51.76% | 175.13% | - | - |
Quick answers to the most common questions about buying HCC stock.
For fiscal year 2025, Warrior Met Coal, Inc. (HCC) reported total revenue of $1.31B. This represents a 140.5% increase compared to $544.7M in 2015.
Warrior Met Coal, Inc. (HCC) is profitable, generating $57.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
Warrior Met Coal, Inc. (HCC) reported an operating income of $45.6M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Warrior Met Coal, Inc. (HCC) generated $111.2M in gross profit for the year, representing a gross profit margin of 8.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Met coal price volatility
Metrics are mathematically derived from official filings.
Revenue Rebounds Sharply From Trough
According to reported quarterly figures, HCC's revenue climbed from $297.5M in Q4 2024 to $509.7M in Q2 2026, with Q3 2026 revenue of $507.9M showing a 54.9% year-over-year increase against a weak prior-year base, suggesting a cyclical recovery rather than a durable step-change.
The trajectory reflects a recovery from a depressed 2025 base, and the magnitude of year-over-year gains is inflated by low comparison quarters. Sustaining revenue near the $500M run-rate would depend on realized met coal pricing and volume ramp from Blue Creek, neither of which is fully visible in the supplied data. Investors should monitor whether the recent level holds across the next two quarters before extrapolating growth.
Gross Margin Highly Cyclical and Compressed
Based on reported figures, gross margin swung from 98.2% in Q1 2026 to 12.7% in Q3 2026, with the Q1 figure reflecting an unusually low COGS of $8.3M that appears anomalous and warrants further investigation rather than being treated as a run-rate.
The gross margin series is too erratic to establish a structural margin level, and the Q1 2026 figure looks like a data or accounting timing artifact rather than economic performance. Excluding that anomaly, margins have moved between roughly 7% and 32%, which is consistent with the sensitivity of a fixed-cost longwall operation to benchmark pricing. The lower recent margin suggests cost per ton is currently absorbing much of the revenue gain.
Net Income Diverges From Operating Results
As reported in quarterly financial statements, Q3 2026 net income of $49.3M exceeded operating income of $50.8M only marginally, while Q3 2025 net income of $36.6M materially exceeded its $20.0M operating income, indicating non-operating items may be influencing reported earnings.
The gap between operating and net income in several periods suggests non-operating gains, tax effects, or other items that are not disclosed in the supplied data and therefore cannot be characterized. Reported EPS of $0.93 for Q3 2026 is the only earnings figure available against the $2.08 estimate, and that comparison cannot be assessed without confirmed reported results. Earnings quality should be judged by whether operating income itself, not net income, supports the trend.
Operating Leverage Visible but Uneven
Based on reported quarterly data, operating margin rose from 6.1% in Q3 2025 to 10.0% in Q3 2026 and reached 18.5% in Q2 2026, suggesting operating income is scaling with revenue during upswings but with notable volatility.
Operating income moved from negative in Q1 2025 to $94.5M in Q2 2026, indicating meaningful operating leverage on the fixed-cost base during price recoveries. However, the same leverage works in reverse, as the 2025 quarters show how quickly margins collapse when volume or pricing softens. SG&A of $13.7M to $28.2M per quarter appears modest relative to revenue, supporting the view that overhead is not the primary source of margin pressure.
Recovery Narrative Depends on Pricing
According to reported figures, the sharp revenue and margin rebound could reverse quickly, as trailing returns remain thin with ROIC data showing limited capital efficiency and the Q3 2026 margin of 10.0% sits well below the 18.5% peak of Q2 2026.
A bear case would argue that the 2026 profit recovery reflects temporary benchmark pricing rather than a structurally improved cost base, and that the Blue Creek capital program is absorbing cash without yet proving incremental returns. Peer comparison shows AMR with negative operating margin and revenue declining 28%, indicating the sector broadly is under pressure, so HCC's relative strength may not be fully durable. Investors should monitor whether margins hold above 10% if met coal pricing softens.