PEABODY ENERGY CORP
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
BTU$16.03+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001064728-25-000115
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001064728-25-000139
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 194 current paragraphs.
99 unchanged; 73 reworded; 21 added; 16 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 23 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Within the seaborne metallurgical coal market, coking coal prices relevant to Australian operations finished the quarter higher. The quarter saw increased coal buying activity from India after its monsoon season, signs of supply rationalization in China’s steel and coal industries following China’s anti-involution policy announcement made in July, ongoing unplanned mine outages at non-Peabody mines and lower Chinese steel exports quarter-over-quarter. Looking forward, the seaborne metallurgical coal price may remain volatile based on the outcomes of China’s supply reforms, the pace of growth of the Indian steel industry, changing global trade policies and global supply curtailment actions.
Current report
Arbitration Relating to Terminated Anglo American Acquisition
Current report
On August 19, 2025, Peabody terminated the Purchase Agreements. 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. See Note 9. “Long-term Debt” and Note 14. “Commitments and Contingencies” to the accompanying unaudited condensed consolidated financial statements for further information.
Current report
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. 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. Peabody remains confident that a MAC occurred, and that it was entitled to terminate the Purchase Agreements.
Current report
Potential Recovery of Rare Earth Elements (REEs)
Current report
Peabody has been evaluating the potential recovery of REEs at its mines within the Powder River Basin. The Company is progressing its REE initiative and intends to advance the characterization of REEs and critical minerals in its feedstock; continue discussions with the U.S. administration regarding critical minerals policies and priorities; and engage in multiple workstreams as the Company moves through the evaluation process.
Current report
Three and Nine Months Ended September 30, 2025 Compared to the Three and Nine Months Ended September 30, 2024
Current report
Seaborne Metallurgical. Segment revenue increased during the three months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($74.6 million) primarily from the Shoal Creek and Centurion Mines, offset by unfavorable realized prices ($58.2 million). Segment revenue decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($221.7 million), offset by favorable volume ($169.1 million) from the Shoal Creek and Centurion Mines.
Current report
Powder River Basin. Segment revenue decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($10.3 million) which were driven by the impact of adjustments to cost pass-through contracts with certain customers resulting from the federal royalty rate reduction included in the One Big Beautiful Bill Act of 2025 (OBBBA). The decrease was offset by favorable volume ($6.4 million) driven by increased demand.
Current report
Segment revenue increased during the nine months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($80.2 million) resulting from increased demand, offset by unfavorable realized prices ($8.8 million) which were driven by the impact of the federal royalty rate reduction.
Current report
Powder River Basin. Segment Costs decreased during the three months ended September 30, 2025 compared to the same period in the prior year primarily due to lower sales related costs ($16.3 million) which were largely driven by the federal royalty rate reduction on coal production included in the OBBBA, offset by higher costs for labor, repairs and outside services ($13.6 million) due in part to unplanned dragline outages, haul truck repairs and increased headcount.
Current report
Segment Costs increased during the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to lower credits for net periodic benefits, excluding service costs and higher expense from trading activities. These increases were offset by favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral.
Current report
Seaborne Thermal. Segment Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($69.2 million) and unfavorable operational costs ($18.5 million).
Current report
Segment Adjusted EBITDA decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($205.5 million), offset by favorable operational costs ($16.1 million) and mix variances ($11.6 million).
Current report
Seaborne Metallurgical. Segment Adjusted EBITDA was flat for the three months ended September 30, 2025 compared to the same period in the prior year as favorable operational costs ($20.9 million), driven by the prior year impacts of wet weather in Australia and a longwall move at the Shoal Creek Mine, were offset by lower realized prices net of sales price sensitive costs ($23.8 million).
Current report
Powder River Basin. Segment Adjusted EBITDA was flat for the three months ended September 30, 2025 compared to the same period in the prior year as the decrease in Segment Costs was offset by the decrease in revenue, as described in the sections above.
Current report
On August 1, 2025, the EPA published a proposed rule to reconsider a 2009 endangerment finding regarding the regulation of GHGs under the Clean Air Act (CAA). In the 2009 action, the EPA found that current and projected atmospheric concentrations of six GHGs were reasonably anticipated to endanger public health and welfare and that GHG emissions from new motor vehicles contributed to air pollution that threatened public health and welfare. These determinations formed the basis for subsequent regulation of GHGs from new motor vehicles under section 202 of the CAA. The EPA is proposing to rescind the 2009 endangerment finding and to fully repeal vehicle rules based on GHG emissions.
