PEABODY ENERGY CORP
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
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 2025-09-30; filed 2025-11-07.
0001064728-25-000139
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001064728-26-000025
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 194 previous paragraphs and 154 current paragraphs.
81 unchanged; 58 reworded; 15 added; 54 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 22 previous and 20 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 (15)
Current report
The seaborne metallurgical coal market experienced weather-related disruptions in Australia and supply tightness in key product segments. This, combined with steady import demand from key metallurgical coal import markets, contributed to the increases in average quarterly pricing for premium coking coal (17%) and PCI (15%) during the three months ended March 31, 2026 as compared to the three months ended December 31, 2025. In China, the continued implementation of anti-involution policies, mandated steel production limits and the introduction of steel export quotas have the potential to lead to decreased Chinese steel exports, while increasing steel-trade protectionism is supportive of steel production and seaborne metallurgical coal demand in markets outside of China. The biggest steel growth market, India, continued to see an increase in crude steel output in the quarter. Recent geopolitical events have increased the cost of seaborne energy, which has the potential to significantly impact the global ferrous complex, by placing upward pressure on raw material costs and downward pressure on steel product pricing through weakened downstream demand. Looking forward, the seaborne metallurgical coal price may remain volatile based on mining rates in Australia, geopolitical events, Chinese supply reforms and the pace of growth of the Indian steel industry.
Current report
Peabody is advancing its evaluation of the potential recovery of REEs and critical minerals through ongoing testing to evaluate mineral types and concentrations at certain of its operations. The Company has continued to progress technical and economic studies, advance commercial partnerships and pursue multiple federal and state funding pathways to support domestic supply chain development.
Current report
Centurion Update
Current report
During the initial longwall commissioning, mechanical and electrical issues were encountered at the Centurion Mine. The issues were resolved, but the disruptions constrained cutting speeds which contributed to temporary challenges to roof conditions. The Company implemented a comprehensive response plan focused on proactive strata management, targeted equipment optimization and deployment of additional technical and operational resources. The Company anticipates completing commissioning and production ramp-up in the second quarter of 2026 and running at full longwall production rates during the second half of 2026.
Current report
Seaborne Thermal. Segment revenue decreased during the three months ended March 31, 2026 compared to the same period in the prior year due to unfavorable volume ($91.8 million) driven by reductions at the Wilpinjong Mine due to mine sequencing and the closure of the Wambo Underground Mine in September 2025, partially offset by favorable realized prices ($24.2 million).
Current report
Other U.S. Thermal. Segment revenue increased during the three months ended March 31, 2026 compared to the same period in the prior year due to favorable volume ($10.3 million) driven by increased demand and favorable realized prices ($5.5 million).
Current report
Seaborne Thermal. Segment Costs decreased during the three months ended March 31, 2026 compared to the same period in the prior year due to lower variable operational costs ($17.1 million) and lower sales related costs ($15.1 million), which were both driven by decreased volume (1.4 million tons).
Current report
Seaborne Metallurgical. Segment Costs increased during the three months ended March 31, 2026 compared to the same period in the prior year due to higher costs for labor, repairs and outside services ($63.2 million) driven by challenging longwall commissioning conditions at the Centurion Mine and higher sales related costs ($15.0 million) resulting from increased volume (0.2 million tons) and higher realized pricing.
Current report
Corporate and Other. The increase to Segment Costs during the three months ended March 31, 2026 compared to the same period in the prior year was primarily driven by lower net periodic benefit credit, excluding service cost due to the final amortization in the prior year of a previously established prior service credit ($7.0 million).
Current report
Seaborne Metallurgical. Segment Adjusted EBITDA decreased during the three months ended March 31, 2026 compared to the same period in the prior year due to higher costs for labor, repairs and outside services, as described above, offset by higher realized prices net of sales sensitive costs ($27.4 million) and favorable volume ($12.0 million).
Current report
Powder River Basin. Segment Adjusted EBITDA decreased for the three months ended March 31, 2026 compared to the same period in the prior year due to higher costs for labor, repairs and outside services and commodities as described above, offset by favorable volume ($12.5 million) and lower sales related costs as described above.
