v3.25.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Note 21—Segment Information The Company generates revenue primarily through the production of steelmaking coal for sale to the steel industry. The Company also generates ancillary revenues from the sale of natural gas extracted as a byproduct from the underground coal mines and royalty revenues from leased properties. The Company has one reportable segment identified as Mining which consists of: Mine No. 4, Mine No. 7 and the Blue Creek mine. The Company has determined that its natural gas and royalty businesses did not meet the criteria in ASC 280 to be considered as a reportable segments. Therefore, the Company has included their results in an “all other” category as a reconciling item to consolidated amounts. The Company does not allocate all of its assets, or its depreciation and depletion expense, selling, general and administrative expenses, transactions costs, interest income (expense), and income tax expense by segment. The following tables include reconciliations of segment information to consolidated amounts (in thousands):
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |
Mining |  | $ | 1,277,024 |  |  | $ | 1,499,980 |  |  | $ | 1,647,992 |
All other |  |  | 33,019 |  |  |  | 25,240 |  |  |  | 28,633 |
Total revenues |  | $ | 1,310,043 |  |  | $ | 1,525,220 |  |  | $ | 1,676,625 |
Segment profit |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,277,024 |  |  | $ | 1,499,980 |  |  | $ | 1,647,992 |
Cash cost of sales(1) |  |  | 975,384 |  |  |  | 999,188 |  |  |  | 904,319 |
Other segment items(2) |  |  | 7,017 |  |  |  | 8,109 |  |  |  | 5,950 |
Segment profit |  | $ | 294,623 |  |  | $ | 492,683 |  |  | $ | 737,723 |
Transportation and royalties |  |  |  |  |  |  |  |  |
Mining |  | $ | 333,042 |  |  | $ | 367,059 |  |  | $ | 367,949 |
All other |  |  | — |  |  |  | — |  |  |  | 263 |
Total transportation and royalties |  | $ | 333,042 |  |  | $ | 367,059 |  |  | $ | 368,212 |
Assets |  |  |  |  |  |  |  |  |
Mining |  | $ | 2,632,118 |  |  | $ | 2,456,973 |  |  | $ | 2,220,771 |
All other |  |  | 151,681 |  |  |  | 134,543 |  |  |  | 136,287 |
Total assets |  | $ | 2,783,799 |  |  | $ | 2,591,516 |  |  | $ | 2,357,058 |
Depreciation and depletion |  |  |  |  |  |  |  |  |
Mining |  | $ | 180,067 |  |  | $ | 145,229 |  |  | $ | 120,192 |
All other |  |  | 8,498 |  |  |  | 8,753 |  |  |  | 7,164 |
Total depreciation and depletion |  | $ | 188,565 |  |  | $ | 153,982 |  |  | $ | 127,356 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Mining |  | $ | 315,258 |  |  | $ | 450,713 |  |  | $ | 484,730 |
All other |  |  | 5,003 |  |  |  | 6,508 |  |  |  | 6,944 |
Total capital expenditures |  | $ | 320,261 |  |  | $ | 457,221 |  |  | $ | 491,674 |
(1) The significant expense category and amounts align with the segment-level information that is regularly reviewed by the CODM. Cash cost of sales includes transportation and royalties and excludes depreciation and depletion as presented above. (2) Other segment items include non-cash charges to cost of sales of asset retirement obligation accretion and valuation adjustments and stock compensation expense. For the years ended December 31, 2025, 2024, and 2023 the Company's Mining segment had revenues comprising greater than 10% from the following customers:
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Customer A |  | $ | 154,167 |  |  | $ | — |  |  | $ | — |
Customer B |  |  | — |  |  |  | 190,138 |  |  |  | 205,699 |
Customer C |  |  | — |  |  |  | 190,811 |  |  |  | — |
Customer D |  |  | — |  |  |  | 178,087 |  |  |  | 246,443 |
Customer E |  |  | — |  |  |  | — |  |  |  | 195,283 |
• Customers with a zero did not trip the 10% quantitative threshold for that period. The Company evaluates the performance of its segment based on Segment Adjusted EBITDA, which is defined as net income adjusted for other revenues, cost of other revenues, depreciation and depletion, selling, general and administrative, business interruption, loss on early extinguishment of debt, other (expense) income, interest income, interest expense, income tax benefit (expense) and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA should not be considered as an alternative to cost of sales under GAAP and may not be comparable to other similarly titled measures used by other companies. Below is a reconciliation of Segment Adjusted EBITDA to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands):
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Segment Adjusted EBITDA |  | $ | 294,623 |  |  | $ | 492,683 |  |  | $ | 737,723 |
Other revenues |  |  | 33,019 |  |  |  | 25,240 |  |  |  | 28,633 |
Cost of other revenues |  |  | (27,668 | ) |  |  | (45,449 | ) |  |  | (37,486 | )
Depreciation and depletion |  |  | (188,565 | ) |  |  | (153,982 | ) |  |  | (127,356 | )
Selling, general and administrative |  |  | (65,681 | ) |  |  | (63,078 | ) |  |  | (51,817 | )
Business interruption |  |  | (19 | ) |  |  | (524 | ) |  |  | (8,291 | )
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (11,699 | )
Other (expense) income |  |  | — |  |  |  | — |  |  |  | (1,027 | )
Interest income |  |  | 18,477 |  |  |  | 33,047 |  |  |  | 40,699 |
Interest expense |  |  | (9,742 | ) |  |  | (4,271 | ) |  |  | (17,960 | )
Income before income taxes |  |  | 54,444 |  |  |  | 283,666 |  |  |  | 551,419 |
Income tax benefit (expense) |  |  | 2,554 |  |  |  | (33,063 | ) |  |  | (72,790 | )
Net income |  | $ | 56,998 |  |  | $ | 250,603 |  |  | $ | 478,629 |

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