HCC · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Warrior Met Coal

37 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Five largest customers

earns from · approximately 56% of our total sales revenuesnamed as a risk

For the year ended December 31, 2025, we derived approximately 56% of our total sales revenues from our five largest customers.Risk factors (Item 1A)

Also named by AOS, BTU, HEI, MA, WWD

Suppliers

CSX

depends onnamed as a risk

All of our steelmaking coal mines are served by only one rail carrier, which increases our vulnerability to these risks, although our access to barge transportation partially mitigates that risk.Risk factors (Item 1A)

Also named by ARLP

Mining equipment suppliers

depends onnamed as a risk

We procure this equipment from a concentrated group of suppliers and obtaining or repairing these major pieces of mining equipment often involves long lead times.Risk factors (Item 1A)

Norfolk Southern (NS railroad)

depends on

Blue Creek is located near Brookwood, Alabama, and is serviced by NS railroad to the export coal-loading facility in Mobile, Alabama.Business (Item 1)

Also named by UNP

Partners and platforms

Port of Mobile

depends onnamed as a risk

In addition, there are limited cost-effective alternatives to the port.Risk factors (Item 1A)

Other companies

Blue Creek mine

operates in · $956.8 million on the project to datenamed as a risk

We spent approximately $240.3 million on the development of Blue Creek in 2025, $956.8 million on the project to date and expect to invest approximately $50.0 to $75.0 million in 2026 for the final construction of the Blue Creek mine.Risk factors (Item 1A)

United Mine Workers of America (UMWA)

56.0% of our employeesnamed as a risk

As of December 31, 2025, 56.0% of our employees were represented by the UMWA.Risk factors (Item 1A)

Walter Energy

named as a risk

We assumed certain historical self-insured black lung liabilities of Walter Energy and its subsidiaries incurred prior to April 1, 2016 in connection with the acquisition of certain assets of Walter Energy.Risk factors (Item 1A)

Competitors

Australia

competes with

We primarily compete with producers of premium steelmaking coal from Australia, Canada, Russia, Mozambique and the United States.Business (Item 1)

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, CVX and 15 more

Places

Europe

earns from · 37%

For the year ended December 31, 2025, our sales geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Asia

earns from · 48%

For the year ended December 31, 2025, our sales geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S.Business (Item 1)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

South America

earns from · 14%

For the year ended December 31, 2025, our sales geographic customer mix was 48% in Asia, 37% in Europe, 14% in South America and 1% in the U.S.Business (Item 1)

Also named by ADM, BALL, LPX

China

named as a risk

The ban on Australian coal has significantly impacted the global steelmaking coal market in recent years.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

India

earns fromnamed as a risk

If steelmaking coal prices drop to or below levels experienced in 2015 and the first half of 2016 for a prolonged period or if there are further downturns in economic conditions, particularly in developing countries such as India, our business, financial condition or results of operations could be adversely affected.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Alabama

concentrated innamed as a risk

All of our mining operations are geographically concentrated in Alabama.Risk factors (Item 1A)

Also named by ALL, RF, SO

Black Warrior River

depends on

Both mines also have access to our barge load-out facility on the Black Warrior River.Business (Item 1)

Also named by BTU

Hazards

Russia-Ukraine war

named as a risk

The wars, sanctions and other trade measures, as well as any escalation of the conflicts and future developments, could significantly affect coking coal prices and the demand for our coal.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

Slurry impoundment failure

named as a risk

If one of our impoundments were to fail, we could be subject to substantial claims for the resulting environmental contamination and associated liability, as well as for related fines and penalties.Risk factors (Item 1A)

Commodities and inputs

Hard coking coal (steelmaking coal)

exposed to its price · approximately 97.5% of our total revenuesnamed as a risk

For the year ended December 31, 2025, revenues from the sale of steelmaking coal accounted for approximately 97.5% of our total revenues.Risk factors (Item 1A)