Current report
On September 29, 2025, the EPA released a pre-publication version of a direct final rule to extend the date for existing steam electric power plants to decide whether to submit a notice of planned participation for the permanent cessation of coal combustion subcategory in the 2024 Supplemental Steam Electric Reconsideration Rule. On that same day, the EPA released a pre-publication version of a related proposed rule to extend seven deadlines in the 2024 rule.
Current report
Regional Haze. The CAA contains a national visibility goal for the “prevention of any future, and the remedying of any existing, impairment of visibility in Class I areas which impairment results from man-made air pollution.” The EPA promulgated comprehensive regulations in 1999 requiring all states to submit plans to address regional haze that could affect 156 national parks and wilderness areas, including requirements for certain sources to install the best available retrofit technology and for states to demonstrate “reasonable progress” towards meeting the national visibility goal.
Current report
States are required to revise plans every 10 years, but these statutory deadlines have not been met. On March 29, 2024, the EPA published a proposed consent decree under which deadlines (for the second 10-year regional haze implementation period) would be established for the EPA to take final action to approve, disapprove or conditionally approve, in whole or in part, state regional haze implementation plans for 34 states (at various dates from June 28, 2024 to December 31, 2026). The EPA subsequently filed a motion to approve the consent judgment in the U.S. District Court for the District of Columbia which was granted. On December 31, 2024, the EPA proposed to revise the due date for plans (for the third regional haze implementation period) from July 31, 2028 to July 31, 2031. As noted above, the EPA has also announced plans to “restructure” the regional haze program and, on September 29, 2025, issued an Advance Notice of Proposed Rulemaking to “streamlining regulatory requirements impacting states’ visibility improvement obligations under the Clean Air Act.”
Current report
The Company expects 2025 capital expenditures of approximately $420 million.
Removed paragraphs (16)
Previous report
Within the seaborne metallurgical coal market, several unplanned outages at non-Peabody mines and wet weather created a spot supply shortage of key grades during the early part of the quarter, with the market trading higher as a result. However, metallurgical coal spot demand slowed toward the end of the quarter, resulting in softened prices. Volatility in global trade policies continued to weigh on steel exports in some Asian markets, while the early onset of monsoonal weather affected coal procurement in India. In China, steel production was adversely impacted by continued softness in the property sector, which saw a decline in floor space under construction in April and May. As a result, lower metallurgical coal import demand in China created a redistribution of coal originally bound for China to other destinations, placing further pressure on metallurgical coal index prices. Emerging evidence of supply curtailment in some regions points to prices intersecting the global cost curve. Looking forward, the seaborne metallurgical coal price may remain volatile based on the pace of growth of the Indian steel industry, changing global trade policies and global supply curtailment actions.
Previous report
Planned Acquisition
Previous report
The Purchase Agreements required Peabody to acquire the balance, or a portion thereof, of the remaining interest in the Moranbah North and Grosvenor mines upon receipt of a tag-along notice from any joint venture participant (the Tag-Along Notice). On January 15, 2025, Peabody received a Tag-Along Notice pursuant to which Peabody acquired an additional 0.5% interest in the Moranbah North and Grosvenor mines.
Previous report
Peabody has secured a bridge facility commitment to finance the acquisition. The Company intends to replace the bridge facility with permanent financing, including debt capacity, additional investment by existing joint venture partners and other financing to supplement as warranted.
Previous report
On May 5, 2025, Peabody announced that it had notified Anglo and BUMA of a Material Adverse Change (MAC) impacting Peabody’s planned acquisition, due to issues involving the Moranbah North Mine, which remains inactive following what was described as a gas ignition event on March 31, 2025. As of July 31, 2025, no credible timetable has been given regarding resumption of sustainable longwall production. Peabody’s understanding of the conditions underground, along with the continued passage of time, has further confirmed that a MAC has occurred under the Purchase Agreements. Peabody has not reached a revised agreement with the seller and intends to provide a further update after the 90-day MAC cure period has expired. See Note 9. “Long-term Debt” and Note 11. “Other Events” for further information.
