AMR filing — read by section

Item 8. Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 
 
 
 
 
 
 Report of Independent Registered Public Accounting Firm 
 
 
 
 
 To the Stockholders and the Board of Directors of Alpha Metallurgical Resources, Inc. 
 
 
 Opinions on the Financial Statements and Internal Control Over Financial Reporting 
 We have audited the accompanying consolidated balance sheets of Alpha Metallurgical Resources, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively, the financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. 
 
 
 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. 
 
 
 Basis for Opinions 
 The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
 
 
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. 
 
 
 Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. 
 
 
 Definition and Limitations of Internal Control Over Financial Reporting 
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements. 
 
 
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 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
 
 
 Critical Audit Matter 
 The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 
 
 
 Asset Retirement Obligations 
 As described in Notes 2 and 14 to the consolidated financial statements, the Company’s consolidated asset retirement obligation was $227 million as of December 31, 2025. The Company records the asset retirement obligation at fair value in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. Changes to the liability at operations that are not currently being reclaimed are offset by increasing or decreasing the carrying amount of the related long-lived asset. Changes to the liability at operations that are currently being reclaimed are recorded to depreciation, depletion, and amortization. On at least an annual basis the Company reviews its estimated future cash flows for its asset retirement obligation. 
 
 
 We identified the valuation of the asset retirement obligation as a critical audit matter because the estimate involves a high degree of subjectivity and auditing the significant assumptions utilized by management in estimating the amount of the liability requires judgment. In particular, the obligation is determined using a discounted cash flow technique and is based upon mining permit requirements and various assumptions including discount rates, inflation rate, estimates of disturbed acreage, timing of reclamation activities, and third-party reclamation costs. 
 
 
 Our audit procedures related to the Company’s asset retirement obligation included the following, among others: 
 
 
 • We obtained an understanding of the relevant controls related to the Company’s accounting for the asset retirement obligation, and tested such controls for design and operating effectiveness, including controls over management’s review of the significant assumptions and data inputs described above. 
 
 
 • We compared significant valuation assumptions including the discount rates and inflation rate to market data and utilized a valuation specialist to assist in testing the Company’s discounted cash flow model. 
 
 
 • We compared the estimates of disturbed acreage, timing of reclamation activities, and third-party reclamation costs to the prior year estimates, assessed consistency between timing of reclamation activities and projected mine lives, evaluated the appropriateness of the estimated costs based on mine type, and compared anticipated costs to recent operating data. 
 
 
 • We utilized an external specialist who performed observations of mine site operations, conducted interviews of engineering personnel, assessed compliance with mine closure and post closure plan regulatory requirements, and evaluated the reasonableness of the engineering estimates and assumptions. 
 
 
 /s/ RSM US LLP 
 
 
 We have served as the Company's auditor since 2020. 
 
 
 Charlotte, North Carolina 
 February 27, 2026 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 CONSOLIDATED STATEMENTS OF OPERATIONS 
 (Amounts in thousands, except share and per share data) 
 
 Year Ended December 31, 
 2025 2024 2023 
 Revenues: 
 Coal revenues $ 2,122,605 $ 2,946,579 $ 3,456,630 
 Other revenues 6,876 10,706 14,787 
 Total revenues 2,129,481 2,957,285 3,471,417 
 Costs and expenses: 
 Cost of coal sales (exclusive of items shown separately below) 1,924,691 2,451,601 2,356,138 
 Depreciation, depletion and amortization 174,524 167,331 136,869 
 Accretion on asset retirement obligations 22,126 25,050 25,500 
 Amortization of acquired intangibles 5,427 6,700 8,523 
 Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 60,158 74,000 82,390 
 Other operating loss (income) 3,921 4,749 ( 1,088 ) 
 Total costs and expenses 2,190,847 2,729,431 2,608,332 
 (Loss) income from operations ( 61,366 ) 227,854 863,085 
 Other (expense) income: 
 Interest expense ( 3,019 ) ( 3,811 ) ( 6,923 ) 
 Interest income 15,466 18,208 11,933 
 Loss on extinguishment of debt — — ( 2,753 ) 
 Equity loss in affiliates ( 24,867 ) ( 20,302 ) ( 18,263 ) 
 Miscellaneous expense, net ( 13,673 ) ( 11,199 ) ( 1,620 ) 
 Total other expense, net ( 26,093 ) ( 17,104 ) ( 17,626 ) 
 (Loss) income before income taxes ( 87,459 ) 210,750 845,459 
 Income tax benefit (expense) 25,772 ( 23,171 ) ( 123,503 ) 
 Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956 
 
 Basic (loss) income per common share $ ( 4.75 ) $ 14.41 $ 51.18 
 Diluted (loss) income per common share $ ( 4.75 ) $ 14.28 $ 49.30 
 
 Weighted average shares - basic 12,996,148 13,013,469 14,106,466 
 Weighted average shares - diluted 12,996,148 13,134,806 14,642,856 

 Refer to accompanying Notes to Consolidated Financial Statements. 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 
 (Amounts in thousands) 
 
 Year Ended December 31, 
 2025 2024 2023 
 Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956 
 Other comprehensive (loss) income, net of tax: 
 Employee benefit plans: 
 Current period actuarial loss $ ( 18,880 ) $ ( 16,659 ) $ ( 34,205 ) 
 Income tax benefit 4,114 3,696 7,588 
 $ ( 14,766 ) $ ( 12,963 ) $ ( 26,617 ) 
 Less: reclassification adjustments for amounts reclassified to earnings due to amortization of net actuarial loss (gain) and settlements 5,645 4,457 ( 2,324 ) 
 Income tax (expense) benefit ( 1,230 ) ( 989 ) 516 
 $ 4,415 $ 3,468 $ ( 1,808 ) 
 Total other comprehensive loss, net of tax $ ( 10,351 ) $ ( 9,495 ) $ ( 28,425 ) 
 Total comprehensive (loss) income $ ( 72,038 ) $ 178,084 $ 693,531 

 Refer to accompanying Notes to Consolidated Financial Statements. 
 
 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 CONSOLIDATED BALANCE SHEETS 
 (Amounts in thousands, except share and per share data) 
 
 December 31, 2025 December 31, 2024 
 Assets 
 Current assets: 
 Cash and cash equivalents $ 365,974 $ 481,578 
 Short-term investments 49,582 — 
 Trade accounts receivable, net of allowance for credit losses of $ 2,519 and $ 2,396 as of December 31, 2025 and 2024, respectively 
 278,620 362,141 
 Inventories, net 193,000 169,269 
 Prepaid expenses and other current assets 31,132 23,681 
 Total current assets 918,308 1,036,669 
 Property, plant, and equipment, net of accumulated depreciation and amortization of $ 774,101 and $ 667,260 as of December 31, 2025 and 2024, respectively 
 621,866 634,871 
 Owned and leased mineral rights, net of accumulated depletion and amortization of $ 150,616 and $ 124,965 as of December 31, 2025 and 2024, respectively 
 416,944 443,467 
 Other acquired intangibles, net of accumulated amortization of $ 43,072 and $ 41,444 as of December 31, 2025 and 2024, respectively 
 34,452 39,879 
 Long-term restricted cash 126,911 122,583 
 Long-term restricted investments 34,356 43,131 
 Deferred income taxes 8,087 6,516 
 Other non-current assets 119,702 111,592 
 Total assets $ 2,280,626 $ 2,438,708 
 Liabilities and Stockholders’ Equity 
 Current liabilities: 
 Current portion of long-term debt $ 3,575 $ 2,916 
 Trade accounts payable 66,169 96,633 
 Accrued expenses and other current liabilities 135,778 151,560 
 Total current liabilities 205,522 251,109 
 Long-term debt 9,841 2,868 
 Workers’ compensation and black lung obligations 190,965 182,961 
 Pension obligations 87,317 100,597 
 Asset retirement obligations 204,745 189,805 
 Deferred income taxes 15,433 40,486 
 Other non-current liabilities 21,308 21,385 
 Total liabilities 735,131 789,211 
 Commitments and Contingencies (Note 20) 
 
 Stockholders’ Equity 
 Preferred stock - par value $ 0.01 , 5,000,000 shares authorized, none issued 
 — — 
 Common stock - par value $ 0.01 , 50,000,000 shares authorized, 22,437,379 issued and 12,805,909 outstanding at December 31, 2025 and 22,383,325 issued and 13,016,390 outstanding at December 31, 2024 
 224 224 
 Additional paid-in capital 852,030 839,804 
 Accumulated other comprehensive loss ( 60,433 ) ( 50,082 ) 
 Treasury stock, at cost: 9,631,470 shares at December 31, 2025 and 9,366,935 shares at December 31, 2024 
 ( 1,341,027 ) ( 1,296,916 ) 
 Retained earnings 2,094,701 2,156,467 
 Total stockholders’ equity 1,545,495 1,649,497 
 Total liabilities and stockholders’ equity $ 2,280,626 $ 2,438,708 

 Refer to accompanying Notes to Consolidated Financial Statements. 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 CONSOLIDATED STATEMENTS OF CASH FLOWS 
 (Amounts in thousands) 
 
 Year Ended December 31, 
 2025 2024 2023 
 Operating activities: 
 Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956 
 Adjustments to reconcile net (loss) income to net cash provided by operating activities: 
 Depreciation, depletion and amortization 174,524 167,331 136,869 
 Amortization of acquired intangibles 5,427 6,700 8,523 
 Loss on extinguishment of debt — — 2,753 
 Loss (gain) on disposal of assets, net 1,044 ( 169 ) ( 6,817 ) 
 Accretion on asset retirement obligations 22,126 25,050 25,500 
 Employee benefit plans, net 23,397 14,551 8,376 
 Deferred tax (benefit) expense ( 23,740 ) 5,563 39,722 
 Stock-based compensation 13,598 12,318 19,017 
 Equity loss in affiliates 24,867 20,302 18,263 
 Other, net ( 1,449 ) 1,905 1,584 
 Changes in operating assets and liabilities 
 Trade accounts receivable, net 83,399 145,379 ( 102,477 ) 
 Inventories, net ( 21,495 ) 64,203 ( 27,900 ) 
 Prepaid expenses and other current assets ( 3,128 ) 14,658 7,596 
 Deposits 183 408 80,729 
 Other non-current assets 356 1,199 3,837 
 Trade accounts payable ( 29,141 ) ( 19,339 ) 15,666 
 Accrued expenses and other current liabilities ( 10,825 ) ( 5,972 ) ( 9,087 ) 
 Acquisition-related obligations — — ( 28,254 ) 
 Workers’ compensation and black lung obligations ( 19,959 ) ( 18,660 ) ( 19,969 ) 
 Pension obligations ( 16,966 ) ( 12,320 ) ( 25,011 ) 
 Asset retirement obligations ( 14,721 ) ( 27,903 ) ( 19,189 ) 
 Other non-current liabilities ( 884 ) ( 2,864 ) ( 528 ) 
 Net cash provided by operating activities 144,926 579,919 851,159 
 Investing activities: 
 Capital expenditures ( 127,153 ) ( 198,848 ) ( 245,373 ) 
 Capital contributions to equity affiliates ( 38,146 ) ( 32,504 ) ( 30,812 ) 
 Proceeds from disposal of assets 265 1,029 8,173 
 Cash paid for business acquired — — ( 11,919 ) 
 Purchases of investment securities ( 106,157 ) ( 48,730 ) ( 207,065 ) 
 Sales and maturities of investment securities 67,165 48,036 320,961 
 Other, net 51 31 35 
 Net cash used in investing activities ( 203,975 ) ( 230,986 ) ( 166,000 ) 
 Financing activities: 
 Principal repayments of long-term debt ( 1,965 ) ( 2,243 ) ( 2,314 ) 
 Dividend and dividend equivalents paid ( 415 ) ( 3,077 ) ( 113,013 ) 
 Common stock repurchases and related expenses ( 45,155 ) ( 122,299 ) ( 540,071 ) 
 Other, net ( 4,692 ) ( 1,278 ) ( 1,030 ) 
 Net cash used in financing activities ( 52,227 ) ( 128,897 ) ( 656,428 ) 
 Net (decrease) increase in cash and cash equivalents and restricted cash ( 111,276 ) 220,036 28,731 

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 Cash and cash equivalents and restricted cash at beginning of period 604,161 384,125 355,394 
 Cash and cash equivalents and restricted cash at end of period $ 492,885 $ 604,161 $ 384,125 
 
 Supplemental cash flow information: 
 Cash paid for interest $ 1,868 $ 2,662 $ 5,207 
 Cash paid for income taxes (net of refunds received) $ 2,118 $ 8,379 $ 79,191 
 Supplemental disclosure of noncash investing and financing activities: 
 Financing leases and capital financing - equipment $ 12,057 $ 1 $ 3,195 
 Accrued capital expenditures $ 14,272 $ 15,523 $ 25,004 
 Accrued common stock repurchases and stock repurchase excise tax $ 327 $ — $ 8,118 
 Accrued dividend payable $ 88 $ 424 $ 2,863 

 The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows. 
 
 As of December 31, 
 2025 2024 2023 
 Cash and cash equivalents $ 365,974 $ 481,578 $ 268,207 
 Long-term restricted cash 126,911 122,583 115,918 
 Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 492,885 $ 604,161 $ 384,125 

 
 
 
 
 Refer to accompanying Notes to Consolidated Financial Statements. 
 
