BTUHIGH SIGNALFINANCIAL10-K

Peabody Energy experienced a dramatic operational deterioration with operating income swinging from $445.3M profit to $80.1M loss while net losses more than doubled.

The company's core mining operations have clearly encountered significant headwinds, with the swing from strong operating profitability to losses indicating either severe commodity price pressure, operational disruptions, or cost inflation. The simultaneous decline in cash generation and receivables suggests weakening demand or pricing power in coal markets.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Peabody's financials show severe deterioration across all key metrics, with operating income collapsing by 118% from positive $445.3M to negative $80.1M, while net losses widened from $82.8M to $211.3M. Operating cash flow declined 45% to $333.7M and the balance sheet weakened with cash falling 18% to $575.3M and current assets dropping 12.5%, signaling fundamental operational challenges and deteriorating market conditions that significantly impair the company's financial performance and liquidity position.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-155.2%
-$82.8M-$211.3M

Net income declined 155.2% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-118%
$445.3M-$80.1M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-45%
$606.5M$333.7M

Operating cash flow fell 45% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-17.9%
$700.4M$575.3M

Cash decreased 17.9% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+15.4%
$91.0M$105.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Assets
Balance Sheet
-12.5%
$1.8B$1.6B

Current assets declined 12.5% — monitor working capital adequacy and short-term liquidity.

Accounts Receivable
Balance Sheet
-12.4%
$359.3M$314.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
The Company owned interests in 16 active coal mining operations located in the United States (U.S.) and Australia at December 31, 2025.
Included in that count is Peabody s 50% equity interest in Middlemount Coal Pty Ltd.
During 2025, Peabody continued to advance the development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia.
The mine is expected to enhance both the quantity and quality of the Company s production from the Seaborne Metallurgical reportable segment.
As part of Peabody s ongoing asset optimization program, whereby its coal reserves, coal resources and surface properties are regularly reviewed for various commercial opportunities, various workstreams were advanced during 2025.
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REMOVED
Form 10-K Summary 90 Signatures 91 Peabody Energy Corporation 2024 Form 10-K 1 Tab le of Contents Note: The words Peabody or the Company as used in this report, refer to Peabody Energy Corporation or its applicable subsidiary or subsidiaries.
At December 31, 2024, the Company owned interests in 17 active coal mining operations located in the United States (U.S.) and Australia, including a 50% equity interest in Middlemount Coal Pty Ltd.
On November 21, 2024, Peabody entered into a partnership with RWE, a renewable energy company, to advance renewable energy projects by repurposing reclaimed land previously used for mining, including certain reclaimed mining land held by the Company.
On November 25, 2024, Peabody entered into definitive agreements with Anglo American plc, a United Kingdom public limited company (Anglo), to acquire a portion of the assets and businesses associated with Anglo s metallurgical coal portfolio in Australia.
The acquisition is expected to close in the second quarter of 2025, subject to regulatory approvals, completion of preemptive rights processes and satisfaction of other customary closing conditions.
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