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alCreekMember2024-01-012024-09-300001064728btu:A2028ConvertibleNotesMember2025-07-012025-09-300001064728btu:A2028ConvertibleNotesMember2025-01-012025-09-300001064728btu:ShareBasedCompensationAwardsMember2025-07-012025-09-300001064728btu:ShareBasedCompensationAwardsMember2025-01-012025-09-300001064728btu:ShareBasedCompensationAwardsMember2024-07-012024-09-300001064728btu:ShareBasedCompensationAwardsMember2024-01-012024-09-300001064728btu:AssetRetirementObligationsMember2025-09-300001064728btu:OtherObligationsMember2025-09-300001064728btu:AssetRetirementAndOtherObligationsMember2025-09-300001064728us-gaap:SuretyBondMember2025-09-300001064728srt:MaximumMemberus-gaap:SuretyBondMember2025-09-300001064728srt:MinimumMemberus-gaap:SuretyBondMember2025-09-300001064728srt:MaximumMemberus-gaap:SuretyBondMember2025-07-012025-09-300001064728btu:AccountsReceivableSecuritizationProgramMember2023-02-130001064728us-gaap:SecuredDebtMemberbtu:AccountsReceivableSecuritizationProgramMember2025-01-012025-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2025-09-300001064728us-gaap:SecuredDebtMemberbtu:AccountsReceivableSecuritizationProgramMember2025-09-300001064728us-gaap:LetterOfCreditMembersrt:MaximumMember2025-09-300001064728btu:CollateralizedLetterOfCreditAgreementMember2025-09-300001064728btu:LetterOfCreditAmendmentMemberus-gaap:SubsequentEventMember2025-11-030001064728btu:SuretyTrustAccountMember2025-09-300001064728btu:SuretyTrustAccountMember2024-12-310001064728btu:CollateralizedLettersOfCreditFundingMember2025-09-300001064728btu:CollateralizedLettersOfCreditFundingMember2024-12-310001064728btu:DepositsWithRegulatoryAuthoritiesMember2025-09-300001064728btu:DepositsWithRegulatoryAuthoritiesMember2024-12-310001064728btu:CashBackedBankGuaranteesMember2025-09-300001064728btu:CashBackedBankGuaranteesMember2024-12-310001064728us-gaap:CapitalAdditionsMember2025-09-300001064728btu:ArbitrationRelatingToTerminatedAngloAmericanAcquisitionMember2025-01-012025-09-300001064728btu:ArbitrationRelatingToTerminatedAngloAmericanAcquisitionMember2024-01-012024-09-300001064728btu:TotalSegmentExcludingCorporateSegmentAndOtherOperatingSegmentDomain2025-07-012025-09-300001064728btu:TotalSegmentExcludingCorporateSegmentAndOtherOperatingSegmentDomain2024-07-012024-09-300001064728btu:TotalSegmentExcludingCorporateSegmentAndOtherOperatingSegmentDomain2025-01-012025-09-300001064728btu:TotalSegmentExcludingCorporateSegmentAndOtherOperatingSegmentDomain2024-01-012024-09-300001064728btu:SeaborneMiningMember2025-09-300001064728btu:SeaborneMiningMember2024-12-310001064728btu:USThermalMiningMember2025-09-300001064728btu:USThermalMiningMember2024-12-310001064728us-gaap:CorporateAndOtherMember2025-09-300001064728us-gaap:CorporateAndOtherMember2024-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 1-16463

____________________________________________

PEABODY ENERGY CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						13-4004153
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

701 Market Street,

St. Louis,

Missouri

63101-1826

(Address of principal executive offices)

(Zip Code)

(314) 342-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BTU	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☑ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 121.6 million shares of the registrant’s common stock (par value of $0.01 per share) outstanding at November 3, 2025.

TABLE OF CONTENTS


			Page
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements			1
Unaudited Condensed Consolidated Statements of Operations			1
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income			2
Condensed Consolidated Balance Sheets			3
Unaudited Condensed Consolidated Statements of Cash Flows			4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity			6
Notes to Unaudited Condensed Consolidated Financial Statements			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3. Quantitative and Qualitative Disclosures About Market Risk			48
Item 4. Controls and Procedures			49
PART II — OTHER INFORMATION
Item 1. Legal Proceedings			50
Item 1A. Risk Factors			50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			52
Item 4. Mine Safety Disclosures			53
Item 5. Other Information			53
Item 6. Exhibits			53
EXHIBIT INDEX			54
SIGNATURE			55

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

PEABODY ENERGY CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions, except per share data)
Revenue	$	1,012.1	$	1,088.0	$	2,839.2	$	3,113.6
Costs and expenses
Operating costs and expenses (exclusive of items shown separately below)	896.9		845.8		2,456.5		2,463.9
Depreciation, depletion and amortization	100.0		84.7		285.5		247.4
Asset retirement obligation expenses	13.9		12.9		41.3		38.7
Selling and administrative expenses	27.4		20.6		74.5		64.7
Restructuring charges	4.0		1.9		9.2		2.1
Costs related to terminated acquisition	54.0		—		75.2		—
Other operating (income) loss:
Net gain on disposals	(5.3)		(0.1)		(25.3)		(9.7)