 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 
 (Amounts in thousands) 
 
 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Treasury Stock at Cost Retained Earnings Total Stockholders’ Equity 
 Balances, December 31, 2022 $ 217 $ 815,442 $ ( 12,162 ) $ ( 649,061 ) $ 1,275,319 $ 1,429,755 
 Net income — — — — 721,956 721,956 
 Other comprehensive loss, net — — ( 28,425 ) — — ( 28,425 ) 
 Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances 2 12,127 — 6,888 — 19,017 
 Exercise of stock options — 225 — — — 225 
 Common stock repurchases and related expenses — — — ( 547,542 ) — ( 547,542 ) 
 Warrants exercises 2 6,688 — — — 6,690 
 Cash dividend and dividend equivalents declared ($ 1.940 per share) 
 — — — — ( 27,748 ) ( 27,748 ) 
 Balances, December 31, 2023 $ 221 $ 834,482 $ ( 40,587 ) $ ( 1,189,715 ) $ 1,969,527 $ 1,573,928 
 Net income — — — — 187,579 187,579 
 Other comprehensive loss, net — — ( 9,495 ) — ( 9,495 ) 
 Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances 3 5,322 — 6,993 — 12,318 
 Common stock repurchases and related expenses — — — ( 114,194 ) — ( 114,194 ) 
 Dividend equivalents — — — — ( 639 ) ( 639 ) 
 Balances, December 31, 2024 $ 224 $ 839,804 $ ( 50,082 ) $ ( 1,296,916 ) $ 2,156,467 $ 1,649,497 
 Net loss — — — — ( 61,687 ) ( 61,687 ) 
 Other comprehensive loss, net — — ( 10,351 ) — — ( 10,351 ) 
 Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances — 12,226 — 1,372 — 13,598 
 Common stock repurchases and related expenses — — — ( 45,483 ) — ( 45,483 ) 
 Dividend equivalents — — — — ( 79 ) ( 79 ) 
 Balances, December 31, 2025 $ 224 $ 852,030 $ ( 60,433 ) $ ( 1,341,027 ) $ 2,094,701 $ 1,545,495 

 Refer to accompanying Notes to Consolidated Financial Statements. 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 
 
 (1) Business and Basis of Presentation 
 Business 
 Alpha Metallurgical Resources, Inc. (“Alpha” or the “Company”) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha is a leading U.S. supplier of metallurgical coal products for the steel industry. 
 The Company, previously named Contura Energy, Inc., began operations on July 26, 2016 and was formed to acquire and operate certain of Alpha Natural Resources, Inc.’s core coal operations, as part of the Alpha Natural Resources, Inc. bankruptcy reorganization. A merger with ANR, Inc. and Alpha Natural Resources Holdings, Inc. (together, the "Merger Companies”) was completed on November 9, 2018 (the “Merger”) pursuant to terms of the definitive merger agreement (the “Merger Agreement”). Upon the consummation of the transactions contemplated by the Merger Agreement, the Company began trading on the New York Stock Exchange. Effective February 1, 2021, the Company changed its corporate name to Alpha Metallurgical Resources, Inc. to more accurately reflect its strategic focus on the production of metallurgical coal. 
 
 
 Basis of Presentation 
 
 
 Together, the consolidated statements of operations, comprehensive (loss) income, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Consolidated Financial Statements.” The Consolidated Financial Statements are also referenced across periods as “Consolidated Statements of Operations,” “Consolidated Statements of Comprehensive (Loss) Income,” “Consolidated Balance Sheets,” “Consolidated Statements of Cash Flows,” and “Consolidated Statements of Stockholders’ Equity.” 
 
 
 The Consolidated Financial Statements include all wholly owned subsidiaries’ results of operations for the years ended December 31, 2025, 2024, and 2023. All significant intercompany transactions have been eliminated in consolidation. 
 
 
 The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). 
 
 
 
 (2) Summary of Significant Accounting Policies 
 
 
 Use of Estimates 
 
 
 The preparation of the Company’s Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventories; mineral reserves and resources; long-lived asset impairments; reclamation obligations; post-employment and other employee benefit obligations; useful lives, depletion and amortization; reserves for workers’ compensation and black lung claims; deferred income taxes; income taxes payable; income taxes refundable and receivable; reserves for contingencies and litigation; and fair value of financial instruments. Estimates are based on facts and circumstances believed to be reasonable at the time; however, actual results could differ from those estimates. 
 
 
 Cash and Cash Equivalents 
 
 
 Cash and cash equivalents consist of cash held with reputable depository institutions and highly liquid, short-term investments, such as highly-rated money market funds, with original maturities of three months or less. Cash and cash equivalents are stated at cost, which approximates fair value. 
 
 
 Restricted Cash 
 
 
 Amounts included in restricted cash represent cash and cash equivalents that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral to secure the certain obligations which have been written on the Company’s behalf. Refer to Note 20 for further information. 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 
 Investments 
 
 
 Short-term investments, with maturities of twelve months or less, consist of U.S government securities. Restricted investments consist of U.S. government securities that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral to secure certain obligations which have been written on the Company’s behalf. 
 
 
 All investments are classified as trading securities as of December 31, 2025 and 2024. Trading securities are recorded initially at cost and are adjusted to fair value at each reporting period with unrealized gains and losses recorded in current period earnings or loss. Refer to Notes 15 and 20 for further information. 
 
 
 Deposits 
 
 
 Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral to secure the following obligations which have been written on the Company’s behalf. Refer to Note 20 for further information. 
 
 
 Trade Accounts Receivable and Allowance for Credit Losses 
 
 
 Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. The Company markets its coal primarily to international and domestic steel producers and electric utilities in the United States. Credit is extended based on an evaluation of a customer’s financial condition, including a review of third-party credit score information. Collateral is generally not required. Accounts receivable balances are monitored against approved credit limits. Credit limits are monitored and adjusted as considered necessary based on changes to a customer’s credit profile. If a customer’s credit deteriorates, the Company may reduce credit risk exposure by reducing credit limits, obtaining letters of credit (“LCs”), obtaining credit insurance, or requiring pre-payment for shipments. Credit losses have historically not been material. Account balances are written-off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Refer to Note 21 for further information. 
 
 
 Inventories 
 
 
 Coal is reported as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Saleable coal represents coal stockpiles that require no further processing prior to shipment to a customer. 
 
 
 Coal inventories are valued at the lower of average cost or net realizable value. The cost of coal inventories is determined based on the average cost of production, which includes labor, supplies, equipment costs, operating overhead, depreciation, and other related costs. Net realizable value considers the projected future sales price of the product, less estimated preparation and selling costs. Material and supplies inventories are valued at average cost, less an allowance for obsolete and surplus items. Refer to Note 6 for further information. 
 
 
 Advanced Mining Royalties 
 
 
 Lease rights to coal reserves are often acquired in exchange for royalty payments. Advanced mining royalties are advanced payments made to lessors under terms of mineral lease agreements that are recoupable against future production royalties. These advanced payments are deferred and charged to operations as the coal reserves are mined. The Company regularly reviews recoverability of advanced mining royalties and establishes or adjusts the allowance for advanced mining royalties as necessary using the specific identification method. Advanced royalty balances are generally charged off against the allowance when they are no longer recoupable. Advanced mining royalties are included within Other non-current assets on the Company’s Consolidated Balance Sheets. Refer to Note 9 for further information. 
 
 
 Property, Plant, and Equipment, Net 
 
 
 Costs for mine development incurred to expand capacity of operating mines or to develop new mines are capitalized and charged to operations on the units-of-production method over the estimated proven and probable reserve tons directly benefiting from the capital expenditures. Mine development costs include costs incurred for site preparation and development of the mines during the development stage less any incidental revenue generated during the development stage. Mining equipment, 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 buildings, and other fixed assets are stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from one to 25 years. Leasehold improvements are amortized using the straight-line method, over the shorter of the estimated useful lives or term of the lease. Major repairs and betterments that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs are expensed as incurred. When equipment is retired or disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposal is recognized in Other operating loss (income) in the Company’s Consolidated Statements of Operations. Refer to Note 8 for further information. 
 
 
 Owned and Leased Mineral Rights 
 
 
 Owned and leased mineral rights, net of accumulated depletion and amortization, for the years ended December 31, 2025 and 2024 were $ 416,944 and $ 443,467 , respectively, and are reported in assets in the Company’s Consolidated Balance Sheets. These amounts include $ 37,005 and $ 41,552 of asset retirement obligation assets, net of accumulated amortization, associated with active mining operations for the years ended December 31, 2025 and 2024, respectively. 
 
 
 Costs to obtain owned and leased mineral rights are capitalized and amortized to operations as depletion expense using the units-of-production method. Only proven and probable reserves are included in the depletion base. Depletion expense is included in Depreciation, depletion and amortization in the Consolidated Statements of Operations and was $ 22,258 , $ 28,075 , and $ 23,944 for the years ended December 31, 2025, 2024, and 2023 respectively. 
 
 
 Depletion expense for the years ended December 31, 2025, 2024, and 2023 includes a credit of ($ 6,137 ), an expense of $ 961 , and a credit of ($ 34 ), respectively, related to revisions to asset retirement obligations. Refer to Note 14 for further disclosures related to asset retirement obligations. 
 
 
 Leases 
 
 
 In accordance with Accounting Standards Codification (“ASC”) 842 Lease Accounting (“ASC 842”), the Company recognizes right of use assets and lease liabilities on the Consolidated Balance Sheets for all leases with a term longer than 12 months. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. The discount rates used to determine the present value of the lease assets and liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. As the rates implicit in most of the Company’s leases are not readily determinable, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The Company uses the portfolio approach and groups leases by short-term and long-term categories, applying the corresponding incremental borrowing rates to these categories of leases. For leases with a term of 12 months or less, no right of use assets or liabilities are recognized on the Consolidated Balance Sheets and the Company recognizes the lease expense on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments as an expense in the period incurred. The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Consolidated Statements of Cash Flows. Refer to Note 11 for further information. 
 
 
 Acquired Intangibles 
 
 
 The Company has recognized assets for acquired mine permits which were valued based on the replacement cost and lost profits method as of the Merger date. The balances of such assets are included within Other acquired intangibles, net of accumulated amortization, on the Company’s Consolidated Balance Sheets. The acquired mine permits are amortized over the estimated life of the associated mine. Amortization expense is included in Amortization of acquired intangibles in the Consolidated Statements of Operations. Future net amortization expense related to acquired intangibles is expected to be $ 4,913 , $ 4,837 , $ 4,837 , $ 4,799 , $ 1,342 , and $ 13,724 for 2026, 2027, 2028, 2029, 2030, and after 2030, respectively. 
 
 
 Goodwill 
 
 
 Goodwill represents the excess of the purchase price over the fair value of the net identifiable tangible and intangible assets of acquired companies. Goodwill is not amortized; instead, it is tested for impairment annually as of October 31 of each year or more frequently if indicators of impairment exist. Goodwill is included in the Consolidated Balance Sheets as Other Non-Current Assets. 
 
 
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 ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES 
 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The Company assesses goodwill for impairment on a qualitative basis. If the Company determines that more likely than not the fair value of a reporting unit containing goodwill exceeds its carrying amount, no further impairment testing is required. If the qualitative assessment indicates that an impairment potentially exists, then the Company quantitatively tests goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is lower than its carrying amount, its goodwill is written down by the lesser of the amount by which the reporting units carrying amount exceeded its fair value or its carrying amount of goodwill. 
 
 
 Asset Impairment 
 
 
 Long-lived assets, such as property, plant, and equipment, mineral rights, and acquired intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset groups may not be recoverable. Recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. Long-lived assets located in a close geographic area are grouped together for purposes of impairment testing when, after considering revenue and cost interdependencies, circumstances indicate the assets are used together to produce future cash flows. The Company’s asset groups generally consist of the assets and applicable liabilities of one or more mines and preparation plants and associated coal reserves for which cash flows are largely independent of cash flows of other mines, preparation plants, and associated coal reserves. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, the potential impairment is equal to the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company estimates the fair value of an asset group generally using discounted cash flow analysis based on estimates of future sales volumes, coal prices, production costs, and a risk-adjusted cost of capital. These estimates generally constitute unobservable Level 3 inputs under the fair value hierarchy. The amount of impairment, if any, is allocated to the long-lived assets on a pro-rata basis, except that the carrying value of the individual long-lived assets are not reduced below their estimated fair value. 
 
 
 As of June 30, 2025, due to recent declines in metallurgical coal spot pricing, the Marfork, Power Mountain, Elk Run and Kepler mining complexes were tested for impairment. Estimated future undiscounted cash flows were projected to exceed each complex’s respective carrying value and no impairment charges were required. 
 
 
 Asset Retirement Obligations 
 
 
 Minimum standards for mine reclamation have been established by various regulatory agencies and dictate the reclamation requirements at the Company’s operations. The Company’s asset retirement obligations consist principally of costs to reclaim acreage disturbed at surface operations and estimated costs to reclaim support acreage, treat mine water discharge, and perform other related functions at underground mines. The Company records these reclamation obligations at fair value in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. Changes to the liability at operations that are not currently being reclaimed are offset by increasing or decreasing the carrying amount of the related long-lived asset. Changes to the liability at operations that are currently being reclaimed are recorded to Depreciation, depletion, and amortization. Over time, the liability is accreted and any capitalized cost is depreciated or depleted over the useful life of the related asset. To settle the liability, the obligation is paid, and any difference between the liability and the amount of cash paid is recorded within Depreciation, depletion and amortization within the Consolidated Statements of Operations at the time the reclamation work is completed. On at least an annual basis, the Company reviews its estimated future cash flows for its asset retirement obligations. Refer to Note 14 for further information. 
 
 
 Income Taxes 
 
 
 The Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets within the jurisdiction in which they arise, the Company considers all available positive and negative evidence, including the expected reversals of deferred tax liabilities, projected future taxable income, taxable income available via carryback to prior years, tax planning strategies, and results of recent operations. The Company assesses the realizability of its deferred tax assets, including scheduling the reversal of its deferred tax assets and liabilities, to determine the amount of valuation allowance needed. Scheduling the reversal of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the temporary differences giving rise to the deferred tax assets that will be realized. Refer to Note 16 for further information. 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 
 Deferred Financing Costs 
 
 
 The costs to obtain new debt financing or amend existing financing agreements are generally deferred and amortized to interest expense over the life of the related indebtedness or credit facility using the effective interest method. Unamortized deferred financing costs are presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. Unamortized deferred financing costs associated with undrawn credit facilities are included in the Consolidated Balance Sheets within Other non-current assets. 
 
