Peabody Energy Corp (BTU) · Nov 4, 2026 · Earnings

Peabody earnings miss as Centurion forces 2026 guidance cuts

Miss — EPS -$0.27 vs approximately -$0.05 consensus

Peabody earnings benefited from stronger seaborne coal pricing, but an EPS miss and lower Centurion and U.S. thermal guidance cloud the quarter.

Peabody is trying to shift its portfolio toward seaborne thermal and metallurgical coal while optimizing its U.S. thermal mines for cash generation. Against that backdrop, this quarter shows stronger seaborne pricing, but the operational recovery remains uneven and the U.S. thermal franchise is shrinking faster than expected.

The headline result missed the market’s earnings bar. Third-quarter revenue of $1.096 billion exceeded the published consensus of roughly $1.03 billion, but diluted EPS of $(0.27) was well below the approximately $(0.05) consensus loss. The GAAP loss improved from the prior year, but the earnings miss reflects how much the market had already expected from stronger coal pricing.

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Revenue (Income Statement)	$1,096.3M	$1,012.1M	~$1,030M
Diluted EPS (Income Statement)	$(0.27)	$(0.58)	~$(0.05)
Adjusted EBITDA (Income Statement)	$97.5M	$99.5M
Operating cash flow (Cash Flow statement)	$(1.4)M	$122.0M
Seaborne metallurgical volume, FY 2026 (Guidance targets)	8.9–9.1M tons		8.8–10.3M tons
PRB volume, FY 2026 (Guidance targets)	76.5–78.5M tons		82.0–88.0M tons

Seaborne thermal is the clear bright spot. Shipments were 0.1 million tons above expectations, costs were in line, and segment Adjusted EBITDA rose to $65.5 million from $41.0 million a year earlier. Higher export pricing pushed realized revenue above $100 per ton, making this the part of the portfolio that is currently carrying the operating story.

The Centurion problem is now large enough to change the full-year setup. Metallurgical coal returned to positive quarterly EBITDA, but costs reached $162.45 per ton because of more severe geological faulting than expected. October production was only approximately 45,000 tons, and fourth-quarter Centurion sales are now expected at 0.3–0.5 million tons. 〔0〕 Management also pushed the next longwall move to the third quarter of 2027 and expects $6.5–$12 million of engineering spending.

The guidance reset is more important than the quarter’s pricing improvement. Full-year metallurgical volume was reduced by 0.6 million tons and expected costs increased by approximately $15 per ton; PRB volume was cut by approximately 7.5 million tons as U.S. coal burn weakened. Seaborne thermal export volume rose by 0.2 million tons, but that improvement does not offset the deterioration in metallurgical and U.S. thermal expectations.

Capital structure actions help, but they do not repair the operating miss. Peabody is redeeming the remaining $39.9 million of 2028 convertible notes for cash, which reduces potential dilution by approximately 4 million shares. The action is financially constructive, but it also consumes cash at a time when nine-month operating cash flow was only $27.2 million versus $265.1 million a year earlier.

Bottom line: Strong seaborne pricing improved the quarter, but it was not enough to overcome an earnings miss and another meaningful guidance reduction. The business is progressing in its higher-margin seaborne portfolio while Centurion and weaker U.S. coal demand keep the broader recovery off track.

What to watch next

Centurion’s next longwall move, expected Q3 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Peabody earnings miss as Centurion forces 2026 guidance cuts

What to watch next

More Peabody Energy Corp news

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