4 unchanged sentences
Based upon that evaluation, Peabody’s Chief Executive Officer and Chief Financial Officer have concluded that such disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December 31, 2025 were effective to provide reasonable assurance that the desired control objectives were achieved.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
Changes in Internal Control Over Financial Reporting
8 unchanged sentences
There have been no changes in Peabody’s internal control over financial reporting that occurred during the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
+Added: Peabody Energy Corporation 2025 Form 10-K
Management’s Report on Internal Control Over Financial Reporting
12 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Report of Independent Registered Public Accounting Firm
3 unchanged sentences
In our opinion, Peabody Energy Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”) and our report dated February 20, 2025 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “financial statements”) and our report dated February 19, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
18 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Other Information.
Securities Trading Plans of Directors and Executive Officers
−Removed: On December 2, 2024 , Scott T.
−Removed: Jarboe , Chief Administrative Officer and Corporate Secretary , adopted a Rule 10b5-1 trading arrangement (as such term is defined in Item 408 of Regulation S-K), which is designed to be in effect until January 28, 2026, subject to customary exceptions.
−Removed: Jarboe’s Rule 10b5-1 trading arrangement calls for potential sales of a percentage of shares that he could receive upon the future vesting of certain outstanding equity awards, net of any shares withheld by Peabody to satisfy applicable taxes.
−Removed: The number of shares to be withheld, and thus the exact maximum number of shares to be sold pursuant to Mr.
−Removed: Jarboe’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events.
−Removed: For purposes of this disclosure, without subtracting any shares to be withheld upon future vesting events, the maximum aggregate number of shares to be sold pursuant to Mr.
−Removed: Jarboe’s Rule 10b5-1 trading arrangement is 12,441 .
−Removed: Except as set forth above, during the three months ended December 31, 2024, none of Peabody’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.
+Added: During the three months ended December 31, 2025, none of Peabody’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as these terms are defined in Item 408 of Regulation S-K of the Exchange Act.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
9 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Equity Compensation Plan Information
36 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
(2) Financial Statement Schedules.
14 unchanged sentences
2.6 ‡ Dawson Loan Note Deed, dated as of November 25, 2024, by and among Peabody SMC Pty Ltd and PT Bukit Makmur Internasional (Incorporated by reference to Exhibit 2.4 of the Registrant’s Current Report on Form 8-K, filed November 29, 2024).
−Removed: 3.1 Fourth Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed April 3, 2017).
−Removed: 3.2 Second Amended and Restated By-Laws of the Registrant (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed December 8, 2023).
−Removed: 4.1 Specimen of stock certificate representing the Registrant’s common stock, $.01 par value (Incorporated by reference to Exhibit 4.13 to Amendment No.
+Added: 3.1 Fourth Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed April 3, 2017).
+Added: 3.2 Third Amended and Restated By-laws of the Registrant (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed October 17, 2025)
+Added: 4.1 Specimen of stock certificate representing the Registrant’s common stock, $.01 par value (Incorporated by reference to Exhibit 4.13 of Amendment No.
4 to the Registrant’s Form S-1 Registration Statement No.
333-55412, filed May 1, 2001).
−Removed: 4.2† Description of Securities
−Removed: 4.3 Indenture, dated as of March 1, 2022, between Peabody Energy Corporation and Wilmington Trust, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on March 1, 2022).
+Added: 4.2 Description of Securities (Incorporated by reference to Exhibit 4.2 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, filed February 20, 2025).
+Added: 4.3 Indenture, dated as of March 1, 2022, between Peabody Energy Corporation and Wilmington Trust, National Association, as trustee (Incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K filed on March 1, 2022).
10.1 Federal Coal Lease WYW0321779:
13 unchanged sentences
333-59073, filed July 14, 1998).
+Added: Peabody Energy Corporation 2025 Form 10-K
10.6 Federal Coal Lease WYW136142 (Incorporated by reference to Exhibit 10.8 of Amendment No.
1 unchanged sentence
333-59073, filed September 8, 1998).
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
10.7 Royalty Prepayment Agreement by and among Peabody Natural Resources Company, Gallo Finance Company and Chaco Energy Company, dated September 30, 1998 (incorporated by reference to Exhibit 10.9 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998).
15 unchanged sentences
School Creek (Incorporated by reference to Exhibit 10.28 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012).
−Removed: 10.16 Separation Agreement, Plan of Reorganization and Distribution, dated October 22, 2007, between the Registrant and Patriot Coal Corporation (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed October 25, 2007).
−Removed: 10.17 Tax Separation Agreement, dated October 22, 2007, between the Registrant and Patriot Coal Corporation (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed October 25, 2007).
−Removed: 10.18 Coal Act Liabilities Assumption Agreement, dated October 22, 2007, among Patriot Coal Corporation, Peabody Holding Company, LLC and the Registrant (Incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K, filed October 25, 2007).
−Removed: 10.19 Salaried Employee Liabilities Assumption Agreement, dated October 22, 2007, among Patriot Coal Corporation, Peabody Holding Company, LLC, Peabody Coal Company, LLC and the Registrant (Incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K, filed October 25, 2007).
−Removed: 10.20 Coal Supply Agreement, dated October 22, 2007, between Patriot Coal Sales LLC and COALSALES II, LLC (Incorporated by reference to Exhibit 10.6 of the Registrant’s Current Report on Form 8-K, filed October 25, 2007).
−Removed: 10.21 Settlement Agreement entered into as of October 24, 2013, by and among Patriot Coal Corporation, on behalf of itself and its affiliates, the Registrant, on behalf of itself and its affiliates, and the United Mine Workers of America, on behalf of itself and the UMWA Employees and UMWA Retirees (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed October 30, 2013).
−Removed: 10.22 Purchase and Sale Agreement, dated as of November 20, 2015, by and between Four Star Holdings, LLC and Western Megawatt Resources, LLC (Incorporated by reference to Exhibit 10.28 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015).
10.16* Variation of Employment Contract, dated August 11, 2021, between Peabody Energy Australia Coal Pty Ltd and Darren R.
4 unchanged sentences
(Incorporated by reference to Exhibit 10.32 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018).
−Removed: 10.26 Limited Waiver to Purchase and Sale Agreement by and between Four Star Holdings, LLC and Western Megawatt Resources, LLC dated March 30, 2016 (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed March 31, 2016).
10.19 Fifth Amended and Restated Receivables Purchase Agreement, dated as of March 25, 2016, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, the various Sub-Servicers listed on the signature pages thereto, all Conduit Purchasers listed on the signature pages thereto, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, and PNC Bank, National Association, as Administrator and as LC Bank (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed March 31, 2016).
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
10.20 First Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated as of April 12, 2016, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, the various Sub-Servicers listed on the signature pages thereto, and PNC Bank, National Association, as Administrator and as the Sole Purchaser, Committed Purchaser, LC Bank and LC Participant (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed April 13, 2016).
1 unchanged sentence
10.22 Sixth Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of June 30, 2020, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, and PNC Bank, National Association, as Administrator and as LC Bank (Incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020).
−Removed: 10.31 Receivables Purchase Facility Commitment Letter entered into as of January 27, 2017, by and among the Registrant, P&L Receivables Company, LLC and PNC Bank, National Association (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 27, 2017).
+Added: 10.23 Receivables Purchase Facility Commitment Letter entered into as of January 27, 2017, by and among the Registrant, P&L Receivables Company, LLC and PNC Bank, National Association (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on January 27, 2017).
10.24 Notice Letter and Term Sheet dated as of February 15, 2017, for Amendments to the Receivables Purchase Facility Commitment Letter entered into as of January 27, 2017, by and among the Registrant, P&L Receivables Company, LLC and PNC Bank, National Association (Incorporated by reference to Exhibit 10.128 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016).
−Removed: 10.33 Settlement Agreement dated as of March 13, 2017 by and among the Registrant, certain subsidiaries of the Registrant, and the United Mine Workers of America 1974 Pension Plan and Trust (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 17, 2017).
+Added: Peabody Energy Corporation 2025 Form 10-K
10.25 Sixth Amended and Restated Receivables Purchase Agreement, dated as of April 3, 2017, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, the various Sub-Servicers listed on the signature pages thereto, all Conduit Purchasers listed on the signature pages thereto, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, and PNC Bank, National Association, as Administrator and as LC Bank (Incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed April 3, 2017).
−Removed: 10.35 First Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of June 30, 2017, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, the various parties identified on the signature pages thereto as Sub-Servicers, Metropolitan Collieries Pty Ltd, and PNC Bank, National Association, as Administrator and as the sole Purchaser Agent, Committed Purchaser, LC Bank and LC Participant on the date thereof (Incorporated by reference to Exhibit 10.9 of the Registrant’s Quarterly Report on Form 10-Q, filed August 14, 2017).
+Added: 10.26 First Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of Ju ne 30, 2017, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, the various parties identified on the signature pages thereto as Sub-Servicers, Metropolitan Collieries Pty Ltd, and PNC Bank, National Association, as Administrator and as the sole Purchaser Agent, Committed Purchaser, LC Bank and LC Participant on the date thereof (Incorporated by reference to Exhibit 10.9 of the Registrant’s Quarterly Report on Form 10-Q, filed August 14, 2017).
10.27 Second Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of December 13, 2017, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, Regions Bank, and PNC Bank, National Association, as Administrator and as the sole Purchaser Agent, Committed Purchaser, LC Bank and LC Participant on the date thereof (Incorporated by reference to Exhibit 10.57 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017).
7 unchanged sentences
3 to Credit Agreement, by and among Peabody Energy Corporation, the subsidiaries of Peabody Energy Corporation party thereto as reaffirming parties, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent, dated as of December 18, 2017 (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed December 19, 2017).
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
10.33 Amendment No.
9 unchanged sentences
10.38* Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 4.6 of the Registrant’s Registration Statement on Form S-8, filed April 3, 2017).
+Added: Peabody Energy Corporation 2025 Form 10-K
10.39 Registration Rights Agreement, dated as of April 3.
13 unchanged sentences
10.51* Form of Performance Share Units Agreement under the Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 10.4 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020).
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
10.52* Form of Restricted Stock Unit Agreement under the Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 10.5 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020).
6 unchanged sentences
10.58* Form of 2022 Global Restricted Stock Unit Agreement under the Peabody Energy Corporation 2017 Incentive Plan (AUS Employees) (Incorporated by reference to Exhibit 10.78 of the Registrant’s Annual Report on Form 10-K, filed February 18, 2022).
+Added: Peabody Energy Corporation 2025 Form 10-K
10.59* Offer of Restricted Stock Units to Australian Resident Grantees under the Peabody Energy Corporation 2017 Incentive Plan (AUS Employees) (Incorporated by reference to Exhibit 10.79 of the Registrant’s Annual Report on Form 10-K, filed February 18, 2022).
1 unchanged sentence
10.61* Form of 2022 Performance-Based Cash Award Agreement under the Peabody Energy Corporation 2017 Incentive Plan (AUS Employees) (Incorporated by reference to Exhibit 10.81 of the Registrant’s Annual Report on Form 10-K, filed February 18, 2022).
+Added: 10.62* Form of 2025 Performance Unit Agreement (with cash) (ELT Level) under the Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 10.71 of the Registrant’s Annual Report on Form 10-K, filed February 20, 2025).
+Added: 10.63* Form of 2025 Restricted Stock Unit Agreement (ELT Level) under the Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 10.72 of the Registrant’s Annual Report on Form 10-K, filed February 20, 2025).
+Added: 10.64* Form of 2025 Service-Based Cash Award Agreement (ELT Level) under the Peabody Energy Corporation 2017 Incentive Plan (Incorporated by reference to Exhibit 10.73 of the Registrant’s Annual Report on Form 10-K, filed February 20, 2025).
10.65*† Form of 2026 Performance Unit Agreement (with cash) (ELT Level) under the Peabody Energy Corporation 2017 Incentive Plan
1 unchanged sentence
10.67*† Form of 2026 Service-Based Cash Award Agreement (ELT Level) under the Peabody Energy Corporation 2017 Incentive Plan
−Removed: 10.74 Agreement, dated as of February 4, 2020, by and among Peabody Energy Corporation, Elliott Investment Management L.P., Elliott Associates, L.P.
−Removed: and Elliott International, L.P.
−Removed: (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed February 5, 2020).
+Added: 10.68*† Form of 2026 Performance Unit Agreement (with cash) (CEO) under the Peabody Energy Corporation 2017 Incentive Plan
+Added: 10.69*† Form of 2026 Restricted Stock Unit Agreement (CEO) under the Peabody Energy Corporation 2017 Incentive Plan
+Added: 10.70*† Form of 2026 Service-Based Cash Award Agreement (CEO) under the Peabody Energy Corporation 2017 Incentive Plan
10.71 Management Services Agreement, dated as of August 4, 2020, by and between Peabody Investments Corp.
5 unchanged sentences
10.76 First Amendment to Amended and Restated Transaction Support Agreement, dated as of January 29, 2021, between Peabody, certain subsidiaries of Peabody, the Revolving Lenders, the Administrative Agent, and the Consenting Noteholders (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K/A filed on February 1, 2021).
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: Tab le of Contents
10.77 Agreement for Irrevocable Standby Letters of Credit, dated as of February 17, 2022, between Peabody and Goldman Sachs Bank USA (Incorporated by reference to Exhibit 10.89 of the Registrant’s Annual Report on Form 10-K, filed February 18, 2022).
−Removed: 10.82 Eighth Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of January 28, 2022, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, PNC Bank, National Association, as Administrator and as LC Bank and PNC Capital Markets LLC, as Structuring Agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 31, 2022).
+Added: 10.78 Eighth Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of January 28, 2022, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, PNC Bank, National Association, as Administrator and as LC Bank and PNC Capital Markets LLC, as Structuring Agent (Incorporated by reference to Exhibit 10.1 o f the Registrant’s Current Report on Form 8-K filed on January 31, 2022).
+Added: Peabody Energy Corporation 2025 Form 10-K
10.79 Commitment Agreement, dated March 23, 2022, by and among Peabody Investments Corp., The Prudential Insurance Company of America and Fiduciary Counselors Inc.
3 unchanged sentences
10.82* Peabody Investments Corp.
−Removed: 2023 Supplemental Employee Retirement Account (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed August 3, 2023).
−Removed: 10.87 Credit Agreement, dated as of January 18, 2024, among Peabody Energy Corporation, certain subsidiaries of Peabody Energy Corporation party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto (Incorporated by reference to Exhibit 1.1 of the Registrant’s Current Report on Form 8-K file January 18, 2024).
+Added: 2023 Supplemental Employee Retirement Account (Incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed August 3, 2023).
+Added: 10.83 Credit Agreement, dated as of January 18, 2024, among Peabody Energy Corporation, certain subsidiaries of Peabody Energy Corporation party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto (Incorporated by reference to Exhibit 1.1 of the Registrant’s Current Report on Form 8-K file d January 18, 2024).
10.84 Amendment No.
1 to Credit Agreement, dated as of November 25, 2024, by and among Peabody Energy Corporation, PNC Bank, National Association, as administrative agent, and the lenders party thereto (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed November 25, 2024).
−Removed: 19.1† Insider Trading Policy, effective as of February 23, 2023
+Added: 10.85 Tenth Amendment to the Sixth Amended and Restated Receivables Purchase Agreement, dated as of January 28, 2025, by and among P&L Receivables Company, LLC, Peabody Energy Corporation, all Committed Purchasers listed on the signature pages thereto, all Purchaser Agents listed on the signature pages thereto, all LC Participants listed on the signature pages thereto, PNC Bank, National Association, as Administrator and as LC Bank and PNC Capital Markets LLC, as Structuring Agent (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed January 31, 2025).
+Added: 10.86* Employment Transition Agreement, dated as of December 17, 2025, between Peabody Energy Corporation and James C.
+Added: Grech (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed December 19, 2025).
+Added: 19.1 Insider Trading Policy, effective as of February 23, 2023 (Incorporated by reference to Exhibit 19.1 of the Registrant’s Annual Report on Form 10-K, filed February 20, 2025).
21† List of Subsidiaries.
11 unchanged sentences
96.1 Technical Report Summary for the North Antelope Rochelle Mine, effective as of December 31, 2021 (Incorporated by reference to Exhibit 96.1 of the Registrant’s Annual Report on Form 10-K, filed February 18, 2022)
−Removed: 96.2 Technical Report Summary for the Wilpinjong Mine, effective as of December 31, 2023 (Incorporated by reference to Exhibit 96.2 of the Registrant’s Annual Report on Form 10-K, filed February 23, 2024)
+Added: 96.2† Technical Report Summary for the Wilpinjong Mine, effective as of December 31, 2025
96.3 Technical Report Summary for the Centurion Mine, effective as of October 15, 2024 (Incorporated by reference to Exhibit 96.1 of the Registrant’s Current Report on Form 8-K, filed October 15, 2024)
3 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
12 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
17 unchanged sentences
Stephen Gorman
+Added: /s/ GEORGANNE HODGES Director February 19, 2026
+Added: Georganne Hodges
/s/ JOE LAYMON Director February 19, 2026
1 unchanged sentence
Robert Malone
+Added: /s/ CLAYTON WALKER Director February 19, 2026
+Added: Clayton Walker
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Report of Independent Registered Public Accounting Firm
21 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
Asset Retirement Obligation Liabilities – Surface Mines
5 unchanged sentences
As changes in estimates occur, the revisions to the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate.
−Removed: Auditing the Company’s ARO liabilities for surface mines was complex because the calculation involves subjective assumptions related to estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing of these cash flows.
+Added: Auditing the Company’s ARO liabilities for surface mines was complex because the calculations involve subjective assumptions related to estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing of these cash flows.
in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the Company’s accounting for ARO liabilities for surface mines, including controls over management’s review of the ARO calculation and the significant assumptions and data inputs described above.