 
 Revenue Recognition 
 
 
 In accordance with ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company measures revenue based on the consideration specified in a contract with a customer and recognizes revenue as a result of satisfying its promise to transfer goods or services in a contract with a customer using the following general revenue recognition five-step model: (1) identify the contract; (2) identify performance obligations; (3) determine transaction price; (4) allocate transaction price; and (5) recognize revenue. Freight and handling costs paid to third-party carriers and invoiced to coal customers are recorded as freight and handling costs and freight and handling fulfillment revenues within cost of coal sales and coal revenues, respectively. Refer to Note 3 for further information. 
 
 
 Workers’ Compensation and Pneumoconiosis (Black Lung) Benefits 
 
 
 Workers’ Compensation 
 
 
 As of December 31, 2025, the Company’s subsidiaries generally utilize high-deductible insurance programs for workers’ compensation claims at its operations with the exception of certain subsidiaries in which the Company is a qualified self-insurer for workers’ compensation obligations. The liabilities for workers’ compensation claims are estimates of the ultimate losses incurred based on the Company’s experience and include a provision for incurred but not reported losses. Adjustments to the probable ultimate liabilities are made annually based on an actuarial study and adjustments to the liability are recorded based on the results of this study. These short-term and long-term obligations are included in the Consolidated Balance Sheets within Accrued expenses and other current liabilities and Workers’ compensation and black lung obligations, respectively, with the related expected insurance receivables within Prepaid expenses and other current assets and Other non-current assets. As of December 31, 2025 and 2024, the workers’ compensation liability was net of a discount of $ 20,968 and $ 21,587 , respectively, related to fair value adjustments associated with acquisition accounting. Refer to Note 17 for further information. 
 
 
 Black Lung Benefits 
 
 
 The Company is required by federal and state statutes to provide benefits to employees for awards related to black lung. As of December 31, 2025, certain of the Company’s subsidiaries are insured for black lung obligations by a third-party insurance provider and certain subsidiaries are self-insured for state black lung obligations. Certain other subsidiaries are self-insured for federal black lung benefits and may fund benefit payments through a Section 501(c)(21) tax-exempt trust fund. Charges are made to operations for black lung claims, as determined by an independent actuary at the present value of the actuarially computed liability for such benefits over the employee’s applicable term of service. The Company recognizes in its Consolidated Balance Sheets the amount of the Company’s unfunded Accumulated Benefit Obligation (“ABO”) at the end of the year. The actuarial gains and losses recognized in accumulated other comprehensive income (loss) are amortized into components of net periodic benefit cost over the expected lifetime of active participants (the Company does not use a corridor method). These short-term and long-term obligations are included in the Consolidated Balance Sheets within Accrued expenses and other current liabilities and Workers’ compensation and black lung obligations, respectively. Refer to Note 17 for further information. 
 
 
 Pension 
 
 
 The Company is required to recognize the overfunded or underfunded status of a defined benefit pension plan as an asset or liability in its Consolidated Balance Sheets and to recognize changes in that funded status in the year in which the changes occur through other comprehensive (loss) income. The actuarial gains and losses recognized in accumulated other comprehensive income (loss) are amortized into components of net periodic benefit cost over the average future lifetime of participants expected to have benefits (the Company does not use a corridor method). The Company is required to measure plan 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 assets and benefit obligations as of the date of the Company’s fiscal year-end Consolidated Balance Sheet and provide the required disclosures as of the end of each fiscal year. Refer to Note 17 for information. 
 Postretirement Life Insurance Benefits 
 
 
 As part of the Alpha Natural Resources, Inc. bankruptcy reorganization plan and the Retiree Committee Settlement Agreement, the Company assumed the liability for life insurance benefits for certain disabled and non-union retired employees. Provisions are made for estimated benefits based on annual evaluations prepared by independent actuaries. Adjustments to the probable ultimate liabilities are made annually based on an actuarial study and adjustments to the liability are recorded based on the results of this study. These obligations are included in the Consolidated Balance Sheets as Accrued expenses and other current liabilities and Other non-current liabilities. Refer to Note 17 for further information. 
 
 
 Net (Loss) Income per Share 
 
 
 Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of outstanding common shares for the period. Diluted earnings per share reflects the potential dilution that could occur if instruments that may require the issuance of common shares in the future were settled and the underlying common shares were issued. Diluted earnings per share is computed by increasing the weighted-average number of outstanding common shares computed in basic earnings per share to include the additional common shares that would be outstanding after issuance and adjusting net (loss) income for changes that would result from the issuance. Only those securities that are dilutive are included in the calculation. In periods of loss, the number of shares used to calculate diluted earnings is the same as basic earnings per share. Refer to Note 5 for further information. 
 
 
 Stock-Based Compensation 
 
 
 The Company recognizes expense for stock-based compensation awards based on their grant-date fair value. The expense is recorded over the respective service period of the underlying award. Liability classified stock-based compensation awards are remeasured each reporting period at fair value until the award is settled. The Company recognizes forfeitures of stock-based compensation awards as they occur. Refer to Note 18 for further information. 
 
 
 Warrants 
 
 
 On July 26, 2016 (the “Initial Issue Date”), the Company issued warrants, which were classified as equity instruments, and were exercisable for cash or on a cashless basis at any time from the Initial Issue Date until July 26, 2023, and no fractional shares were issued upon warrant exercises. The exercise price and the warrant share number were adjusted in respect of certain dilutive events with respect to common stock. At 5:00 pm Eastern time on July 26, 2023 the Company’s Series A Warrants expired pursuant to their terms. Refer to Note 7 for additional information. 
 
 
 Equity Method Investments 
 
 
 Investments and membership interests in joint ventures are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. Under the equity method of accounting, the Company’s proportionate share of the entity’s comprehensive income or loss each reporting period is reflected in Equity loss in affiliates in the Consolidated Statements of Operations. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. The carrying values of the Company’s equity method investments are included within Other non-current assets on the Company’s Consolidated Balance Sheets. Refer to Notes 9 and 10 for additional information. 
 
 
 Recently Adopted Accounting Guidance 
 
 
 Income Tax Disclosures : In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This update requires public business entities to disclose in their income tax rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide additional details about the reconciling items in categories meeting a quantitative threshold. The guidance will also require entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 on a quantitative threshold. The additional disclosures are required to be provided on a prospective basis with the option to provide retrospectively. The amendments are effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 retrospectively during the fourth quarter of 2025 and prior period disclosures have been recast to conform to the current year presentation. Refer to Note 16 for the additional required income tax disclosures upon adoption of this ASU. 
 
 
 Recent Accounting Guidance Issued Not Yet Effective 
 
 
 Expense Disaggregation Disclosures : In November 2024, the FASB issued ASU 2024-03 , Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This update requires public entities to disaggregate income statement expense line items and to disclose in tabular format within the notes to the financial statements certain categories of costs (e.g. purchases of inventory, employee compensation, deprecation, intangible asset amortization, depletion etc.) to the extent line items contain such costs. In addition, entities will be required to define and disclose selling expenses. The additional disclosures may be provided prospectively or retrospectively. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will provide the additional required disclosures upon adoption. 
 
 
 
 (3) Revenue 
 
 
 Disaggregation of Revenue from Contracts with Customers 
 
 
 ASC 606 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. 
 
 
 The Company earns revenues primarily through the sale of coal produced at Company operations and coal purchased from third parties. The Company extracts, processes and markets met and thermal coal from deep and surface mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central Appalachia. Refer to Note 22 for the Company’s segment information. 
 
 
 The Company has disaggregated revenue between met coal and thermal coal and export and domestic revenues which depicts the pricing and contract differences between the two. Export revenue generally is derived by spot or short term contracts with pricing determined at the time of shipment or based on a market index; whereas domestic revenue is characterized by contracts that typically have a term of one year or longer and with fixed pricing terms. The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors: 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 Year Ended December 31, 
 2025 2024 2023 
 Export met coal revenues $ 1,500,265 $ 2,237,571 $ 2,412,960 
 Export thermal coal revenues 56,821 72,206 126,108 
 Total export coal revenues $ 1,557,086 $ 2,309,777 $ 2,539,068 
 
 Domestic met coal revenues $ 530,195 $ 608,971 $ 865,667 
 Domestic thermal coal revenues 35,324 27,831 51,895 
 Total domestic coal revenues $ 565,519 $ 636,802 $ 917,562 
 
 Total met coal revenues $ 2,030,460 $ 2,846,542 $ 3,278,627 
 Total thermal coal revenues 92,145 100,037 178,003 
 Total coal revenues $ 2,122,605 $ 2,946,579 $ 3,456,630 

 
 
 
 
 Performance Obligations 
 
 
 The Company considers each individual transfer of coal on a per shipment basis to the customer a performance obligation. The pricing terms of the Company’s contracts with customers include fixed pricing, variable pricing, or a combination of both fixed and variable pricing. All the Company’s revenue derived from contracts with customers is recognized at a point in time. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of December 31, 2025. 
 
 2026 2027 2028 2029 2030 Total 
 Estimated coal revenues (1) 
 $ 83,560 $ 12,300 $ — $ — $ — $ 95,860 

 (1) Amounts include only estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year. The Company has elected not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for performance obligations with either of the following conditions: 1) the remaining performance obligation is part of a contract that has an original expected duration of one year or less; or 2) the remaining performance obligation has variable consideration that is allocated entirely to a wholly unsatisfied performance obligation. 
 
 
 
 (4) Accumulated Other Comprehensive Loss 
 The following tables summarize the changes to accumulated other comprehensive loss during the years ended December 31, 2025, 2024, and 2023: 
 
 Balance January 1, 2025 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance December 31, 2025 
 Employee benefit costs $ ( 50,082 ) $ ( 14,766 ) $ 4,415 $ ( 60,433 ) 

 
 Balance January 1, 2024 
 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance December 31, 2024 
 
 Employee benefit costs $ ( 40,587 ) $ ( 12,963 ) $ 3,468 $ ( 50,082 ) 

 
 Balance January 1, 2023 
 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance December 31, 2023 
 
 Employee benefit costs $ ( 12,162 ) $ ( 26,617 ) $ ( 1,808 ) $ ( 40,587 ) 

 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the Consolidated Statements of Operations line items affected by the reclassification during the years ended December 31, 2025, 2024, and 2023: 
 
 Details about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the Consolidated Statements of Operations 
 Year Ended December 31, 
 2025 2024 2023 
 Employee benefit costs: 
 Amortization of actuarial loss (gain) (1) 
 $ 5,645 $ 4,431 $ ( 2,324 ) Miscellaneous expense, net 
 
 Settlement (1) 
 — 26 — Miscellaneous expense, net 
 
 Total before income tax $ 5,645 $ 4,457 $ ( 2,324 ) 
 Income tax (expense) benefit ( 1,230 ) ( 989 ) 516 Income tax benefit (expense) 
 Total, net of income tax $ 4,415 $ 3,468 $ ( 1,808 ) 

 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (credits) for certain employee benefit plans. Refer to Note 17. 
 
 
 
 (5) Net (Loss) Income Per Share 
 The number of shares of common stock used to calculate basic net (loss) income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares of common stock used to calculate diluted net (loss) income per common share is based on the number of common shares used to calculate basic net (loss) income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method. 
 
 
 When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of common stock are higher than the Company’s average price per share of common stock during an applicable period. For the years ended December 31, 2025, 2024, and 2023, respectively, 0 , 159 , and 1,240 securities were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive. 
 
 
 Anti-dilution also occurs in periods of a net loss, and the dilutive impact of all share-based compensation awards are excluded. For the year ended December 31, 2025, the weighted average share impact of securities excluded from the shares due to the Company incurring a net loss for the period was 36,761 . 
 
 
 The following table presents the net (loss) income per common share for the years ended December 31, 2025, 2024, and 2023: 
 
 
 
 Year Ended December 31, 
 2025 2024 2023 
 Basic 
 Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956 
 Weighted average common shares outstanding - basic 12,996,148 13,013,469 14,106,466 
 Net (loss) income per common share - basic $ ( 4.75 ) $ 14.41 $ 51.18 
 
 Diluted 
 Weighted average common shares outstanding - basic 12,996,148 13,013,469 14,106,466 
 Diluted effect of warrants — — 81,352 
 Diluted effect of stock options — — 1,400 
 Diluted effect of other stock-based instruments — 121,337 453,638 
 Weighted average common shares outstanding - diluted 12,996,148 13,134,806 14,642,856 
 Net (loss) income per common share - diluted $ ( 4.75 ) $ 14.28 $ 49.30 

 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (6) Inventories, net 
 Inventories, net consisted of the following: 
 
 December 31, 
 2025 2024 
 Raw coal $ 41,665 $ 39,689 
 Saleable coal 81,919 65,129 
 Materials, supplies and other, net 69,416 64,451 
 Total inventories, net $ 193,000 $ 169,269 

 
 
 
 (7) Capital Stock 
 
 
 Share Repurchase Program 
 
 
 The total authorization to repurchase the Company’s stock under the existing common share repurchase program adopted by the Company’s Board of Directors (the “Board”) on March 4, 2022 is $ 1,500,000 . Share repurchases may be made from time to time through open market transactions, block trades, tender offers, or otherwise, and the program has no expiration date. The share repurchase program does not obligate the Company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended at any time at the Company’s discretion. Repurchases under the program are subject to market and business conditions, available liquidity, the Company’s cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions and other relevant factors. As of December 31, 2025, the Company had repurchased an aggregate of 6,878,449 shares under the program for an aggregate purchase price of approximately $ 1,138,916 (comprised of $ 1,138,709 of share repurchases and $ 207 of related fees). The Company has also accrued a stock repurchase excise tax of $ 327 related to the share repurchase program as of December 31, 2025, which is recorded in treasury stock at cost. 
 