Current report
Other U.S. Thermal. Segment Adjusted EBITDA increased during the three months ended March 31, 2026 compared to the same period in the prior year primarily due to higher realized prices net of sales sensitive costs ($4.1 million) and favorable volume ($2.4 million), offset by increased commodity pricing and usage ($3.4 million).
Current report
On March 6, 2023, the EPA issued a final rule which reaffirmed its determination to regulate coal- and oil-fired electric generating units (EGUs) under Clean Air Act section 112, including the regulation of HAPs from EGUs after considering cost. On April 24, 2023, the EPA proposed to amend the 2012 MATS rule and require an additional two-thirds reduction in the filterable PM emission of non-mercury HAP metals from existing coal-fired power plants and to reduce the mercury standard for lignite plants by 70%. On May 7, 2024, the EPA finalized a MATS rule which significantly tightened the filterable PM emissions limit for existing coal-fired EGU’s, lowering the standard from 0.030 lb/MMBtu to 0.010 lb/MMBtu for all coal-fired power plants. This rule was challenged in the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) in North Dakota v. EPA (D.C. Cir., No. 24-1119). The EPA proposed on June 17, 2025 to repeal parts of the final 2024 MATS rule regarding filterable PM standards and revise the mercury standard for existing lignite-fired EGUs. This rule was finalized on February 24, 2026 (91 Fed. Reg. 9088) and became effective on April 27, 2026.
Current report
Clean Water Act (CWA) Water Quality Certification Rule. The EPA issued a final rule in 2020 that would have limited state and tribal regulators’ certification authority under CWA Section 401 by allowing the EPA to certify projects over state or tribal regulator objections in some circumstances. On September 27, 2023, the EPA finalized a superseding rule that would expand state and tribal regulators’ authority to review activities that require federal permits or licenses and to impose conditions they believe are necessary to ensure compliance with water quality requirements. That rule took effect on November 27, 2023. Challenges to the 2023 rule remain pending in the U.S. District Court for the Western District of Louisiana. On January 15, 2026, the EPA published proposed revisions to the 2023 rule in the Federal Register, and the EPA announced that it planned to propose and finalize changes later in 2026.
Current report
New South Wales (NSW) Strategic Statement on Coal Exploration and Mining. The NSW Government released a new NSW Coal Industry 2026-50 policy (the Policy) in March 2026 (replacing the Strategic Statement on Coal Exploration and Mining) that provided a high level framework for the government's policy approach to the future of the coal sector. The Policy’s key features include: no new standalone greenfield coal mines; no further government investment in coal exploration, although exploration will continue to be permitted near existing mine sites; extensions to existing operations will continue to be considered; and strengthened emissions regulation requirements for coal mine emissions.
Removed paragraphs (54)
Previous 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.
Previous report
Centurion Mine
Previous report
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 report
Labor Relations
Previous report
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 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.
Previous report
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 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.
Previous report
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 report
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 report
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 report
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 report
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 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.
Previous 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).
Previous 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).
Previous 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 ($169.8 million) and the prior year Shoal Creek insurance recovery ($80.8 million), offset by favorable operational costs ($45.3 million).
Previous 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.
Previous report
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 report
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 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 ($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 report
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).
Previous report
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 report
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 report
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 report
Black Lung Benefits Act Self-Insurance Requirements. The Black Lung Benefits Act requires each coal mine operator to secure the payment of its potential benefits liability by either qualifying as a self-insurer or by purchasing and maintaining a commercial insurance contract. The Department of Labor’s Office of Workers’ Compensation Programs (OWCP) is responsible for authorizing coal mine operators to self-insure and for setting the security amounts. As part of its ongoing efforts to reform the self-insurance program to ensure that operators are adequately securing their liabilities, the OWCP finalized a rule on December 12, 2024 to update its regulations for authorizing operators to self-insure and for determining appropriate security amounts. The changed requirements for security posted to self-insure black lung liabilities could result in the Company being required to post additional security for its obligations.
