Alpha Metallurgical Resources (NYSE:AMR) reported definitive fourth-quarter 2025 results on Friday, confirming a net loss of $17.3 million, or $1.34 per diluted share.
The Bristol, Tennessee-based supplier of metallurgical coal for the steel industry saw its profitability squeezed by a significant year-over-year decline in realized coal prices and $6 million in non-recurring costs related to a water inundation event at its Rolling Thunder mine.
Despite the quarterly loss, Alpha maintained a fortress-like balance sheet.
The company ended the year with $524.3 million in total liquidity—including $366 million in cash—and effectively zero net debt, with long-term obligations totaling just $13.4 million.
This financial strength allowed Alpha to continue its aggressive capital return strategy.
As of February 20, 2026, the company had repurchased approximately 6.9 million shares for $1.1 billion under its current $1.5 billion authorization.
Operationally, Alpha sold 3.8 million tons of coal in the fourth quarter, with metallurgical segment realizations averaging $115.31 per ton.
While the company faced margin compression in late 2025, CEO Andy Eidson noted that improving market indexes in December and early 2026 are expected to bolster results for the upcoming first quarter.