Previous report
Three and Six Months Ended June 30, 2025 Compared to the Three and Six Months Ended June 30, 2024
Previous report
Seaborne Metallurgical. Segment revenue decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to unfavorable realized prices ($80.4 million and $155.5 million, respectively), offset by favorable volume ($38.3 million and $86.5 million, respectively).
Previous report
Powder River Basin. Segment revenue increased during the three months ended June 30, 2025 compared to the same period in the prior year due to favorable volume ($56.1 million) driven by increased demand. The increase was offset by unfavorable realized prices ($2.3 million) which reflected the impact of quality adjustments for moisture due to wet weather in the current year. Segment revenue increased during the six months ended June 30, 2025 compared to the same period in the prior year due to favorable volume ($73.9 million) resulting from increased demand and favorable realized prices ($1.4 million).
Previous report
Seaborne Thermal. Segment Adjusted EBITDA decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to lower realized prices net of sales price sensitive costs ($67.3 million and $143.3 million, respectively) and unfavorable volume (three months, $23.9 million), offset by favorable operational costs ($11.0 million and $43.9 million, respectively) driven by timing of maintenance and operational improvements.
Previous report
Seaborne Metallurgical. Segment Adjusted EBITDA decreased during the three months ended June 30, 2025 compared to the same period in the prior year due to the prior year Shoal Creek insurance recovery ($80.8 million), lower realized prices net of sales price sensitive costs ($59.3 million) and unfavorable volumes at the Australian operations ($16.0 million).
Previous report
The following table presents Total Segment Costs by reporting segment:
Previous report
In December 2022, the federal government passed The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022, which amends the Fair Work Act. The legislation introduced several changes to workplace laws in Australia including changes to enterprise agreement making and termination; when industrial action can be taken; and access to multi-employer bargaining or single interest employer authorizations. Following this amendment, the Wambo Underground Mine and four other mines in New South Wales (NSW) were served with an application for a single interest employer authorization which was granted by the Fair Work Commission (Commission) against three employers including Peabody. An application to the Commission to remove the Wambo Underground Mine from the authorization due to its pending closure was granted by the Commission on July 3, 2025.
Previous report
The Australian Parliament has passed various other pieces of legislation changing the Australian industrial and employment landscape. This includes the Fair Work Legislation Amendment (Closing Loopholes No. 2) Bill 2023 which was passed on February 12, 2024 and made many changes, including to the definition of who is a casual employee and the definition of who is a contractor versus employee. The change to the casual employment definition was introduced to move away from a decision of the High Court of Australia in which an employee in the Australian coal mining industry who was rostered to work full-time hours on a 12-month roster was found to be employed on a casual basis pursuant to the terms of his contract of employment and therefore not entitled to receive the benefits that permanent employees receive (e.g. paid annual leave).
Previous report
Due to the reduction of certain sustaining capital expenditures, the Company revised its expected 2025 capital expenditures from approximately $450 million to $420 million.
Previous report
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. 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. 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.
Previous report
The availability of borrowings under the Bridge Facility is subject to the satisfaction of certain customary conditions for transactions of this type. Any definitive financing documentation for the Bridge Facility will contain customary representations and warranties, covenants and events of defaults for transactions of this type. Upon execution of any definitive financing documentation for the Bridge Facility, the Bridge Facility will be guaranteed by substantially all U.S. subsidiaries of the Company and secured by substantially all assets of the Company, its U.S. subsidiaries and, subject to certain conditions, certain of the Company’s Australian subsidiaries.
Reworded paragraphs (73)
Previous wording
Also included in the following discussion of Peabody’s results of operations are references to Revenue per Ton, Costs per Ton and Adjusted EBITDA Margin per Ton for each reporting segment. These metrics are used by management to measure each reporting segment’s operating performance. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reporting segment level. The Company considers all measures reported on a per ton basis to be operating/statistical measures; however, the Company includes reconciliations of the related non-GAAP financial measures (Adjusted EBITDA and Total Segment Costs) in the “Reconciliation of Non-GAAP Financial Measures” section contained within this Item 2.
Current wording
Also included in the following discussion of Peabody’s results of operations are references to Revenue per Ton, Costs per Ton and Adjusted EBITDA Margin per Ton for each reportable segment. These metrics are used by management to measure each reportable segment’s operating performance. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reportable segment level. The Company considers all measures reported on a per ton basis to be operating/statistical measures; however, the Company includes reconciliations of the related non-GAAP financial measures (Adjusted EBITDA and Total Segment Costs) in the “Reconciliation of Non-GAAP Financial Measures” section contained within this Item 2.