Previous report
During February 2025, the Trump Administration issued letters to impacted companies that the 60-day deadline to provide information was no longer applicable and that no additional information was required at this time. They also announced that OWCP would provide additional guidance in due course.
Previous report
Recent Announcement by the U.S. Environmental Protection Agency (EPA). In response to an executive order issued by President Trump requiring agencies to identify regulations for regulatory roll back, the EPA announced on March 12, 2025, that it will reconsider several EPA actions, including:
Previous report
•Regulation of greenhouse gas (GHG) emissions from new and existing fossil fuel-fired electric generating units (EGUs);
Previous report
•National Ambient Air Quality Standards for fine particulate matter (PM);
Previous report
•Cross State Air Pollution Rule (CSAPR);
Previous report
•Implementation of the Regional Haze Program;
Previous report
•Final September 2023 rule clarifying the scope of federal regulatory authority over wetland and non-navigable waters;
Previous report
On June 17, 2025, in accordance with the agency’s earlier announcement, the EPA proposed to repeal all GHG emissions standards for new and existing fossil fuel-fired power plants and, in the alternative, to repeal emission guidelines for existing fossil fuel-fired power plants and requirements for modified coal-fired steam generating to use carbon capture and sequestration technology. In addition, on June 17, 2025, the EPA proposed to repeal parts of a final 2024 MATS rule regarding filterable PM standards and requirements and a revised mercury standard for existing lignite-fired EGUs. Both actions are currently pending.
Previous 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.
Previous 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.
Previous report
Peabody will continue to monitor these items as changes could have significant impact on the U.S. coal mining industry, Peabody’s mining operations and its customers.
Previous 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.
Previous 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.”
Previous report
Complaints Filed Against “Climate Superfund Laws” and Announced State Actions. On April 30 and May 1, 2025, respectively, the U.S. Department of Justice filed complaints for declaratory and injunctive relief against the states of Michigan and Hawaii regarding alleged liability of fossil fuel companies for past GHG emissions and against New York and Vermont for “climate superfund” laws. These complaints allege that existing litigation and state laws interfere with federal law, including the CAA, and with interstate and foreign commerce. The Company will monitor this litigation and its potential impact on the U.S. coal mining industry, its mining operations and customers.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Reworded paragraphs (58)
Previous wording
When considering these forward-looking statements, you should keep in mind the cautionary statements in this document and in the Company’s other Securities and Exchange Commission (SEC) filings, including, but not limited to, the more detailed discussion of these factors and other factors that could affect its results contained in Item 1A. “Risk Factors” of Part II of this Quarterly Report on Form 10-Q, Item 1A. “Risk Factors” of Part II of its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 8, 2025 and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. These forward-looking statements speak only as of the date on which such statements were made, and the Company undertakes no obligation to update these statements except as required by federal securities laws.
Current wording
When considering these forward-looking statements, you should keep in mind the cautionary statements in this document and in the Company’s other Securities and Exchange Commission (SEC) filings, including, but not limited to, the more detailed discussion of these factors and other factors that could affect its results contained in Item 1A. “Risk Factors” of Part II of this Quarterly Report on Form 10-Q and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026. These forward-looking statements speak only as of the date on which such statements were made, and the Company undertakes no obligation to update these statements except as required by federal securities laws.
Previous wording
The following discussion of Peabody’s results of operations includes references to and analysis of Adjusted EBITDA and Total Segment Costs, which are financial measures not recognized in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Adjusted EBITDA is used by the chief operating decision maker, defined as Peabody’s President and Chief Executive Officer, 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. Total Segment Costs is also used by management as a component of a metric to measure each segment’s operating performance.
Current wording
The following discussion of Peabody’s results of operations includes references to and analysis of Adjusted EBITDA and Total Segment Costs, which are financial measures not recognized in accordance with United States generally accepted accounting principles (U.S. GAAP). Adjusted EBITDA is used by the chief operating decision maker, defined as Peabody’s President and Chief Executive Officer, 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. Total Segment Costs is also used by management as a component of a metric to measure each segment’s operating performance.
Previous 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.
