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Warrior MET Coal cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$139M in Q3 2026 · $132M over twelve months

Operating cash flow$166M
Capital spending−$27.1M
Free cash flow+$139M
Cash / net income3.4×
Cash conversion cycle87 days

Analysis

In Q3 2026, Warrior MET Coal generated $166M of operating cash flow and spent $27.1M on capital projects, leaving free cash flow of $139M. That is $117M more than in Q3 2025 ($22.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $363M; the largest uses were capital spending ($230M), net borrowing (+) / repaid (−) ($37.4M), dividends ($17.4M); besides operations, cash came from other investing ($38.3M), asset & business sales ($75K); the cash balance rose by $101M.

Operating cash flow was $166M against net income of $49.3M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$68.1M, inventory +$41.3M, prepaid and other assets −$30.3M.

Its cash conversion cycle was 87 days (receivables 46 + inventory 60 − payables 19).

Free cash flow

Warrior MET Coal: free cash flow by quarterWarrior MET Coal: free cash flow by quarter−$76.5MQ4 2024−$57.6MQ1 2025−$37.4MQ2 2025$22.1MQ3 2025−$18.1MQ4 2025−$91.9MQ1 2026$103MQ2 2026$139MQ3 2026
Operating cash flow less capital spending.
Warrior MET Coal: operating cash flow against capital spendingWarrior MET Coal: operating cash flow against capital spendingOperating cash flowCapital spending$54.2M$131MQ4 2024$10.9M$68.5MQ1 2025$37.5M$75.0MQ2 2025$105M$82.6MQ3 2025$76.1M$94.2MQ4 2025−$11.7M$80.1MQ1 2026$132M$28.9MQ2 2026$166M$27.1MQ3 2026
Latest (Q3 2026): Operating cash flow $166M, Capital spending $27.1M.

Capital allocation, year by year

Warrior MET Coal: where the cash came from (up) and went (down), by fiscal yearWarrior MET Coal: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $352MFY2021: Net borrowing −$71.6MFY2021: Asset sales $209KFY2021: Capital spending −$57.9MFY2021: Dividends −$10.5M$352MFY2021FY2022: Operating cash flow $842MFY2022: Net borrowing −$69.7MFY2022: Capital spending −$205MFY2022: Acquisitions $2.5MFY2022: Dividends −$79.7M$844MFY2022FY2023: Operating cash flow $701MFY2023: Net borrowing −$195MFY2023: Capital spending −$492MFY2023: Acquisitions −$2.4MFY2023: Dividends −$61.1M$701MFY2023FY2024: Operating cash flow $367MFY2024: Net borrowing −$17.4MFY2024: Capital spending −$457MFY2024: Dividends −$43.8M$367MFY2024FY2025: Operating cash flow $229MFY2025: Net borrowing −$36.9MFY2025: Asset sales $30KFY2025: Capital spending −$320MFY2025: Dividends −$17.8M$229MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were capital spending ($1.5B) and net borrowing ($390M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$437M
Debt$155M
Net cash$282M

Warrior MET Coal funds itself: free cash flow was $132M over the last twelve months, and $437M of cash and investments stands against $155M of debt.

Where the cash came from and went

Warrior MET Coal: sources (+) and uses (−) of cash, Q3 2026Warrior MET Coal: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$166MCash drawn (+) / kept (−)−$135MCapital spending−$27.1MOther investing$10.1MNet borrowing (+) / repaid (−)−$9.9MDividends−$4.2M
Warrior MET Coal: sources (+) and uses (−) of cash, TTM to Q3 2026Warrior MET Coal: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$363MCapital spending−$230MCash drawn (+) / kept (−)−$101MOther investing$38.3MNet borrowing (+) / repaid (−)−$37.4MDividends−$17.4MTaxes on employees’ shares−$14.8MAsset & business sales$75K

From profit to cash

Warrior MET Coal: net income to operating cash flow, Q3 2026Warrior MET Coal: net income to operating cash flow, Q3 2026Net income$49.3MDepreciation & amortization$68.1MStock-based pay$3.4MDeferred taxes$12.3MReceivables$17.2MInventory$41.3MPayables−$6.1MPrepaid and other assets−$30.3MOperating cash flow$166M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202646601987
Q2 202650692099
Q1 2026477621101
Q4 202539771997
Q3 2025438321106
Q2 2025528324111
Q1 2025477418103
Q4 2024458017108

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$166M−$27.1M−$4.2M−$9.9M−$135M$139M
Q2 2026$132M−$28.9M−$4.2M−$9.9M−$99.8M$103M
Q1 2026−$11.7M−$80.1M−$4.7M−$8.6M$97.3M−$91.9M
Q4 2025$76.1M−$94.2M−$4.2M−$8.9M$36.2M−$18.1M
Q3 2025$105M−$82.6M−$4.2M−$13.5M$46.9M$22.1M
Q2 2025$37.5M−$75.0M−$4.2M−$10.6M$71.6M−$37.4M
Q1 2025$10.9M−$68.5M−$5.2M−$3.9M$36.5M−$57.6M
Q4 2024$54.2M−$131M−$3.3M—$91.5M−$76.5M

Warrior MET Coal: income statement and cash flow

Warrior MET Coal, Q3 2026: revenue $508M (+55% year over year), operating margin 10.0%. The chart follows the revenue to costs, profit and cash.

Warrior MET Coal: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.