Warrior Met Coal added 1.3 million metric tons of steelmaking coal sales in the three months ended June 30, more than half again as much volume as a year earlier. Revenue rose 71.3% to $509.7 million, turning a $5.6 million profit into $87.4 million.
That is the clean version of the latest 10-Q: Blue Creek brought scale, costs came down, and the income statement woke up. Operating margin widened from 2.6% to 18.5%, a sharp reversal from the company’s 2025 annual results, when revenue fell 14.1% and operating margin ended at 3.5%.
The less tidy part is where the cash went. Cash fell to $302.3 million from $383.3 million, while accounts receivable rose 57.3% to $263.4 million and inventory increased 23.3% to $264.9 million. More coal was sold, but more of the balance sheet was tied up in the machinery of selling it.
Warrior says the volume increase, not pricing, did most of the work in the latest three months:
"The $113.6 million increase was primarily driven by a $145.2 million increase due to a 1,302 thousand metric ton increase in steelmaking coal sales volume primarily driven by coal sales from the Blue Creek mine offset partially by a $31.6 million decrease due to a $9.54 per metric ton decrease in cash cost of sales per metric ton due to the sales mix of Blue Creek coal with its inherent lower cost structure, a benefit from the 45X Credit of $9.7 million, our disciplined approach to cost control and an increase in tons produced."
Warrior Met Coal, 10-Q filed Aug. 5, 2026
In plain English, the new mine supplied the extra tons and carried a lower cost structure. A tax credit and cost controls helped too. The filing attributes the increase primarily to volume, while also citing lower cash cost per ton and the Blue Creek mix.
The working-capital disclosure puts a boundary around that rebound:
"The increase in our working capital was primarily driven by increases in accounts receivable due to higher sales volumes and the timing of sales, lower accrued expenses and higher accounts payable."
Warrior Met Coal, 10-Q filed Aug. 5, 2026
The company connects the receivables increase to higher volume and the timing of sales. It does not turn that balance-sheet movement into a cash-flow claim. The simple receipt is that net income rose by $81.8 million year over year while the cash balance moved in the opposite direction.
That matters because the annual earnings base still looks nothing like this three-month period. At the latest annual facts, Warrior carries a 75.3x P/E and a 1.3% earnings yield, figures that reflect a low trailing profit base after the 2025 downturn. The current filing supplies a much stronger operating snapshot, but the balance sheet supplies a reminder that tons sold and cash collected are not the same event.
The company’s own outlook also keeps the commodity backdrop in view. Warrior said it expected 2026 pricing to remain broadly consistent with 2025 because of persistent global steel demand weakness, elevated Chinese steel exports, and abundant global steelmaking coal supply. That leaves Blue Creek’s volume contribution doing the visible heavy lifting in this filing, while the price environment remains separately constrained.
Warrior’s next quarterly report will provide the factual check on this tension through the next balances for cash, accounts receivable, and inventory. For now, the trade-off is almost comically simple: more coal in the income statement, less cash on the balance sheet.
Source: Warrior Met Coal’s Form 10-Q filed Aug. 5, 2026, for the three months ended June 30, 2026.