Our audit procedures included, among others, evaluating the methodology used, and testing the significant assumptions discussed above and the underlying data used by the Company in its estimate of ARO liabilities for surface mines.
−Removed: To assess the estimates of disturbed acreage, estimates of future costs to reclaim the disturbed acreage, and the timing of these cash flows, we evaluated significant changes from the prior estimate, evaluated consistency between timing of reclamation activities and projected mine life, evaluated the estimated costs for surface mines, compared anticipated costs to recent operating or third-party data, and recalculated management's estimate.
−Removed: Additionally, we involved our specialists to assist in our assessment of the Company’s ARO liabilities for surface mines.
−Removed: As part of this effort, our specialists interviewed members of the Company’s engineering staff, assessed the completeness of the mine reclamation estimate with respect to meeting mine closure and post closure plan regulatory requirements, and tested the accuracy and completeness of the underlying data used in the engineering estimates and assessed the significant assumptions discussed above.
+Added: To assess the estimates of disturbed acreage, estimates of future costs to reclaim the disturbed acreage, and the timing of these cash flows, we evaluated significant changes from the prior year estimate, evaluated consistency between timing of reclamation activities and projected mine life, evaluated the estimated costs for surface mines by comparing anticipated costs to recent operating or third-party data, and recalculated management's estimate.
+Added: Additionally, we involved our specialists to assist in our assessment of the Company’s ARO liabilities for certain surface mines.
+Added: As part of this effort, our specialists interviewed members of the Company’s engineering staff, assessed the completeness of the mine reclamation estimate with respect to meeting mine closure and post closure plan regulatory requirements, tested the accuracy and completeness of the underlying data used in the engineering estimates and assessed the significant assumptions discussed above.
/s/ Ernst & Young LLP
3 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
11 unchanged sentences
Restructuring charges 9.5 4.4 3.3
−Removed: Transaction costs related to business combinations 10.3 — —
−Removed: Other operating (income) loss:
+Added: Costs related to terminated acquisition 78.9 10.3 —
Net gain on disposals ( 27.7 ) ( 9.8 ) ( 15.0 )
−Removed: Asset impairment — 2.0 11.2
−Removed: Provision for NARM and Shoal Creek losses 3.7 40.9 —
Shoal Creek insurance recovery — ( 109.5 ) —
−Removed: Income from equity affiliates ( 11.5 ) ( 6.9 ) ( 131.2 )
−Removed: Operating profit 445.3 1,074.7 1,381.6
+Added: Loss (income) from equity affiliates 14.4 ( 11.5 ) ( 6.9 )
+Added: Other operating loss 5.6 3.7 42.9
+Added: Operating (loss) profit ( 80.1 ) 445.3 1,074.7
Interest expense, net of capitalized interest 43.9 46.9 59.8
4 unchanged sentences
( 5.4 ) ( 6.1 ) ( 0.3 )
−Removed: Income from continuing operations before income taxes 516.1 1,124.8 1,278.6
−Removed: Income tax provision (benefit) 108.8 308.8 ( 38.8 )
−Removed: Income from continuing operations, net of income taxes 407.3 816.0 1,317.4
−Removed: (Loss) income from discontinued operations, net of income taxes ( 3.8 ) ( 0.4 ) 1.7
−Removed: Net income 403.5 815.6 1,319.1
+Added: (Loss) income from continuing operations before income taxes ( 33.5 ) 516.1 1,124.8
+Added: Income tax provision 8.8 108.8 308.8
+Added: (Loss) income from continuing operations, net of income taxes ( 42.3 ) 407.3 816.0
+Added: Loss from discontinued operations, net of income taxes ( 0.2 ) ( 3.8 ) ( 0.4 )
+Added: Net (loss) income ( 42.5 ) 403.5 815.6
Net income attributable to noncontrolling interests 10.4 32.6 56.0
−Removed: Net income attributable to common stockholders $ 370.9 $ 759.6 $ 1,297.1
−Removed: Income from continuing operations:
−Removed: Basic income per share $ 2.99 $ 5.52 $ 9.12
−Removed: Diluted income per share $ 2.73 $ 5.00 $ 8.29
−Removed: Net income attributable to common stockholders:
−Removed: Basic income per share $ 2.96 $ 5.52 $ 9.13
−Removed: Diluted income per share $ 2.70 $ 5.00 $ 8.31
+Added: Net (loss) income attributable to common stockholders $ ( 52.9 ) $ 370.9 $ 759.6
+Added: (Loss) income from continuing operations:
+Added: Basic (loss) income per share $ ( 0.43 ) $ 2.99 $ 5.52
+Added: Diluted (loss) income per share $ ( 0.43 ) $ 2.73 $ 5.00
+Added: Net (loss) income attributable to common stockholders:
+Added: Basic (loss) income per share $ ( 0.43 ) $ 2.96 $ 5.52
+Added: Diluted (loss) income per share $ ( 0.43 ) $ 2.70 $ 5.00
See accompanying notes to consolidated financial statements
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
3 unchanged sentences
(Dollars in millions)
−Removed: Net income $ 403.5 $ 815.6 $ 1,319.1
+Added: Net (loss) income $ ( 42.5 ) $ 403.5 $ 815.6
Postretirement plans (net of $ 0.0 tax provisions in each period)
2 unchanged sentences
Other comprehensive loss, net of income taxes ( 37.7 ) ( 50.8 ) ( 52.9 )
−Removed: Comprehensive income 352.7 762.7 1,263.7
+Added: Comprehensive (loss) income ( 80.2 ) 352.7 762.7
Net income attributable to noncontrolling interests 10.4 32.6 56.0
−Removed: Comprehensive income attributable to common stockholders $ 320.1 $ 706.7 $ 1,241.7
+Added: Comprehensive (loss) income attributable to common stockholders $ ( 90.6 ) $ 320.1 $ 706.7
See accompanying notes to consolidated financial statements
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
11 unchanged sentences
Investments and other assets 127.6 162.4
+Added: Deferred income taxes 2.2 —
Total assets $ 5,807.2 $ 5,953.7
19 unchanged sentences
Additional paid-in capital 4,004.8 3,990.5
−Removed: Treasury stock, at cost — 67.7 and 59.9 common shares as of December 31, 2024 and 2023
+Added: Treasury stock, at cost — 67.7 common shares as of December 31, 2025 and 2024
( 1,927.3 ) ( 1,926.5 )
7 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
4 unchanged sentences
Cash Flows From Operating Activities
−Removed: Net income $ 403.5 $ 815.6 $ 1,319.1
−Removed: Loss (income) from discontinued operations, net of income taxes 3.8 0.4 ( 1.7 )
−Removed: Income from continuing operations, net of income taxes 407.3 816.0 1,317.4
−Removed: Adjustments to reconcile income from continuing operations, net of income taxes to net cash provided by operating activities:
+Added: Net (loss) income $ ( 42.5 ) $ 403.5 $ 815.6
+Added: Loss from discontinued operations, net of income taxes 0.2 3.8 0.4
+Added: (Loss) income from continuing operations, net of income taxes ( 42.3 ) 407.3 816.0
+Added: Adjustments to reconcile (loss) income from continuing operations, net of income taxes to net cash provided by operating activities:
Depreciation, depletion and amortization 384.5 343.0 321.4
7 unchanged sentences
Net loss on early debt extinguishment — — 8.8
−Removed: Income from equity affiliates ( 11.5 ) ( 6.9 ) ( 131.2 )
−Removed: Shoal Creek insurance recovery attributable to equipment losses ( 10.9 ) — —
−Removed: Foreign currency option contracts 9.0 ( 7.4 ) 2.3
+Added: Loss (income) from equity affiliates 14.4 ( 11.5 ) ( 6.9 )
+Added: Shoal Creek insurance recovery — ( 10.9 ) —
+Added: Unrealized (gains) losses on foreign currency option contracts ( 6.0 ) 9.0 ( 7.4 )
Changes in current assets and liabilities:
5 unchanged sentences
Asset retirement obligations ( 15.2 ) ( 4.5 ) ( 10.3 )
−Removed: Workers’ compensation obligations 2.3 1.2 ( 0.9 )
Postretirement benefit obligations ( 52.0 ) ( 74.5 ) ( 61.9 )
6 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
7 unchanged sentences
Wards Well acquisition — ( 143.8 ) —
−Removed: Deposit associated with planned acquisition ( 75.0 ) — —
+Added: Deposit associated with terminated acquisition — ( 75.0 ) —
+Added: Returned deposit related to terminated acquisition 29.0 — —
Insurance proceeds attributable to Shoal Creek equipment losses — 10.9 —
2 unchanged sentences
Distributions from joint ventures 617.8 717.2 721.7
−Removed: Advances to investments ( 0.1 ) ( 0.5 ) ( 1.5 )
−Removed: Cash receipts from Middlemount Coal Pty Ltd and other investments 0.4 2.6 171.8
Other, net ( 2.6 ) 6.0 ( 0.1 )
1 unchanged sentence
Cash Flows From Financing Activities
−Removed: Proceeds from long-term debt — — 545.0
−Removed: Proceeds from loan note related to planned acquisition 9.3 — —
Repayments of long-term debt ( 12.2 ) ( 10.4 ) ( 9.0 )
+Added: Proceeds from loan note related to terminated acquisition — 9.3 —
+Added: Repayment of loan note related to terminated acquisition ( 9.3 ) — —
Payment of debt issuance and other deferred financing costs ( 1.8 ) ( 12.0 ) ( 0.3 )
−Removed: Proceeds from common stock issuances, net of costs — — 222.0
Common stock repurchases — ( 183.1 ) ( 347.7 )
19 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
11 unchanged sentences
Net income — — — 759.6 — 56.0 815.6
+Added: Dividends declared ($ 0.225 per share)
+Added: — 0.2 — ( 30.8 ) — — ( 30.6 )
Postretirement plans (net of $ 0.0 tax provision)
2 unchanged sentences
Share-based compensation for equity-classified awards — 6.9 — — — — 6.9
−Removed: Common stock issuances, net of costs 0.1 221.9 — — — — 222.0
+Added: Common stock repurchases — — ( 347.7 ) — — — ( 347.7 )
+Added: Net change in unsettled common stock repurchases — — ( 2.6 ) — — — ( 2.6 )
+Added: Excise tax accrued on common stock repurchases — — ( 3.3 ) — — — ( 3.3 )
Repurchase of employee common stock relinquished for tax withholding — — ( 13.7 ) — — — ( 13.7 )
14 unchanged sentences
December 31, 2024 $ 1.9 $ 3,990.5 $ ( 1,926.5 ) $ 1,445.8 $ 138.8 $ 58.3 $ 3,708.8
−Removed: Net income — — — 370.9 — 32.6 403.5
+Added: Net loss — — — ( 52.9 ) — 10.4 ( 42.5 )
Dividends declared ($ 0.300 per share)
4 unchanged sentences
Share-based compensation for equity-classified awards — 13.8 — — — — 13.8
−Removed: Common stock repurchases — — ( 183.1 ) — — — ( 183.1 )
−Removed: Net change in unsettled common stock repurchases — — 2.6 — — — 2.6
−Removed: Excise tax accrued on common stock repurchases — — ( 1.7 ) — — — ( 1.7 )
Repurchase of employee common stock relinquished for tax withholding — — ( 0.8 ) — — — ( 0.8 )
3 unchanged sentences
Peabody Energy Corporation 2025 Form 10-K
−Removed: Tab le of Contents
PEABODY ENERGY CORPORATION
7 unchanged sentences
All intercompany transactions, profits and balances have been eliminated in consolidation.
+Added: Certain prior period amounts in the consolidated statements of operations have been reclassified to conform with the current period presentation.
+Added: These reclassifications were made to combine prior period items, including an asset impairment and provisions for non-recurring operational losses, with other discrete items as “Other operating loss” within the consolidated statements of operations.
Description of Business
3 unchanged sentences
On November 21, 2024, Peabody entered into a partnership with an unrelated renewable energy company, to advance renewable energy projects by repurposing reclaimed land previously used for mining, including certain reclaimed mining land held by the Company.
−Removed: Newly Adopted Accounting Standards
−Removed: In November 2023, Accounting Standards Update (ASU) 2023-07 was issued, which requires public entities to provide in interim periods, following adoption, all disclosures about a reportable segment’s profit or loss that are currently required annually;
−Removed: disclose significant segment expense categories and amounts that are easily computable from the management reports that are regularly provided to the chief operating decision maker (CODM);
−Removed: disclose how the CODM uses each reported measure to assess performance and allocate resources;
−Removed: and disclose the title of the position of the individual identified as the CODM.
−Removed: The Company adopted the amendments effective December 31, 2024, and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements.
−Removed: The adoption of this ASU impacted its disclosures in Note 22.
−Removed: “Segment and Geographic Information,” with no impacts to its consolidated results of operations, cash flows and financial condition.
−Removed: Accounting Standards Not Yet Implemented
+Added: Newly Adopted Accounting Standard
Income Taxes .
−Removed: In December 2023, ASU 2023-09 was issued, which requires public entities to disclose more information primarily related to the income tax rate reconciliation and income taxes paid.
+Added: In December 2023, Accounting Standards Update (ASU) 2023-09 was issued, which requires public entities to disclose more information primarily related to the income tax rate reconciliation and income taxes paid.
The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities.
−Removed: The Company is required to adopt the amendments for fiscal years beginning after December 15, 2024.
−Removed: The amendments should be applied prospectively, with a retrospective option.
−Removed: Early adoption is permitted.
−Removed: The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.
+Added: The Company adopted this ASU in the current year, and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements.
+Added: The adoption of this ASU impacted the Company’s disclosures in Note 7.
+Added: “Income Taxes,” with no impacts to its consolidated results of operations, cash flows and financial condition.
+Added: Accounting Standards Not Yet Implemented
Expense Disaggregation .
14 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: Government Grants .
+Added: In December 2025, ASU 2025-10 was issued, which establishes guidance on the recognition, measurement and presentation of a government grant received by a business entity.
+Added: Accounting principles generally accepted in the United States (U.S.
+Added: GAAP) did not provide such guidance, and many business entities have been analogizing to International Accounting Standard (IAS) 20 or other guidance when accounting for government grants.
+Added: The Company is required to adopt the amendments for fiscal years beginning after December 15, 2028 and interim reporting periods within those periods.
+Added: The amendments can be applied using a modified retrospective or retrospective approach.
+Added: Early adoption is permitted.
+Added: The Company will apply this guidance upon its adoption, as applicable.
The majority of the Company’s revenue is derived from the sale of coal under long-term coal supply agreements (those with initial terms of one year or longer and which often include price reopener and/or extension provisions) and contracts with terms of less than one year, including sales made on a spot basis.
13 unchanged sentences
A significant portion of the coal production from the U.S.
−Removed: thermal operating segments is sold under existing long-term supply agreements.
+Added: thermal operations is sold under existing long-term supply agreements.
Certain customers of those segments utilize long-term sales agreements in recognition of the importance of reliability, service and predictable coal prices to their operations.
12 unchanged sentences
Royalty income generally results from the lease or sublease of mineral rights to third parties, with payments based upon a percentage of the selling price or an amount per ton of coal produced.
−Removed: Discontinued Operations
−Removed: The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.
Peabody Energy Corporation 2025 Form 10-K
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: Discontinued Operations
+Added: The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.
Discontinued operations include certain former Seaborne Thermal and Other U.S.
−Removed: Thermal segment assets that have ceased production and other previously divested legacy operations, including Patriot Coal Corporation and certain of its wholly-owned subsidiaries (Patriot).
+Added: Thermal reportable segment assets that have ceased production and other previously divested legacy operations, including Patriot Coal Corporation and certain of its wholly-owned subsidiaries (Patriot).
On August 8, 2023, the Company entered into a settlement agreement with the U.S.
1 unchanged sentence
In accordance with the settlement agreement, the Company paid $ 72.0 million to settle the Patriot federal black lung claims, with the exception of approximately $ 4.2 million of certain claims for attorney’s fees and additional compensation due to claimants not paid during appeal.
−Removed: As a result of the settlement, the Company recognized a $ 3.9 million gain within “(Loss) income from discontinued operations, net of income taxes” during the year ended December 31, 2023.
+Added: As a result of the settlement, the Company recognized a $ 3.9 million gain within “Loss from discontinued operations, net of income taxes” during the year ended December 31, 2023.
Assets and Liabilities Held for Sale
22 unchanged sentences
Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Coal inventory is valued at the lower of average cost or net realizable value.
2 unchanged sentences
The valuation of coal inventory is subject to several additional estimates, including those related to ground and aerial surveys used to measure quantities and processing recovery rates.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Materials and supplies inventory is valued at the lower of average cost or net realizable value, less a reserve for obsolete or surplus items.
3 unchanged sentences
Interest costs applicable to major asset additions are capitalized during the construction period.
−Removed: Capitalized interest for the year ended December 31, 2024 was $ 5.8 million.
−Removed: There was no capitalized interest in 2023 or 2022.
+Added: Capitalized interest for the years ended December 31, 2025 and 2024 was $ 8.0 million and $ 5.8 million, respectively.
+Added: There was no capitalized interest in 2023.
Expenditures which extend the useful lives of existing plant and equipment assets are capitalized.
2 unchanged sentences
Maintenance and repair costs incurred to maintain current production capacity at a mine are charged to operating costs as incurred.
−Removed: Costs to acquire computer hardware and the development and/or purchase of software for internal use are capitalized and depreciated over the estimated useful lives.
+Added: Costs to acquire computer hardware and the development and/or purchase of certain software for internal use are capitalized and depreciated over the estimated useful lives.
Coal reserves and resources are recorded at cost, or at fair value in the case of nonmonetary exchanges of coal reserves and resources or business acquisitions.