Provision for NARM loss	—		—		—		3.7
Shoal Creek insurance recovery	—		—		—		(109.5)
Loss from equity affiliates	2.6		2.1		10.2		7.1
Operating (loss) profit	(81.4)		120.1		(87.9)		405.2
Interest expense, net of capitalized interest	10.0		9.7		32.6		35.1

Interest income	(13.9)		(17.7)		(43.1)		(53.7)
Net periodic benefit credit, excluding service cost	(7.5)		(10.1)		(22.3)		(30.4)


(Loss) income from continuing operations before income taxes	(70.0)		138.2		(55.1)		454.2
Income tax (benefit) provision	(3.4)		25.7		(1.2)		85.2
(Loss) income from continuing operations, net of income taxes	(66.6)		112.5		(53.9)		369.0
Loss from discontinued operations, net of income taxes	(0.3)		(1.0)		(1.0)		(3.3)
Net (loss) income	(66.9)		111.5		(54.9)		365.7

Less: Net income attributable to noncontrolling interests	3.2		10.2		8.4		25.4
Net (loss) income attributable to common stockholders	$	(70.1)	$	101.3	$	(63.3)	$	340.3

(Loss) income from continuing operations:
Basic (loss) income per share	$	(0.57)	$	0.82	$	(0.51)	$	2.72
Diluted (loss) income per share	$	(0.57)	$	0.74	$	(0.51)	$	2.47
Net (loss) income attributable to common stockholders:
Basic (loss) income per share	$	(0.58)	$	0.81	$	(0.52)	$	2.69
Diluted (loss) income per share	$	(0.58)	$	0.74	$	(0.52)	$	2.44

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

PEABODY ENERGY CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Net (loss) income	$	(66.9)	$	111.5	$	(54.9)	$	365.7










Postretirement plans (net of $0.0 tax provisions in each period)	(10.2)		(13.3)		(30.6)		(39.8)




Foreign currency translation adjustment	0.4		2.3		2.6		0.9
Other comprehensive loss, net of income taxes	(9.8)		(11.0)		(28.0)		(38.9)
Comprehensive (loss) income	(76.7)		100.5		(82.9)		326.8

Less: Net income attributable to noncontrolling interests	3.2		10.2		8.4		25.4
Comprehensive (loss) income attributable to common stockholders	$	(79.9)	$	90.3	$	(91.3)	$	301.4

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

PEABODY ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
	September 30, 2025		December 31, 2024
	(Amounts in millions, except per share data)
ASSETS
Current assets
Cash and cash equivalents	$	603.3	$	700.4

Accounts receivable, net of allowance for credit losses of $0.0 at September 30, 2025 and December 31, 2024	307.2		359.3
Inventories, net	405.2		393.4



Other current assets	273.5		327.6
Total current assets	1,589.2		1,780.7
Property, plant, equipment and mine development, net	3,075.5		3,081.5
Operating lease right-of-use assets	99.6		119.3
Restricted cash and collateral	851.0		809.8
Investments and other assets	129.0		162.4

Total assets	$	5,744.3	$	5,953.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	15.5	$	15.8
Accounts payable and accrued expenses	781.8		811.7
Total current liabilities	797.3		827.5
Long-term debt, less current portion	321.8		332.3
Deferred income taxes	29.5		40.9
Asset retirement obligations, less current portion	674.5		667.8
Accrued postretirement benefit costs	116.4		120.4
Operating lease liabilities, less current portion	70.3		86.7
Other noncurrent liabilities	150.8		169.3
Total liabilities	2,160.6		2,244.9
Stockholders’ equity

Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024	—		—
Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024	—		—
Common Stock — $0.01 per share par value; 450.0 shares authorized, 189.3 shares issued and 121.6 shares outstanding as of September 30, 2025 and 189.1 shares issued and 121.4 shares outstanding as of December 31, 2024	1.9		1.9
Additional paid-in capital	3,999.7		3,990.5
Treasury stock, at cost — 67.7 common shares as of September 30, 2025 and December 31, 2024	(1,927.3)		(1,926.5)
Retained earnings	1,354.7		1,445.8
Accumulated other comprehensive income	110.8		138.8
Peabody Energy Corporation stockholders’ equity	3,539.8		3,650.5
Noncontrolling interests	43.9		58.3
Total stockholders’ equity	3,583.7		3,708.8
Total liabilities and stockholders’ equity	$	5,744.3	$	5,953.7

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents


PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2025		2024
	(Dollars in millions)
Cash Flows From Operating Activities
Net (loss) income	$	(54.9)	$	365.7
Loss from discontinued operations, net of income taxes	1.0		3.3
(Loss) income from continuing operations, net of income taxes	(53.9)		369.0
Adjustments to reconcile (loss) income from continuing operations, net of income taxes to net cash provided by operating activities:
Depreciation, depletion and amortization	285.5		247.4
Noncash interest expense	4.2		4.0

