Revenue
Disaggregation of Revenue from Contracts with Customers
ASC 606 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue.
The Company earns revenues primarily through the sale of coal produced at Company operations and coal purchased from third parties. The Company extracts, processes and markets met and thermal coal from deep and surface mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central Appalachia. Refer to Note 22 for the Company’s segment information.
The Company has disaggregated revenue between met coal and thermal coal and export and domestic revenues which depicts the pricing and contract differences between the two. Export revenue generally is derived by spot or short term contracts with pricing determined at the time of shipment or based on a market index; whereas domestic revenue is characterized by contracts that typically have a term of one year or longer and with fixed pricing terms. The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors:
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| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Export met coal revenues | $ | 1,500,265 | | | $ | 2,237,571 | | | $ | 2,412,960 | |
| Export thermal coal revenues | 56,821 | | | 72,206 | | | 126,108 | |
| Total export coal revenues | $ | 1,557,086 | | | $ | 2,309,777 | | | $ | 2,539,068 | |
| | | | | |
| Domestic met coal revenues | $ | 530,195 | | | $ | 608,971 | | | $ | 865,667 | |
| Domestic thermal coal revenues | 35,324 | | | 27,831 | | | 51,895 | |
| Total domestic coal revenues | $ | 565,519 | | | $ | 636,802 | | | $ | 917,562 | |
| | | | | |
| Total met coal revenues | $ | 2,030,460 | | | $ | 2,846,542 | | | $ | 3,278,627 | |
| Total thermal coal revenues | 92,145 | | | 100,037 | | | 178,003 | |
| Total coal revenues | $ | 2,122,605 | | | $ | 2,946,579 | | | $ | 3,456,630 | |
Performance Obligations
The Company considers each individual transfer of coal on a per shipment basis to the customer a performance obligation. The pricing terms of the Company’s contracts with customers include fixed pricing, variable pricing, or a combination of both fixed and variable pricing. All the Company’s revenue derived from contracts with customers is recognized at a point in time. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of December 31, 2025.
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| 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Total |
Estimated coal revenues (1) | $ | 83,560 | | | $ | 12,300 | | | $ | — | | | $ | — | | | $ | — | | | $ | 95,860 | |
(1) Amounts include only estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year. The Company has elected not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for performance obligations with either of the following conditions: 1) the remaining performance obligation is part of a contract that has an original expected duration of one year or less; or 2) the remaining performance obligation has variable consideration that is allocated entirely to a wholly unsatisfied performance obligation.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.