−Removed: Depletion of coal reserves and resources and amortization of advance royalties are computed using the units-of-production method utilizing expected recoverable tons (as adjusted for recoverability factors) in the depletion base.
+Added: Depletion of coal reserves and amortization of advance royalties are computed using the units-of-production method utilizing expected recoverable tons (as adjusted for recoverability factors) in the depletion base.
Mine development costs are principally amortized over the estimated lives of the mine using the straight-line method.
14 unchanged sentences
In addition, royalties are payable monthly at a rate of 12.5 % of the gross realization from the sale of the coal mined using surface mining methods and at a rate of 8.0 % of the gross realization for coal produced using underground mining methods.
+Added: The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, cuts federal coal royalty rates to 7 % for both surface and underground mines starting July 4, 2025, and lasting through September 30, 2034.
The remainder of the leased coal is generally leased from state governments, land holding companies and various individuals.
2 unchanged sentences
Royalty payments are generally based upon a specified rate per ton or a percentage of the gross realization from the sale of the coal.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Mining and exploration in Australia is generally conducted under leases, licenses or permits granted by the relevant state government.
5 unchanged sentences
The amount and type of compensation and the ability to proceed to grant of a mining tenement may be determined by agreement or court determination, as provided by law.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company determines if an arrangement is a lease at inception.
10 unchanged sentences
Investments accounted for under the equity method are initially recorded at cost and any difference between the cost of the Company’s investment and the underlying equity in the net assets of the joint venture at the investment date is amortized over the lives of the related assets that gave rise to the difference.
−Removed: The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “Income from equity affiliates.” Similarly, the Company’s pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S.
+Added: The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “Loss (income) from equity affiliates.” Similarly, the Company’s pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S.
dollar is reported in the consolidated balance sheets as a component of “Accumulated other comprehensive income,” with periodic changes thereto reflected in the consolidated statements of comprehensive income.
9 unchanged sentences
and Australia as defined by each mining permit.
−Removed: Asset retirement obligations are determined for each mine using various estimates and assumptions including, among other items, estimates of disturbed acreage as determined from engineering data and estimates of future costs to reclaim the disturbed acreage.
+Added: Asset retirement obligations are determined for each mine using various estimates and assumptions including, among other items, estimates of disturbed acreage as determined from engineering data, estimates of future costs to reclaim the disturbed acreage and the timing of these cash flows, escalated for inflation and then discounted using a credit-adjusted, risk-free rate.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering calculations of the amount and timing of the future cash spending for a third-party to perform the required work.
4 unchanged sentences
As changes in estimates occur (such as mine plan revisions, changes in estimated costs or changes in timing of the performance of reclamation activities), the revisions to the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Contingencies
2 unchanged sentences
A determination of the amount of reserves required for these matters is made after considerable analysis of each individual issue.
−Removed: The Company accrues for legal and environmental matters within “Operating costs and expenses” when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
+Added: The Company accrues for legal and environmental matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
If a range of possible loss exists and no anticipated loss within the range is more likely than any other anticipated loss, the Company records the accrual at the low end of the range, in accordance with Accounting Standards Codification 450, “Contingencies.” The Company provides disclosure surrounding loss contingencies when it believes that it is at least reasonably possible that a material loss may be incurred or an exposure to loss in excess of amounts already accrued may exist.
6 unchanged sentences
Any consideration is recognized when the contingency is resolved and the consideration is realizable and collection is probable.
+Added: Costs Related to Terminated Acquisition
+Added: On November 25, 2024, Peabody entered into definitive agreements (the Purchase Agreements) with Anglo American plc (Anglo) to acquire a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including Anglo’s interests in the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson complex (comprising the Dawson Main/Central operating mine, the Dawson South operating mine, the Dawson South Exploration project and the Theodore South exploration project, collectively, the Dawson Assets).
+Added: The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA).
+Added: Concurrently with its entry into the Purchase Agreements, the Company entered into a bridge loan facility commitment letter (the Bridge Commitment Letter, and the senior secured 364-day bridge facility provided for therein, the Bridge Facility), pursuant to which the lenders agreed to provide the Bridge Facility to the Company in order to finance the then-planned acquisition in part.
+Added: On August 19, 2025, Peabody terminated the Purchase Agreements.
+Added: The termination of the Purchase Agreements followed Peabody’s prior delivery of a notice of a Material Adverse Change (MAC) as a result of an ignition event at the Moranbah North mine on March 31, 2025, which had led to the closure of the mine.
+Added: Concurrent with the termination of the acquisition, Peabody terminated the agreement for the related sale of the Dawson Assets to BUMA and the Bridge Facility.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: Costs related to the terminated acquisition include typical costs, such as legal and professional fees, as well as duration and commitment fees on the Bridge Facility.
+Added: During the year ended December 31, 2025, Peabody paid duration and commitment fees of $ 20.8 million and $ 25.9 million, respectively.
+Added: Refer to Note 9.
+Added: “Long-term Debt” and Note 20.
+Added: “Commitments and Contingencies” for further information regarding the terminated acquisition.
The Company recognizes deferred tax assets and liabilities for the temporary difference between the consolidated financial carrying amounts of existing assets and liabilities and their respective tax bases and consideration of operating loss and tax credit carryforwards.
3 unchanged sentences
The Company makes judgments and estimates regarding the amount and timing of the reversal of taxable temporary differences, the impact of tax planning strategies and expected future taxable income.
+Added: The Company recognizes the tax on global intangible low-taxed income (GILTI) as a period expense.
The Company recognizes the tax benefit from uncertain tax positions when it is “more likely than not” the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position.
−Removed: To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made.
+Added: To the extent that the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made.
Tax-related interest and penalties are classified as a component of income tax expense.
6 unchanged sentences
“Postretirement Health Care and Life Insurance Benefits” for information related to postretirement benefits.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: Pension Plans
−Removed: The Company sponsors non-contributory defined benefit pension plans accounted for by accruing the cost to provide the benefits over the employees’ period of active service.
+Added: The Company sponsors a non-contributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the employees’ period of active service.
These costs are determined on an actuarial basis.
−Removed: The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plans.
+Added: The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plan.
The Company records amounts attributable to actuarial valuation changes currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods.
6 unchanged sentences
As of December 31, 2025, a $ 1.1 million accrual for restructuring charges remained in “Accounts payable and accrued expenses,” which is expected to be paid during 2026.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in the consolidated balance sheets, with the exception of certain sales contracts for which the Company has elected to apply a normal purchases and normal sales exception.
12 unchanged sentences
The Company recognizes the obligation for contingent consideration in asset acquisitions as an adjustment to the cost basis of the assets acquired if and when the contingency is resolved and the consideration is paid or becomes payable.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Impairment of Long-Lived Assets
8 unchanged sentences
Such factors include geographic proximity to one another, the expectation of shared infrastructure upon development based on future mining plans and whether it would be most advantageous to bundle such assets in the event of sale to a third-party.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
When indicators of impairment are present, the Company evaluates its long-lived assets for recoverability by comparing the estimated undiscounted cash flows expected to be generated by those assets under various assumptions to their carrying amounts.
5 unchanged sentences
The most critical assumptions underlying the Company’s projections and fair value estimates include those surrounding future tons sold, coal prices for unpriced coal, production costs (including costs for labor, commodity supplies and contractors), transportation costs, foreign currency exchange rates and a risk-adjusted, cost of capital (all of which generally constitute unobservable Level 3 inputs under the fair value hierarchy), in addition to market multiples for non-strategic coal reserves, coal resources, surface lands and undeveloped coal properties excluded from the Company’s long-range mine planning (which generally constitute Level 2 inputs under the fair value hierarchy).
−Removed: Refer to Note 3.
−Removed: “Asset Impairment” for details regarding impairment charges related to long-lived assets of $ 9.5 million recognized during the year ended December 31, 2022.
There were no impairment charges related to long-lived assets during the years ended December 31, 2025, 2024 or 2023.
For assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Foreign Currency
5 unchanged sentences
Income and expense accounts are remeasured at the average rates in effect during the year, except for those expenses related to balance sheet amounts that are remeasured at historical exchange rates.
−Removed: Gains and losses from foreign currency remeasurement related to tax balances are included as a component of “Income tax provision (benefit),” while all other remeasurement gains and losses are included in “Operating costs and expenses” in the consolidated statements of operations.
−Removed: The total impact of foreign currency remeasurement on the consolidated statements of operations was a net loss of $ 32.3 million for the year ended December 31, 2024 and net gains of $ 5.3 million and $ 2.7 million for the years ended December 31, 2023 and 2022, respectively.
+Added: Gains and losses from foreign currency remeasurement related to tax balances are included as a component of “Income tax provision,” while all other remeasurement gains and losses are included in “Operating costs and expenses” in the consolidated statements of operations.
+Added: The total impact of foreign currency remeasurement on the consolidated statements of operations was a net gain of $ 22.4 million for the year ended December 31, 2025, net loss of $ 32.3 million for the year ended December 31, 2024 and a net gain of $ 5.3 million for the year ended December 31, 2023.
The Company owns a 50 % equity interest in Middlemount Coal Pty Ltd.
6 unchanged sentences
Accordingly, foreign currency gains or losses on those loans are recorded as a component of foreign currency translation adjustment.
−Removed: The Company recorded a net loss from foreign currency translation of $ 4.3 million for year ended December 31, 2024, a net gain of $ 0.9 million for the year ended December 31, 2023 and a net loss of $ 1.6 million for the year ended December 31, 2022.
+Added: The Company recorded a net gain from foreign currency translation of $ 3.1 million for the year ended December 31, 2025, a net loss of $ 4.3 million for year ended December 31, 2024 and a net gain of $ 0.9 million for the year ended December 31, 2023.
Share-Based Compensation
1 unchanged sentence
“Share-Based Compensation” for information related to share-based compensation.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Exploration and Drilling Costs
9 unchanged sentences
The development of a contiguous pit typically reflects the planned progression of an existing pit, thus maintaining production levels from the same mining area utilizing the same employee group and equipment.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Use of Estimates in the Preparation of the Consolidated Financial Statements
−Removed: These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S.
+Added: These consolidated financial statements have been prepared in conformity with U.S.
In doing so, estimates and assumptions are made that affect the amounts reported in the consolidated financial statements and accompanying notes.
1 unchanged sentence
The Company’s actual results may differ materially from these estimates.
−Removed: Significant estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, asset retirement obligations, evaluation of long-lived assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies.
+Added: Significant estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, postretirement benefit plans, asset retirement obligations, evaluation of long-lived assets for impairment, income taxes including the realization of deferred tax assets and contingencies.
(2) Revenue Recognition
12 unchanged sentences
Total metallurgical — 1,034.8 — — — 1,034.8
−Removed: 2.5 6.1 2.4 37.6 45.8 94.4
+Added: Other 0.7 1.8 — ( 0.2 ) 56.1 58.4
Revenue $ 908.5 $ 1,036.6 $ 1,153.0 $ 707.3 $ 56.1 $ 3,861.5
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Year Ended December 31, 2024
10 unchanged sentences
Revenue $ 1,213.9 $ 1,055.6 $ 1,098.8 $ 822.6 $ 45.8 $ 4,236.7
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Year Ended December 31, 2023
8 unchanged sentences
Total metallurgical — 1,299.6 — — — 1,299.6
−Removed: 0.7 6.1 ( 0.5 ) 4.8 1.7 12.8
+Added: Other 0.8 2.3 4.2 20.5 228.8 256.6
Revenue $ 1,329.7 $ 1,301.9 $ 1,198.1 $ 888.2 $ 228.8 $ 4,946.7
3 unchanged sentences
(Dollars in millions)
−Removed: Unrealized gains (losses) on derivative contracts related to forecasted sales $ — $ 159.0 $ ( 35.8 )
+Added: Unrealized gains on derivative contracts related to forecasted sales $ — $ — $ 159.0
Realized losses on derivative contracts related to forecasted sales — — ( 80.9 )
1 unchanged sentence
35.4 27.8 109.4
−Removed: Trading revenue — — 10.7
−Removed: 18.0 41.3 11.2
+Added: Other 20.7 18.0 41.3
Total Corporate and Other $ 56.1 $ 45.8 $ 228.8
−Removed: (2) Includes revenue from arrangements such as customer contract-related payments associated with volume shortfalls;
−Removed: royalties related to coal lease agreements;
−Removed: sales agency commissions;
−Removed: property and facility rentals;
−Removed: and revenue related to the Company’s assignment of rights to its excess port and rail capacity.
−Removed: (3) Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business, including as part of settling certain derivative contracts.
−Removed: Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.
+Added: (2) Includes revenue recognized upon the physical sale of coal purchased from the Company’s reportable segments and sold to customers through the Company’s coal trading business, including as part of settling certain derivative contracts.
+Added: Primarily represents the difference between the price contracted with the customer and the price allocated to the reportable segment.
Committed Revenue from Contracts with Customers
3 unchanged sentences
This estimate of future revenue does not include any revenue related to contracts with variable prices per ton that cannot be reasonably estimated, such as the majority of seaborne metallurgical and seaborne thermal coal contracts where pricing is negotiated or settled quarterly or annually.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Accounts Receivable
6 unchanged sentences
No charges for credit losses were recognized during the years ended December 31, 2025, 2024 or 2023.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: (3) Asset Impairment
−Removed: No asset impairment charges were recognized during the year ended December 31, 2024.
−Removed: During the year ended December 31, 2023, the Company recognized impairment charges of $ 2.0 million related to the fair value of an investment in equity securities.
−Removed: During the year ended December 31, 2022, the Company recognized impairment charges of $ 9.5 million related to the sale of certain land interests in Australia and $ 1.7 million related to the fair value of an investment in equity securities.
−Removed: The Company identified certain assets with an aggregate carrying value of approximately $ 208 million at December 31, 2024 in its Other U.S.
−Removed: Thermal segment whose recoverability is most sensitive to customer concentration risk.
(3) Inventories
8 unchanged sentences
The Company’s equity method investments include its interests in Middlemount, R3 Renewables LLC (R3), R3 Renewables II LLC (R3 II) and certain other equity method investments.
−Removed: The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “Income from equity affiliates”:
−Removed: Book Value at (Income) Loss from Equity Affiliates
+Added: The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “Loss (income) from equity affiliates”:
+Added: Book Value at Loss (Income) from Equity Affiliates
December 31, Year Ended December 31,
6 unchanged sentences
The Company received no cash payments from Middlemount during the years ended December 31, 2025, 2024 and 2023.
−Removed: The Company received cash payments from Middlemount of $ 168.4 million during the year ended December 31, 2022.
−Removed: During the years ended December 31, 2024, 2023 and 2022, respectively, Middlemount generated revenue of approximately $ 229 million, $ 219 million and $ 441 million (on a 50 % basis).
−Removed: Middlemount had current assets, noncurrent assets, current liabilities and noncurrent liabilities of $ 62.9 million, $ 224.1 million, $ 146.2 million and $ 25.8 million, respectively, as of December 31, 2024 and $ 48.2 million, $ 199.5 million, $ 76.6 million and $ 58.2 million, respectively, as of December 31, 2023 (on a 50 % basis).
+Added: In March 2022, the Company entered into a joint venture with unrelated partners to form R3, an entity in which the Company held a 50% interest.
+Added: R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage.
+Added: The Company contributed $ 11.3 million and $ 8.0 million to R3 during the years ended December 31, 2024 and 2023, respectively.
Peabody Energy Corporation 2025 Form 10-K
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: In March 2022, the Company entered into a joint venture with unrelated partners to form R3.
−Removed: R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage.
−Removed: The Company contributed $ 11.3 million, $ 8.0 million and $ 10.9 million to R3 during the years ended December 31, 2024, 2023 and 2022, respectively.
In November 2024, R3 sold seven projects to an unrelated party and contributed the remaining three projects to a new entity (R3 II).
The unrelated party purchased 75 % of the equity in R3 II for cash and contingent consideration for the future obligation to pay seller’s milestone payments.
−Removed: R3 used the proceeds from the sale of R3 II to repurchase shares from the other investors of R3, such that Peabody is the only remaining equity holder of R3, which has a 25 % equity interest in R3 II.
+Added: R3 used the proceeds from the equity purchase of R3 II to repurchase shares from the other investors of R3, such that Peabody is the only remaining equity holder of R3, which has a 25 % equity interest in R3 II.
R3 also distributed $ 11.4 million of the proceeds to Peabody.
11 unchanged sentences
As of December 31, 2025, the Company also held purchased collars with an aggregate notional amount of $ 554.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending September 30, 2026.
−Removed: The purchased collars have a floor and ceiling of approximately $ 0.59 and $ 0.73 , respectively, whereby the Company will incur a loss on the instruments for rates below the floor and a gain for rates above the ceiling.
+Added: The purchased collars have a floor ranging from $ 0.60 to $ 0.61 and a ceiling ranging from $ 0.69 to $ 0.70 , whereby the Company will incur a loss on the instruments for quarterly average Australian dollar-to-U.S.
+Added: dollar exchange rates below the floor and a gain for quarterly average rates above the ceiling.
Derivative Contracts Related to Forecasted Sales
1 unchanged sentence
Historically, such financial contracts have included futures and forwards.
−Removed: During the year ended December 31, 2024, the Company did not have any open positions.
+Added: During the years ended December 31, 2025 and 2024, the Company did not have any open positions.
During the year ended December 31, 2023, the Company recorded a net unrealized mark-to-market gain of $ 159.0 million on financial coal derivative contracts and no unrealized mark-to-market gains or losses on physical forward sales contracts.
−Removed: During the year ended December 31, 2022, the Company recorded a net unrealized mark-to-market loss of $ 35.8 million on coal derivative contracts, which included approximately $ 65 million of unrealized mark-to-market losses on financial coal derivative contracts and approximately $ 29 million of unrealized mark-to-market gains on physical forward sales contracts.