 
 Dividend Program 
 
 
 On May 3, 2022, the Board adopted a dividend policy. Pursuant to this policy, the Board paid quarterly dividends during the years ended December 31, 2022 and 2023. In addition, pursuant to the terms of certain stock-based compensation awards under the Company’s Management Incentive Plan (the “MIP”) and Long-Term Incentive Plan (the “LTIP”), dividend equivalent amounts for each quarterly dividend will become payable at various vesting dates with respect to each underlying outstanding award. On August 2, 2023, the Board determined to end the Company’s fixed dividend program following the quarterly dividend declared and paid in the fourth quarter of 2023 and to focus instead at that time on the Company’s share repurchase program. The decision to declare and pay cash dividends will be made by the Board and will depend on the Company’s earnings, financial condition and other relevant factors. 
 
 
 Warrants 
 
 
 On July 26, 2016, the Company issued 810,811 warrants, which were classified as equity instruments. Pursuant to the underlying warrant agreement (refer to Note 2), the exercise price was adjusted from $ 45.086 per share to $ 44.972 per share as of the March 15, 2023 dividend record date and to $ 44.820 per share as of the June 15, 2023 dividend record date, while the warrant share number remained unchanged at 1.20 . At 5:00 pm Eastern time on July 26, 2023 the Company’s Series A Warrants expired pursuant to their terms. 
 
 
 As of December 31, 2023, no warrants remained outstanding as the warrants expired during the third quarter of 2023. For the year ended December 31, 2023, the Company issued 169,028 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrant agreement, withheld 20,139 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock in the amount of $ 2,368 . 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (8) Property, Plant, and Equipment, net 
 
 
 Property, plant, and equipment, net, consisted of the following: 
 
 December 31, 
 2025 2024 
 Plant and mining equipment $ 1,050,261 $ 1,024,467 
 Mine development 241,154 199,419 
 Land 33,089 33,180 
 Office equipment, software and other 5,861 5,603 
 Construction in progress 65,602 39,462 
 Total property, equipment and mine development costs $ 1,395,967 $ 1,302,131 
 Less accumulated depreciation and amortization ( 774,101 ) ( 667,260 ) 
 Total property, plant, and equipment, net $ 621,866 $ 634,871 

 
 Included in plant and mining equipment are assets under financing leases totaling $ 15,780 and $ 10,963 with accumulated depreciation of $ 4,827 and $ 6,529 as of December 31, 2025 and 2024, respectively. 
 Depreciation and amortization expense associated with property, plant, equipment and non-mineral asset retirement obligation assets, net, was $ 152,266 , $ 139,256 , and $ 112,925 for the years ended December 31, 2025, 2024, and 2023 respectively. 
 
 
 Depreciation expense for the years ended December 31, 2025, 2024, and 2023 includes an expense of $ 3,092 , a credit of ($ 3,747 ), and an expense of $ 7,343 , respectively, related to revisions to asset retirement obligations. Refer to Note 14 for further disclosures related to asset retirement obligations. 
 
 
 As of December 31, 2025, the Company had unconditional purchase obligations for approximately $ 9,655 of new equipment purchase commitments expected to be acquired at various dates in 2026. 
 
 
 
 (9) Other Non-Current Assets 
 Other non-current assets consisted of the following: 
 
 December 31, 
 2025 2024 
 Advanced mining royalties $ 8,975 $ 9,482 
 Long-term deposits 4,792 4,953 
 Equity method investments 53,850 41,072 
 Workers’ compensation receivables 30,365 34,075 
 Goodwill 11,124 11,124 
 Other 10,596 10,886 
 Total other non-current assets $ 119,702 $ 111,592 

 
 
 
 (10) Equity Method Investments 
 
 
 The Company holds a 65 % partnership interest in Dominion Terminal Associates LLP (“DTA”) which operates a ground storage-to-vessel coal transloading facility in Newport News, Virginia for use by its partners. As the Company shares power with its minority partner through equal management committee representation, the Company does not control DTA. Under the terms of operating and throughput and handling agreements, each partner is charged its share of cash operating costs in exchange for the right to use the facility’s loading capacity and is required to make periodic cash advances to fund such costs. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The Company’s equity method investees do not have long-term debt obligations and the Company is not contingently obligated to make any future financing-related payments with respect to its equity method investees. Refer to Note 20 for information related to the Company’s commitment to fund certain infrastructure and equipment upgrades. 
 
 
 
 (11) Leases 
 
 
 The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the years ended December 31, 2025, 2024, and 2023 the Company identified no instances requiring significant judgment in determining whether any contracts entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the years ended December 31, 2025, 2024, and 2023. 
 
 
 Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement of lease liabilities. As of December 31, 2025, the Company does not intend to exercise any termination options on existing leases. 
 
 
 As of December 31, 2025 and 2024, the Company had the following right-of-use assets and lease liabilities within the Company’s Consolidated Balance Sheets: 
 
 December 31, 2025 December 31, 2024 
 Assets Balance Sheet Classification 
 Financing lease assets Property, plant, and equipment, net $ 10,953 $ 4,434 
 Operating lease right-of-use assets Other non-current assets 5,337 3,564 
 Total lease assets $ 16,290 $ 7,998 
 
 Liabilities Balance Sheet Classification 
 Financing lease liabilities - current Current portion of long-term debt $ 2,108 $ 1,332 
 Operating lease liabilities - current Accrued expenses and other current liabilities 690 597 
 Financing lease liabilities - long-term Long-term debt 7,452 2,666 
 Operating lease liabilities - long-term Other non-current liabilities 4,647 2,967 
 Total lease liabilities $ 14,897 $ 7,562 

 
 
 Total lease costs and other lease information for the years ended December 31, 2025, 2024, and 2023 included the following: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Lease cost (1) 
 
 Financing lease cost: 
 Amortization of leased assets $ 1,577 $ 1,513 $ 1,444 
 Interest on lease liabilities 418 571 651 
 Operating lease cost 995 1,012 1,127 
 Short-term lease cost 1,316 1,181 1,315 
 Total lease cost $ 4,306 $ 4,277 $ 4,537 

 (1) The Company had no variable lease costs or sublease income for the years ended December 31, 2025, 2024, and 2023. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 Year Ended December 31, 
 2025 2024 2023 
 Other information 
 Cash paid for amounts included in the measurement of lease liabilities $ 5,261 $ 4,042 $ 4,571 
 Operating cash flows from financing leases $ 418 $ 571 $ 651 
 Operating cash flows from operating leases $ 2,310 $ 2,193 $ 2,443 
 Financing cash flows from financing leases $ 2,533 $ 1,278 $ 1,477 
 Right-of-use assets obtained in exchange for new financing lease liabilities $ 7,949 $ — $ 1,891 
 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,316 $ 103 $ 206 
 
 Lease Term and Discount Rate 
 Weighted-average remaining lease term in years - financing leases 5.00 4.60 5.10 
 Weighted-average remaining lease term in years - operating leases 6.50 5.50 6.30 
 Weighted-average discount rate - financing leases 8.1 % 12.2 % 12.3 % 
 Weighted-average discount rate - operating leases 9.6 % 11.5 % 11.4 % 

 
 
 The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Consolidated Statements of Cash Flows. 
 
 
 The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025: 
 
 Financing Leases Operating Leases 
 Lease cost 
 2026 $ 2,734 $ 1,234 
 2027 2,243 1,214 
 2028 1,956 1,195 
 2029 1,956 1,179 
 2030 1,956 1,132 
 Thereafter 814 1,238 
 Total future minimum lease payments $ 11,659 $ 7,192 
 Imputed interest ( 2,099 ) ( 1,855 ) 
 Present value of future minimum lease payments $ 9,560 $ 5,337 

 
 
 As of December 31, 2025, the Company had no leases with future commencement dates that will create significant rights or obligations for the Company. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (12) Accrued Expenses and Other Current Liabilities 
 Accrued expenses and other current liabilities consisted of the following: 
 
 December 31, 
 2025 2024 
 Wages and benefits $ 46,687 $ 48,642 
 Workers’ compensation 8,880 9,444 
 Black lung 12,329 11,209 
 Taxes other than income taxes 26,315 27,995 
 Asset retirement obligations 22,632 29,938 
 Freight accrual 12,018 16,144 
 Other 6,917 8,188 
 Total accrued expenses and other current liabilities $ 135,778 $ 151,560 

 
 
 
 (13) Long-Term Debt 
 Long-term debt consisted of the following: 
 
 December 31, 
 2025 2024 
 Notes payable and other $ 3,856 $ 1,786 
 Financing leases 9,560 3,998 
 Total long-term debt $ 13,416 $ 5,784 
 Less current portion ( 3,575 ) ( 2,916 ) 
 Long-term debt, net of current portion $ 9,841 $ 2,868 

 
 
 ABL Agreement 
 
 
 On October 27, 2023, the Company terminated its existing Second Amended and Restated Asset-Based Revolving Credit Agreement dated December 6, 2021 and along with certain of its directly and indirectly owned subsidiaries (the “Borrowers”) entered into a new Credit Agreement (the “ABL Agreement”) with Regions Bank, as lender, swingline lender, LC issuer, administrative agent, collateral agent, and lead arranger, along with ServisFirst Bank and Texas Capital Bank, as joint lead arrangers and the other lenders party thereto. In connection with the termination, the Company recorded a loss on extinguishment of debt of $ 2,753 related to the write-off of unamortized debt issuance costs for and fees paid to exiting lenders. The ABL Agreement included an asset-based revolving credit facility (the “ABL Facility”) which allowed the Company to borrow cash or obtain LCs, on a revolving basis, in an aggregate amount of up to $ 155,000 . 
 
 
 On May 6, 2025, the Company amended and extended the ABL Agreement to increase the size of the ABL Facility to $ 225,000 . In addition, the Company may request an increase to the capacity of the facility of up to an additional $ 75,000 provided that $ 25,000 shall be solely for the purpose of providing additional availability to obtain cash collateralized LCs. Availability under the ABL Facility is calculated monthly and fluctuates based on qualifying amounts of coal inventory, trade accounts receivable, and in certain circumstances specified amounts of cash. Following the amendment, the ABL Facility matures on May 4, 2029. The ABL Facility is guaranteed by substantially all of Alpha’s directly and indirectly owned subsidiaries that are not Borrowers (the “Guarantors”) and is secured by all or substantially all assets of the Borrowers and Guarantors. 
 
 
 Under the amended terms of the ABL Facility, LC fees will be calculated at a rate of 2.25 %, 2.50 % or 2.75 % depending on the level of available capacity under the facility, plus a fronting fee of 0.25 %. Any future borrowings will bear interest based on the character of the loan (defined as either a “Term Secured Overnight Financing Rate Loan” (or “Term SOFR Loan”) or a “Base Rate Loan”). Term SOFR Loans bear interest at a rate equal to Term SOFR, plus 0.10 % SOFR Adjustment plus an applicable rate of 2.25 %, 2.50 % or 2.75 %, and Base Rate Loans bear interest at a rate equal to the Base Rate plus an applicable margin rate of 1.25 %, 1.50 % or 1.75 %, in each case, depending on the level of available capacity under the facility at the time 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 of the loan. The Company may elect the character and interest period for each loan. All amounts borrowed may be repaid prior to maturity without penalty. A commitment fee of 0.375 % will be charged on any unused capacity. As of December 31, 2025 and December 31, 2024, the Company had no amounts borrowed and $ 41,254 and $ 42,149 LCs outstanding under the ABL Facility, respectively. 
 
 
 The ABL agreement limits the Company’s ability to make certain restricted payments, including the payment of cash dividends and the repurchase of equity shares under its share repurchase program, if the level of cash it maintains at Regions Bank falls below $ 100,000 . The ABL Agreement also contains negative and affirmative covenants and requires the Company to maintain minimum Liquidity, as defined in the ABL Agreement, of $ 75,000 . As of December 31, 2025, the Company’s cash balance at Regions Bank exceeded the $ 100,000 threshold and the Company is in compliance with all covenants under the ABL Agreement. 
 
 
 Future Maturities 
 
 
 Future maturities of long-term debt as of December 31, 2025 are as follows: 
 
 2026 $ 3,575 
 2027 3,055 
 2028 2,600 
 2029 1,667 
 2030 1,795 
 After 2030 724 
 Total long-term debt $ 13,416 

 
 
 
 (14) Asset Retirement Obligations 
 
 
 The following table summarizes the changes in asset retirement obligations for the years ended December 31, 2025 and 2024: 
 
 Total asset retirement obligations at December 31, 2023 $ 205,424 
 Accretion for the period 25,050 
 Sites added during the period 5,381 
 Revisions in estimated cash flows (1) 
 12,414 
 Expenditures for the period ( 28,526 ) 
 Total asset retirement obligations at December 31, 2024 $ 219,743 
 Accretion for the period 22,126 
 Sites added during the period 475 
 Revisions in estimated cash flows 61 
 Expenditures for the period ( 15,028 ) 
 Total asset retirement obligations at December 31, 2025 $ 227,377 
 Less current portion (2) 
 ( 22,632 ) 
 Long-term portion $ 204,745 

 (1) The revisions in estimated cash flows for the year ended December 31, 2024 resulted primarily from a decrease in the discount rate and changes in mine plans. 
 (2) Included within Accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets. Refer to Note 12. 
 
 
 
 (15) Fair Value of Financial Instruments and Fair Value Measurements 
 The estimated fair values of financial instruments are determined based on relevant market information. These estimates involve uncertainty and cannot be determined with precision. 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, restricted cash, deposits, trade accounts payable, notes payable and other, financing leases, and accrued expenses and other current liabilities approximate fair value as of December 31, 2025 and 2024 due to the short maturity of these instruments. 
 The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels. 
 
 December 31, 2025 
 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 
 Trading securities (1) 
 $ 83,938 $ — $ 83,938 $ — 

 (1) Includes $ 49,582 classified as Short-term investments and $ 34,356 classified as Long-term restricted investments on the Company’s Consolidated Balance Sheets. 
 
 
 
 December 31, 2024 
 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 
 Trading securities (1) 
 $ 43,131 $ — $ 43,131 $ — 

 (1) Classified as Long-term restricted investments on the Company’s Consolidated Balance Sheets. 
 