Previous wording
Peabody is a leading producer of metallurgical and thermal coal. In 2024, Peabody produced and sold 118.1 million and 118.0 million tons of coal, respectively, from continuing operations. At June 30, 2025, the Company owned interests in 17 active coal mining operations located in the United States (U.S.) and Australia. Included in that count is Peabody’s 50% equity interest in Middlemount Coal Pty Ltd (Middlemount), which owns the Middlemount Mine in Queensland, Australia.
Current wording
Peabody is a leading producer of metallurgical and thermal coal. In 2024, Peabody sold 118.0 million tons of coal. Since December 31, 2024, the Wambo Underground Mine in the Seaborne Thermal Mining segment shipped its final tons. As a result, the Company owned interests in 16 active coal mining operations located in the United States (U.S.) and Australia at September 30, 2025. Included in that count is Peabody’s 50% equity interest in Middlemount Coal Pty Ltd (Middlemount), which owns the Middlemount Mine in Queensland, Australia.
Previous wording
The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S. Thermal and Corporate and Other. Refer to Note 15. “Segment Information” to the accompanying unaudited condensed consolidated financial statements for further information regarding those segments and the components of the Company’s Corporate and Other segment.
Current wording
The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal. Refer to Note 15. “Segment Information” to the accompanying unaudited condensed consolidated financial statements for further information regarding those segments and the components of the Company’s Corporate and Other operating segment.
Previous wording
Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent changes to trade policy, including tariff and customs regulations. As future developments related to trade policy, including additional or retaliatory tariffs, delays in implementing previously announced changes or ongoing negotiations between countries, are unknown, the global coal industry data for the six months ended June 30, 2025 presented herein may not be indicative of their ultimate impacts.
Current wording
Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent changes to trade policy, including tariffs and customs regulations. As future developments related to trade policy, including additional or retaliatory tariffs, delays in implementing previously announced changes or ongoing negotiations between countries, are unknown, the global coal industry data for the nine months ended September 30, 2025 presented herein may not be indicative of their ultimate impacts.
Previous wording
Within the seaborne thermal coal market, global thermal coal prices continued to soften during the six months ended June 30, 2025, driven by weakening demand conditions and oversupply as seen by higher stockpiles in Asian markets. In China, overall total electricity demand has increased slightly year-over-year through June 30, 2025, however the share of renewables in the generation mix continues to grow, pressuring coal generation. In addition, domestic coal production has been stronger year-over-year, all of which has led to an increase in coal stockpiles in China and weaker coal import demand through the six months ended June 30, 2025. In India, elevated domestic coal production, lower import demand and declining coal generation has led to elevated coal stockpiles. Looking ahead, global thermal coal markets should continue to remain under pressure as elevated stockpiles limit import demand over the next few months. In addition, volatile global natural gas markets can impact global thermal coal markets.
Current wording
Within the seaborne thermal coal market, global thermal coal prices were mixed during the nine months ended September 30, 2025. In China, power generation has increased year-over-year through September 30, 2025, however the share of renewables in the generation mix continues to grow, pressuring coal generation. In addition, domestic coal production has been stronger year-over-year, which has led to weaker coal import demand through the nine months ended September 30, 2025. In India, steady domestic coal production, lower import demand and declining coal generation has led to stable coal stockpiles. Looking forward, seaborne thermal coal prices may remain volatile based on the outcomes of China’s supply reforms, potential re-stocking activity in the Northern Hemisphere as winter approaches and volatility in global natural gas markets which can impact global thermal coal markets.
Previous wording
In the U.S., overall electricity demand increased over 2% year-over-year. Through the six months ended June 30, 2025, electricity generation from thermal coal has increased year-over-year, driven by higher natural gas prices and stronger total generation. Coal’s share of electricity generation has increased to approximately 16% for the six months ended June 30, 2025, while wind and solar’s combined generation share is at 20% and the share of natural gas generation has declined to approximately 38%. U.S. coal inventories have declined through June 30, 2025, resulting in stockpiles declining almost 8 million tons below levels seen at the end of 2024.