Current wording
Peabody is a leading producer of metallurgical and thermal coal. In 2025, Peabody sold 122.0 million tons of coal. February 2026 marked the start-up of the Centurion Mine in the Seaborne Metallurgical segment. As a result, the Company owned interests in 17 active coal mining operations located in the United States (U.S.) and Australia at March 31, 2026. 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 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.
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 14. “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 category.
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 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.
Current wording
Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent geopolitical events and changes to trade policy, including tariffs and customs regulations. As future developments related to geopolitical events and 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 three months ended March 31, 2026 presented herein may not be indicative of their ultimate impacts.
Previous 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.
Current wording
Within the seaborne thermal coal market, global thermal coal prices started the year stable but increased during the three months ended March 31, 2026, due to the closure of the Strait of Hormuz and the conflict in the Middle East. The conflict has elevated global liquefied natural gas (LNG) prices and created volatility in global thermal energy markets. In China, power generation increased year-over-year through March 31, 2026, which has resulted in stronger thermal generation year-over-year. However, both domestic coal production and coal imports have remained flat year-over-year through the three months ended March 31, 2026. In India, stronger domestic coal production, lower import demand and slightly lower coal generation led to stable coal stockpiles. Looking forward, seaborne thermal coal prices may remain volatile based on accessibility to shipping in the Strait of Hormuz and the duration of the ongoing conflict in the Middle East. Approximately 20% of global LNG exports flow through the Strait of Hormuz, which has created volatility in the global LNG market, a main competitor of global coal generation. In addition, summer re-stocking activity in the Northern Hemisphere may impact global thermal coal markets in the coming months.
Previous 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.
Current wording
In the U.S., overall electricity demand increased just under 1% year-over-year through the three months ended March 31, 2026. Through the first three months of 2026, electricity generation from thermal coal decreased year-over-year, driven by lower natural gas prices, stronger renewable generation and milder winter weather in coal-heavy markets in the U.S. Coal’s share of electricity generation decreased to approximately 16% for the three months ended March 31, 2026, while wind and solar’s combined generation share was at 20% and the share of natural gas generation remained stable at approximately 37%. U.S. coal inventories have increased slightly compared to the end of 2025 through March 31, 2026.
Previous wording
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 wording
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 13. “Commitments and Contingencies” to the accompanying unaudited condensed consolidated financial statements for further information.
Previous wording
Three and Nine Months Ended September 30, 2025 Compared to the Three and Nine Months Ended September 30, 2024
Current wording
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Previous 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).
Current wording
The decrease in results from continuing operations, net of income taxes for the three months ended March 31, 2026 compared to the same period in the prior year ($63.7 million) was driven by higher operating costs and expenses ($94.5 million) and depreciation, depletion and amortization ($17.4 million). This unfavorable variance was partially offset by higher revenue ($36.3 million) driven by favorable volume and mix variances and lower year-over-year income taxes ($20.9 million).
Previous 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.
Current wording
Adjusted EBITDA for the three months ended March 31, 2026 reflected a year-over-year decrease of $61.5 million.
Previous wording
The following table presents tons sold by operating segment:
Current wording
The following table presents tons sold:
Previous wording
(2)Includes revenue-based production taxes and royalties; excludes depreciation, depletion and amortization; asset retirement obligation expenses; selling and administrative expenses; restructuring charges; asset impairment; amortization of take-or-pay contract-based intangibles; insurance recoveries; and certain other costs related to post-mining activities.
Current wording
(2)Includes revenue-based production taxes and royalties; excludes depreciation, depletion and amortization; asset retirement obligation expenses; selling and administrative expenses; restructuring charges; asset impairment; amortization of take-or-pay contract-based intangibles; and certain other costs related to post-mining activities.
Previous wording
The following table presents revenue by reportable segment:
Current wording
The following table presents revenue by segment:
Previous wording
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 wording
Seaborne Metallurgical. Segment revenue increased during the three months ended March 31, 2026 compared to the same period in the prior year due to favorable volume ($39.8 million) primarily from the Shoal Creek and Centurion Mines and favorable realized prices ($23.1 million).