Financial Trading Contracts
2 unchanged sentences
The Company held no financial trading contracts as of December 31, 2025.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Tabular Derivatives Disclosures
2 unchanged sentences
For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the consolidated balance sheets.
−Removed: As of December 31, 2024, the Company had a liability derivative comprised of foreign currency option contracts with a fair value of $ 3.6 million.
As of December 31, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 2.7 million.
+Added: As of December 31, 2024, the Company had a liability derivative comprised of foreign currency option contracts with a fair value of $ 3.6 million.
The net amount of asset derivatives is included in “Other current assets” and the net amount of liability derivatives is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.
−Removed: Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: The Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and, thus, changes in fair value are reflected in current earnings.
The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying consolidated statements of operations.
Year Ended December 31, 2025
−Removed: Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on derivatives
+Added: Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives
Derivative Instrument Classification
4 unchanged sentences
Year Ended December 31, 2024
−Removed: Total (loss) gain recognized in income (Loss) gain realized in income on derivatives Unrealized gain (loss) recognized in income on derivatives
+Added: Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on derivatives
Derivative Instrument Classification
2 unchanged sentences
Operating costs and expenses $ ( 12.7 ) $ ( 3.7 ) $ ( 9.0 )
−Removed: Derivative contracts related to forecasted sales Revenue 78.1 ( 80.9 ) 159.0
−Removed: Financial trading contracts Revenue — 11.5 ( 11.5 )
Total $ ( 12.7 ) $ ( 3.7 ) $ ( 9.0 )
Year Ended December 31, 2023
−Removed: Total (loss) gain recognized in income (Loss) gain realized in income on derivatives Unrealized (loss) gain recognized in income on derivatives
+Added: Total (loss) gain recognized in income (Loss) gain realized in income on derivatives Unrealized gain (loss) recognized in income on derivatives
Derivative Instrument Classification
5 unchanged sentences
Total $ 76.2 $ ( 78.7 ) $ 154.9
−Removed: The Company classifies the cash effects of its derivatives within the “Cash Flows From Operating Activities” section of the consolidated statements of cash flows.
+Added: The Company classifies derivative-related activity within the “Cash Flows From Operating Activities” section of the consolidated statements of cash flows.
Fair Value Measurements
12 unchanged sentences
Foreign currency option contracts $ — $ 2.7 $ — $ 2.7
−Removed: Equity securities 1.0 — — 1.0
−Removed: Total net assets (liabilities) $ 1.0 $ ( 3.6 ) $ — $ ( 2.6 )
+Added: Total net assets $ — $ 2.7 $ — $ 2.7
December 31, 2024
3 unchanged sentences
Equity securities 1.0 — — 1.0
−Removed: Total net assets $ 0.4 $ 6.2 $ — $ 6.6
+Added: Total net assets (liabilities) $ 1.0 $ ( 3.6 ) $ — $ ( 2.6 )
For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes.
15 unchanged sentences
Estimated fair value $ 557.8 $ 438.0
−Removed: The Company’s risk management function, which is independent of the Company’s coal trading function, is responsible for valuation policies and procedures, with oversight from executive management.
−Removed: The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk.
−Removed: The Company’s exposure to credit risk is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses.
+Added: The Company had no transfers between Levels 1, 2 and 3 during the years ended December 31, 2025, 2024 and 2023.
+Added: The Company’s policy is to value all transfers between levels using the beginning of period valuation.
+Added: During the year ended December 31, 2023, the Company recognized impairment charges of $ 2.0 million related to the fair value of an investment in equity securities included in “Other operating loss” in the accompanying consolidated statements of operations.
Peabody Energy Corporation 2025 Form 10-K
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: The following table summarizes the changes in the Company’s recurring Level 3 net financial assets:
−Removed: Year Ended December 31,
−Removed: 2024 2023 2022
−Removed: (Dollars in millions)
−Removed: Beginning of period $ — $ 2.5 $ 4.0
−Removed: Impairment loss included in earnings — ( 2.0 ) ( 1.7 )
−Removed: Purchases — — 0.2
−Removed: Exchange — ( 0.5 ) —
−Removed: End of period $ — $ — $ 2.5
−Removed: The Company had no transfers between Levels 1, 2 and 3 during any of the periods presented in the table above.
−Removed: The Company’s policy is to value all transfers between levels using the beginning of period valuation.
(6) Property, Plant, Equipment and Mine Development
6 unchanged sentences
Property, plant, equipment and mine development, net $ 3,153.3 $ 3,081.5
−Removed: Land and coal interests included coal reserves and resources with a net book value of $ 1.1 billion and $ 1.2 billion as of December 31, 2024 and 2023, respectively.
−Removed: Such coal reserves and resources were comprised of mineral rights for leased coal interests and advance royalties that had a net book value of $ 0.6 billion and $ 0.7 billion at December 31, 2024 and 2023, respectively, and coal reserves and resources held by fee ownership of $ 0.5 billion as of both December 31, 2024 and 2023.
−Removed: The amount of coal reserves and resources unassigned to active mining operations, and thus not subject to current depletion, including certain exploratory properties, was $ 0.1 billion as of both December 31, 2024 and 2023.
+Added: Land and coal interests included coal reserves and resources with a net book value of $ 1.1 billion as of both December 31, 2025 and 2024.
+Added: Such coal reserves and resources were comprised of mineral rights for leased coal interests and advance royalties that had a net book value of $ 0.6 billion as of both December 31, 2025 and 2024 and coal reserves and resources held by fee ownership of $ 0.5 billion as of both December 31, 2025 and 2024.
+Added: The amount of coal reserves and resources unassigned to active mining operations, and thus not subject to current depletion, including certain exploratory properties, of $ 0.1 billion as of both at December 31, 2025 and 2024.
+Added: The Company identified certain assets with an aggregate carrying value of approximately $ 64 million at December 31, 2025 in its Other U.S.
+Added: Thermal reportable segment whose recoverability is most sensitive to customer concentration risk.
(7) Income Taxes
−Removed: Income from continuing operations before income taxes for the periods presented below consisted of the following:
+Added: (Loss) income from continuing operations before income taxes and income tax provision for the periods presented below consisted of the following:
Year Ended December 31,
3 unchanged sentences
29.2 335.9 1,047.0
−Removed: Total $ 516.1 $ 1,124.8 $ 1,278.6
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: Total income tax provision (benefit) for the periods presented below consisted of the following:
+Added: (Loss) income from continuing operations before income taxes $ ( 33.5 ) $ 516.1 $ 1,124.8
Year Ended December 31,
7 unchanged sentences
Total deferred ( 16.7 ) 12.2 82.9
−Removed: Total income tax provision (benefit) $ 108.8 $ 308.8 $ ( 38.8 )
−Removed: The following is a reconciliation of the expected statutory federal income tax expense to the Company’s income tax provision (benefit) for the periods presented below:
+Added: Income tax provision $ 8.8 $ 108.8 $ 308.8
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: The following is a reconciliation of the expected income tax provision at the U.S.
+Added: federal statutory rate to the Company’s income tax provision for the periods presented below:
Year Ended December 31,
2025 2024 2023
+Added: Amount % Amount % Amount %
(Dollars in millions)
−Removed: Expected income tax expense at U.S.
federal statutory rate $ ( 7.0 ) 21.0 % $ 108.4 21.0 % $ 236.2 21.0 %
−Removed: Changes in valuation allowance, income tax ( 19.6 ) ( 11.1 ) ( 595.6 )
−Removed: Changes in tax reserves 0.5 ( 0.8 ) ( 1.5 )
−Removed: Excess depletion ( 10.2 ) ( 15.0 ) ( 17.2 )
−Removed: Foreign earnings repatriation — — 42.3
−Removed: Foreign earnings provision differential 46.0 91.6 80.7
−Removed: Global intangible low-taxed income — — 197.2
−Removed: Remeasurement of foreign income tax accounts ( 5.7 ) ( 0.9 ) ( 2.6 )
−Removed: State income taxes, net of federal tax benefit ( 12.5 ) 6.3 1.1
+Added: Foreign tax effects:
+Added: Statutory tax rate difference between Australia and U.S.
+Added: 2.2 ( 6.6 ) % 30.2 5.9 % 94.4 8.4 %
+Added: Permanent difference - remeasurement ( 6.8 ) 20.3 % 21.6 4.2 % 2.6 0.2 %
+Added: Remeasurement of foreign tax accounts 2.5 ( 7.5 ) % ( 5.7 ) ( 1.1 ) % ( 0.9 ) ( 0.1 ) %
+Added: Other 4.8 ( 14.3 ) % ( 0.3 ) ( 0.1 ) % ( 7.8 ) ( 0.7 ) %
+Added: United Kingdom
+Added: Deferred tax asset write-off due to liquidation 15.0 ( 44.8 ) % — — % — — %
+Added: Change in valuation allowance ( 15.0 ) 44.8 % — — % — — %
+Added: Other ( 0.8 ) 2.4 % — — % 0.4 — %
+Added: Changes in valuation allowance 18.9 ( 56.4 ) % ( 29.6 ) ( 5.7 ) % 5.0 0.4 %
+Added: Worldwide change in prior year unrecognized tax benefits ( 1.1 ) 3.3 % ( 6.9 ) ( 1.3 ) % ( 1.5 ) ( 0.1 ) %
+Added: Nondeductible and nontaxable items 3.5 ( 10.4 ) % 2.0 0.4 % 3.0 0.3 %
+Added: Other adjustments
+Added: depletion ( 9.1 ) 27.2 % ( 8.8 ) ( 1.7 ) % ( 14.0 ) ( 1.2 ) %
Other, net 1.7 ( 5.3 ) % ( 2.1 ) ( 0.4 ) % ( 8.6 ) ( 0.7 ) %
−Removed: Total income tax provision (benefit) $ 108.8 $ 308.8 $ ( 38.8 )
−Removed: Certain reconciliation items included in the above table exclude the remeasurement of foreign income tax accounts as these foreign currency effects are separately presented.
−Removed: The Company recognizes the tax on global intangible low-taxed income (GILTI) as a period expense.
−Removed: The Company recorded a provision of $ 197.2 million for the year ended December 31, 2022, which was fully offset within the effective tax rate by the release of valuation allowance associated with the net operating losses (NOLs) that absorbed the GILTI inclusion.
−Removed: No provision for GILTI was recorded for the years ended December 31, 2024 and 2023.
−Removed: On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law and contained numerous tax provisions including a 15 % minimum tax on book income of certain large corporations.
−Removed: This act did not have a material impact on the Company’s tax provision.
+Added: Total income tax provision $ 8.8 ( 26.3 ) % $ 108.8 21.2 % $ 308.8 27.5 %
+Added: The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy.
+Added: Pillar Two legislation has been enacted or substantially enacted in certain jurisdictions in which the Company operates, effective for the financial year beginning January 1, 2024.
+Added: Based on an assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Company operates are above 15 % and the Company is not currently aware of any circumstances under which this might change.
+Added: Therefore, the Company did not incur any Pillar Two top-up taxes for the years ended December 31, 2025 and 2024.
+Added: On July 4, 2025, the OBBBA was signed into law and the tax provisions that were effective for 2025 had no effect on the income tax provision for the year ended December 31, 2025.
Peabody Energy Corporation 2025 Form 10-K
23 unchanged sentences
Net deferred tax liability $ ( 24.1 ) $ ( 40.9 )
−Removed: Deferred taxes are classified as follows:
+Added: Deferred taxes are classified as follows on the Consolidated Balance Sheets:
+Added: Noncurrent deferred income tax asset $ 2.2 $ —
Noncurrent deferred income tax liability $ ( 26.3 ) $ ( 40.9 )
As of December 31, 2025, the Company had gross U.S.
−Removed: federal NOLs of $ 1.7 billion.
+Added: federal net operating losses (NOLs) of $ 2.0 billion.
The Company’s tax loss carryforwards and credits of $ 808.2 million as of December 31, 2025 were comprised primarily of net federal NOLs of $ 406.1 million, tax general business credits (GBCs) of $ 139.1 million, net Australia NOLs and capital tax loss carryforwards of $ 165.8 million, state NOLs of $ 93.4 million and other foreign NOLs of $ 2.8 million.
10 unchanged sentences
Unrecognized Tax Benefits
−Removed: Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2024 and 2023:
−Removed: (Dollars in millions)
−Removed: Deferred income taxes $ 9.2 $ 7.4
−Removed: Other noncurrent liabilities — 1.3
−Removed: Net unrecognized tax benefits $ 9.2 $ 8.7
−Removed: Gross unrecognized tax benefits $ 9.2 $ 8.7
−Removed: The amount of the Company’s gross unrecognized tax benefits increased by $ 0.5 million since December 31, 2023 primarily due to additions for current and prior year positions, partially offset by reductions due to expiration of statutes.
−Removed: The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate was $ 9.2 million and $ 8.7 million at December 31, 2024 and 2023, respectively.
+Added: The amount of the Company’s gross unrecognized tax benefits has not changed since December 31, 2024.
+Added: The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate was $ 9.2 million at both December 31, 2025 and 2024.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the periods presented below is as follows:
4 unchanged sentences
Additions for current year tax positions 1.1 1.4 0.9
−Removed: Additions (reductions) for prior year tax positions 0.4 ( 1.7 ) ( 2.3 )
+Added: (Reductions) additions for prior year tax positions ( 1.1 ) 0.4 ( 1.7 )
Reductions for expirations of statutes limitations — ( 1.3 ) —
1 unchanged sentence
The Company recognizes interest and penalties related to unrecognized tax benefits in its income tax provision.
−Removed: During the year ended December 31, 2024, the Company’s gross interest and penalties decreased by $ 6.2 million due to expiration of statutes.
−Removed: The Company recorded $ 0.2 million of gross interest and penalties in each of the years ended December 31, 2023 and 2022.
−Removed: The Company had no accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2024.
−Removed: The Company had $ 6.1 million and $ 5.9 million of accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2023 and 2022, respectively.
−Removed: The Company expects a decrease in its net unrecognized tax benefits of $ 0.8 million during the next twelve months due to expiration of statutes.
+Added: The Company’s gross interest and penalties decreased by $ 6.2 million during the year ended December 31, 2024 due to expiration of statutes.
+Added: The Company had no accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2025 and 2024.
+Added: The Company recorded $ 0.2 million of gross interest and penalties during the year ended December 31, 2023 and had $ 6.1 million of accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2023.
Tax Returns Subject to Examination
1 unchanged sentence
The Company’s state income tax returns for the tax years 2016 and thereafter remain potentially subject to examination by various state taxing authorities due to NOL carryforwards.
−Removed: Australian income tax returns for tax years 2019 through 2023 continue to be subject to potential examinations by the Australian Taxation Office.
+Added: Australian income tax returns for tax years 2021 through 2024 are subject to potential examinations by the Australian Taxation Office.
Foreign Earnings
3 unchanged sentences
However, when appropriate, the Company has the ability to access foreign cash without incurring residual cash taxes due to the existence of NOLs.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Tax Payments and Refunds
5 unchanged sentences
— state and local — — 0.1
−Removed: 222.6 130.7 36.9
+Added: Australia 26.1 222.6 130.7
Total income tax payments, net $ 26.0 $ 222.5 $ 130.6
−Removed: The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy.
−Removed: Pillar Two legislation has been enacted or substantially enacted in certain jurisdictions in which the Company operates, effective for the financial year beginning January 1, 2024.
−Removed: Based on an assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Company operates are above 15 % and the Company is not currently aware of any circumstances under which this might change.
−Removed: Therefore, the Company did not incur any Pillar Two top-up taxes in the year ended December 31, 2024.
−Removed: (9) Accounts Payable and Accrued Expenses
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: (8) Accounts Payable and Accrued Expenses and Other Noncurrent Liabilities
Accounts payable and accrued expenses consisted of the following:
3 unchanged sentences
Other accrued expenses 143.6 130.1
−Removed: Accrued taxes other than income 66.9 59.3
Asset retirement obligations 62.1 55.9
+Added: Accrued production and sales taxes 53.4 56.7
Accrued royalties 50.8 50.7
1 unchanged sentence
Accrued insurance 27.2 29.8
−Removed: Workers’ compensation obligations 11.3 8.7
−Removed: Income taxes payable 10.7 120.8
+Added: Safeguard liability 20.2 10.2
Accrued litigation reserve 19.2 10.0
+Added: Workers’ compensation obligations 12.0 11.3
Accrued interest 4.4 4.7
Liabilities associated with discontinued operations 3.5 4.0
+Added: Income taxes payable 2.0 10.7
Accounts payable and accrued expenses $ 827.0 $ 811.7
+Added: Other noncurrent liabilities consisted of the following:
+Added: (Dollars in millions)
+Added: Accrued production and sales taxes $ 42.8 $ 47.9
+Added: Workers’ compensation obligations 29.5 26.6
+Added: Accrued payroll and related benefits 21.1 35.7
+Added: Take-or-pay contracts 17.6 16.4
+Added: Safeguard liability 9.9 5.0
+Added: Other accrued expenses 9.8 16.2
+Added: Pension obligations 8.0 12.8
+Added: Liabilities associated with discontinued operations 7.1 8.7
+Added: Other noncurrent liabilities $ 145.8 $ 169.3
Peabody Energy Corporation 2025 Form 10-K
32 unchanged sentences
Effective February 19, 2025, the conversion rate was increased to 51.7762 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $ 19.31 per share.
−Removed: Under the applicable conversion rate formula, the dividends declared and paid during the nine months ended December 31, 2024 and the dividend declared during the three months ending March 31, 2025, yielded a revised conversion rate which met the 1 % threshold to impact the existing conversion rate of 51.0440 .
−Removed: As such, effective February 18, 2025, the conversion rate was increased to 51.7678 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes.
−Removed: The conversion rate is subject to further adjustment under certain circumstances in accordance with the terms of the indenture.