Current wording
In the U.S., overall electricity demand increased over 2% year-over-year. Through the nine months ended September 30, 2025, electricity generation from thermal coal has increased year-over-year, driven by higher natural gas prices and stronger total generation. Coal’s share of electricity generation has increased to approximately 16% for the nine months ended September 30, 2025, while wind and solar’s combined generation share is at 19% and the share of natural gas generation has declined to approximately 41%. U.S. coal inventories have declined through September 30, 2025, driven by stronger summer demand, resulting in stockpiles declining over 20 million tons below levels seen at the end of 2024.
Previous wording
Peabody’s development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia, continues to advance as planned, making progress toward full-scale longwall production in February 2026. With over half of the planned headcount hired to-date, the Company intends to start installing longwall shields in the fourth quarter of 2025.
Current wording
Peabody’s development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia, continues to advance as planned, making progress toward full-scale longwall production in February 2026.
Previous wording
Formal negotiations for a new labor agreement at the Metropolitan Mine have now been concluded with an in-principle agreement between the Company, the Mining and Energy Union and employees. After recent industrial action, employees returned to work on August 1, 2025. Employees will officially vote on the new labor agreement with the voting process opening on August 10, 2025 and concluding on August 13, 2025.
Current wording
After industrial action at the Metropolitan Mine beginning in mid-June 2025, employees returned to work on August 1, 2025. The Company negotiated an enterprise agreement with the Mining and Energy Union and employees, which the employees accepted on August 13, 2025. The enterprise agreement was ratified with the Fair Work Commission on September 10, 2025.
Previous wording
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). The Company has 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).
Current wording
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). 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).
Previous wording
The decrease in results from continuing operations, net of income taxes for the three and six months ended June 30, 2025 compared to the same periods in the prior year ($236.4 million and $243.8 million, respectively) was driven by lower revenue primarily due to lower seaborne coal pricing ($151.9 million and $198.5 million, respectively) and the prior year insurance recovery at the Shoal Creek Mine ($109.5 million, three and six months). This unfavorable variance was partially offset by lower year-over-year income taxes ($42.1 million and $57.3 million, respectively) and lower operating costs and expenses ($14.5 million and $58.5 million, respectively).
Current wording
The decrease in results from continuing operations, net of income taxes for the three and nine months ended September 30, 2025 compared to the same periods in the prior year ($179.1 million and $422.9 million, respectively) was driven by lower revenue primarily due to lower seaborne coal pricing ($75.9 million and $274.4 million, respectively), higher operating costs and expenses (three months, $51.1 million), current year costs related to the terminated Anglo acquisition ($54.0 million and $75.2 million, respectively) and the prior year insurance recovery at the Shoal Creek Mine (nine months, $109.5 million). This unfavorable variance was partially offset by lower year-over-year income tax provisions ($29.1 million and $86.4 million, respectively).
Previous wording
Adjusted EBITDA for the three and six months ended June 30, 2025 reflected a year-over-year decrease of $216.4 million and $232.9 million, respectively.
Current wording
Adjusted EBITDA for the three and nine months ended September 30, 2025 reflected a year-over-year decrease of $125.3 million and $358.2 million, respectively.
Previous wording
The following table presents supplemental financial data by operating segment:
Current wording
The following table presents supplemental financial data by reportable segment:
Previous wording
The following table presents revenue by reporting segment:
Current wording
The following table presents revenue by reportable segment:
Previous wording
Seaborne Thermal. Segment revenue decreased during the three months ended June 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($69.5 million) and unfavorable export volume ($42.9 million). Segment revenue decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($146.9 million), offset by favorable mix variances ($15.7 million).
Current wording
Seaborne Thermal. Segment revenue decreased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to unfavorable realized prices ($72.8 million and $213.5 million, respectively), offset by favorable mix variances ($2.3 million and $11.8 million, respectively).
Previous wording
Other U.S. Thermal. Segment revenue decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to unfavorable volume ($39.6 million and $43.1 million, respectively) resulting from decreased demand and rail performance issues in the Midwest and challenging geological issues at the Twentymile Mine, unfavorable realized prices ($5.6 million and $11.5 million, respectively) and decreased revenue from sales contract cancellation settlements ($1.7 million and $15.2 million, respectively).