Previous wording
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 wording
Powder River Basin. Segment revenue increased during the three months ended March 31, 2026 compared to the same period in the prior year due to favorable volume ($22.6 million) driven by increased demand. The increase was offset by unfavorable realized prices ($8.7 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).
Previous 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.
Current wording
Corporate and Other. The increase in revenue during the three months ended March 31, 2026 compared to the same period in the prior year was primarily driven by higher results from trading activities.
Previous wording
The following table presents costs by reportable segment:
Current wording
The following table presents costs by segment:
Previous wording
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 wording
Powder River Basin. Segment Costs increased during the three months ended March 31, 2026 compared to the same period in the prior year due to higher costs for labor, repairs and outside services ($22.6 million) as the result of higher volume (1.6 million tons) and planned equipment outages and higher costs for commodities ($12.2 million). These increases were offset by lower sales related costs ($11.5 million) which were largely driven by the federal royalty rate reduction on coal production included in the OBBBA.
Previous 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).
Current wording
Other U.S. Thermal. Segment Costs increased during the three months ended March 31, 2026 compared to the same period in the prior year primarily due to higher variable operational costs ($9.9 million) driven by increased volume (0.2 million tons).
Previous wording
The following table presents Adjusted EBITDA for each of the Company’s reportable segments:
Current wording
The following table presents Adjusted EBITDA for each of the Company’s segments:
Previous wording
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 wording
Seaborne Thermal. Segment Adjusted EBITDA decreased during the three months ended March 31, 2026 compared to the same period in the prior year due to unfavorable volume ($30.8 million), unfavorable operational costs at the Wilpinjong Mine ($22.8 million) driven by mine sequencing and the unfavorable impact of higher foreign exchange rates on expenses ($10.2 million). These decreases were offset by higher realized prices net of sales sensitive costs ($31.5 million).
Previous wording
(3)Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in renewable energy joint ventures, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company’s other commercial activities.
Current wording
(3)Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s other equity method investments, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company’s other commercial activities.
Previous 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).
Current wording
Corporate and Other Adjusted EBITDA increased during the three months ended March 31, 2026 compared to the same period in the prior year due to favorable variances in Middlemount’s results driven by higher sales pricing and higher gains on equipment and land sales ($6.5 million). These increases were offset by higher selling and administrative expenses. The decrease in other items was driven by lower net periodic benefit credit, excluding service cost, as described above ($7.0 million), offset by the favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($6.5 million).
Previous wording
Depreciation, Depletion and Amortization. The following table presents a summary of depreciation, depletion and amortization expense by reportable segment:
Current wording
Depreciation, Depletion and Amortization. The following table presents a summary of depreciation, depletion and amortization expense by segment:
Previous 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.
Current wording
Depreciation, depletion and amortization expense increased during the three months ended March 31, 2026 compared to the same period in the prior year primarily due to increased depreciation and amortization resulting from shortened mine lives. The decrease in the weighted-average depletion rate per ton for the Seaborne Thermal segment during the three months ended March 31, 2026 compared to the same period in the prior year reflects the increased quantity of proven and probable coal reserves resulting from the conversion of coal resources to proven and probable reserves. The increase in the weighted-average depletion rate per ton for the Seaborne Metallurgical segment during the three months ended March 31, 2026 compared to the same period in the prior year reflects the impact of volume and mix variances across the segment.
Previous 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.
Current wording
Interest Income. The decrease in income during the three months ended March 31, 2026 compared to the same period in the prior year was driven by lower average cash balances during the current period.
Previous 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.
Current wording
Unrealized Gains on Foreign Currency Option Contracts. Unrealized 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 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.
Current wording
Income Tax Benefit (Provision). The decrease in the income tax benefit (provision) during the three months ended March 31, 2026 compared to the same period 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 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.
Current wording
Net Income Attributable to Noncontrolling Interests. The increase in net income attributable to noncontrolling interests during the three months ended March 31, 2026 compared to the same period in the prior year was primarily driven by income associated with 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 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.
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 122.0 million and 138.7 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment (excluding insurance recoveries), respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton.
Current wording
Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment, respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton.