 
 The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the tables above: 
 Level 2 Fair Value Measurements 
 Trading Securities - Typically includes U.S. government securities. The fair values are obtained from a third-party pricing service provider. The fair values provided by the pricing service provider are based on observable market inputs including credit spreads and broker-dealer quotes, among other inputs. The Company classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets. However, the pricing models used entail a certain amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (16) Income Taxes 
 
 
 Significant components of income tax (benefit) expense were as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Current tax (benefit) expense: 
 Federal $ ( 1,977 ) $ 17,219 $ 80,254 
 State ( 55 ) 389 3,527 
 Total current $ ( 2,032 ) $ 17,608 $ 83,781 
 
 Deferred tax (benefit) expense: 
 Federal $ ( 22,301 ) $ 3,868 $ 35,824 
 State ( 1,439 ) 1,695 3,898 
 Total deferred $ ( 23,740 ) $ 5,563 $ 39,722 
 
 Total income tax (benefit) expense: 
 Federal $ ( 24,278 ) $ 21,087 $ 116,078 
 State ( 1,494 ) 2,084 7,425 
 Total $ ( 25,772 ) $ 23,171 $ 123,503 

 
 
 Materially all of the Company’s (loss) income before income taxes and associated income tax (benefit) expense arises from its domestic operations within the United States. 
 
 
 A reconciliation of statutory federal income tax expense on income to the actual income tax expense is as follows: 
 
 Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 
 Amount Percent Amount Percent Amount Percent 
 U.S. federal statutory tax rate $ ( 18,366 ) 21.0 % $ 44,258 21.0 % $ 177,547 21.0 % 
 State and local income taxes, net of federal income tax effect (1) 
 ( 1,181 ) 1.4 % 1,647 0.8 % 5,866 0.7 % 
 Effect of cross-border tax laws 
 Foreign-derived intangible income deduction — — % ( 2,718 ) ( 1.3 ) % ( 24,291 ) ( 2.9 ) % 
 Change in valuation allowances ( 43,361 ) 49.6 % ( 341 ) ( 0.2 ) % ( 3,045 ) ( 0.4 ) % 
 Nontaxable or nondeductible items 
 Percentage depletion allowance ( 9,586 ) 11.0 % ( 20,245 ) ( 9.6 ) % ( 36,685 ) ( 4.3 ) % 
 Non-deductible compensation 2,691 ( 3.1 ) % 28,320 13.4 % 9,934 1.2 % 
 Stock-based compensation ( 1,124 ) 1.3 % ( 28,710 ) ( 13.6 ) % ( 6,968 ) ( 0.8 ) % 
 Other, net 866 ( 1.0 ) % 907 0.4 % 653 0.1 % 
 Other adjustments 
 Capital loss expiration 43,261 ( 49.5 ) % — — % — — % 
 Provision-to-return adjustment 1,045 ( 1.2 ) % 188 0.1 % 683 0.1 % 
 Other, net ( 17 ) — % ( 135 ) — % ( 191 ) ( 0.1 ) % 
 Effective tax rate $ ( 25,772 ) 29.5 % $ 23,171 11.0 % $ 123,503 14.6 % 

 (1) State taxes in Illinois, Virginia, and West Virginia made up the majority (greater than 50 percent) of the tax effect in this category. 
 
 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The amounts of cash taxes paid (net of refunds received) by the Company are as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 US federal $ — $ 11,000 $ 75,700 
 US state and local 
 Kentucky ( 174 ) ( 1,308 ) ( 8 ) 
 Tennessee 125 351 45 
 Virginia 2,225 ( 1,756 ) 3,037 
 Other ( 58 ) 92 417 
 Total $ 2,118 $ 8,379 $ 79,191 

 
 
 Deferred income taxes result from temporary differences between the reporting of amounts for financial statement purposes and income tax purposes. The net deferred tax assets and liabilities included in the Consolidated Balance Sheets include the following amounts: 
 
 Year Ended December 31, 
 2025 2024 
 Deferred tax assets: 
 Asset retirement obligations $ 49,773 $ 47,561 
 Reserves and accruals not currently deductible 9,107 9,021 
 Workers’ compensation and black lung obligations 41,659 38,538 
 Pension obligations 17,336 18,246 
 Net operating loss carryforwards 43,323 31,810 
 Capital loss carryforwards — 45,072 
 Other 8,046 10,878 
 Gross deferred tax assets 169,244 201,126 
 Less valuation allowance ( 3,159 ) ( 48,734 ) 
 Deferred tax assets $ 166,085 $ 152,392 
 Deferred tax liabilities: 
 Property, plant and mineral reserves $ ( 161,917 ) $ ( 174,031 ) 
 Acquired intangibles ( 6,250 ) ( 7,371 ) 
 Prepaid expenses ( 3,648 ) ( 3,900 ) 
 Other ( 1,616 ) ( 1,060 ) 
 Total deferred tax liabilities ( 173,431 ) ( 186,362 ) 
 Net deferred tax liabilities $ ( 7,346 ) $ ( 33,970 ) 

 
 
 
 
 Changes in the valuation allowance were as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Valuation allowance beginning of period $ 48,734 $ 48,143 $ 53,801 
 (Decrease) increase in valuation allowance recorded to income tax expense ( 45,575 ) 591 ( 5,658 ) 
 Valuation allowance end of period $ 3,159 $ 48,734 $ 48,143 

 
 
 At December 31, 2025, the Company has recorded a deferred tax asset of $ 33,755 for federal net operating loss carryforwards, which represents the tax-effected amount of net operating loss carryforwards mathematically available for 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 utilization prior to statutory expiration. Underlying this deferred tax asset are approximately $ 11,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 1,000 , approximately $ 97,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 17,500 , and approximately $ 53,000 of gross federal net operating loss carryforwards that are not subject to an annual Internal Revenue Code Section 382 limitation. The gross federal net operating loss carryforwards of approximately $ 11,000 and $ 97,000 were generated prior to 2018 and will expire between years 2035 and 2037. The gross federal net operating loss carryforward of approximately $ 53,000 was generated in 2025 and is not subject to an expiration period. A valuation allowance is recorded against certain state net operating loss carryforwards to the extent the Company is unable to support their realization. 
 
 
 The Company has no liability for uncertain tax positions for the years ended December 31, 2025, 2024, and 2023. 
 
 
 The Company’s policy is to classify interest and penalties related to uncertain tax positions as part of income tax expense. The Company did not accrue any interest and penalties relating to uncertain positions on its Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023. Similarly, the Company had no balances for accrued interest and penalties on its Consolidated Balance Sheets as of December 31, 2025 and 2024. 
 
 
 As of December 31, 2025, tax years 2022 – 2025 remain open to federal and state examination. 
 
 
 On July 4, 2025, legislation commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. Changes made by the OBBBA include the reinstatement of 100% bonus depreciation, the reinstatement of immediate expensing for domestic research and experimentation costs, changes to the calculation of the foreign-derived intangible income deduction and the interest expense limitation, and the addition of metallurgical coal to the list of “applicable critical minerals” for purposes of the Section 45X credit. The Section 45X credit (also known as the advanced manufacturing production credit), as amended, provides a refundable tax credit equal to 2.5% of the production costs for metallurgical coal produced during tax years 2026 and 2029. The Company incorporated the effects of the OBBBA in its income tax provision for the year ended December 31, 2025. 
 
 
 On August 16, 2022, legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was signed into law. Among other provisions, the IRA enacted a 15% corporate alternative minimum tax and a 1% excise tax on repurchases of corporate stock for tax years beginning after December 31, 2022. The Company determined that it is not subject to the corporate alternative minimum tax for the years ended December 31, 2025, 2024 and 2023. Refer to Note 7 for information on the excise tax on repurchases of the Company’s corporate stock. 
 
 
 
 (17) Employee Benefit Plans 
 
 
 The Company provides several types of benefits for its employees, including a defined benefit and defined contribution pension plan, workers’ compensation and black lung benefits, and postretirement life insurance. The Company does not participate in any multi-employer plans. The components of net periodic benefit cost (credit) other than the service cost component for black lung are included in the line item Miscellaneous expense, net, in the Consolidated Statements of Operations. 
 
 
 Company Administered Defined Benefit Pension Plan 
 
 
 In connection with the Merger, the Company assumed three qualified non-contributory defined benefit pension plans, which covered certain salaried and non-union hourly employees. The qualified non-contributory defined benefit pension plans were collectively referred to as the “Pension Plans.” Effective as of December 31, 2023, the assets and liabilities of the Pension Plans were merged into one qualified non-contributory defined benefit pension plan (“Pension Plan”). Benefits are frozen under the Pension Plan. Participants accrued benefits either based on certain formulas, the participant’s compensation prior to retirement, or plan specified amounts for each year of service with the Company. The Pension Plan utilizes a cash balance formula for certain of its participants. The cash balance formula provides guaranteed rates of interest on accumulated balances of 6 % for balances accumulated prior to 2004 and 4 % on balances accumulated thereafter. 
 
 
 Annual funding contributions to the Pension Plan are made as recommended by consulting actuaries based upon the ERISA funding standards. Projected contributions are based on the latest available data and include the impact of the funding relief granted by the American Rescue Plan Act (“ARPA”) and the application of the interest rate stabilization guidance under ARPA. 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Plan assets consist of equity securities, fixed income funds, commingled short-term funds, private equity funds, a guaranteed insurance contract, and cash and cash equivalents. 
 
 
 The following tables set forth the Pension Plan’s accumulated benefit obligation, fair value of plan assets and funded status for the years ended December 31, 2025 and 2024. 
 
 Year Ended December 31, 
 2025 2024 
 Change in benefit obligations: 
 Accumulated benefit obligation at beginning of period: $ 451,976 $ 478,366 
 Interest cost 23,254 23,672 
 Actuarial loss (gain) 13,487 ( 17,715 ) 
 Benefits paid ( 31,312 ) ( 32,347 ) 
 Accumulated benefit obligation at end of period $ 457,405 $ 451,976 
 
 Change in fair value of plan assets: 
 Fair value of plan assets at beginning of period $ 351,379 $ 376,458 
 Actual return on plan assets 33,055 ( 5,052 ) 
 Employer contributions 16,966 12,320 
 Benefits paid ( 31,312 ) ( 32,347 ) 
 Fair value of plan assets at end of period $ 370,088 $ 351,379 
 Funded status $ ( 87,317 ) $ ( 100,597 ) 
 Accrued benefit cost at end of period (1) 
 $ ( 87,317 ) $ ( 100,597 ) 

 (1) Amounts are classified as long-term on the Consolidated Balance Sheets as there are sufficient plan assets to make expected benefit payments to plan participants in the succeeding twelve months. 
 
 
 Gross amounts related to benefit obligations recognized in accumulated other comprehensive loss consisted of the following as of December 31, 2025 and 2024: 
 
 December 31, 
 2025 2024 
 Net actuarial loss $ 31,053 $ 32,545 

 
 
 The following table details the components of net periodic benefit cost: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Interest cost $ 23,254 $ 23,672 $ 23,973 
 Expected return on plan assets ( 19,673 ) ( 20,913 ) ( 21,996 ) 
 Amortization of net actuarial loss 1,597 1,764 730 
 Net periodic benefit cost $ 5,178 $ 4,523 $ 2,707 

 
 
 Other changes in plan assets and benefit obligation recognized in other comprehensive (loss) income are as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Actuarial loss (1) 
 $ 105 $ 8,250 $ 14,106 
 Amortization of net actuarial loss ( 1,597 ) ( 1,764 ) ( 730 ) 
 Total recognized in other comprehensive (loss) income $ ( 1,492 ) $ 6,486 $ 13,376 

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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (1) For the year ended December 31, 2024, the actuarial loss was primarily attributable to lower than expected return on plan assets and an annual census data actuarial revaluation of pension obligations, partially offset by an increase in the weighted-average discount rate actuarial assumption used in determining the benefit obligation. 
 
 
 The following table presents information applicable to plans with accumulated benefit obligations in excess of plan assets: 
 
 Year Ended December 31, 
 2025 2024 
 Projected benefit obligation $ 457,405 $ 451,976 
 Accumulated benefit obligation $ 457,405 $ 451,976 
 Fair value of plan assets $ 370,088 $ 351,379 

 
 
 The weighted-average actuarial assumption used in determining the benefit obligation as of December 31, 2025 and 2024 was as follows: 
 
 December 31, 
 2025 2024 
 Discount rate 5.44 % 5.65 % 

 
 
 The weighted-average actuarial assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2025, 2024, and 2023 were as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Discount rate for benefit obligation 5.65 % 5.12 % 5.42 % 
 Discount rate for interest cost 5.33 % 4.99 % 5.27 % 
 Expected long-term rate of return on plan assets (1) 
 5.70 % 5.70 % 6.20 % 

 (1) During the three months ended June 30, 2024, the Company updated the 2024 expected long-term rate of return on plan assets from 6.20 % to 5.70 % based on a weighted basis of the beginning and more recently assumed rate as the pension plan’s target allocation was updated to 50 % equity securities and 50 % fixed income funds in the interim period. 
 
 
 The discount rate assumptions were determined from a high-quality corporate bond yield-curve timing of the Company’s projected cash out flows. 
 
 
 The expected long-term rate of return on assets of the Pension Plan is established each year in consultation with the plan’s actuaries and outside investment advisors. This rate is determined by taking into consideration the Pension Plan’s target asset allocation, expected long-term rates of return on each major asset class by reference to long-term historic ranges, and inflation assumptions. For the determination of net periodic benefit cost in 2026, the Company will utilize an expected long-term rate of return on plan assets of 5.70 %. 
 