Current wording
Other U.S. Thermal. Segment revenue decreased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to unfavorable volume ($11.6 million and $48.6 million, respectively) resulting from decreased demand, a dragline outage at the Bear Run Mine and challenging geological issues at the Twentymile Mine; unfavorable realized prices ($10.4 million and $28.0 million, respectively); and decreased revenue from sales contract cancellation settlements ($2.7 million and $17.9 million, respectively).
Previous wording
Corporate and Other. The decrease in segment revenue during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower results from trading activities.
Current wording
Corporate and Other. The increase in segment revenue during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by higher results from trading activities.
Previous wording
The following table presents costs by reporting segment:
Current wording
The following table presents costs by reportable segment:
Previous wording
Seaborne Thermal. Segment Costs decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to lower costs for labor, repairs and outside services resulting from timing of maintenance and operational improvements ($15.1 million and $35.0 million, respectively), lower sales related costs driven by both lower realized prices and volume ($7.8 million and $5.3 million, respectively), lower variable expense (three months, $6.7 million) resulting from lower volume (three months, 0.5 million tons) and favorable commodity pricing ($2.6 million and $7.4 million, respectively).
Current wording
Seaborne Thermal. Segment Costs increased during the three months ended September 30, 2025 compared to the same period in the prior year due to higher recognized costs resulting from sales volume outpacing production volume ($41.3 million). This increase was offset by lower costs for labor, repairs and outside services ($22.5 million), lower sales related costs ($3.8 million) driven by lower realized prices and favorable commodity pricing ($2.4 million). Segment costs decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower costs for labor, repairs and outside services ($57.5 million) resulting from timing of maintenance and operational improvements, favorable commodity pricing ($9.8 million), lower sales related costs ($9.1 million) driven by both lower realized prices and volume and lower leasing expense ($6.4 million); offset by higher recognized costs resulting from sales volume outpacing production volume ($53.7 million).
Previous wording
Seaborne Metallurgical. Segment Costs increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to higher variable operational and sales related costs driven by increased volumes (0.2 million tons and 0.6 million tons, respectively) and development of the Centurion Mine.
Current wording
Seaborne Metallurgical. Segment Costs increased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to higher variable operational and sales related costs driven by increased volumes (0.4 million tons and 1.0 million tons, respectively).
Previous wording
Powder River Basin. Segment Costs increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to higher sales related costs ($13.6 million and $19.1 million, respectively) driven by favorable volume (4.2 million tons and 5.1 million tons, respectively) and higher costs for repairs and outside services ($9.3 million and $5.1 million, respectively) due in part to unplanned dragline outages and haul truck repairs.
Current wording
Segment Costs increased during the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to higher costs for labor, repairs and outside services ($20.1 million) due in part to unplanned dragline outages, haul truck repairs and increased headcount.
Previous wording
Other U.S. Thermal. The decrease in Segment Costs during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower volume (0.8 million tons and 0.9 million tons, respectively) and lower costs for labor ($6.2 million and $8.9 million, respectively).
Current wording
Other U.S. Thermal. The decrease in Segment Costs during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by lower volume (0.3 million tons and 1.2 million tons, respectively) and lower costs for labor ($0.5 million and $9.4 million, respectively).
Previous wording
Corporate and Other. Segment Costs decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral.
Current wording
Corporate and Other. Segment Costs increased during the three months ended September 30, 2025 compared to the same period in the prior year primarily due to unfavorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral, and higher expense from trading activities.
Previous wording
The following table presents Adjusted EBITDA for each of the Company’s reporting segments:
Current wording
The following table presents Adjusted EBITDA for each of the Company’s reportable segments:
Previous wording
Segment Adjusted EBITDA decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($122.5 million) and the prior year Shoal Creek insurance recovery ($80.8 million), offset by favorable operational costs ($11.6 million) driven by favorable volumes.
Current wording
Segment Adjusted EBITDA decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($169.8 million) and the prior year Shoal Creek insurance recovery ($80.8 million), offset by favorable operational costs ($45.3 million).
Previous wording
Powder River Basin. Segment Adjusted EBITDA increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to favorable volume ($30.0 million and $37.8 million, respectively) and decreased overburden removal costs ($6.6 million and $12.0 million, respectively), offset by higher costs for materials, services, repairs and labor ($12.6 million and $8.6 million, respectively).