Previous wording
•Mercury and Air Toxic Standards (MATS);
Current wording
Mercury and Air Toxic Standards (MATS). In 2012, the U.S. Environmental Protection Agency (EPA) published the final MATS rule, which revised the New Source Performance Standards for nitrogen oxide, sulfur dioxide and fine particulate matter (PM) for new and modified coal-fueled electricity generating plants, and imposed maximum achievable control technology (MACT) emission limits on hazardous air pollutants (HAPs) from new and existing coal-fueled and oil-fueled electric generating plants. MACT standards limit emissions of mercury, acid gas HAPs, non-mercury HAP metals and organic HAPs.
Previous wording
•Final rule regarding effluent limitations guidelines for the steam electric power generating industry; and
Current wording
Effluent Limitations Guidelines for the Steam Electric Power Generating Industry. In 2015, the EPA published a final rule setting requirements for wastewater discharge from EGUs. In 2020, the EPA finalized revisions to certain requirements in the 2015 rule. On May 9, 2024, the EPA published a final rule that would have established more stringent standards for flue gas desulfurization wastewater, bottom ash transport water, combustion residual leachate and legacy wastewater discharged from certain surface impoundments. The final revised effluent limitations guidelines would have significantly increased costs for many coal-fueled steam electric power plants. In addition, the finalized final rule allowed EGUs that commit to ceasing coal combustion by December 31, 2034, to comply with less stringent wastewater discharge requirements during the interim. The final rule remains subject to numerous legal challenges that have been consolidated in the U.S. Court of Appeals for the Eighth Circuit (Eighth Circuit). If the Eighth Circuit affirms the final rule, it could influence fuel switching or additional coal generating unit retirements by the end of 2034. On December 31, 2025, the EPA published a final Deadline Extensions Rule that extends seven compliance deadlines in the 2024 rule. The EPA is allowing EGUs six additional years (until December 31, 2031) to determine whether to submit a notice of planned participation for the permanent cessation of coal combustion. The EPA further extended the deadlines by five years (to December 31, 2034) for direct discharging EGUs to comply with zero-discharge limitations for flue gas desulfurization wastewater, bottom ash transport water and combustion residual leachate. Finally, the EPA is allowing EGUs that discharge to wastewater treatment plants an additional year-and-a-half to seven-and-a-half years to comply with zero-discharge limitations for those same wastestreams. The EPA also issued a No Action Assurance memorandum announcing it will not pursue enforcement actions for certain permit violations by EGUs not yet in compliance with permit requirements related to the 2020 and 2024 rules, if those EGUs satisfy certain conditions. In parallel, the EPA announced that it plans to propose a Reconsideration Rule in 2026 to revise some of the limitations and standards in the 2024 rule.
Previous wording
•Rules for disposal of coal combustion residuals.
Current wording
Rules for Disposal of Coal Combustion Residuals (CCR) from Electric Utilities; Federal CCR Permit Program and Revisions to Closure Requirements. On February 20, 2020, as required by the Water Infrastructure Improvements for the Nation Act, the EPA proposed a federal permitting program for the disposal of CCR in surface impoundments and landfills. Under the proposal, the EPA would directly implement the permit program in Indian Country and at CCR units located in states that have not submitted their own CCR permit program for approval. The proposal includes requirements for federal CCR permit applications, content and modification, as well as procedural requirements. The comment period for the EPA’s proposal ended on April 20, 2020. The EPA has not yet issued a final rule, but it has indicated that it plans to reopen the comment period for that proposal in a future action. Separately, on August 28, 2020 and November 12, 2020, the EPA finalized two sets of amendments to its 2015 CCR rule to partially address the D.C. Circuit’s 2018 decision holding that certain provisions of that rule were not sufficiently protective. On November 28, 2025, the EPA proposed to extend, by three years, the compliance deadline in the 2020 amendments for owners and operators to complete closure of unlined impoundments larger than 40 acres. On May 8, 2024, the EPA published a final rule containing additional amendments to the 2015 CCR rule that further address aspects of the D.C. Circuit’s 2018 decision. On February 10, 2026, the EPA published a final rule that provides additional time to meet certain requirements in the May 2024 Rule. Finally, on April 9, 2026, the EPA published a proposed rule to amend several provisions governing the disposal of CCR in landfills and surface impoundments and the benefit use for CCR.
