Alpha Metallurgical Resources, Inc. (AMR) · Nov 6, 2026 · Earnings
Miss — diluted EPS $(0.73) vs approximately $(0.64) consensus
Alpha Metallurgical’s Q3 earnings show better volumes and liquidity, but cost inflation pressured margins and EPS missed consensus.
Alpha is a major U.S. metallurgical-coal producer navigating weak near-term profitability, higher mining costs and logistics disruption after storm damage at its DTA export terminal. The prior quarter had already lowered 2026 volume guidance and raised cost guidance, so this filing is mainly about execution against that tougher setup.
The quarter was a modest earnings miss, not an operational collapse. Alpha sold 3.9 million tons, up from 3.5 million in the second quarter and roughly flat year over year, while adjusted EBITDA rose sequentially to $29.4 million but remained well below $41.7 million a year earlier. The published consensus was approximately $(0.64) per diluted share on $558.84 million of revenue; Alpha delivered $(0.73) on $562.2 million, meaning revenue slightly exceeded expectations but profitability did not. cite
| Metric (filing section) | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Diluted EPS (Income Statement) | $(0.73) | $(0.42) | $(0.64) |
| Total revenue (Income Statement) | $562.2M | $526.8M | $558.8M |
| Adjusted EBITDA (Adjusted EBITDA reconciliation) | $29.4M | $41.7M | |
| Tons sold (Financial Highlights) | 3.9M | 3.9M | |
| Non-GAAP cost/ton (Coal margin table) | $106.93 | $97.27 |
Higher realizations could not offset cost pressure. Non-GAAP sales realization improved to $121.09 per ton from $114.94 a year earlier, but non-GAAP cost rose to $106.93 from $97.27, compressing non-GAAP margin per ton to $14.16 from $17.68. The filing directly attributes the problem to continuing cost pressure:
The forward setup is mixed rather than newly impaired. Alpha kept its already-reduced 2026 shipment and cost ranges intact and introduced 2027 guidance with 13.1–14.1 million metallurgical tons, while securing 3.5 million tons of domestic 2027 sales. That provides volume visibility, but 2027 cost guidance is also higher at $104–$110 per ton versus $103–$107 for 2026, and only 26% of 2027 metallurgical volume was committed or priced at the filing date. 〔0〕
Liquidity remains a cushion, not a growth signal. Alpha ended the quarter with $443.4 million of total liquidity, no ABL borrowings and just $10.6 million of long-term debt, while operating cash flow improved sequentially to $46.9 million. That balance-sheet strength reduces immediate strain as the company works through DTA’s damaged equipment and elevated operating costs, but it does not change the weak margin trend.
Bottom line: Better volumes and a small revenue beat were outweighed by higher costs and an EPS miss. The business remains financially well cushioned, but this filing reinforces that Alpha’s near-term challenge is restoring margins, not finding demand or liquidity.
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