Current wording
Segment Adjusted EBITDA increased during the nine months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($42.5 million), decreased overburden removal costs ($12.9 million) and higher realized prices net of sales sensitive costs ($10.6 million) which were largely driven by the net impact of the federal royalty rate reduction. The increases were offset by higher costs for materials, services, repairs and labor ($20.1 million).
Previous wording
Other U.S. Thermal. Segment Adjusted EBITDA decreased during the three months ended June 30, 2025 compared to the same period in the prior year primarily due to higher costs for materials, services and repairs ($10.5 million), unfavorable volume ($7.8 million) and lower realized prices net of sales price sensitive costs ($5.4 million).
Current wording
Other U.S. Thermal. Segment Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year primarily driven by higher costs for materials, services and repairs ($8.4 million) due in part to the dragline outage at the Bear Run Mine and the longwall move at the Twentymile Mine in the current period and lower realized prices net of sales price sensitive costs ($8.3 million).
Previous wording
Segment Adjusted EBITDA decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to decreased sales contract cancellation settlements ($15.2 million), higher costs for materials, services and repairs ($11.2 million), unfavorable volume ($10.2 million) and lower realized prices net of sales price sensitive costs ($8.9 million).
Current wording
Segment Adjusted EBITDA decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($23.2 million), higher costs for materials, services and repairs ($21.3 million) due in part to the dragline outage at the Bear Run Mine and challenging geological issues at the Twentymile Mine and decreased sales contract cancellation settlements ($17.9 million).
Previous wording
Corporate and Other Adjusted EBITDA increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($8.3 million and $28.4 million, respectively), higher gains on equipment and land sales ($7.2 million and $10.4 million, respectively) and favorable results from the Company’s equity method investment in renewable energy joint ventures ($5.8 million and $8.3 million, respectively). These favorable variances were offset by unfavorable trading results ($5.4 million and $1.9 million, respectively) and unfavorable variances in Middlemount’s results driven by lower sales pricing.
Current wording
Corporate and Other Adjusted EBITDA increased slightly during the nine months ended September 30, 2025 compared to the same period in the prior year. Unfavorable variances in Middlemount’s results driven by lower sales pricing and higher selling and administrative expenses were offset by higher gains on equipment and land sales ($15.6 million); favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($15.8 million); and favorable results from the Company’s equity method investment in renewable energy joint ventures ($11.1 million).
Previous wording
Depreciation, Depletion and Amortization. The following table presents a summary of depreciation, depletion and amortization expense by reporting segment:
Current wording
Depreciation, Depletion and Amortization. The following table presents a summary of depreciation, depletion and amortization expense by reportable segment:
Previous wording
Additionally, the following table presents a summary of the Company’s weighted-average depletion rate per ton for active mines in each of its operating segments:
Current wording
Additionally, the following table presents a summary of the Company’s weighted-average depletion rate per ton for active mines in each of its reportable segments:
Previous wording
Depreciation, depletion and amortization expense increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to increased depreciation resulting from asset additions. The changes in the weighted-average depletion rate per ton for both the Seaborne Metallurgical and the Other U.S. Thermal segments during the three and six months ended June 30, 2025 compared to the same periods in the prior year reflect the impact of volume and mix variances across the segments.
Current wording
Depreciation, depletion and amortization expense increased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year primarily due to increased depreciation resulting from asset additions and increased depletion expense primarily due to increased volume from the Shoal Creek and Centurion Mines. The changes in the weighted-average depletion rate per ton for both the Seaborne Metallurgical and the Other U.S. Thermal segments during the three and nine months ended September 30, 2025 compared to the same periods in the prior year reflect the impact of volume and mix variances across the segments.
Previous wording
Restructuring Charges. The increase in restructuring charges during the current year is due to the upcoming closure of the Wambo Underground Mine.
Current wording
Restructuring Charges. The increase in restructuring charges during the current year is due to the closure of the Wambo Underground Mine which occurred during the three months ended September 30, 2025.
Previous wording
Transaction Costs Related to Business Combinations. The charges recorded during the current year relate to the planned acquisition of multiple metallurgical coal mines from Anglo which was announced during the fourth quarter of 2024. In additional to typical costs, such as legal and professional fees, the charges for the three and six months ended June 30, 2025 include a $10.4 million duration fee on the bridge loan facility. Refer to Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements for further information regarding the planned Anglo acquisition.