+Added: Under the applicable conversion rate formula, the cumulative $ 0.225 per share dividends declared and paid since the prior conversion rate adjustment yielded a revised conversion rate of 52.3853 shares per $ 1,000 principal amount of 2028 Convertible Notes, which met the 1 % threshold to impact the existing conversion rate of 51.7762 .
+Added: As such, effective November 13, 2025, the conversion rate was increased to 52.3853 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes.
+Added: The conversion rate may be impacted prospectively, based upon cumulative dividends paid.
+Added: The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.
If certain corporate events described in the indenture occur prior to the maturity date, or the Company delivers a notice of redemption (as described below), the conversion rate will be increased for a holder who elects to convert its 2028 Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances.
5 unchanged sentences
If the Company undergoes a fundamental change (as defined in the indenture), noteholders may require the Company to repurchase their 2028 Convertible Notes at a cash repurchase price equal to 100 % of the principal amount of the 2028 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.
−Removed: During the fourth quarter ended December 31, 2024, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes.
−Removed: As a result, the 2028 Convertible Notes will not be convertible during the first quarter of 2025.
+Added: During the fourth quarter of 2025, the Company’s reported common stock prices prompted the conversion feature of the 2028 Convertible Notes.
+Added: As a result, the 2028 Convertible Notes are convertible at the option of the holders during the first quarter of 2026.
+Added: It is the Company’s current intent and policy to settle any conversions of the 2028 Convertible Notes through shares of its common stock.
+Added: As such, the 2028 Convertible Notes are not classified as a current obligation in the accompanying consolidated balance sheets.
+Added: Through February 18, 2026, the Company has not received any conversion requests and does not anticipate receiving any conversion requests in the near term as the market value of the 2028 Convertible Notes exceeds their conversion value.
As of December 31, 2025, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $ 177.9 million.
Revolving Credit Facility
−Removed: The Company established a new revolving credit facility with a maximum aggregate principal amount of $ 320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto.
+Added: The Company established a revolving credit facility with a maximum aggregate principal amount of $ 320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto.
The Company paid aggregate debt issuance costs of $ 9.7 million.
6 unchanged sentences
Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50 % per annum.
−Removed: On November 25, 2024, the Company amended the 2024 Credit Agreement to, among other things, permit Peabody’s planned acquisition of multiple coal mines from Anglo American plc (Anglo) as further discussed in Note 17.
−Removed: “Other Events,” the related bridge loan facility and the incurrence of additional indebtedness to finance the acquisition, to the extent applicable.
+Added: On November 25, 2024, the Company amended the 2024 Credit Agreement to, among other things, permit (i) Peabody’s then-planned acquisition of multiple coal mines from Anglo, (ii) the related bridge loan facility and (iii) the incurrence of additional indebtedness to finance the acquisition, subject to compliance with certain pro forma financial covenants.
The Company paid aggregate deferred financing costs of $ 0.9 million as part of the amendment.
+Added: As further discussed in Note 1.
+Added: “Summary of Significant Accounting Policies,” Peabody terminated the acquisition with Anglo on August 19, 2025.
As of December 31, 2025, the 2024 Credit Agreement had only been utilized for letters of credit, including $ 49.2 million outstanding as of December 31, 2025.
5 unchanged sentences
BUMA Loan Note
−Removed: Following the prospective closing of the Anglo acquisition, the Company is contracted to sell a portion of the assets (the Dawson Assets) to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA).
−Removed: Accordingly, on November 25, 2024, concurrent with its entry into the purchase agreements for the Anglo acquisition, the Company entered into a loan note deed with BUMA pursuant to which BUMA will lend to the Company the funds required to purchase the Dawson Assets under the Anglo acquisition purchase agreements and fund certain other obligations in relation to the Dawson Assets (the BUMA Loan Note).
−Removed: The Company received $ 9.3 million in BUMA Loan Note proceeds during the year ended December 31, 2024 to fund a portion of the deposit to Anglo for the planned acquisition.
−Removed: The BUMA Loan Note bears interest at a coupon rate of 10 % per year.
+Added: On November 25, 2024, concurrent with its entry into the purchase agreements for the Anglo acquisition, the Company entered into a loan note deed with BUMA pursuant to which BUMA would lend to the Company the funds required to purchase the Dawson Assets under the Anglo acquisition purchase agreements and fund certain other obligations in relation to the Dawson Assets (the BUMA Loan Note).
+Added: The Company received $ 9.3 million in BUMA Loan Note proceeds during the year ended December 31, 2024 to fund a portion of the deposit to Anglo for the then-planned acquisition.
+Added: Concurrent with the August 19, 2025 termination of the Anglo acquisition, the Company returned $ 9.3 million to BUMA.
Refer to Note 1.
−Removed: “Other Events” for additional information associated with the Anglo acquisition.
−Removed: Bridge Loan Facility
−Removed: Concurrently with its entry into definitive agreements to acquire the Anglo assets, the Company entered into a bridge loan facility commitment letter (the Bridge Commitment Letter, and the senior secured 364-day bridge facility provided for therein, the Bridge Facility), pursuant to which the lenders, agreed to provide the Bridge Facility to the Company in the amount of up to $ 2.075 billion in order to finance the planned acquisition in part.
−Removed: The Company expects to replace the Bridge Facility with permanent financing prior to the closing date, but there can be no assurance such financing will occur and any such expectation is subject to market conditions.
−Removed: To the extent borrowings are made under the Bridge Facility, any loans would bear interest at a SOFR plus an applicable margin of 8.00 % or a base rate plus an applicable margin of 7.00 %, at the Company’s option.
−Removed: Such applicable margin would increase by an additional 0.75 % on the date that is 90 days following the closing date of the planned acquisition.
−Removed: Any borrowings under the Bridge Facility would mature 364 days from the initial funding date, which would be on or around the closing date of the planned acquisition.
−Removed: The availability of borrowings under the Bridge Facility is subject to the satisfaction of certain customary conditions for transactions of this type.
−Removed: Any definitive financing documentation for the Bridge Facility will contain customary representations and warranties, covenants and events of defaults for transactions of this type.
−Removed: Upon execution of any definitive financing documentation for the Bridge Facility, the Bridge Facility will be guaranteed by substantially all U.S.
−Removed: subsidiaries of the Company and secured by substantially all assets of the Company, its U.S.
−Removed: subsidiaries and, subject to certain conditions, certain of the Company’s Australian subsidiaries.
+Added: “Summary of Significant Accounting Policies” for additional information.
Peabody Energy Corporation 2025 Form 10-K
8 unchanged sentences
2028 Convertible Notes $ 10.4 $ 10.4 $ 10.4
−Removed: Debt retired during 2022 — — 51.5
Finance lease obligations 1.5 1.8 1.8
80 unchanged sentences
2029 18.8 0.4
+Added: 2030 12.1 0.1
2030 and thereafter 2.5 —
33 unchanged sentences
Net periodic postretirement benefit credit $ ( 41.5 ) $ ( 60.8 ) $ ( 46.2 )
+Added: The actuarial gain for all benefit plans in 2025 was primarily due to favorable impact of claims experience and favorable expected future claims costs, based upon recent Centers for Medicare and Medicaid Services direct subsidy announcements, offset by the decrease in discount rate used to measure the benefit obligation and increase in medical trend rate.
The actuarial gain for all benefit plans in 2024 was primarily due to the increase in the discount rate used to measure the benefit obligation and favorable impact of claims experience for the year.
The actuarial gain for all benefit plans in 2023 was primarily due to favorable impact of claims experience for the year offset by the decrease in the discount rate used to measure the benefit obligation.
−Removed: The actuarial gain for all benefit plans in 2022 was primarily due to the increase in the discount rate used to measure the benefit obligation and favorable impact of claims experience for the year offset by increase in medical trend rate due to inflation as well as the expected impact of the Inflation Reduction Act.
The following includes pretax amounts recorded in “Accumulated other comprehensive income”:
37 unchanged sentences
The reduction was attributable to the elimination of health care benefits for certain represented retirees.
−Removed: The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income” and is being amortized to earnings over the average remaining life expectancy of participants benefiting under the plan ( 12.7 years is the amortization period at December 31, 2024;
+Added: The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income” and is being amortized to earnings over the average remaining life expectancy of participants benefiting under the plan ( 11.7 years and 12.7 years were the remaining amortization periods at December 31, 2025 and 2024, respectively;
$ 6.0 million remaining in “Accumulated other comprehensive income” at December 31, 2025).
3 unchanged sentences
$ 5.7 million remaining in “Accumulated other comprehensive income” at December 31, 2025).
−Removed: A prior service credit established in September 2020 is being amortized to earnings over an average remaining service period to full eligibility for participating employees ( 0.9 years and 1.9 years were the remaining amortization periods at December 31, 2024 and 2023, respectively;
−Removed: $ 29.4 million remaining in “Accumulated other comprehensive income” at December 31, 2024).
−Removed: A prior service credit established in December 2018 was amortized to earnings over an average remaining service period to full eligibility for participating employees ( 0.9 years was the remaining amortization period at December 31, 2023).
+Added: A prior service credit established in September 2020 was being amortized to earnings over an average remaining service period to full eligibility for participating employees ( 0.9 years was the remaining amortization period at December 31, 2024).
+Added: A prior service credit established in December 2018 was fully amortized to earnings as of December 31, 2024.
The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows:
11 unchanged sentences
The expected rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results.
−Removed: Effective January 1, 2025, the Company increased its expected rate of return on plan assets from 5.75 % to 5.95 % reflecting the impact of its asset allocations and capital market expectations.
+Added: Effective January 1, 2026, the Company decreased its expected rate of return on plan assets from 5.95 % to 4.55 % reflecting the impact of its asset allocations and capital market expectations.
The following presents information about the assumed health care cost trend rate:
13 unchanged sentences
Non-Represented Retiree VEBA Trust (the Non-Represented Trust) are invested in accordance with the investment policy established by the Peabody VEBA Retirement Committee after consultation with outside investment advisors and actuaries.
−Removed: As of December 31, 2024 and 2023, the asset allocation strategy for the Non-Represented Trust is 30 % in equity and 70 % in fixed income assets.
−Removed: The asset strategy may vary over time based on changes in the status of the Non-Represented Trust, the Company’s risk posture and other factors.
−Removed: A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
−Removed: Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy.
−Removed: equity securities.
−Removed: The Non-Represented Trust invests in U.S.
−Removed: equity securities for growth and diversification.
−Removed: Investment vehicles include various domestic large-cap publicly traded common stocks and mutual funds.
−Removed: All common stocks are traded on a national securities exchange and are valued at quoted market prices in active markets and accordingly classified within Level 1 of the valuation hierarchy.
−Removed: The mutual funds are traded on a national securities exchange in an active market, are valued using daily publicly quoted net asset value (NAV) prices and accordingly classified within Level 1 of the valuation hierarchy.
−Removed: International equity securities.
−Removed: The Non-Represented Trust invests in international equity securities for growth and diversification.
−Removed: Investment vehicles include mutual funds.
−Removed: The mutual funds are traded on a national securities exchange in an active market, are valued using daily publicly quoted net asset value (NAV) prices and accordingly classified within Level 1 of the valuation hierarchy.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: Corporate bonds .
−Removed: The Non-Represented Trust invests in corporate bonds for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities.
−Removed: Investment types are predominantly investment-grade corporate bonds.
−Removed: Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures.
−Removed: Corporate bonds are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange.
−Removed: government securities .
−Removed: The Non-Represented Trust invests in U.S.
−Removed: government securities for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities.
−Removed: Investment types are predominantly U.S.
−Removed: government bonds, notes, agency securities and municipal bonds.
−Removed: Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures.
−Removed: If fair value is based on quoted prices in active markets and traded on a national securities exchange, U.S.
−Removed: government securities are classified within the Level 1 valuation hierarchy;
−Removed: otherwise, U.S.
−Removed: government securities are classified within the Level 2 valuation hierarchy.
−Removed: The Non-Represented Trust invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees.
−Removed: The investment consists of non-interest bearing cash funds and U.S.
−Removed: government money market fund which are classified within the Level 1 valuation hierarchy.
−Removed: The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
−Removed: Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
−Removed: The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
−Removed: The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy:
−Removed: December 31, 2024
−Removed: Level 1 Level 2 Level 3 Total
−Removed: (Dollars in millions)
−Removed: equity securities $ 2.7 $ — $ — $ 2.7
−Removed: International equity securities 0.7 — — 0.7
−Removed: Corporate bonds — 3.5 — 3.5
−Removed: government securities 1.1 2.7 — 3.8
−Removed: Cash funds 0.6 — — 0.6
−Removed: Total assets at fair value $ 5.1 $ 6.2 $ — $ 11.3
−Removed: December 31, 2023
−Removed: Level 1 Level 2 Level 3 Total
−Removed: (Dollars in millions)
−Removed: equity securities $ 3.0 $ — $ — $ 3.0
−Removed: International equity securities 0.9 — — 0.9
−Removed: Corporate bonds — 5.2 — 5.2
−Removed: government securities 1.8 2.8 — 4.6
−Removed: Cash funds 0.6 — — 0.6
−Removed: Total assets at fair value $ 6.3 $ 8.0 $ — $ 14.3
+Added: As of December 31, 2025, the asset allocation strategy for the Non-Represented Trust is 100 % in fixed income assets.
+Added: As of December 31, 2024, the asset allocation strategy for the Non-Represented Trust was 30 % in equity and 70 % in fixed income assets.
+Added: The plan assets are primarily invested in corporate bonds and U.S.
+Added: government and equity securities.
+Added: All plan assets are classified within Level 1 and Level 2 of the fair value hierarchy, and there are no Level 3 securities.
+Added: The fair value of plan assets was $ 9.1 million and $ 11.3 million as of December 31, 2025 and 2024, respectively.
Contributions
1 unchanged sentence
During the year ended December 31, 2025, the Company made no contributions to the trust.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Estimated Future Benefit Payments
−Removed: The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets:
−Removed: Postretirement
−Removed: (Dollars in millions)
−Removed: Years 2030-2034 58.0
−Removed: (14) Pension and Savings Plans
−Removed: One of the Company’s subsidiaries, Peabody Investments Corp.
−Removed: (PIC), sponsored a defined benefit pension plan covering certain U.S.
−Removed: salaried employees and eligible hourly employees at certain PIC subsidiaries (the Peabody Plan).
−Removed: As discussed further below, the Peabody Plan was terminated in 2022 with assets distributed in 2023.
−Removed: A subsidiary of PIC has a defined benefit pension plan covering eligible employees who are represented by the United Mine Workers of America (UMWA) under the Kayenta Reclamation Agreement of 2024 (the Western Plan and together with the Peabody Plan, the Pension Plans).
−Removed: Effective May 31, 2008, the Peabody Plan was frozen in its entirety for both participation and benefit accrual purposes.
−Removed: In March 2022, PIC entered into a commitment agreement relating to the Peabody Plan with The Prudential Insurance Company of America (Prudential) and Fiduciary Counselors Inc., as independent fiduciary to the Peabody Plan.
−Removed: Under the commitment agreement, the Peabody Plan purchased a buy-in group annuity contract (GAC) from Prudential for approximately $ 500 million, which was funded directly by the Peabody Plan’s assets.
−Removed: The benefit obligation was not transferred to Prudential and the Peabody Plan continued to administer and pay the retirement benefits of Peabody Plan participants, but was reimbursed by Prudential for the payment of all benefits covered by the GAC.
−Removed: There was no impact on the monthly retirement benefits paid to Peabody Plan participants and no material impact on contributions for the Peabody Plan in 2022 or 2023 as a result of this transaction.
−Removed: In May 2022, the Board of Directors of PIC approved the termination of the Peabody Plan effective July 31, 2022.
−Removed: In June 2022, the Peabody Plan’s participants were notified of the Peabody Plan termination and PIC filed an application with the Internal Revenue Service to request a determination as to the qualified status under §401(a) of the Internal Revenue Code of 1986 with respect to the amendment and termination of the Peabody Plan.
−Removed: In May 2023, PIC received a favorable determination from the Internal Revenue Service as to the Peabody Plan’s qualified status with respect to its plan termination.
−Removed: In February 2023, as part of the Peabody Plan termination process, PIC announced a program to offer a voluntary lump-sum pension payout to certain active and deferred participants of the Peabody Plan which would fully settle the Peabody Plan’s obligation to them.
−Removed: The program provided participants with a limited-time opportunity to elect to receive a lump-sum settlement of their pension benefit or begin to receive their benefit in the form of a monthly annuity in May 2023.
−Removed: On July 31, 2023, as part of the completion of the standard Employee Retirement Income Security Act plan termination process for the Peabody Plan, the GAC with Prudential was converted from a buy-in group annuity contract to a buy-out group annuity contract, irrevocably transferring the remaining benefit obligation and administration to Prudential.
−Removed: Peabody no longer administers or pays the retirement benefits of Peabody Plan participants.
−Removed: No cash contributions were required to complete the termination process for the Peabody Plan.
+Added: Estimated future benefit payments of the Company's benefit obligation, which reflect expected future service, as appropriate, are expected to be $ 16.2 million in 2026, $ 15.4 million in 2027, $ 14.7 million in 2028, $ 13.7 million in 2029, $ 12.9 million in 2030 and $ 51.7 million in years 2031-2035.
Peabody Energy Corporation 2025 Form 10-K
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: (13) Pension and Savings Plans
+Added: The Company sponsors a defined benefit pension plan covering eligible employees who are represented by the United Mine Workers of America (UMWA) under the Kayenta Reclamation Agreement of 2024 (the Western Plan or the qualified plan).
+Added: The Western Plan is actuarially evaluated, incorporating various assumptions such as the discount rate and the expected rate of return on plan assets.
+Added: The funded status of the Western Plan, which is recorded in “Other noncurrent liabilities” on the consolidated balance sheets, is measured as the difference between the fair value of plan assets and the projected benefit obligation.