 
 Assets of the Pension Plan are held in trusts and are invested in accordance with investment guidelines that have been established by the Company’s Benefits Committee in consultation with outside investment advisors. The target allocation for 2026 and the actual asset allocation as reported at December 31, 2025 are as follows: 
 
 Target Allocation Percentages 2026 Percentage of Plan Assets 2025 
 Equity securities 50.0 % 50.0 % 
 Fixed income funds 50.0 % 44.0 % 
 Other — % 6.0 % 
 Total 100.0 % 100.0 % 

 
 
 The asset allocation targets have been set with the expectation that the Pension Plan’s assets will fund the expected liability within an appropriate level of risk. In determining the appropriate target asset allocations, the Benefits Committee considers the demographics of the Pension Plan’s participants, the funded status of the plan, the Company’s contribution philosophy, the 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Company’s business and financial profile, and other associated risk factors. The Pension Plan’s assets are periodically rebalanced among the major asset categories to maintain the asset allocation within a specified range of the target allocation percentage. The target allocation between equity securities and fixed income funds is determined by reference to the funded status percentage for the Pension Plan. 
 
 
 The Company contributed $ 16,966 to the Pension Plan during the year ended December 31, 2025. In 2026, the Company expects to contribute $ 23,108 of estimated minimum required contributions to the Pension Plan for the 2025 and 2026 plan years. 
 
 
 The following represents expected future pension benefit payments for the next ten years: 
 
 2026 $ 31,937 
 2027 31,822 
 2028 31,526 
 2029 31,236 
 2030 30,964 
 2031-2035 152,532 
 $ 310,017 

 
 
 The fair values of the Company’s Pension Plan’s assets as of December 31, 2025, by asset category are as follows: 
 
 Asset Category Total 
 Level 1 Level 2 Level 3 Assets Measured at NAV (1) 
 
 Equity securities: 
 ETF funds 
 $ 97,401 $ 97,401 $ — $ — $ — 
 Mutual funds 87,179 87,179 — — — 
 Fixed income funds: 
 Corporate bonds 
 92,076 — 92,076 — — 
 U.S. government securities 68,270 — 68,270 — — 
 Commingled short-term fund (2) 
 1,196 — 1,196 — — 
 Private equity funds 404 — — — 404 
 Other types of investments: 
 Guaranteed insurance contract 12,488 — — 12,488 — 
 Total $ 359,014 $ 184,580 $ 161,542 $ 12,488 $ 404 
 Cash & cash equivalents (3) 
 8,931 
 Receivable (4) 
 2,143 
 Total plan assets $ 370,088 

 (1) In accordance with ASU 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. 
 (2) This fund contains cash and highly liquid short-term investments in a collective investment fund. 
 (3) Represents cash on deposit that has FDIC insurance, which approximates fair value. 
 (4) Receivable for investments sold at December 31, 2025, which approximates fair value. 
 
 
 
 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 The fair values of the Company’s Pension Plan’s assets as of December 31, 2024, by asset category are as follows: 
 
 Asset Category Total 
 Level 1 Level 2 Level 3 Assets Measured at NAV (1) 
 
 Equity securities: 
 Multi-asset fund 
 $ 170,829 $ — $ 170,829 $ — $ — 
 Fixed income funds: 
 Bond fund 
 165,100 — 165,100 — — 
 Commingled short-term fund (2) 
 1,269 — 1,269 — — 
 Private equity funds 
 448 — — — 448 
 Other types of investments: 
 Guaranteed insurance contract 12,488 — — 12,488 — 
 Total $ 350,134 $ — $ 337,198 $ 12,488 $ 448 
 Receivable (3) 
 1,245 
 Total plan assets $ 351,379 

 (1) In accordance with ASU 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. 
 (2) This fund contains cash and highly liquid short-term investments in a collective investment fund. 
 (3) Receivable for investments sold at December 31, 2024, which approximates fair value. 
 
 
 Changes in Level 3 plan assets for the period ended December 31, 2024 were as follows: 
 
 Level 3 
 Guaranteed Insurance Contract 
 Beginning balance, December 31, 2023 $ 12,230 
 Actual return on plan assets: 
 Relating to assets still held at the reporting date 524 
 Purchases, sales and settlements ( 266 ) 
 Ending balance, December 31, 2024 $ 12,488 

 
 
 The following is a description of the valuation methodologies used for assets measured at fair value: 
 
 
 Level 1 Plan Assets: Assets consist of individual security positions that are easily traded on recognized market exchanges. These securities are priced and traded daily, and therefore the fund is valued daily. 
 
 
 Level 2 Plan Assets: Funds consist of individual security positions that are mostly securities easily traded on recognized market exchanges. These securities are priced and traded daily, and therefore the fund is valued daily. 
 
 
 Level 3 Plan Assets: Assets are valued monthly or quarterly based on the Market Value provided by managers of the underlying fund investments. The Market Value provided typically reflects the fair value of each underlying fund investment, including unrealized gains and losses. 
 
 
 Workers’ Compensation and Pneumoconiosis (Black Lung) 
 
 
 The Company is required by federal and state statutes to provide benefits to employees for awards related to workers’ compensation and black lung. 
 
 
 The Company’s subsidiaries utilize high-deductible third-party insurance for worker’s compensation and black lung obligations with the exception of certain subsidiaries in which the Company is a qualified self-insurer for workers’ compensation and/or black lung obligations. The Company’s subsidiaries that are self-insured for black lung benefits may fund certain benefit payments through a Section 501(c) (21) tax-exempt trust fund. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Pursuant to the Merger Agreement, the Company assumed a reinsurance contract with a third party. In 2017, the Merger Companies made a lump sum payment in exchange for a reinsurance company’s agreement to administer and pay certain future workers’ compensation and state black lung obligations in the state of Kentucky. Pursuant to the Merger Agreement, the Company assumed the estimated liability for these future claims. As the liabilities are paid by the reinsurance company, the prepaid insurance amounts will be reduced by a corresponding amount. In 2025, the reinsurance company transferred its obligations to a new reinsurance company. 
 
 
 The Company accrues for workers’ compensation liability by recognizing costs when it is probable that a covered liability has been incurred and the cost can be reasonably estimated. The Company’s estimates of these costs are adjusted based upon actuarial studies and include a provision for incurred but not reported losses. Actual losses may differ from these estimates, which could increase or decrease the Company’s costs. Additionally, the liability for black lung benefits is estimated by an independent actuary by prorating the accrual of actuarially projected benefits over the employee’s applicable term of service. Adjustments to the probable ultimate liability for workers’ compensation and black lung are made annually based on actuarial valuations. 
 
 
 For the Company’s subsidiaries that are insured with a high-deductible insurance plan for workers’ compensation and black lung claims, the insurance premium expense for the years ended December 31, 2025, 2024 and 2023 was $ 8,113 , $ 9,461 , and $ 10,676 , respectively. 
 
 
 Workers’ Compensation 
 
 
 The table below presents workers’ compensation amounts recognized in the Consolidated Balance Sheets: 
 
 December 31, 
 2025 2024 
 Current liabilities $ 8,880 $ 9,444 
 Long-term liabilities 72,685 79,897 
 Total liabilities $ 81,565 $ 89,341 
 Less expected insurance receivable (1) 
 ( 31,947 ) ( 35,891 ) 
 Workers’ compensation obligations, net of expected insurance receivables $ 49,618 $ 53,450 

 (1) Included within Prepaid expenses and other current assets and Other non-current assets in the Consolidated Balance Sheets. 
 
 
 Workers’ compensation expense (credit) for high-deductible insurance plans for the years ended December 31, 2025, 2024, and 2023 was $ 4,385 , ($ 1,758 ), and ($ 271 ), respectively, included within Cost of coal sales in the Consolidated Statements of Operations. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Black Lung 
 
 
 The following tables set forth the accumulated black lung benefit obligations, fair value of plan assets and funded status for the years ended December 31, 2025 and 2024: 
 
 Year Ended December 31, 
 2025 2024 
 Change in benefit obligation: 
 Accumulated benefit obligation at beginning of period $ 116,956 $ 109,871 
 Service cost 2,141 2,404 
 Interest cost 5,852 5,229 
 Actuarial loss 18,865 9,086 
 Benefits paid ( 10,435 ) ( 9,634 ) 
 Accumulated benefit obligation at end of period $ 133,379 $ 116,956 
 Change in fair value of plan assets: 
 Fair value of plan assets at beginning of period $ 2,683 $ 2,613 
 Actual return on plan assets 87 70 
 Benefits paid ( 10,435 ) ( 9,634 ) 
 Employer contributions 10,435 9,634 
 Fair value of plan assets at end of period (1) 
 2,770 2,683 
 Funded status $ ( 130,609 ) $ ( 114,273 ) 
 Accrued benefit cost at end of period $ ( 130,609 ) $ ( 114,273 ) 

 (1) Assets of the plan are held in a Section 501(c)(21) tax-exempt trust fund and consist primarily of government debt securities. All assets are classified as Level 1 and valued based on quoted market prices. 
 
 
 The table below presents amounts recognized in the Consolidated Balance Sheets: 
 
 December 31, 
 2025 2024 
 Current liabilities $ 12,329 $ 11,209 
 Long-term liabilities 118,280 103,064 
 Total liabilities $ 130,609 $ 114,273 

 
 
 Gross amounts related to the black lung benefit obligations recognized in accumulated other comprehensive loss consisted of the following as of December 31, 2025 and 2024: 
 
 December 31, 
 2025 2024 
 Net actuarial loss $ 33,341 $ 18,814 

 
 
 The following table details the components of the net periodic benefit cost for the black lung benefit obligations: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Service cost $ 2,141 $ 2,404 $ 2,051 
 Interest cost 5,852 5,229 4,660 
 Expected return on plan assets ( 54 ) ( 52 ) ( 50 ) 
 Amortization of net actuarial loss (gain) 4,305 2,884 ( 2,833 ) 
 Net periodic benefit cost $ 12,244 $ 10,465 $ 3,828 

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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 
 Other changes in the black lung plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Actuarial loss (1) 
 $ 18,832 $ 9,068 $ 19,995 
 Amortization of net actuarial (loss) gain ( 4,305 ) ( 2,884 ) 2,833 
 Total recognized in other comprehensive income $ 14,527 $ 6,184 $ 22,828 

 (1) For the year ended December 31, 2025, the actuarial loss was primarily attributable to changes in demographic assumptions and a decrease in the weighted-average discount rate actuarial assumption used in determining the benefit obligations. For the year ended December 31, 2024, the actuarial loss was primarily attributable to an increase in new claimants and claims and changes in demographic assumptions, partially offset by an increase in the weighted-average discount rate actuarial assumption used in determining the benefit obligations. 
 
 
 The weighted-average assumptions related to black lung obligations used to determine the benefit obligation as of December 31, 2025 and 2024 were as follows: 
 
 December 31, 
 2025 2024 
 Discount rate 5.46 % 5.66 % 
 Federal black lung income benefit trend rate 2.50 % 2.50 % 
 Federal black lung medical benefit trend rate 5.00 % 5.00 % 

 
 
 The weighted-average assumptions related to black lung benefit obligations used to determine net periodic benefit cost were as follows: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Discount rate for benefit obligation 5.66 % 5.13 % 5.42 % 
 Discount rate for service cost 5.88 % 5.31 % 5.58 % 
 Discount rate for interest cost 5.27 % 4.98 % 5.23 % 
 Federal black lung income benefit trend rate 2.50 % 2.50 % 2.50 % 
 Federal black lung medical benefit trend rate 5.00 % 5.00 % 5.00 % 
 Expected return on plan assets 2.00 % 2.00 % 2.00 % 

 
 
 Estimated future cash payments related to black lung benefit obligations for the next 10 years ending after December 31, 2025 are as follows: 
 
 Year ending December 31: 
 2026 $ 12,329 
 2027 12,200 
 2028 11,960 
 2029 11,769 
 2030 11,703 
 2031-2035 
 33,695 
 $ 93,656 

 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Postretirement Life Insurance Benefits 
 
 
 As part of the Alpha Natural Resources, Inc. bankruptcy reorganization process and the Retiree Committee Settlement Agreement, the Company assumed the unfunded liability for life insurance benefits for certain disabled and non-union retired employees. Provisions are made for estimated benefits and adjustments to the probable ultimate liabilities are made annually based on an actuarial study prepared by independent actuaries. As of December 31, 2025 and 2024, the postretirement life insurance benefit obligation was $ 8,259 , including a current portion of $ 610 , and $ 8,222 , including a current portion of $ 600 , respectively, which are included in the Consolidated Balance Sheets as Other non-current liabilities and Accrued expenses and other current liabilities. 
 
 
 Defined Contribution and Profit-Sharing Plans 
 
 
 The Company sponsors defined contribution plans to assist its eligible employees in providing for retirement. Generally, under the terms of these plans, employees make voluntary contributions through payroll deductions and the Company makes matching and/or discretionary contributions, as defined by each plan. The Company’s total contributions to these plans for the years ended December 31, 2025, 2024, and 2023 were $ 6,578 , $ 6,425 , and $ 16,435 , respectively. 
 
 
 During the fourth quarter of 2025, the Company paid a discretionary employer contribution under the Alpha Metallurgical Resources 401(k) Retirement Savings Plan (the “Plan”) equal to the 2 % of the Plan participants’ annual salaries. During the first quarter of 2026, the Company’s matching contributions under the Plan were reinstated after being suspended due to weak market conditions during the second quarter of 2024. 
 
 
 Self-insured Medical Plan 
 
 
 The Company is self-insured for health benefit coverage for all of its active employees. During the years ended December 31, 2025, 2024, and 2023, the Company incurred total expenses of $ 106,551 , $ 102,805 , and $ 86,745 , respectively, which primarily include claims processed and an estimate for claims incurred but not paid. 
 
 
 
 ( 18) Stock-Based Compensation Awards 
 The MIP was authorized for the issuance of awards of up to 1,201,202 shares of common stock. Although management does not intend to grant any future awards under the MIP, there were 113,884 shares of common stock remaining for grant under the MIP as of December 31, 2025. The LTIP is currently authorized for the issuance of awards of up to 1,500,000 shares of common stock, and as of December 31, 2025, there were 765,333 shares of common stock available for grant under the LTIP. 
 