Current wording
Costs Related to Terminated Acquisition. The charges recorded during the current year relate to the terminated acquisition of multiple metallurgical coal mines from Anglo. In addition to typical costs, such as legal and professional fees, the charges include commitment and duration fees on the bridge loan facility of $36.3 million and $46.7 million for the three and nine months ended September 30, 2025, respectively. Refer to Note 14. “Commitments and Contingencies” in the accompanying unaudited condensed consolidated financial statements for further information regarding the acquisition.
Previous wording
Shoal Creek Insurance Recovery - Property Damage. During June 2024, the Company reached a settlement related to the Shoal Creek losses and recorded a $109.5 million insurance recovery, as discussed in Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements. Of this amount, Adjusted EBITDA excluded an allocated amount applicable to losses recognized at the time of the insurance recovery related to longwall development and equipment deemed inoperable within the affected area of the mine, which consisted of $28.7 million recognized during the year ended December 31, 2023. The remaining $80.8 million, applicable to incremental costs and business interruption recoveries, was included in Adjusted EBITDA for the three and six months ended June 30, 2024.
Current wording
Shoal Creek Insurance Recovery - Property Damage. During June 2024, the Company reached a settlement related to the Shoal Creek losses and recorded a $109.5 million insurance recovery, as discussed in Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements. Of this amount, Adjusted EBITDA excluded an allocated amount applicable to losses recognized at the time of the insurance recovery related to longwall development and equipment deemed inoperable within the affected area of the mine, which consisted of $28.7 million recognized during the year ended December 31, 2023. The remaining $80.8 million, applicable to incremental costs and business interruption recoveries, was included in Adjusted EBITDA for the nine months ended September 30, 2024.
Previous wording
Interest Income. The decrease in income during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower average cash balances during the current period.
Current wording
Interest Income. The decrease in income during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by lower average cash balances during the current period.
Previous wording
Unrealized Gains (Losses) on Foreign Currency Option Contracts. Unrealized gains (losses) primarily relate to mark-to-market activity on foreign currency option contracts. For additional information, refer to Note 6. “Derivatives and Fair Value Measurements” to the accompanying unaudited condensed consolidated financial statements.
Current wording
Unrealized (Losses) Gains on Foreign Currency Option Contracts. Unrealized (losses) gains primarily relate to mark-to-market activity on foreign currency option contracts. For additional information, refer to Note 6. “Derivatives and Fair Value Measurements” to the accompanying unaudited condensed consolidated financial statements.
Previous wording
Income Tax Benefit (Provision). The decrease in the income taxes during the three and six months ended June 30, 2025 compared to the same periods in the prior year was primarily due to lower expected pretax income. Refer to Note 8. “Income Taxes” to the accompanying unaudited condensed consolidated financial statements for additional information.
Current wording
Income Tax Benefit (Provision). The decrease in the income tax benefit (provision) during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was primarily due to lower expected pretax income. Refer to Note 8. “Income Taxes” to the accompanying unaudited condensed consolidated financial statements for additional information.
Previous wording
Net Income Attributable to Noncontrolling Interests. The decrease in net income attributable to noncontrolling interests during the three and six months ended June 30, 2025 compared to the same periods in the prior year was primarily due to a decline in the financial results of Peabody’s majority-owned Wambo operations in which there is an outside non-controlling interest.
Current wording
Net Income Attributable to Noncontrolling Interests. The decrease in net income attributable to noncontrolling interests during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was primarily due to a decline in the financial results of Peabody’s majority-owned Wambo operations in which there is an outside non-controlling interest.
Previous wording
Diluted EPS is commensurate with the changes in results from continuing operations and discontinued operations during that period. Diluted EPS reflects weighted average diluted common shares outstanding of 121.7 million and 142.8 million for the three months ended June 30, 2025 and 2024, respectively, and 122.3 million and 143.8 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Diluted EPS is commensurate with the changes in results from continuing operations and discontinued operations during that period. Diluted EPS reflects weighted average diluted common shares outstanding of 121.7 million and 141.6 million for the three months ended September 30, 2025 and 2024, respectively, and 121.7 million and 143.1 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliations below.
Current wording
Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. 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.
Showing the first 40 of 73 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Corporate and Other Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to unfavorable variances in Middlemount’s results driven by lower sales pricing; higher selling and administrative expenses; and unfavorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($12.7 million).