+Added: As of December 31, 2025 and 2024, the fair value of plan assets was $ 106.5 million and $ 104.8 million, respectively, the projected benefit obligation and accumulated benefit obligation was $ 114.5 million and $ 117.6 million, respectively, and the under-funded status was $ 8.0 million and $ 12.8 million, respectively.
+Added: Previously, the Company sponsored a defined benefit pension plan covering certain U.S.
+Added: salaried employees and eligible hourly employees at certain subsidiaries (the Peabody Plan).
During the year ended December 31, 2023, the Company settled $ 443.2 million of its pension obligations for active and deferred participants in the Peabody Plan with an equal amount paid from plan assets.
−Removed: As a result of the termination process, the Company recorded a settlement gain of $ 2.2 million during the year ended December 31, 2023, which was reflected in “Net periodic benefit credit, excluding service cost” on the consolidated statements of operations.
As a result of the Peabody Plan’s over-funded status, $ 11.1 million was transferred to a Company sponsored employee retirement account (the Qualified Replacement Plan) during December 2023 as part of the distribution of the Peabody Plan assets resulting from the Peabody Plan termination.
−Removed: The Company will use the funds in the Qualified Replacement Plan at least ratably over a seven year period.
−Removed: Net periodic pension cost included the following components:
−Removed: Year Ended December 31,
−Removed: 2024 2023 2022
−Removed: (Dollars in millions)
−Removed: Service cost for benefits earned $ 0.1 $ 0.1 $ 0.1
−Removed: Interest cost on projected benefit obligation 6.5 20.1 21.4
−Removed: Expected return on plan assets ( 4.9 ) ( 17.6 ) ( 23.8 )
−Removed: Settlement — ( 2.2 ) —
−Removed: Net actuarial loss 1.9 — 20.6
−Removed: Net periodic pension cost $ 3.6 $ 0.4 $ 18.3
−Removed: The actuarial loss for the Western Plan in 2024 was primarily due to actual returns on plan assets that were lower than expected returns for the year offset by the increase in the discount rate used to measure the benefit obligation.
−Removed: The actuarial loss for all pension plans in 2022 was primarily due to actual returns on plan assets that were lower than expected returns for the year and the premium paid to Prudential to purchase the GAC, offset by the increase in the discount rate used to measure the benefit obligation.
−Removed: The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans:
−Removed: (Dollars in millions)
−Removed: Change in benefit obligation:
−Removed: Projected benefit obligation at beginning of period $ 125.2 $ 580.9
−Removed: Service cost 0.1 0.1
−Removed: Interest cost 6.5 20.1
−Removed: Benefits paid ( 10.7 ) ( 36.1 )
−Removed: Actuarial (gain) loss ( 3.5 ) 3.4
−Removed: Settlement — ( 443.2 )
−Removed: Projected benefit obligation at end of period 117.6 125.2
−Removed: Change in plan assets:
−Removed: Fair value of plan assets at beginning of period 116.0 583.3
−Removed: Actual return on plan assets ( 0.5 ) 23.1
−Removed: Employer contributions — ( 11.1 )
−Removed: Benefits paid ( 10.7 ) ( 36.1 )
−Removed: Settlement — ( 443.2 )
−Removed: Fair value of plan assets at end of period 104.8 116.0
−Removed: Funded status at end of period $ ( 12.8 ) $ ( 9.2 )
−Removed: Amounts recognized in the consolidated balance sheets:
−Removed: Noncurrent obligation (included in “Other noncurrent liabilities”) $ 12.8 $ 9.2
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows:
−Removed: Discount rate 5.70 % 5.40 %
−Removed: Measurement date December 31, 2024 December 31, 2023
−Removed: The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows:
−Removed: Year Ended December 31,
−Removed: 2024 2023 2022
−Removed: Discount rate 5.40 % 5.44 % 2.95 %
−Removed: Expected long-term return on plan assets 4.40 % 4.85 % 3.20 %
−Removed: Measurement date December 31, 2023 December 31, 2022 December 31, 2021
−Removed: The expected rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results.
−Removed: Effective January 1, 2025, the Company raised its expected rate of return on plan assets from 4.40 % to 4.95 % for the Western Plan, reflecting the impact of its asset allocations and capital market expectations.
−Removed: As of December 31, 2024 and 2023, the projected benefit obligation and accumulated benefit obligation for the Western Plan was $ 117.6 million and $ 125.2 million, respectively, which exceeded the plan assets of $ 104.8 million and $ 116.0 million, respectively, for those periods.
−Removed: As of December 31, 2024 and 2023, there were no plan assets, projected benefit obligation or accumulated benefit obligation for the Peabody Plan.
−Removed: Assets of the Pension Plans
−Removed: Prior to December 31, 2023, assets of the PIC Master Trust (the Master Trust) were invested in accordance with investment guidelines established by the Peabody Plan Retirement Committee and the Peabody Western Plan Retirement Committee (collectively, the Retirement Committees) after consultation with outside investment advisors and actuaries.
−Removed: As of January 1, 2024, assets of the Master Trust are invested in accordance with investment guidelines established by the Western Plan Retirement Committee after consultation with outside investment advisors and actuaries.
−Removed: The asset allocation targets have been set with the expectation that the assets of the Master Trust will be managed with an appropriate level of risk to fund each Pension Plan’s expected liabilities.
−Removed: To determine the appropriate target asset allocations, the Retirement Committees consider the demographics of each Pension Plan’s participants, the funded status of each Pension Plan, the business and financial profile of the Company and other associated risk preferences.
−Removed: These allocation targets are reviewed by the Retirement Committees on a regular basis and revised as necessary.
+Added: The Company has used the funds in the Qualified Replacement Plan as of December 31, 2025.
+Added: Assets of the PIC Master Trust (the Master Trust) are invested in accordance with investment guidelines established by the Peabody Western Plan Retirement Committee after consultation with outside investment advisors and actuaries.
+Added: The asset allocation targets have been set with the expectation that the assets of the Master Trust will be managed with an appropriate level of risk to fund the qualified plan’s expected liabilities.
As a result of discretionary contributions made in recent years, the Western Plan has become nearly fully funded and therefore, as of December 31, 2025 and 2024 the Master Trust investment portfolio reflected the Company’s target asset mix of 100 % fixed income investments.
−Removed: Prior to December 31, 2023, the assets of the Master Trust also included investments of the Peabody Plan as well as various real estate holdings through limited partnerships.
−Removed: The Peabody Plan assets were distributed and all real estate holdings were liquidated as of December 31, 2023.
−Removed: Assets of the Master Trust are under management by third-party investment managers, which are selected and monitored by the Retirement Committees.
−Removed: Specific investment guidelines have been established by the Retirement Committees for each major asset class including performance benchmarks, allowable and prohibited investment types and concentration limits.
−Removed: In general, investment guidelines do not permit leveraging the assets held in the Master Trust.
−Removed: However, investment managers may employ various strategies and derivative instruments in establishing overall portfolio characteristics consistent with the guidelines and investment objectives established by the Retirement Committees for their portfolios.
−Removed: Fixed income investment guidelines only allow for exchange-traded derivatives if the investment manager deems the derivative vehicle to be more attractive than a similar direct investment in an underlying cash market or to manage the duration of the fixed income portfolio.
A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Corporate bonds .
13 unchanged sentences
government securities are classified within the Level 2 valuation hierarchy.
−Removed: International government securities.
−Removed: The Master Trust invests in international government securities for diversification and to provide a hedge to interest rate movements affecting liabilities.
−Removed: Investment types are predominantly non-U.S.
−Removed: government bonds.
−Removed: Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures.
−Removed: International government securities are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange.
−Removed: Asset-backed securities.
−Removed: The Master Trust invests in asset-backed securities for diversification and to provide a hedge to interest rate movements affecting liabilities.
−Removed: Investment types are predominately mortgage-backed securities.
−Removed: Asset-backed securities are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the investments are not traded on a national securities exchange.
−Removed: The Master Trust invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees.
−Removed: Investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature, various exchange-traded derivative instruments consisting of futures and interest rate swap agreements used to manage the duration of certain liability-hedging investments.
−Removed: The non-interest bearing cash fund is classified within the Level 1 valuation hierarchy.
−Removed: Exchange traded derivatives, such as options and futures, for which market quotations are readily available, are valued at the last reported sale price or official closing price on the primary market or exchange on which they are traded and are classified within the Level 1 valuation hierarchy.
−Removed: Group annuity contract.
−Removed: The Master Trust invested in a buy-in GAC to provide a hedge to interest rate movements affecting liabilities.
−Removed: The GAC consisted of a nonparticipating single premium group annuity contract.
−Removed: The initial value of the GAC was equal to the premium paid to secure the contract and was adjusted each reporting period to reflect the estimated fair value of the premium that would be paid for such a contract at that time.
−Removed: Since there were no observable inputs associated with the valuation, the GAC was classified within the Level 3 valuation hierarchy.
−Removed: Real estate interests .
−Removed: The Master Trust invested in real estate interests for diversification.
−Removed: Investments in real estate represented interests in several limited partnerships, which invest in various real estate properties.
−Removed: Interests in real estate were valued using various methodologies, including independent third party appraisals;
−Removed: fair value measurements were not developed by the Company.
−Removed: For some investments, little market activity may have existed and determination of fair value was then based on the best information available in the circumstances.
−Removed: This involved a significant degree of judgment by taking into consideration a combination of internal and external factors.
−Removed: Accordingly, interests in real estate were classified within the Level 3 valuation hierarchy.
+Added: The Master Trust invests in international government securities and asset-backed securities for diversification and to provide a hedge to interest rate movements affecting liabilities.
+Added: These investments are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and are not traded on a national securities exchange.
+Added: The Master Trust also invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees, where investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature, various exchange-traded derivative instruments consisting of futures and interest rate swap agreements used to manage the duration of certain liability-hedging investments.
+Added: These cash funds are classified within the Level 1 valuation hierarchy.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Private mutual funds .
1 unchanged sentence
Investment vehicles include an institutional fund that holds a diversified portfolio of long-duration corporate fixed income investments (Corporate Bond Fund).
−Removed: The Corporate Bond Fund is not traded on a national securities exchange and is valued at NAV, the practical expedient to estimate fair value.
+Added: The Corporate Bond Fund is not traded on a national securities exchange and is valued at net asset value (NAV), the practical expedient to estimate fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
1 unchanged sentence
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy:
4 unchanged sentences
government securities 16.1 3.2 — 19.3
−Removed: International government securities — 1.5 — 1.5
−Removed: Asset-backed securities — 0.4 — 0.4
−Removed: Cash funds 4.3 — — 4.3
+Added: Other 6.1 2.4 — 8.5
Total assets at fair value $ 22.2 $ 65.9 $ — 88.1
7 unchanged sentences
government securities 13.7 3.4 — 17.1
−Removed: International government securities — 1.5 — 1.5
−Removed: Asset-backed securities — 0.5 — 0.5
−Removed: Cash funds 3.8 — — 3.8
+Added: Other 4.3 1.9 — 6.2
Total assets at fair value $ 18.0 $ 70.6 $ — 88.6
4 unchanged sentences
The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans.
−Removed: The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments:
−Removed: Year Ended December 31,
−Removed: 2024 2023 2022
−Removed: (Dollars in millions)
−Removed: Balance, beginning of period $ — $ 430.4 $ 0.3
−Removed: Realized (losses) gains — ( 10.4 ) 0.1
−Removed: Unrealized losses relating to investments still held at the reporting date — — ( 68.8 )
−Removed: Purchases, sales and settlements, net — ( 420.0 ) 498.8
−Removed: Balance, end of period $ — $ — $ 430.4
+Added: Contributions
+Added: Annual contributions to the qualified plan are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation (PBGC).
+Added: Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006.
+Added: As of December 31, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds.
+Added: The Company was not required to make any cash contributions to the qualified plan in 2025 based on minimum funding requirements.
+Added: During the year ended December 31, 2025, the Company made a discretionary cash contribution of $ 5.0 million to the qualified plan which allowed for the termination of the Company’s agreement with the PBGC and resulted in the release of a $ 37.0 million letter of credit that had been maintained in favor of the PBGC.
+Added: The Company expects to contribute $ 2.1 million in 2026 to meet the minimum funding requirements.
Peabody Energy Corporation 2025 Form 10-K
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: Contributions
−Removed: Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation (PBGC).
−Removed: Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006.
−Removed: As of December 31, 2024, the Company’s remaining qualified plan was expected to be at or above the Pension Protection Act thresholds.
−Removed: The Company was not required to make any cash contributions to its remaining qualified pension plan in 2024 based on minimum funding requirements and did not make any discretionary cash contributions in 2024.
−Removed: In January 2025, the Company made a discretionary cash contribution of $ 5.0 million to its remaining qualified pension plan which terminated the Company’s agreement with the PBGC and resulted in the release of a $ 37.0 million letter of credit that had been maintained in favor of the PBGC.
Estimated Future Benefit Payments
−Removed: The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation:
−Removed: Pension Benefits
−Removed: (Dollars in millions)
−Removed: Years 2030-2034
+Added: Estimated future benefit payments of the Company's benefit obligation, which reflect expected future service, as appropriate, are expected to be $ 10.7 million in 2026, $ 10.6 million in 2027, $ 10.4 million in 2028, $ 10.2 million in 2029, $ 10.0 million in 2030 and $ 45.6 million in years 2031-2035.
Defined Contribution Plans
8 unchanged sentences
The Company makes superannuation contributions for eligible Australia employees in accordance with the employer contribution rate set by the government of Australia.
+Added: The employer contribution rates were 12.0 % for July 1, 2025 through December 31, 2025;
+Added: 11.5 % for July 1, 2024 through June 30, 2025;
+Added: 11.0 % for July 1, 2023 through June 30, 2024;
+Added: and 10.5 % for January 1, 2023 through June 30, 2023.
The expense related to these contributions was $ 27.0 million, $ 25.7 million and $ 21.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.
A performance contribution feature allows for additional discretionary contributions from the Company.
−Removed: The Company granted discretionary performance contributions of $ 2.2 million during the year ended December 31, 2024, and $ 1.6 million during both the years ended December 31, 2023 and 2022.
−Removed: Discretionary contributions paid during the years ended December 31, 2024 and 2023 were $ 1.9 million and $ 1.3 million, respectively.
−Removed: There were no discretionary performance contributions paid during the year ended December 31, 2022.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: The Company granted discretionary performance contributions of $ 1.6 million, $ 2.2 million and $ 1.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
+Added: Discretionary contributions paid during the years ended December 31, 2025, 2024, and 2023 were $ 2.0 million, $ 1.9 million and $ 1.3 million, respectively.
(14) Stockholders’ Equity
−Removed: In accordance with the Company’s Fourth Amended and Restated Certificate of Incorporation, the Company has 450.0 million authorized shares of Common Stock, par value $ 0.01 per share.
+Added: In accordance with the Company’s Four th Amended and Restated Certificate of Incorporation, the Company has 450.0 million authorized shares of Common Stock, par value $ 0.01 per share.
Holders of Common Stock are entitled to one vote per share on all matters to be voted upon by the stockholders.
10 unchanged sentences
Shares issued for vested restricted stock units 0.2 0.6 1.5
−Removed: Shares issued under at-the-market equity offering program — — 10.1
Shares repurchased — ( 7.9 ) ( 16.7 )
Shares outstanding at the end of the period 121.6 121.4 128.7
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Preferred Stock
10 unchanged sentences
Shares repurchases.
−Removed: During the fourth quarter of 2020, the Company entered into a transaction support agreement with its surety bond providers which prohibited share repurchases through the earlier of December 31, 2025, or the maturity of the then-existing credit agreement unless otherwise agreed to by the parties to the agreement.
−Removed: Additionally, restrictive covenants in its then-existing credit facility also limited the Company’s ability to repurchase shares.
−Removed: On April 14, 2023, the Company amended the existing transaction support agreement with the surety bond providers to remove the restrictions on shareholder returns, subject to a minimum liquidity threshold, and terminated the then-existing credit facility, which allows share repurchases.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: On April 17, 2023, the Board authorized a new share repurchase program (2023 Repurchase Program) authorizing repurchases of up to $ 1.0 billion of its Common Stock.
+Added: On April 17, 2023, the Board authorized a share repurchase program (2023 Repurchase Program) authorizing repurchases of up to $ 1.0 billion of its Common Stock.
Under the 2023 Repurchase Program, the Company may purchase shares of Common Stock at its discretion.
The manner, timing, pricing and amount of any share repurchase transactions will be based on a variety of factors, including market conditions, applicable legal requirements and alternative opportunities that the Company may have for the use or investment of capital.
−Removed: During the year ended December 31, 2024, the Company repurchased 7.7 million shares of its Common Stock for $ 180.5 million, which included commission fees of $ 0.2 million.
−Removed: Excluded from this amount repurchased is $ 2.6 million of repurchases made during the year ended December 31, 2023 that were settled during the year ended December 31, 2024.
−Removed: As of December 31, 2024, the Company had accrued excise taxes of $ 1.7 million related to the repurchases, which were unpaid at December 31, 2024.
+Added: The Company did not repurchase shares during the year ended December 31, 2025.
+Added: Through December 31, 2025, the Company repurchased 23.8 million shares of its common stock under the 2023 Repurchase Program for $ 530.8 million (which included commissions paid of $ 0.4 million), leaving $ 469.6 million available for share repurchase.
+Added: During the year ended December 31, 2025, the Company paid excise taxes of $ 1.7 million related to prior year repurchases of Common Stock.
The Company includes commission fees and excise taxes, as incurred, with the cost of treasury stock.
−Removed: At December 31, 2024, $ 469.6 million remained available under the 2023 Repurchase Program.
Shares relinquished.