 
 The Company does not backdate or retroactively grant restricted stock units and generally schedules board and compensation committee meetings during the prior year. Further, the Company generally makes annual equity award grants to its directors and named executive officers at approximately the same times each year. The Company does not time equity awards to take advantage of the release of earnings or other major announcements by the Company, or market conditions. 
 
 
 As of December 31, 2025, the Company did not have outstanding awards of stock options, stock appreciation rights, or similar option-like instruments. 
 
 
 As of December 31, 2025, the Company had two types of stock-based awards outstanding: time-based restricted stock units and performance-based restricted stock units. Upon vesting and settlement or exercise of the stock-based awards outstanding, the Company issues authorized and unissued shares of the Company’s common stock to the recipient. Stock-based compensation expense totaled $ 13,640 , $ 12,929 , and $ 20,856 for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025, 2024, and 2023, approximately 85 %, 86 %, and 95 %, respectively, of stock-based compensation expense was reported as selling, general and administrative expenses, and the remainder was recorded as cost of coal sales. 
 
 
 The Company is authorized to repurchase common shares from employees (upon the election by the employee) to satisfy the employees’ statutory tax withholdings upon the vesting of stock grants. Shares that are repurchased to satisfy the employees’ statutory tax withholdings are recorded in treasury stock at cost. During the year ended December 31, 2025, the Company repurchased 26,519 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 5,155 , or $ 194.39 average price paid per share. During the year ended December 31, 2024, the Company 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 repurchased 144,427 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 55,419 , or $ 383.72 average price paid per share. During the year ended December 31, 2023, the Company repurchased 81,287 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 17,333 , or $ 213.23 average price paid per share. 
 
 
 On November 8, 2023, the Company modified the terms of certain outstanding stock-based compensation awards previously granted to Mr. Stetson, the executive chair of the Board at the time of the modification. Pursuant to the terms of the modification, upon the completion of his service as executive chair as of the end of the day on December 31, 2023, and his appointment by the Board as non-executive chair of the Board effective as of January 1, 2024, the pro-rata vesting of his outstanding incentive awards was to be calculated as if his separation date were instead December 31, 2024. The modification resulted in total incremental compensation cost of $ 6,717 for the year ended December 31, 2023 and impacted the time-based restricted stock units and performance-based restricted stock units granted to him under the LTIP during the years ended December 31, 2023 and 2022. Awards held by other employees were not affected by the modification. As all modified awards are fully vested, there was no remaining compensation cost to be recognized as of December 31, 2023. 
 
 
 2025 Awards Granted 
 
 
 During the year ended December 31, 2025, the Company granted certain key employees and non-employee directors 50,335 time-based restricted stock units under the LTIP with a weighted average grant date fair value of $ 185.77 based on the Company’s closing stock price at the trading day before the date of the grant. Awards granted to key employees on January 22, 2025 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date. Restricted stock units were also granted to non-employee directors on May 7, 2025, which will vest on the first to occur of (i) May 6, 2026, (ii) the director’s separation of service due to the director’s death or physical or mental incapacity to perform his or her usual duties, (iii) the director’s service as a member of the Board is terminated, for any reason other than removal for cause, as of a date that is more than six months after the date of grant, and (iv) a change in control. 
 
 
 Additionally, during the year ended December 31, 2025, the Company granted certain key employees 30,279 performance-based restricted stock units under the LTIP, which represent the number of shares of common stock that may be issued based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals and annually determined operational goals over a three year period. These awards are scheduled to cliff vest on the third anniversary of the date of the grant, subject to the participant’s continuous service with the Company through the applicable vesting date and the satisfaction of the performance criteria. These performance-based restricted stock units have the potential to be earned from 0 % to 200 % of the targeted performance level, depending on actual results. Upon vesting and settlement of these awards, the Company will issue authorized and previously unissued shares of the Company’s common stock to the recipient. The 18,168 operational performance-based restricted stock units were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 196.42 . For the awards with operational performance conditions, the Company reassesses at each reporting date whether achievement of each of the performance conditions was probable and adjusts the accrual of stock-based compensation expense as needed. The 12,111 relative total shareholder return performance-based restricted stock units were valued relative to the stock price performance of a comparator group and had weighted average grant date fair value based on a Monte Carlo simulation. Refer to the “Performance-Based Restricted Stock Units — Relative Performance-Based Restricted Stock Units” section below for further detail. 
 
 
 2024 Awards Granted 
 
 
 During the year ended December 31, 2024, the Company granted certain key employees and non-employee directors 25,734 time-based restricted stock units under the LTIP with a weighted average grant date fair value of $ 389.07 based on the Company’s closing stock price at the trading day before the date of the grant. Awards granted to key employees on January 24, 2024 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date. Restricted stock units were also granted to two non-employee directors on February 29, 2024, which vested on May 2, 2024, and to multiple non-employee directors on May 2, 2024, which vested on May 1, 2025. Restricted stock units were also granted to Mr. Gorzynski effective with his appointment to chair of the Board on December 13, 2024, which vested on May 1, 2025. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Additionally, during the year ended December 31, 2024, the Company granted certain key employees 15,820 performance-based restricted stock units under the LTIP, which represent the number of shares of common stock that may be issued based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals and annually determined operational goals over a three year period. These awards are scheduled to cliff vest on the third anniversary of the date of the grant, subject to the participant’s continuous service with the Company through the applicable vesting date and the satisfaction of the performance criteria. These performance-based restricted stock units have the potential to be earned from 0 % to 200 % of the targeted performance level, depending on actual results. Upon vesting and settlement of these awards, the Company will issue authorized and previously unissued shares of the Company’s common stock to the recipient. The 9,490 operational performance-based restricted stock units were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 400.93 . For the awards with operational performance conditions, the Company reassesses at each reporting date whether achievement of each of the performance conditions was probable and adjusts the accrual of stock-based compensation expense as needed. The 6,330 relative total shareholder return performance-based restricted stock units were valued relative to the stock price performance of a comparator group and had weighted average grant date fair value based on a Monte Carlo simulation. Refer to the “Performance-Based Restricted Stock Units — Relative Performance-Based Restricted Stock Units” section below for further detail. 
 
 
 2023 Awards Granted 
 
 
 During the year ended December 31, 2023, the Company granted certain key employees and non-employee directors 35,018 time-based restricted stock units under the LTIP with a weighted average grant date fair value of $ 165.43 based on the Company’s closing stock price at the trading day before the date of the grant. Awards granted to key employees on January 25, 2023 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date. Per the terms of the transition agreement between Mr. Stetson and the Company, dated November 18, 2022, relating to his service as the Company’s executive chair of the Board, and then as its non-executive chair, awards granted to Mr. Stetson were to vest pro-rata as of December 31, 2023, the last day of his service as the Company’s executive chair, reflecting his service through that date. The transition agreement was later amended as discussed above. Restricted stock units were also granted to a non-employee director on February 2, 2023, which vested on May 2, 2023, and to multiple non-employee directors on May 3, 2023, which vested on May 2, 2024. 
 
 
 Additionally, during the year ended December 31, 2023, the Company granted certain key employees 49,701 performance-based restricted stock units under the LTIP, which represent the number of shares of common stock that may be issued based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals and annually determined operational goals over a three year period. These awards are scheduled to cliff vest on the third anniversary of the date of the grant, subject to the participant’s continuous service with the Company through the applicable vesting date and the satisfaction of the performance criteria. Per the terms of the transition agreement between Mr. Stetson and the Company, dated November 18, 2022, relating to his service as the Company’s executive chair of the Board, and then as its non-executive chair, the awards granted to Mr. Stetson were to vest pro-rata as of December 31, 2023, the last day of his service as the Company’s executive chair, reflecting his service through that date. The transition agreement was later amended as discussed above. The performance-based restricted stock units have the potential to be earned from 0 % to 200 % of the targeted performance level, depending on actual results. Upon vesting and settlement of these awards, the Company will issue authorized and previously unissued shares of the Company’s common stock to the recipient. The 29,816 operational performance-based restricted stock units were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 171.07 . For the awards with operational performance conditions, the Company reassesses at each reporting date whether achievement of each of the performance conditions was probable and adjusts the accrual of stock-based compensation expense as needed. Of the 19,885 relative total shareholder return performance-based restricted stock units, 2,093 were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 171.07 , and 17,792 were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value based on a Monte Carlo simulation. Refer to the “Performance-Based Restricted Stock Units — Relative Performance-Based Restricted Stock Units” section below for further detail. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 Time-Based Restricted Stock Units 
 Time-based restricted stock unit activity for the year ended December 31, 2025 is summarized in the following table: 
 
 Time-based restricted stock unit activity: Number of Shares Weighted-Average Grant Date Fair Value 
 Non-vested shares outstanding at December 31, 2024 43,330 $ 252.62 
 Granted 50,335 $ 185.77 
 Vested (1) 
 ( 31,276 ) $ 175.00 
 Forfeited ( 1,025 ) $ 249.49 
 Non-vested shares outstanding at December 31, 2025 61,364 $ 237.40 

 (1) Includes 8,071 shares with deferred settlement pursuant to the award agreements. 
 
 
 As of December 31, 2025, there was $ 4,526 of unrecognized compensation cost related to non-vested time-based restricted stock units which is expected to be recognized as expense over a weighted-average period of 1.41 years. The total fair value of shares vested, including awards with deferred settlements, during the years ended December 31, 2025, 2024, and 2023, was $ 5,907 , $ 31,257 , and $ 35,204 , respectively. 
 
 
 Performance-Based Restricted Stock Units 
 
 
 Relative Performance-Based Restricted Stock Units 
 
 
 The relative total shareholder return performance-based restricted stock units granted during the years ended December 31, 2025, 2024, and 2023 were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value based on assumptions incorporated in a Monte Carlo simulation as presented in the following table: 
 
 
 
 Year Ended December 31, 
 Relative performance-based restricted stock units 2025 2024 2023 
 Weighted average grant date fair value $ 231.59 $ 531.08 $ 267.18 
 
 Start price (1) 
 $ 216.98 $ 316.88 $ 151.35 
 Valuation date stock price (2) 
 $ 193.40 $ 389.97 $ 176.44 
 Expected volatility (3) 
 57.69 % 64.21 % 102.06 % 
 Risk-free interest rate (4) 
 4.29 % 4.16 % 3.82 % 
 Expected dividend yield (5) 
 — % — % — % 

 (1) The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2024, 2023 and 2022, respectively, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date. 
 (2) The valuation date stock price represented the closing value on the grant date. 
 (3) The expected volatility assumption was based on the historical volatility of the price of the Company’s stock. 
 (4) The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date. 
 (5) The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit. 
 
 
 Relative performance-based restricted stock unit activity for the year ended December 31, 2025 based on target achievement of the performance criteria is summarized in the following table: 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 Relative performance-based restricted stock unit activity: Number of Shares Weighted-Average Grant Date Fair Value 
 Non-vested shares outstanding at December 31, 2024 33,378 $ 251.61 
 Granted 12,111 $ 231.59 
 Vested (1) 
 ( 11,879 ) $ 97.33 
 Forfeited ( 523 ) $ 297.20 
 Non-vested shares outstanding at December 31, 2025 33,087 $ 298.95 

 (1) Excludes 10,244 net shares issued due to achievement of performance metrics above the 100 % targeted performance level pursuant to the award agreement. 
 
 
 As of December 31, 2025, there was $ 3,052 of unrecognized compensation cost related to non-vested relative performance-based restricted stock units which is expected to be recognized as expense over a weighted-average period of 1.65 years. The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $ 2,303 , $ 26,847 , and $ 3,559 , respectively, excluding net shares issued above the 100 % targeted performance level. 
 Operational Performance-Based Restricted Stock Units 
 Operational performance-based restricted stock unit activity for the year ended December 31, 2025 based on target achievement of the performance criteria is summarized in the following table: 
 
 Operational performance-based restricted stock unit activity: 
 Number of Shares Weighted-Average Fair Value 
 Non-vested shares outstanding at December 31, 2024 50,054 $ 170.75 
 Granted 18,168 $ 196.42 
 Vested (1) 
 ( 12,410 ) $ 60.37 
 Forfeited/Canceled ( 6,193 ) $ 79.77 
 Non-vested shares outstanding at December 31, 2025 49,619 $ 219.11 

 (1) Excludes 5,075 net shares issued due to achievement of performance metrics above the 100 % targeted performance level pursuant to the award agreement. 
 
 
 As of December 31, 2025, there was $ 801 of unrecognized compensation cost related to non-vested operational performance-based restricted stock units, based on the probability of achievement as of December 31, 2025, which is expected to be recognized as expense over a weighted-average period of 1.20 years.The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $ 2,406 , $ 40,270 , and $ 5,339 , respectively, excluding net shares issued above the 100 % targeted performance level. 
 Performance-Based Cash Incentive Awards 
 The performance-based cash incentive awards granted during the year ended December 31, 2022 were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value as a percent of target dollar value based on assumptions incorporated in a Monte Carlo simulation as presented in the following table: 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 
 Performance-based cash incentive awards Year Ended December 31, 2022 
 Weighted average grant date fair value 61.97 % 
 
 Start price (1) 
 $ 53.29 
 Valuation date stock price (2) 
 $ 61.09 
 Expected volatility (3) 
 106.48 % 
 Risk-free interest rate (4) 
 1.26 % 
 Expected dividend yield (5) 
 — % 

 (1) The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2021, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date. 
 (2) The valuation date stock price represented the closing price on the grant date. 
 (3) The expected volatility assumption was based on the historical volatility of the price of the Company’s stock. 
 (4) The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date. 
 (5) The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit. 
 
 
 Performance-based cash incentive award activity for the year ended December 31, 2025 based on target achievement of the performance criteria is summarized in the following table: 
 
 Performance-based cash incentive award activity: Target Dollar Value Weighted-Average Fair Value as a % of Target Dollar Value 
 Non-vested awards outstanding at December 31, 2024 $ 990 186.23 % 
 Granted — — % 
 Vested ( 990 ) 186.23 % 
 Forfeited — — % 
 Non-vested awards outstanding at December 31, 2025 $ — — % 

 
 
 
 
 (19) Related Party Transactions 
 There were no material related party transactions for the years ended December 31, 2025 and 2024. 
 