Natural gas

exposed to its pricenamed as a risk

We occasionally enter into natural gas swap contracts to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to our forecasted sales.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Steel

exposed to its pricenamed as a risk

We use considerable quantities of steel in the mining process.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Diesel fuel

exposed to its pricenamed as a risk

An increase in transportation costs, including increases resulting from emission control requirements and fluctuation in the price of diesel fuel, could have an adverse effect on our ability to increase or to maintain production on a profit-making basis and could therefore adversely affect our revenues and earnings.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Scrap steel

exposed to its pricenamed as a risk

The cost of roof bolts we use in our mining operations depends on the price of scrap steel.Risk factors (Item 1A)

S&P Platts Premium Low Vol FOB Australia Index

exposed to its price

As a result of our high-quality coal, our realized price for Mine No. 7 coal has historically approximated the Platts Premium Low Volatility FOB Australian Index price (the “S&P Platts Index”).Business (Item 1)

East Coast High Vol A index

exposed to its price

We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin.Business (Item 1)

Regulators

U.S. Department of Labor (DCMWC)

subject to · $28 millionnamed as a risk

On July 12, 2022, we received a decision on our appeal from the DCMWC lowering the amount of collateral required to be posted from $39.8 million to $28 million.Risk factors (Item 1A)

Also named by ADP, AMG, BBSI, FLO, MRSH, PAYX, PFG, TROW and 1 more

Bureau of Land Management (BLM)

depends on · approximately 48 million metric tons of additional reserves

These leases provide access to approximately 48 million metric tons of additional reserves, enhancing the strategic resource base that underpins our development initiatives.Business (Item 1)

Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more

Mine Safety and Health Administration (MSHA)

subject tonamed as a risk

These federal mine safety and health laws and regulations have a significant effect on our operating costs.Business (Item 1)

Also named by AESI, ARLP, BTU, CDE, GVA, HL, MLM, MP and 4 more

EPA

subject tonamed as a risk

If the EPA were to make an endangerment finding in the future, we may have to further reduce our methane emissions, install additional air pollution controls, pay certain taxes or fees for our emissions, incur costs to purchase credits that permit us to continue operations as they now exist at our underground coal mines or perhaps curtail coal production.Business (Item 1)

Alabama Surface Mining Commission

subject to

The Alabama Surface Mining Commission reviews and approves SMCRA permits in Alabama.Business (Item 1)

Laws and programs

Surface Mining Control and Reclamation Act (SMCRA)

subject to · $47.5 millionnamed as a risk

As of December 31, 2025, we had outstanding surety bonds with parties for post-mining reclamation at all of our mining operations totaling $47.5 million, $18.6 million as collateral for self-insured black lung related claims, $16.0 million for federal coal leases and $6.4 million for miscellaneous purposes.Business (Item 1)

Also named by ARLP, BTU, NRP

Black Lung Benefits Act

subject to · $36.1 millionnamed as a risk

Our estimated total black lung liabilities as of December 31, 2025 were $36.1 million (net of the black lung trust).Risk factors (Item 1A)

Also named by ARLP

Alabama Act 2021-1 (throwback rule repeal)

subject to · approximately $45.0 millionnamed as a risk

Therefore, at December 31, 2025, we have a valuation allowance against our state deferred income tax assets of approximately $45.0 million.Risk factors (Item 1A)

Clean Water Act Section 404

subject tonamed as a risk

As is the case with other steelmaking coal mining companies, our construction and mining activities require Section 404 permits.Risk factors (Item 1A)

Also named by ARLP, MOS

Internal Revenue Code Sections 45Q and 45V

subject tonamed as a risk

In addition, the Trump Administration may make changes to the regulations on production tax credits and incentives that are currently offered under Sections 45Q and 45V.Business (Item 1)

Foreign-Derived Intangible Income (Code Section 250) and percentage depletion

subject tonamed as a risk

The passage of these or other similar proposals could increase our taxable income and negatively impact our cash flows and the value of an investment in our common stock.Risk factors (Item 1A)

Technology

Electric arc furnaces

competes withnamed as a risk

If competitive technologies emerge or are increasingly utilized that use other materials in place of our product or that diminish the required amount of our product, such as electric arc furnaces or pulverized coal injection processes, demand and price for our steelmaking coal might fall.Risk factors (Item 1A)

Also named by BTU