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WARRIOR MET COAL, INC.

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

HCC$84.15+4.1%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

For the fiscal year ended December 31,2025

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:001-38061

Warrior Met Coal, Inc.

(Exact name of registrant as specified in its charter)

Delaware81-0706839
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
BrookwoodAlabama35444
(Address of Principal Executive Offices)(Zip Code)

(205)554-6150

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHCCNew York Stock Exchange
Rights to Purchase Series A Junior Participating Preferred Stock, par value $0.01 per share--New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes ☐ No ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

The aggregate market value of voting stock held by non-affiliates of the registrant, based on the closing price of the common stock on June 30, 2025, the registrant’s most recently completed second fiscal quarter, as reported by the New York Stock Exchange, was approximately $2.5 billion.

Number of shares of common stock outstanding as of February 11, 2026:52,570,156

Documents Incorporated By Reference

Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31,2025, are incorporated by reference into Part III of this report for the year ended December 31, 2025.

TABLE OF CONTENTS

Forward-Looking Statements1
Glossary of Selected Terms3
Part I
Item 1.Business7
Item 1A.Risk Factors26
Item 1B.Unresolved Staff Comments66
Item 1C.Cybersecurity67
Item 2.Properties68
Item 3.Legal Proceedings80
Item 4.Mine Safety Disclosures80
Part II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.81
Item 6.[Reserved]82
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations83
Item 7A.Quantitative and Qualitative Disclosures About Market Risk103
Item 8.Financial Statements and Supplementary Data104
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure104
Item 9A.Controls and Procedures104
Item 9B.Other Information105
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections105
Part III
Item 10.Directors, Executive Officers and Corporate Governance106
Item 11.Executive Compensation106
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters106
Item 13.Certain Relationships and Related Transactions, and Director Independence106
Item 14.Principal Accounting Fees and Services106
Part IV
Item 15.Exhibits and Financial Statement Schedules107
Signatures112
Index to Consolidated Financial StatementsF-1

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