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Coal · Energy · Fiscal year ends Dec 31
Alliance Resource Partners reported revenue of $2.2B in the fiscal year ended Dec 2025, down 10.4% from the year before. Operating income was $385M, an operating margin of 17.6%, and net income was $311M. Operating cash flow of $651M less capital expenditure of $263M left free cash flow of $388M. Net debt was $380M.
Ranks among the 3 coal companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,579 | 2,420 | 2,567 | 2,449 | 2,195 |
| Cost of revenue | 943 | – | – | – | – |
| Gross profit | 636 | – | – | – | – |
| Operating income | 224 | 667 | 672 | 394 | 385 |
| Net interest incomeBanks | 39.1 | 35.3 | 26.7 | – | – |
| Interest expense | 39.2 | 37.3 | 36.1 | 35.2 | 39.7 |
| Pre-tax income | 184 | 642 | 644 | 381 | 336 |
| Income tax | 0.4 | 54.0 | 8.3 | 15.9 | 18.8 |
| Net income | 183 | 586 | 630 | 361 | 311 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 122 | 296 | 59.8 | 137 | 71.2 |
| Receivables | 130 | 241 | 283 | 167 | 130 |
| Inventory | 60.3 | 77.3 | 128 | 121 | 143 |
| Current assets | 339 | 658 | 516 | 513 | 430 |
| Net PP&E | 1,699 | 1,881 | 2,023 | 2,166 | 2,138 |
| Goodwill | 4.4 | – | – | – | – |
| Total assets | 2,227 | 2,728 | 2,788 | 2,916 | 2,854 |
| Payables | 69.6 | 95.1 | 108 | 98.2 | 81.8 |
| Current liabilities | 178 | 256 | 227 | 233 | 204 |
| Short-term debt | 16.1 | 25.0 | 20.3 | 22.3 | 23.6 |
| Long-term debt | 419 | 397 | 317 | 451 | 427 |
| Total liabilities | 933 | 1,020 | 930 | 1,062 | 994 |
| Backlog (remaining obligations) | 2,041 | 4,114 | 3,359 | 3,329 | 3,737 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 432 | 802 | 824 | 803 | 651 |
| Capital expenditure | 123 | 286 | 379 | 429 | 263 |
| Free cash flow | 309 | 516 | 445 | 374 | 388 |
| Depreciation & amortisation | 265 | 277 | 268 | 285 | 299 |
| Stock-based compensation | 5.7 | 11.0 | 12.9 | 10.6 | 8.9 |
| Acquisitions | – | 92.6 | 14.5 | 0.0 | 10.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 53.2% | 6.1% | −4.6% | −10.4% |
| Operating income growth (YoY) | – | 198.3% | 0.7% | −41.4% | −2.2% |
| Gross margin | 40.3% | – | – | – | – |
| Operating margin | 14.2% | 27.6% | 26.2% | 16.1% | 17.6% |
| Net margin | 11.6% | 24.2% | 24.5% | 14.7% | 14.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.9% | 27.0% | 26.3% | 14.7% | 14.5% |
| Free cash flow margin | 19.6% | 21.3% | 17.3% | 15.3% | 17.7% |
| Cash conversion (CFO ÷ net income) | 2.36x | 1.37x | 1.31x | 2.23x | 2.09x |
| Receivable days | 30 | 36 | 40 | 25 | 22 |
| Inventory days | 23 | – | – | – | – |
| Payable days | 27 | – | – | – | – |
| Interest cover | 5.70x | 17.9x | 18.6x | 11.2x | 9.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 313 | 126 | 277 | 336 | 380 |
| Current ratio | 1.91x | 2.57x | 2.27x | 2.20x | 2.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.