The Company routinely allows employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under its equity incentive plans.
−Removed: The number of shares of Common Stock relinquished was 0.1 million, 0.6 million and 0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: The number of shares of Common Stock relinquished was less than 0.1 million, 0.1 million and 0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The value of the Common Stock tendered by employees was based upon the closing price on the dates of the respective transactions.
3 unchanged sentences
As of December 31, 2025, there are approximately 4.9 million shares of the Company’s Common Stock available for grant.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Share-Based Compensation Expense and Cash Flows
11 unchanged sentences
The fair value of these units is equal to the market price of the Company’s Common Stock at the date of grant.
−Removed: These deferred stock units generally vest on a monthly basis over 12 months and are settled in Common Stock three years after the date of grant.
+Added: These deferred stock units generally vest on a monthly basis over 12 months and are settled in Common Stock either three years after the date of grant, or termination from the Board service, whichever is elected by the director.
Restricted Stock Units
4 unchanged sentences
The payouts for active grants awarded during the years ended December 31, 2025, 2024 and 2023 will be settled in the Company’s Common Stock.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Awards granted to certain senior management employees during the year ended December 31, 2025 contain a performance feature in which the award can be increased by up to 200 % based on Adjusted EBITDA results over a two-year period.
−Removed: There were 234,973 incremental shares granted during the year ended December 31, 2024 as a result of the performance condition being satisfied which are included in the table below.
+Added: Awards granted to certain non-senior management employees during the year ended December 31, 2025 contain a performance feature in which the award can be increased by up to 100 % based on Adjusted EBITDA results over a two-year period.
+Added: The incremental shares, which can be increased by up to 411,236 shares as of December 31, 2025 if the performance condition is satisfied, are not included in the table below.
A summary of restricted stock unit activity is as follows:
6 unchanged sentences
The total fair value at grant date of restricted stock units granted during the years ended December 31, 2025, 2024 and 2023 was $ 5.9 million, $ 10.1 million and $ 5.5 million, respectively.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The restricted stock units receive dividend equivalent units (DEUs) upon payment of cash dividends to holders of Common Stock.
7 unchanged sentences
two-year free cash flow and environmental reclamation (performance condition).
−Removed: In addition, the payout of the performance units can be increased by up to 50 % of the award granted.
+Added: In addition, the payout of the performance units could have been increased by up to 50 % of the award granted if the performance condition was satisfied.
+Added: There are no incremental shares expected to be granted during the year ended December 31, 2026.
+Added: The performance units granted during the year ended December 31, 2024 were based on the following conditions:
+Added: two-year free cash flow, sales volume and environmental reclamation (performance condition).
+Added: In addition, the payout of the performance units can be increased or decreased by up to 25 % of the award based on three-year stock price performance compared to a custom peer group (market condition).
+Added: The performance units can be increased by up to a maximum of 100 % of the award granted.
The incremental shares, which can be increased by up to 147,709 shares as of December 31, 2025 if the performance condition is satisfied, are not included in the table below.
5 unchanged sentences
Awards granted during the year ended December 31, 2025 will be settled in the Company's Common Stock.
−Removed: There were 176,487 and 531,915 performance units granted during the years ended December 31, 2024 and December 31, 2023, respectively.
−Removed: There were no performance units granted during the year ended December 31, 2022.
+Added: There were 199,566 , 176,487 , and 531,915 performance units granted during the years ended December 31, 2025, 2024, and 2023, respectively.
A summary of performance unit activity is as follows:
5 unchanged sentences
Nonvested at December 31, 2025 464,943 1.2
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
As of December 31, 2025, there were no performance units and DEUs that were vested.
2 unchanged sentences
As of December 31, 2025, there were approximately 17,600 nonvested DEUs.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(16) Other Events
−Removed: Planned Anglo American Acquisition
−Removed: On November 25, 2024, the Company entered into definitive agreements (the Purchase Agreements), to acquire from Anglo a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson complex (comprising the Dawson Main/Central, Dawson South, Dawson South Exploration and Theodore South exploration mines, collectively, the Dawson Assets).
−Removed: Following the prospective closing of the Anglo acquisition, the Company is contracted to sell the Dawson Assets to BUMA.
−Removed: The acquisition is expected to close in the second quarter of 2025, subject to regulatory approvals, completion of preemptive rights processes and satisfaction of other customary closing conditions.
−Removed: The Purchase Agreements contemplate an upfront cash payment of $ 2.05 billion, including a deposit of $ 75.0 million paid to Anglo upon execution of the Purchase Agreements, and fixed deferred cash payments totaling $ 725.0 million that will be payable in annual installments over a four-year period commencing on the first anniversary of the closing date of the acquisition, and additional contingent cash payments capped at $ 1.0 billion, comprised of (a) royalty payments contingent on the price of coal exceeding agreed-upon thresholds for each of the five years following the closing date of the acquisition and (b) payments contingent on the potential restart of the Grosvenor mine.
−Removed: The total consideration for the acquisition would be up to approximately $ 3.775 billion if the maximum amounts under the contingencies described above become payable.
Wards Well Acquisition
2 unchanged sentences
The acquired asset was measured at the cost of the acquisition based on the total consideration, allocated on the basis of relative fair value.
−Removed: The total consideration of $ 153.4 million, consisting of cash consideration of $ 134.4 million, cash transaction costs of $ 9.4 million and the non-cash settlement of existing receivables with the acquiree of $ 9.6 million, was recorded in “Property, plant, equipment and mine development, net” in the consolidated balance sheets as of December 31, 2024.
−Removed: The agreement also includes an initial contingent royalty of up to $ 200 million.
+Added: The total consideration of $ 153.4 million, consisting of cash consideration of $ 134.4 million, cash transaction costs of $ 9.4 million and the non-cash settlement of existing receivables with the acquiree of $ 9.6 million, was recorded in “Property, plant, equipment and mine development, net” in the consolidated balance sheets.
+Added: The agreement also included an initial contingent royalty of up to $ 200 million.
The royalty will only be payable once the Company has recovered its investment and development costs of Wards Well and if the average sales price achieved exceeds certain thresholds.
4 unchanged sentences
The mine resumed operations on June 25, 2023.
−Removed: During the year ended December 31, 2023, the Company recorded a provision for loss of $ 12.2 million related to the tornado damage.
+Added: During the year ended December 31, 2023, the Company recorded a provision for loss of $ 12.2 million related to the tornado damage included in “Other operating loss” in the accompanying consolidated statements of operations.
The combined provision included $ 4.0 million for materials and supplies inventories, $ 1.0 million for buildings and equipment and $ 7.2 million for incremental repair costs.
−Removed: During the year ended December 31, 2024, the Company recorded $ 3.7 million for incremental repair costs related to the tornado damage.
+Added: During the year ended December 31, 2024, the Company recorded $ 3.7 million for incremental repair costs related to the tornado damage included in “Other operating loss” in the accompanying consolidated statements of operations.
On March 29, 2023, the Company’s Shoal Creek Mine experienced a fire.
1 unchanged sentence
During the year ended December 31, 2023, the Company recorded a provision for loss of $ 28.7 million related to the fire, which included $ 17.8 million related to longwall development and other costs and $ 10.9 million for equipment deemed inoperable within the affected area of the mine.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: The provision for loss is included in “Other operating loss” in the accompanying consolidated statements of operations.
In October 2023, the Company filed an insurance claim against applicable insurance policies with combined business interruption and property loss limits of $ 125 million above a $ 50 million deductible.
During June 2024, the Company reached a settlement and recognized a $ 109.5 million insurance recovery, which the Company included in its results of operations during the year ended December 31, 2024.
−Removed: The Company collected all of the insurance recovery during the year ended December 31, 2024, and classified $ 10.9 million of the recovery within the “Cash Flows From Investing Activities” section of the consolidated statements of cash flows since this portion of the recovery related to equipment damage for which the Company previously recognized the provision for loss.
+Added: The Company collected all of the insurance recovery during the year ended December 31, 2024, and classified $ 10.9 million of the recovery within the “Cash Flows From Investing Activities” section of the consolidated statements of cash flows since this portion of the recovery related to equipment damage for which the Company previously recognized a provision for loss.
Port and Rail Capacity Assignment
6 unchanged sentences
In connection with the transaction, the Company recorded revenue of $ 6.7 million during the year ended December 31, 2023.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(17) Earnings per Share (EPS)
12 unchanged sentences
In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense, which includes the amortization of debt issuance costs, related to the convertible debt.
−Removed: The computation of diluted EPS excluded aggregate share-based compensation awards of less than 0.1 million for all of the years ended December 31, 2024, 2023 and 2022, because to do so would have been anti-dilutive for those periods.
+Added: The computation of diluted EPS excluded 16.6 million shares related to the 2028 Convertible Notes for the year ended December 31, 2025 because their inclusion would have been anti-dilutive.
+Added: The computation of diluted EPS also excluded aggregate share-based compensation awards of 0.8 million for the year ended December 31, 2025 and less than 0.1 million for both the years ended December 31, 2024 and 2023 because to do so would have been anti-dilutive for those periods.
Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period.
8 unchanged sentences
Basic EPS numerator:
−Removed: Income from continuing operations, net of income taxes $ 407.3 $ 816.0 $ 1,317.4
+Added: (Loss) income from continuing operations, net of income taxes $ ( 42.3 ) $ 407.3 $ 816.0
Net income attributable to noncontrolling interests 10.4 32.6 56.0
−Removed: Income from continuing operations attributable to common stockholders 374.7 760.0 1,295.4
−Removed: (Loss) income from discontinued operations, net of income taxes ( 3.8 ) ( 0.4 ) 1.7
−Removed: Net income attributable to common stockholders $ 370.9 $ 759.6 $ 1,297.1
+Added: (Loss) income from continuing operations attributable to common stockholders ( 52.7 ) 374.7 760.0
+Added: Loss from discontinued operations, net of income taxes ( 0.2 ) ( 3.8 ) ( 0.4 )
+Added: Net (loss) income attributable to common stockholders $ ( 52.9 ) $ 370.9 $ 759.6
Diluted EPS numerator:
−Removed: Income from continuing operations, net of income taxes $ 407.3 $ 816.0 $ 1,317.4
+Added: (Loss) income from continuing operations, net of income taxes $ ( 42.3 ) $ 407.3 $ 816.0
Tax adjusted interest expense related to 2028 Convertible Notes — 12.2 12.2
Net income attributable to noncontrolling interests 10.4 32.6 56.0
−Removed: Income from continuing operations attributable to common stockholders 386.9 772.2 1,304.1
−Removed: (Loss) income from discontinued operations, net of income taxes ( 3.8 ) ( 0.4 ) 1.7
−Removed: Net income attributable to common stockholders $ 383.1 $ 771.8 $ 1,305.8
+Added: (Loss) income from continuing operations attributable to common stockholders ( 52.7 ) 386.9 772.2
+Added: Loss from discontinued operations, net of income taxes ( 0.2 ) ( 3.8 ) ( 0.4 )
+Added: Net (loss) income attributable to common stockholders $ ( 52.9 ) $ 383.1 $ 771.8
EPS denominator:
4 unchanged sentences
Basic EPS attributable to common stockholders:
−Removed: Income from continuing operations $ 2.99 $ 5.52 $ 9.12
−Removed: (Loss) income from discontinued operations ( 0.03 ) — 0.01
−Removed: Net income attributable to common stockholders $ 2.96 $ 5.52 $ 9.13
+Added: (Loss) income from continuing operations $ ( 0.43 ) $ 2.99 $ 5.52
+Added: Loss from discontinued operations — ( 0.03 ) —
+Added: Net (loss) income attributable to common stockholders $ ( 0.43 ) $ 2.96 $ 5.52
Diluted EPS attributable to common stockholders:
−Removed: Income from continuing operations $ 2.73 $ 5.00 $ 8.29
−Removed: (Loss) income from discontinued operations ( 0.03 ) — 0.02
−Removed: Net income attributable to common stockholders $ 2.70 $ 5.00 $ 8.31
+Added: (Loss) income from continuing operations $ ( 0.43 ) $ 2.73 $ 5.00
+Added: Loss from discontinued operations — ( 0.03 ) —
+Added: Net (loss) income attributable to common stockholders $ ( 0.43 ) $ 2.70 $ 5.00
(18) Management — Labor Relations
10 unchanged sentences
Mine Approximate Number of Active Employees Represented Union Current Agreement Expiration Date or Date Amendable
−Removed: 30 UMWA November 2029
−Removed: Shoal Creek (2)
−Removed: 310 UMWA December 2024
−Removed: Wilpinjong (3)
−Removed: 460 MEU June 2024
−Removed: Coppabella 330 MEU February 2026
−Removed: 165 MEU June 2023
+Added: Kayenta 30 UMWA November 2029
+Added: Shoal Creek 290 UMWA June 2029
+Added: Wilpinjong 425 MEU May 2028
+Added: Coppabella (1)
+Added: 305 MEU December 2025
+Added: Moorvale 125 MEU May 2028
Centurion 240 N/A January 2028
−Removed: Underground employees (3)
−Removed: 165 MEU May 2025
+Added: Handling and preparation plant employees 10 MEU April 2027
+Added: Underground employees - Production 190 MEU July 2028
+Added: Underground employees - Deputies 15 MEU July 2026
Handling and preparation plant employees 20 MEU January 2027
−Removed: Wambo Underground
−Removed: Underground employees 90 MEU November 2025
−Removed: Handling and preparation plant employees 20 MEU August 2025
−Removed: (1) The Company and Western Surface mine employees agreed to a new five-year term labor agreement in November 2024.
−Removed: (2) The Company is currently negotiating a new labor agreement with the UMWA and employees.
+Added: Handling and preparation plant employees (1)
+Added: 20 MEU August 2025
(1) The Company is currently negotiating a new labor agreement with the MEU and employees.
15 unchanged sentences
Obligations supported, net $ 908.8 $ 145.8 $ 1,054.6
−Removed: (1) Instruments support obligations related to pension and health care plans, workers’ compensation, property and casualty insurance, customer and vendor contracts and certain restoration ancillary to prior mining activities.
+Added: (1) Instruments support obligations related to leases, health care plans, workers’ compensation, property and casualty insurance, customer and vendor contracts and certain restoration ancillary to prior mining activities.
(2) Amounts do not include cash-collateralized letters of credit.
14 unchanged sentences
At December 31, 2025, the Company’s maximum aggregate collateral amount was $ 509.9 million , which was comprised of $ 383.6 million in trust accounts and letters of credit of $ 126.3 million held for the benefit of certain surety providers.
−Removed: The amendment became effective on April 14, 2023, when the Company terminated a then-existing credit agreement which, as amended, provided for $ 237.2 million of capacity for irrevocable standby letters of credit (LC Facility).
−Removed: The now-terminated LC Facility had an original capacity of $ 324.0 million and was subsequently amended at various dates to reduce its capacity and effect certain other changes, including in February 2023 to reduce capacity by $ 65.0 million, accelerate the expiration date to December 31, 2023 from December 31, 2024, and eliminate the prepayment premium due upon any reduction of commitments thereunder prior to July 29, 2023.
+Added: Letter of Credit Facility
+Added: The Company had a credit agreement, which prior to its termination in April 2023, provided for irrevocable standby letters of credit (LC Facility).
+Added: The now-terminated LC Facility was amended at various dates to effect certain changes, including in February 2023 to reduce capacity, accelerate the expiration date and eliminate the prepayment premium due upon any reduction of commitments thereunder.
The Company recorded early debt extinguishment losses of $ 8.8 million during the year ended December 31, 2023, primarily as a result of the February 2023 amendment and subsequent termination.
−Removed: Prior to its termination, undrawn letters of credit under the LC Facility bore interest at 6.00 % per annum and unused commitments were subject to a 0.50 % per annum commitment fee.
Accounts Receivable Securitization
−Removed: In 2017, the Company entered into the Sixth Amended and Restated Receivables Purchase Agreement, as amended from time to time (the Receivables Purchase Agreement.) The receivables securitization program authorized under the agreement (Securitization Program) is subject to customary events of default.
−Removed: The Receivables Purchase Agreement was amended in February 2023 to increase the available funding capacity from $ 175.0 million to $ 225.0 million and adjust the relevant interest rate for borrowings to a SOFR plus an applicable margin.
−Removed: Such funding is accounted for as a secured borrowing, limited to the availability of eligible receivables, and may be secured by a combination of collateral and the trade receivables underlying the program.
+Added: In 2017, the Company entered into the Sixth Amended and Restated Receivables Purchase Agreement, as amended from time to time.
+Added: The receivables securitization program authorized under the agreement (Securitization Program) is subject to customary events of default.
+Added: The Securitization Program provides up to $ 225.0 million of funding capacity which is accounted for as a secured borrowing, limited to the availability of eligible receivables, and may be secured by a combination of collateral and the trade receivables underlying the program.
Funding capacity under the Securitization Program may also be utilized for letters of credit in support of other obligations, which has been the Company’s primary utilization.
The accounts receivable securitization program was amended in January 2025 to extend its maturity to January 2028.
+Added: During the year ended December 31, 2025, the Company capitalized $ 1.8 million of debt issuance costs related to the amendment.
Borrowings under the Securitization Program bear interest at SOFR plus 2.1 % per annum and remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables.
2 unchanged sentences
The Company was not required to post cash collateral under the Securitization Program at December 31, 2025.
−Removed: The Company incurred interest and fees associated with the Securitization Program of $ 2.6 million, $ 3.6 million and $ 3.8 million during the years ended December 31, 2024, 2023 and 2022, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying statements of operations.
+Added: The Company incurred interest and fees associated with the Securitization Program of $ 2.4 million, $ 2.6 million and $ 3.6 million during the years ended December 31, 2025, 2024 and 2023, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying consolidated statements of operations.
