STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net Income (Loss)	$ 56,998	$ 250,603	$ 478,629
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion	188,565	153,982	127,356
Deferred income tax (benefit) expense	(9,393)	(8,052)	52,871
Stock-based compensation expense	19,953	22,070	18,207
Mark-to-market (gain) loss on gas hedges	(175)	1,835	0
Amortization of debt issuance costs and debt discount	1,563	1,590	2,094
Accretion and valuation adjustment of ARO	1,770	5,435	4,535
Loss on early extinguishment of debt	0	0	11,699
Changes in operating assets and liabilities:
Trade accounts receivable	(40,724)	(42,642)	53,601
Other receivables	45	3,651	1,187
Income tax receivable	0	7,833	(7,833)
Inventories	(28,316)	(18,495)	(30,785)
Prepaid expenses and other current assets	(17,672)	(4,155)	(2,034)
Accounts payable	30,858	(2,551)	215
Accrued expenses and other current liabilities	33,188	1,207	(8,645)
Other	(7,414)	(4,863)	11
Net cash provided by operating activities	229,246	367,448	701,108
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(320,261)	(457,221)	(491,674)
Deferred mine development costs	(81,937)	(31,060)	(33,112)
Proceeds from (purchase of) investments	6,381	(49,721)	0
Acquisition of leased mineral rights	(9,363)	0	0
Acquisitions, net of cash acquired	0	0	(2,421)
Proceeds from sale of property, plant and equipment	30	0	0
Net cash used in investing activities	(405,150)	(538,002)	(527,207)
FINANCING ACTIVITIES
Dividends paid	(17,824)	(43,823)	(61,077)
Retirements of debt	0	0	(162,358)
Proceeds from financing lease obligations	48,771	4,503	0
Principal repayments of financing lease obligations	(36,942)	(17,414)	(32,330)
Payments for taxes related to net share settlement of equity awards	(9,384)	(11,777)	(9,419)
Net cash used in financing activities	(15,379)	(68,511)	(265,184)
Net decrease in cash and cash equivalents	(191,283)	(239,065)	(91,283)
Cash, cash equivalents and restricted cash at beginning of period	499,132	738,197	829,480
Cash, cash equivalents and restricted cash at end of period	307,849	499,132	738,197
Cash and cash equivalents	299,963	491,547	738,197
Restricted cash	7,886	7,585	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid, net of capitalized interest	19,915	13,621	23,970
Cash paid for income taxes	8,600	26,500	27,004
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Financing leases - equipment	$ 92,679	$ 12,147	$ 11,312

WARRIOR MET COAL, INC. 10-K