Previous wording
Other than as described in the following section, there have been no significant changes to the Company’s global climate matters subsequent to December 31, 2024. Refer to Part I, Item 1. “Business” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for information regarding the Company’s global climate matters.
Current wording
There have been no significant changes to the Company’s global climate matters subsequent to December 31, 2025. Refer to Part I, Item 1. “Business” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for information regarding the Company’s global climate matters.
Previous wording
The Company’s primary source of cash is proceeds from the sale of its coal production to customers. The Company has also generated cash from the sale of non-strategic assets, including coal reserves, coal resources and surface lands, and, from time to time, borrowings under its credit facilities and the issuance of securities. The Company’s primary uses of cash include the cash costs of coal production, capital expenditures, coal reserve lease and royalty payments, debt service costs, finance and operating lease payments, postretirement plans, take-or-pay obligations, post-mining reclamation obligations, dividends, share repurchases and selling and administrative expenses. The Company has also used cash for early debt retirements and acquisitions.
Current wording
The Company’s primary source of cash is proceeds from the sale of its coal production to customers. The Company has also generated cash from the sale of non-strategic assets, including coal reserves, coal resources and surface lands, and, from time to time, borrowings under its credit facilities and the issuance of securities. The Company’s primary uses of cash include the cash costs of coal production, capital expenditures, coal reserve lease and royalty payments, debt service costs, finance and operating lease payments, early debt retirements, postretirement plans, take-or-pay obligations, post-mining reclamation obligations, collateral requirements, dividends, share repurchases and selling and administrative expenses.
Previous wording
As of September 30, 2025, the Company’s cash and cash equivalents balances totaled $603.3 million, including approximately $377 million held by U.S. subsidiaries, approximately $215 million held by Australian subsidiaries and the remainder held by other foreign subsidiaries in accounts predominantly domiciled in the U.S. A significant majority of the cash held by the Company’s foreign subsidiaries is denominated in U.S. dollars. This cash is generally used to support non-U.S. liquidity needs, including capital and operating expenditures in Australia and payment of the foreign subsidiaries’ share of certain U.S. corporate expenditures. From time to time, the Company may repatriate profits from its foreign subsidiaries to the U.S. in the form of intercompany dividends. During the nine months ended September 30, 2025, no profits from foreign subsidiaries were repatriated. If foreign-held cash is repatriated in the future, the Company does not expect restrictions or potential taxes will have a material effect to its near-term liquidity.
Current wording
As of March 31, 2026, the Company’s cash and cash equivalents balances totaled $492.5 million, including approximately $353 million held by U.S. subsidiaries, approximately $129 million held by Australian subsidiaries and the remainder held by other foreign subsidiaries in accounts predominantly domiciled in the U.S. A significant majority of the cash held by the Company’s foreign subsidiaries is denominated in U.S. dollars. This cash is generally used to support non-U.S. liquidity needs, including capital and operating expenditures in Australia and payment of the foreign subsidiaries’ share of certain U.S. corporate expenditures. From time to time, the Company may repatriate profits from its foreign subsidiaries to the U.S. in the form of intercompany dividends. During the three months ended March 31, 2026, no profits from foreign subsidiaries were repatriated. If foreign-held cash is repatriated in the future, the Company does not expect restrictions or potential taxes will have a material effect to its near-term liquidity.
Previous wording
The Company’s available liquidity decreased from $1,072.5 million as of December 31, 2024 to $951.2 million as of September 30, 2025. Available liquidity was comprised of the following:
Current wording
The Company’s available liquidity decreased from $942.1 million as of December 31, 2025 to $868.2 million as of March 31, 2026. Available liquidity was comprised of the following:
Previous wording
The Company paid dividends of $27.5 million during the nine months ended September 30, 2025.
Current wording
The Company paid dividends of $9.2 million during the three months ended March 31, 2026.
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Regulations Related to Global Climate Change