Peabody Energy Corporation 2025 Form 10-K
3 unchanged sentences
In February 2022, the Company entered into an agreement, which provides up to $ 250.0 million of capacity for irrevocable standby letters of credit, primarily to support reclamation bonding requirements.
−Removed: The agreement requires the Company to provide cash collateral at a level of 103 % of the aggregate amount of letters of credit outstanding under the arrangement (limited to $ 5.0 million total excess collateralization.) Outstanding letters of credit bear a fixed fee in the amount of 0.75 % per annum.
+Added: The initial agreement required the Company to provide cash collateral at a level of 103 % of the aggregate amount of letters of credit outstanding under the arrangement (limited to $ 5.0 million total excess collateralization.) Outstanding letters of credit bear a fixed fee in the amount of 0.75 % per annum.
The Company receives a variable deposit rate on the amount of cash collateral posted in support of letters of credit.
−Removed: The agreement has an initial expiration date of December 31, 2025.
+Added: The agreement was amended on November 3, 2025, to (i) extend the expiration date to December 31, 2030 and (ii) reduce the required minimum cash collateral amount to 102 % of the aggregate amount of letters of credit outstanding under the agreement, provided that in the event the Company’s credit rating falls below certain thresholds, the minimum collateral amount shall increase to 103 %.
At December 31, 2025, letters of credit of $ 114.6 million were outstanding under the agreement, which were collateralized by cash of $ 116.9 million.
In December 2023, the Company established cash-backed bank guarantee facilities, primarily to support Australian reclamation bonding requirements.
−Removed: During the year ended December 31, 2024, the Company capitalized $ 1.4 million of debt issuance costs related to these bank guarantee facilities.
The Company receives a variable deposit rate on the amount of cash collateral posted in support of the bank guarantee facilities, which mature at various dates between 2026 and 2029.
45 unchanged sentences
Metropolitan Mine Stormwater Discharge .
−Removed: Significantly high rainfall in New South Wales, including unprecedented rain totals at the Metropolitan Mine site resulted in stormwater being discharged from the mine site on several occasions in 2021 and 2022.
−Removed: On September 6, 2023, the New South Wales Environment Protection Authority commenced a prosecution for five breaches of the Protection of the Environment Operations Act 1997 relating to the stormwater discharges.
−Removed: On March 15, 2024, the Company pled guilty to two of the charges related to water pollution and two charges related to a failure to adequately maintain plant and equipment were consolidated into one charge to which the Company also pled guilty.
−Removed: The remaining charge was discontinued.
−Removed: A sentencing hearing was held in November 2024 and the judgment has been reserved.
−Removed: The judgment is expected in the second quarter of 2025.
−Removed: During the year ended December 31, 2024, the Company recorded an immaterial provision to establish a current liability that the Company believes is probable and reasonably estimable.
+Added: Metropolitan Collieries was convicted in the Land and Environment Court of New South Wales (NSW) for three offenses under the Protection of the Environment Operations Act 1997 (NSW).
+Added: Metropolitan was prosecuted by the NSW Environment Protection Authority (EPA) and pleaded guilty to two offenses of water pollution and one offense of contravening its environment protection license relating to the maintenance of a dam.
+Added: Metropolitan operates a small underground coal mine located in Helensburgh NSW near the Royal National Park and the Garawarra State Conservation Area.
+Added: Camp Gully Creek, which flows into the Hacking River, runs adjacent to the south of the mine.
+Added: Between about September 6 and September 8, 2022, water containing sediment and coal fines overflowed from a water storage dam (called Turkeys Nest Dam) via a licensed discharge point into Camp Gully Creek.
+Added: Between about October 8 and October 9, 2022, further coal-laden water overflowed from the Turkeys Nest Dam into Camp Gully Creek during rainfall.
+Added: The volume of water, silt and sediment released from Turkeys Nest Dam into Camp Gully Creek during both incidents is not known.
+Added: However, the Court found that actual and potential harm was caused by the water pollution offenses.
+Added: Between about July 13 and October 9, 2022, Metropolitan Collieries did not properly maintain Turkeys Nest Dam and its associated plant and equipment.
+Added: Turkeys Nest Dam was full of coal sediment and other parts of the surface water facilities were blocked by sediment.
+Added: This meant that the mine had limited storage capacity to capture and store surface water runoff and mine water.
+Added: On March 21, 2025, Metropolitan Collieries Pty Ltd was sentenced for the three offenses as follows:
+Added: 1) the Court imposed fines in the total sum of $ 0.2 million;
+Added: 2) the Court ordered Metropolitan Collieries Pty Ltd to pay the EPA’s costs of the proceedings and the EPA’s investigation costs in the sum of $ 0.3 million;
+Added: and 3) to publish notices of the convictions and the fines imposed.
+Added: Arbitration Relating to Terminated Anglo Acquisition .
+Added: On November 25, 2024, Peabody entered into Purchase Agreements to acquire from Anglo a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including Anglo’s interests in the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson Assets.
+Added: The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to BUMA.
+Added: On August 19, 2025, Peabody terminated the Purchase Agreements.
+Added: The termination of the Purchase Agreements followed Peabody’s prior delivery of a notice of a MAC as a result of an ignition event at the Moranbah North mine on March 31, 2025, which had led to the closure of the mine.
+Added: Following Peabody’s termination of the Purchase Agreements, Anglo returned $ 29.0 million of the $ 75.0 million deposit previously paid by Peabody, and Peabody has demanded the outstanding portion of the deposit also be returned.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: On September 23, 2025, various subsidiaries of Anglo initiated International Chamber of Commerce arbitration proceedings in London, United Kingdom, against Peabody and certain of its affiliates.
+Added: Anglo’s complaint alleges, among other things, that Peabody wrongfully terminated the Purchase Agreements and seeks, among other things, declarations that the ignition event at the Moranbah North mine did not constitute a MAC, as well as damages for losses in an unspecified amount, plus costs and interest.
+Added: Peabody remains confident that a MAC occurred, and that it was entitled to terminate the Purchase Agreements.
+Added: Metropolitan Mine Aboriginal Land Claim Appeal .
+Added: An Aboriginal land claim lodged under the Aboriginal Land Rights Act 1983 (NSW) for vacant Crown land, seeking freehold ownership of part of the Metropolitan Mine, was previously assessed and refused by the NSW Minister for Crown Lands.
+Added: The claimant Aboriginal Land Council has now appealed that decision to the New South Wales (NSW) Land and Environment Court.
+Added: The area subject to the claim encompasses several pieces of mine surface infrastructure, including the mine access road, car park, and the surface water extraction point with associated pumping infrastructure.
+Added: This matter is ongoing.
At times, the Company becomes a party to other disputes, including those related to contract miner performance, claims, lawsuits, arbitration proceedings, regulatory investigations and administrative procedures in the ordinary course of business in the U.S., Australia and other countries where the Company does business.
Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its consolidated financial condition, results of operations or cash flows.
−Removed: The Company reassesses the probability and estimability of contingent losses as new information becomes available.
+Added: The Company reassesses the probability and the ability to estimate contingent losses as new information becomes available.
(21) Segment and Geographic Information
The Company reports its results of operations primarily through the following reportable segments:
−Removed: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S.
−Removed: Thermal and Corporate and Other.
+Added: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S.
The Company’s seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of its thermal and metallurgical coal sold within Australia.
Generally, revenue from individual countries varies year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country.
−Removed: The Company classifies its seaborne mines within the Seaborne Thermal or Seaborne Metallurgical segments based on the primary customer base and coal reserve type of each mining operation.
−Removed: A small portion of the coal mined by the Seaborne Thermal segment is of a metallurgical grade.
−Removed: Similarly, a small portion of the coal mined by the Seaborne Metallurgical segment is of a thermal grade.
+Added: The Company classifies its seaborne mines within the Seaborne Thermal or Seaborne Metallurgical reportable segments based on the primary customer base and coal reserve type of each mining operation.
+Added: A small portion of the coal mined by the Seaborne Thermal reportable segment is of a metallurgical grade.
+Added: Similarly, a small portion of the coal mined by the Seaborne Metallurgical reportable segment is of a thermal grade.
Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company’s Seaborne Thermal operations consist of mines in New South Wales, Australia.
−Removed: The mines in that segment utilize both surface and underground extraction processes to mine low-sulfur, high Btu thermal coal.
+Added: The mines in that reportable segment utilize surface extraction processes to mine low-sulfur, high Btu thermal coal.
+Added: Prior to September 2025, when the Wambo Underground Mine ceased production, the reportable segment also used underground extraction processes.
The Company’s Seaborne Metallurgical operations consist of mines in Queensland, Australia, one in New South Wales, Australia and one in Alabama, USA.
−Removed: The mines in that segment utilize both surface and underground extraction processes to mine various qualities of metallurgical coal.
+Added: The mines in that reportable segment utilize both surface and underground extraction processes to mine various qualities of metallurgical coal.
The metallurgical coal qualities include hard coking coal, semi-hard coking coal, semi-soft coking coal and pulverized coal injection coal.
−Removed: The Company’s thermal operating segments in the U.S.
+Added: The Company’s thermal operations in the U.S.
are focused on the mining, preparation and sale of thermal coal, sold primarily to electric utilities in the U.S.
1 unchanged sentence
The Company’s Powder River Basin operations consist of its mines in Wyoming.
−Removed: The mines in that segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances).
+Added: The mines in that reportable segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances).
The Company’s Other U.S.
Thermal operations reflect the aggregation of its Illinois, Indiana, New Mexico and Colorado mining operations.
−Removed: The mines in that segment are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances).
+Added: The mines in that reportable segment are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances).
Geologically, the Company’s Powder River Basin operations mine sub-bituminous coal deposits and its Other U.S.
Thermal operations mine both bituminous and sub-bituminous coal deposits.
−Removed: The Company’s Corporate and Other segment includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.
−Removed: The Company’s CODM, defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions.
−Removed: Adjusted EBITDA is a non-GAAP financial measure defined as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization.
−Removed: Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliations below.
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: The Company’s chief operating decision maker (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions.
+Added: Adjusted EBITDA is a non-GAAP financial measure defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization.
+Added: Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments’ operating performance, as displayed in the reconciliations below.
Management believes this non-GAAP measure is used by investors to measure the Company’s operating performance.
1 unchanged sentence
GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
−Removed: Segment results for the year ended December 31, 2024 were as follows:
+Added: Reportable s egment results for the year ended December 31, 2025 were as follows:
Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.
−Removed: Thermal Corporate
−Removed: and Other Consolidated
+Added: Thermal Reportable Segment Totals
(Dollars in millions)
10 unchanged sentences
Additions to property, plant, equipment and mine development 39.8 309.4 33.1 24.0 406.3
−Removed: 73.2 266.6 35.0 18.6 7.9 401.3
−Removed: Income from equity affiliates — — — — ( 11.5 ) ( 11.5 )
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
−Removed: Segment results for the year ended December 31, 2023 were as follows:
+Added: Reportable segment results for the year ended December 31, 2024 were as follows:
Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.
−Removed: Thermal Corporate
−Removed: and Other Consolidated
+Added: Thermal Reportable Segment Totals
(Dollars in millions)
10 unchanged sentences
Additions to property, plant, equipment and mine development 73.2 266.6 35.0 18.6 393.4
−Removed: 62.0 186.4 40.9 47.6 11.4 348.3
−Removed: Income from equity affiliates — — — — ( 6.9 ) ( 6.9 )
−Removed: Segment results for the year ended December 31, 2022 were as follows:
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: Reportable segment results for the year ended December 31, 2023 were as follows:
Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.
−Removed: Thermal Corporate
−Removed: and Other Consolidated
+Added: Thermal Reportable Segment Totals
(Dollars in millions)
10 unchanged sentences
Additions to property, plant, equipment and mine development 62.0 186.4 40.9 47.6 336.9
−Removed: 38.8 84.8 59.1 35.3 3.5 221.5
−Removed: Income from equity affiliates — — — — ( 131.2 ) ( 131.2 )
(1) Other expenses for the mining operations primarily include lease expense;
1 unchanged sentence
insurance expense;
−Removed: joint facility charges;
−Removed: and credits related to the capitalization of costs to the balance sheet.
−Removed: For the year ended December 31, 2024, the Seaborne Metallurgical segment includes $ 80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.
−Removed: Total assets are reflected at the division level only for the Company’s operating segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM.
−Removed: Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis.
+Added: and joint facility charges;
+Added: offset by credits related to the capitalization of costs to the consolidated balance sheet.
+Added: For the year ended December 31, 2024, the Seaborne Metallurgical reportable segment includes $ 80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.
+Added: Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual reportable segment as such information is not regularly reviewed by the Company’s CODM.
+Added: Further, some assets service more than one reportable segment within the division and an allocation of such assets would not be meaningful or representative on a reportable segment by reportable segment basis.
Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category.
−Removed: Assets related to the Company’s Centurion Mine, which is in development and targeted to commence longwall production in the first quarter of 2026, are included in the Seaborne division level as of both December 31, 2024 and 2023.
−Removed: Peabody Energy Corporation 2024 Form 10-K
−Removed: PEABODY ENERGY CORPORATION
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table presents total assets at the division level:
16 unchanged sentences
Operating lease right-of-use assets $ 121.2 $ 119.3 $ 61.9
−Removed: A reconciliation of consolidated income from continuing operations before income taxes to Adjusted EBITDA follows:
+Added: Peabody Energy Corporation 2025 Form 10-K
+Added: PEABODY ENERGY CORPORATION
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
+Added: A reconciliation of reportable segment totals follows:
Year Ended December 31,
1 unchanged sentence
(Dollars in millions)
−Removed: Income from continuing operations before income taxes $ 516.1 $ 1,124.8 $ 1,278.6
+Added: Revenue from reportable segments $ 3,805.4 $ 4,190.9 $ 4,717.9
+Added: Reconciling items
+Added: Corporate and Other (1)
+Added: 56.1 45.8 228.8
+Added: Revenue $ 3,861.5 $ 4,236.7 $ 4,946.7
+Added: Adjusted EBITDA from reportable segments $ 525.8 $ 961.9 $ 1,376.1
+Added: Reconciling items
+Added: Corporate and Other (1)
+Added: ( 70.9 ) ( 90.2 ) ( 12.2 )
Depreciation, depletion and amortization ( 384.5 ) ( 343.0 ) ( 321.4 )
1 unchanged sentence
Restructuring charges ( 9.5 ) ( 4.4 ) ( 3.3 )
−Removed: Transaction costs related to business combinations 10.3 — —
−Removed: Asset impairment — 2.0 11.2
−Removed: Provision for NARM and Shoal Creek losses 3.7 40.9 —
+Added: Costs related to terminated acquisition ( 78.9 ) ( 10.3 ) —
Shoal Creek insurance recovery - property damage — 28.7 —
Changes in amortization of basis difference related to equity affiliates 2.7 1.8 1.6
+Added: Other operating loss ( 5.6 ) ( 3.7 ) ( 42.9 )
Interest expense, net of capitalized interest ( 43.9 ) ( 46.9 ) ( 59.8 )
2 unchanged sentences
Net mark-to-market adjustment on actuarially determined liabilities 5.4 6.1 0.3
−Removed: ( 6.1 ) ( 0.3 ) ( 27.8 )
−Removed: Unrealized (gains) losses on derivative contracts related to forecasted sales — ( 159.0 ) 35.8
−Removed: Unrealized losses (gains) on foreign currency option contracts 9.0 ( 7.4 ) 2.3
+Added: Unrealized gains on derivative contracts related to forecasted sales — — 159.0
+Added: Unrealized gains (losses) on foreign currency option contracts 6.0 ( 9.0 ) 7.4
Take-or-pay contract-based intangible recognition 1.0 3.0 2.5
−Removed: Total Adjusted EBITDA $ 871.7 $ 1,363.9 $ 1,844.7
+Added: (Loss) income from continuing operations before incomes taxes $ ( 33.5 ) $ 516.1 $ 1,124.8
+Added: Additions to property, plant, equipment and mine development from reportable segments $ 406.3 $ 393.4 $ 336.9
+Added: Reconciling items
+Added: Corporate and Other 5.1 7.9 11.4
+Added: Additions to property, plant, equipment and mine development $ 411.4 $ 401.3 $ 348.3
+Added: (1) Corporate and Other includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.
Peabody Energy Corporation 2025 Form 10-K
6 unchanged sentences
Japan 15.9 % 18.8 % 14.7 %
−Removed: China 11.3 % 10.9 % — %
Australia 7.9 % 8.8 % 8.9 %
−Removed: Taiwan 3.3 % 6.6 % 9.3 %
+Added: China 7.5 % 11.3 % 10.9 %
+Added: India 5.6 % 1.2 % 1.2 %
Indonesia 2.2 % 2.4 % 2.0 %
+Added: South Korea 2.2 % 0.6 % — %
+Added: Taiwan 2.0 % 3.3 % 6.6 %
+Added: Vietnam 1.8 % 0.9 % 2.4 %
Brazil 1.5 % 2.0 % 3.6 %
−Removed: Malaysia 1.5 % 0.9 % 0.8 %
Belgium 1.0 % 1.3 % 0.6 %
−Removed: India 1.2 % 1.2 % 2.9 %
France 0.8 % 1.1 % 1.6 %
−Removed: Vietnam 0.9 % 2.4 % 2.8 %
−Removed: South Korea 0.6 % — % 2.1 %
+Added: Malaysia 0.6 % 1.5 % 0.9 %
Germany 0.3 % 0.2 % 1.0 %
−Removed: Chile — % — % 1.1 %
Other 2.3 % 1.6 % 3.2 %
19 unchanged sentences
Reserves deducted from asset accounts:
−Removed: Advance royalty recoupment reserve $ 0.3 $ ( 0.3 ) $ — $ — $ —
Reserve for materials and supplies 9.5 2.6 ( 4.9 ) — 7.2
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.