 
 As described in Note 10, the Company routinely provides capital contributions to DTA, its equity method investee. Refer to Notes 10 and 20 for further information. 
 
 
 
 (20) Commitments and Contingencies 
 (a) General 
 Estimated losses from loss contingencies are accrued by a charge to income when information available indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. 
 If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the Consolidated Financial Statements when it is at least reasonably possible that a loss may be incurred and that the loss could be material. 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 (b) Commitments and Contingencies 
 Commitments 
 The Company leases coal mining and other equipment under long-term financing and operating leases with varying terms. Refer to Note 11 for further information on leases. In addition, the Company leases mineral interests and surface rights from landowners under various terms and royalty rates. 
 Coal royalty expense was $ 103,035 , $ 141,812 , and $ 185,398 for the years ended December 31, 2025, 2024, and 2023, respectively. 
 
 
 Minimum royalty obligations under coal leases total $ 16,859 , $ 16,163 , $ 15,104 , $ 13,745 , $ 13,642 , and $ 99,215 for 2026, 2027, 2028, 2029, 2030, and after 2030, respectively. 
 
 
 Other Commitments 
 
 
 As of December 31, 2025, the Company has obligations under certain coal purchase agreements that contain minimum quantities to be purchased in 2026 totaling an estimated $ 11,072 . The Company also has outstanding unconditional purchase obligations for 2026, 2027, 2028, 2029, and 2030 totaling $ 117,517 , $ 53,633 , $ 14,246 , 14,667 , and 3,693 respectively, related to the purchase of equipment, as well as for rail freight and export terminal costs (including $ 39,618 in 2026 for DTA funding.) 
 
 
 Under the terms of its partnership related agreements with respect to its investment in DTA, the Company is required to fund its proportionate share of DTA’s ongoing operating and capital costs. In November 2023, the Company, together with DTA management announced that DTA needs additional capital investment to maximize functionality and minimize downtime due to mechanical issues. Beyond the Company’s share of routine operating costs, it expects to invest an average of approximately $ 21,000 per year for infrastructure and equipment upgrades at DTA over the next 5 years. In addition, to mitigate the risk of shipment delays during the upgrade period, in April 2024, the Company entered into a 3-year agreement which allows for the loading of 1,200 to 2,000 tons of coal annually at a third party terminal in Newport News, VA. The Company’s 2025 funding of DTA includes routine operating and capital costs and infrastructure and equipment upgrades. 
 
 
 Contingencies 
 Extensive regulation of the impacts of mining on the environment and of maintaining workplace safety has had, and is expected to continue to have, a significant effect on the Company’s costs of production and results of operations. Further regulations, legislation or litigation in these areas may also cause the Company’s sales or profitability to decline by increasing costs or by hindering the Company’s ability to continue mining at existing operations or to permit new operations. 
 During the normal course of business, contract-related matters arise between the Company and its customers. When a loss related to such matters is considered probable and can reasonably be estimated, the Company records a liability. 
 
 
 (c) Guarantees and Financial Instruments with Off-Balance Sheet Risk 
 
 
 In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as bank LCs, performance or surety bonds, and other guarantees and indemnities related to the obligations of affiliated entities which are not reflected in the Company’s Consolidated Balance Sheets. However, the underlying liabilities that they secure, such as asset retirement obligations, workers’ compensation liabilities, and royalty obligations, are reflected in the Company’s Consolidated Balance Sheets. 
 
 
 The Company is required to provide financial assurance in order to perform the post-mining reclamation required by its mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations. In order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation and workers’ compensation obligations. The Company can also use bank LCs to collateralize certain obligations and commitments. 
 
 
 As of December 31, 2025, the company had $ 41,254 LCs outstanding under the ABL Facility. 
 
 
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 Notes to Consolidated Financial Statements 
 (Amounts in thousands except share and per share data) 

 As of December 31, 2025, the Company had outstanding surety bonds with a total face amount of $ 170,014 to secure various obligations and commitments. To secure the Company’s reclamation-related obligations, the Company has $ 28,197 of collateral in the form of restricted cash and restricted investments supporting these obligations as of December 31, 2025. 
 
 
 The Company meets frequently with its surety providers and has discussions with certain providers regarding the extent of and the terms of their participation in the program. These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in the Company’s program. To the extent that surety bonds become unavailable or the Company’s surety bond providers require additional collateral, the Company would seek to secure its obligations with LCs, cash deposits or other suitable forms of collateral. The Company’s failure to maintain, or inability to acquire, surety bonds or to provide a suitable alternative would have a material adverse effect on its liquidity. These failures could result from a variety of factors including the lack of availability, higher cost or unfavorable market terms of new surety bonds, and the exercise by third-party surety bond issuers of their right to refuse to renew the surety bonds. 
 
 
 Amounts included in restricted cash provide collateral to secure the following obligations: 
 
 
 
 December 31, 
 2025 2024 
 Workers’ compensation and black lung obligations $ 117,150 $ 113,144 
 Reclamation-related obligations 959 697 
 Financial payments and other performance obligations 8,802 8,742 
 Total long-term restricted cash $ 126,911 $ 122,583 

 
 
 Amounts included in restricted investments provide collateral to secure the following obligations: 
 
 
 
 December 31, 
 2025 2024 
 Workers’ compensation obligations $ 3,172 $ 3,119 
 Reclamation-related obligations 27,238 34,018 
 Financial payments and other performance obligations 3,946 5,994 
 Total restricted investments (1) 
 $ 34,356 $ 43,131 

 (1) Classified as long-term trading securities as of December 31, 2025 and 2024. 
 
 
 Amounts included in deposits provide collateral to secure the following obligations: 
 
 December 31, 
 2025 2024 
 Workers’ compensation obligations $ 4,108 $ 4,108 
 Other operating agreements 684 866 
 Total deposits $ 4,792 $ 4,974 
 Less current portion — ( 21 ) 
 Total deposits, net of current portion (1) 
 $ 4,792 $ 4,953 

 (1) Included within Other non-current assets on the Company’s Consolidated Balance Sheets. 
 
 
 DCMWC Reauthorization Process 
 
 
 In January 2025, the U.S. Department of Labor (“DOL”) published a final rule revising the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Rule”), and the Company anticipates it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations. Under the 2025 Final Rule’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, the Company estimates it would be required to provide approximately $ 80,000 to $ 100,000 of collateral to secure certain of its black lung obligations. The 2025 Final Rule permits the Company to use combinations of letters of credit, surety bonds, and cash to meet the collateral requirement. The Company received a letter from the Division of Coal Mine 
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 Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation. The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, the Company received a letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time. DCMWC stated that additional guidance would be provided in due course after consultation with new DOL leadership. The Company continues to evaluate the potential impact of the 2025 Final Rule and awaits further communication from the DCMWC. 
 
 
 (d) Legal Proceedings 
 
 
 In December 2024, the state of New York adopted the Climate Change Superfund Act, purporting to impose significant, ongoing cash charges upon a variety of companies involved in the production and use of fossil fuels, including the Company (the “Act”). Other states have adopted or are contemplating adopting similar laws. The Company believes that the new law is unconstitutional under the U.S. Constitution. In February 2025, the Company, along with numerous U.S. states and other entities involved in the fossil fuel industry, filed a complaint against the attorney general of New York and other New York officials. The complaint was filed in the federal district court for the Northern District of New York and requests that the court (a) declare that the Act is preempted by federal statutes and otherwise violates the U.S. Constitution, (b) declare that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act. On May 1, 2025, the U.S. Department of Justice and the Environmental Protection Agency filed a similar complaint against the State of New York, Kathleen Hochul in her capacity as Governor, Letitia James in her capacity as New York Attorney General and Amanda Lefton in her capacity as Acting Commissioner of the New York Department of Environmental Conservation in the Southern District of New York, requesting that the court declare the Act unconstitutional and permanently enjoin its implementation or enforcement. Although the Company believes that the Act is very unlikely to be upheld, the outcome cannot be predicted with certainty. If the Act, or similar acts adopted in other U.S. states, were upheld, the Company’s liquidity would be materially, adversely affected. 
 
 
 In addition, the Company is party to other legal proceedings from time to time that occur in the ordinary course of business. These proceedings, as well as governmental examinations, could involve various business units and a variety of claims, including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, subsidence, trucking and flooding), environmental and safety issues, securities-related matters and employment matters. While some legal matters may specify the damages claimed by the plaintiffs, many seek an unquantified amount of damages. Even when the amount of damages claimed against the Company or its subsidiaries is stated, (i) the claimed amount may be exaggerated or unsupported; (ii) the claim may be based on a novel legal theory or involve a large number of parties; (iii) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (iv) there may be uncertainty as to the outcome of pending appeals or motions; and/or (v) there may be significant factual issues to be resolved. As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and the development of important factual information and legal issues. The Company records accruals based on an estimate of the ultimate outcome of these matters, but these estimates can be difficult to determine and involve significant judgment. 
 
 
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 (21) Concentration of Credit Risk and Major Customers 
 
 
 The Company markets produced, processed, and purchased coal to customers in the United States and in international markets. The following table presents additional information on the Company’s total revenues and top customers: 
 
 Year Ended December 31, 
 2025 2024 2023 
 Total coal revenues $ 2,122,605 $ 2,946,579 $ 3,456,630 
 Total revenues $ 2,129,481 $ 2,957,285 $ 3,471,417 
 Export coal revenues $ 1,557,086 $ 2,309,777 $ 2,539,068 
 Top customer as % of total revenues 14 % 16 % 13 % 
 Top 10 customers as % of total revenues 77 % 75 % 74 % 
 Number of customers exceeding 10% of total revenues 3 2 2 
 Number of customers exceeding 10% of total trade accounts receivable, net 4 2 3 
 Domestic coal revenue as % of total coal revenues 27 % 22 % 26 % 
 Export coal revenue as % of total coal revenues 73 % 78 % 74 % 
 Countries with export coal revenue exceeding 10% of total revenues India India, Brazil India 
 Met coal as % of coal sales volume 93 % 93 % 90 % 
 Thermal coal as % of coal sales volume 7 % 7 % 10 % 

 
 
 
 (22) Segment Information 
 The Company currently conducts its mining operations within the Central Appalachia (“CAPP”) coal basin located in the United States. The Company has one reportable operating segment: Met, which consists of six active mining complexes whose primary product is metallurgical quality coal that is extracted, processed, and marketed to domestic and international steel and coke producers. In addition to its primary product, thermal quality coal may also be produced as a by-product and marketed to domestic and international utilities and industrial customers. The segment’s equity method investment in DTA facilitates the export of coal to international customers. For 2023, the Company’s All Other category includes its former CAPP – Thermal operations, which consisted of mining complexes whose primary product was thermal coal. Segment operating results are regularly reviewed by the Company’s Chief Executive Officer, who is considered its Chief Operating Decision Maker (“CODM”). Beginning in 2024, following the cessation of mining within the Company’s former CAPP-Thermal operations, the Company’s CODM began to manage the Company on a consolidated basis. For 2023, income tax expense was allocated among segments by applying the Company’s consolidated annual effective income tax rate to segment earnings. 
 
 
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 Met reportable segment results for the years ended December 31, 2025, 2024, and 2023 are as follows: 
 
 
 
 Year Ended December 31, 
 2025 2024 2023 
 Coal revenues $ 2,122,605 $ 2,946,579 $ 3,406,643 
 Other revenues 6,876 10,706 14,787 
 Total revenues $ 2,129,481 $ 2,957,285 $ 3,421,430 
 
 Non-GAAP Cost of coal sales $ 1,562,012 $ 1,918,427 $ 1,847,363 
 Freight and handling costs 333,691 503,306 438,783 
 Idled and closed mine costs 28,988 29,868 18,579 
 Cost of coal sales (exclusive of items shown separately below) $ 1,924,691 $ 2,451,601 $ 2,304,725 
 
 Depreciation, depletion and amortization $ 174,524 $ 167,331 $ 127,721 
 Accretion on asset retirement obligations 22,126 25,050 15,471 
 Amortization of acquired intangibles 5,427 6,700 8,523 
 Selling, general and administrative expenses 60,158 74,000 81,321 
 Interest expense 3,019 3,811 6,923 
 Interest income ( 15,466 ) ( 18,208 ) ( 11,933 ) 
 Equity loss in affiliates 24,867 20,302 18,263 
 Other segment items (1) 
 17,594 15,948 3,284 
 Income tax (benefit) expense ( 25,772 ) 23,171 126,669 
 Total other expenses $ 266,477 $ 318,105 $ 376,242 
 
 Net (loss) income $ ( 61,687 ) $ 187,579 $ 740,463 

 (1) Other segments items include Other operating loss (income), Loss on extinguishment of debt, and Miscellaneous expense, net. 
 No segment level asset information has been disclosed as the CODM does not review asset information by segment. Refer to the Company’s Consolidated Balance Sheets, Statements of Cash Flows, and Note 10 for information on its consolidated assets, capital expenditures, and equity method investments, respectively. 
 
 
 Reconciliations of reportable segment items to consolidated amounts for the year ended December 31, 2023 are as follows: 
 
 
 
 Year Ended December 31, 2023 
 Met All Other Consolidated 
 Total revenues $ 3,421,430 $ 49,987 $ 3,471,417 
 Depreciation, depletion and amortization $ 127,721 $ 9,148 $ 136,869 
 Accretion on asset retirement obligations $ 15,471 $ 10,029 $ 25,500 
 Income tax expense (benefit) $ 126,669 $ ( 3,166 ) $ 123,503 
 Net income (loss) $ 740,463 $ ( 18,507 ) $ 721,956 

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 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
 
 
 None.
Alpha Metallurgical Resources, Inc. 10-K

Item 8. Financial Statements and Supplementary Data
