Key Highlights

  • The attributable net loss narrowed to USD 32.8 million, or USD 0.27 per diluted share, from USD 70.1 million, or USD 0.58, during the prior-year quarter.
  • Adjusted EBITDA came in at USD 97.5 million, down from USD 99.5 million, although each Business unit recorded positive adjusted EBITDA.
  • The Seaborne Thermal unit lifted adjusted EBITDA 26% sequentially to USD 65.5 million, supported by realized export prices of USD 100.37 per ton.
  • At September 30, 2026 the company held USD 434 million of cash and USD 887 million of liquidity, and it declared a USD 0.075 per share payout.

Loss Narrows as Seaborne Prices Firm Up

Peabody (NYSE:BTU) published third-quarter 2026 figures on November 4, 2026. Attributable losses were USD 32.8 million, compared with USD 70.1 million a year earlier, and adjusted EBITDA came in at USD 97.5 million versus USD 99.5 million. Revenue per ton in Seaborne Thermal climbed to USD 77.63 from USD 59.25, and per-ton adjusted EBITDA doubled to USD 21.05. Other U.S. Thermal added USD 25.5 million. Seaborne Metallurgical returned to positive adjusted EBITDA of USD 5.2 million after posting a USD 17.0 million loss in the second quarter, helped by realized prices roughly USD 17 per ton higher.

Centurion Faulting Weighs on the Fourth Quarter

Late in the quarter the Centurion longwall encountered more faulting than anticipated. The mine shipped 0.58 million tons during the third quarter but produced only about 45,000 tons in October, and fourth-quarter sales are guided to 0.3 million to 0.5 million tons. Peabody intends to add a base-lift power increase costing USD 1.5 million to USD 2 million and a two-stage flipper priced at USD 5 million to USD 10 million, to be installed at the next longwall move, now slated for the third quarter of 2027. Metallurgical costs reached USD 162.45 per ton versus USD 108.31 a year earlier, above expectations, and 2026 metallurgical Volume guidance was lowered by 0.6 million tons.

Powder River Basin Slump, Note Repurchases and Capex Cut

Powder River Basin adjusted EBITDA fell to USD 15.0 million from USD 51.7 million, a drop of about 71% (calculated), as coal burn weakened and volume of 19.6 million tons missed target. Full-year Capital Expenditure guidance was reduced by USD 40 million, with roughly USD 30 million at Centurion from postponed Northern panel development, leaving total spending at USD 300 million. Basin costs per ton improved 8% sequentially to USD 12.94. The company bought back USD 38.9 million of 2028 convertible notes for USD 58.1 million in cash, booked a USD 3.3 million charge and gave notice to redeem the remaining USD 39.9 million, a step it says will cut dilution by 4 million shares. The next quarterly Dividend is payable December 9, 2026.

Where Things Stand

Potentially, though the full Centurion fix depends on the next longwall move in the third quarter of 2027. Peabody (NYSE:BTU) narrowed its loss and is benefiting from stronger seaborne prices, yet Centurion output is constrained and fourth-quarter metallurgical costs are guided to USD 150 to USD 160 per ton. Management expects stronger fourth-quarter production and free cash flow. With cash of USD 434 million, Liquidity of USD 887 million and lower capital spending, it has room to wait, but weak US coal burn and geology remain the central risks.