Deferred income taxes	(11.3)		(10.9)
Noncash share-based compensation	8.9		5.7


Net gain on disposals	(25.3)		(9.7)
Noncash income from port and rail capacity assignment	—		(0.3)

Loss from equity affiliates	10.2		7.1

Shoal Creek insurance recovery	—		(16.6)
Unrealized gains on foreign currency option contracts	(6.1)		(0.4)
Changes in current assets and liabilities:
Accounts receivable	69.5		82.0
Inventories	(11.8)		(92.6)
Other current assets	37.7		15.6
Accounts payable and accrued expenses	(0.3)		(198.3)
Collateral arrangements	(5.6)		143.3
Asset retirement obligations	6.3		(1.2)

Postretirement benefit obligations	(34.6)		(45.0)
Pension obligations	(4.0)		—
Other, net	(2.6)		(7.7)
Net cash provided by continuing operations	266.8		491.4
Net cash used in discontinued operations	(1.7)		(4.7)
Net cash provided by operating activities	265.1		486.7

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PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

	Nine Months Ended September 30,
	2025		2024
	(Dollars in millions)
Cash Flows From Investing Activities
Additions to property, plant, equipment and mine development	(280.8)		(265.7)
Changes in accrued expenses related to capital expenditures	(34.6)		(6.5)
Wards Well acquisition	—		(143.8)

Insurance proceeds attributable to Shoal Creek equipment losses	—		10.9
Returned deposit related to terminated acquisition	29.0		—
Proceeds from disposal of assets, net of receivables	16.6		16.1

Contributions to joint ventures	(436.2)		(550.1)
Distributions from joint ventures	455.0		549.8



Other, net	(1.8)		(0.3)
Net cash used in investing activities	(252.8)		(389.6)
Cash Flows From Financing Activities


Repayments of long-term debt	(9.9)		(7.2)
Repayment of loan note related to terminated acquisition	(9.3)		—
Payment of debt issuance and other deferred financing costs	(1.8)		(11.1)

Common stock repurchases	—		(183.1)
Excise taxes paid related to common stock repurchases	(1.7)		—
Repurchase of employee common stock relinquished for tax withholding	(0.8)		(4.1)
Dividends paid	(27.5)		(28.5)
Distributions to noncontrolling interests	(22.8)		(34.8)

Net cash used in financing activities	(73.8)		(268.8)
Net change in cash, cash equivalents and restricted cash	(61.5)		(171.7)
Cash, cash equivalents and restricted cash at beginning of period (1)	1,382.6		1,650.2
Cash, cash equivalents and restricted cash at end of period (2)	$	1,321.1	$	1,478.5


(1) The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at beginning of period”:
Cash and cash equivalents	$	700.4
Restricted cash included in “Restricted cash and collateral”	682.2
Cash, cash equivalents and restricted cash at beginning of period	$	1,382.6

(2) The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at end of period”:
Cash and cash equivalents	$	603.3
Restricted cash included in “Restricted cash and collateral”	717.8
Cash, cash equivalents and restricted cash at end of period	$	1,321.1

See accompanying notes to unaudited condensed consolidated financial statements.

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PEABODY ENERGY CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions, except per share data)





Common Stock
Balance, beginning of period	$	1.9	$	1.9	$	1.9	$	1.9





Balance, end of period	1.9		1.9		1.9		1.9
Additional paid-in capital
Balance, beginning of period	3,996.0		3,987.2		3,990.5		3,983.0
Dividend equivalent units on dividends declared	0.1		0.1		0.3		0.2



Share-based compensation for equity-classified awards	3.6		1.6		8.9		5.7




Balance, end of period	3,999.7		3,988.9		3,999.7		3,988.9
Treasury stock
Balance, beginning of period	(1,927.3)		(1,825.5)		(1,926.5)		(1,740.2)
Common stock repurchases	—		(100.0)		—		(183.1)
Net change in unsettled common stock repurchases	—		—		—		2.6
Excise tax accrued on common stock repurchases	—		(1.0)		—		(1.7)
Repurchase of employee common stock relinquished for tax withholding	—		—		(0.8)		(4.1)
Balance, end of period	(1,927.3)		(1,926.5)		(1,927.3)		(1,926.5)
Retained earnings
Balance, beginning of period	1,434.1		1,332.5		1,445.8		1,112.7
Net (loss) income attributable to common stockholders	(70.1)		101.3		(63.3)		340.3
Dividends declared ($0.075, $0.075, $0.225 and $0.225 per share, respectively)	(9.3)		(9.5)		(27.8)		(28.7)

Balance, end of period	1,354.7		1,424.3		1,354.7		1,424.3
Accumulated other comprehensive income
Balance, beginning of period	120.6		161.7		138.8		189.6

Postretirement plans (net of $0.0 tax provisions in each period)	(10.2)		(13.3)		(30.6)		(39.8)
Foreign currency translation adjustment	0.4		2.3		2.6		0.9
Balance, end of period	110.8		150.7		110.8		150.7
Noncontrolling interests
Balance, beginning of period	48.8		57.2		58.3		60.5
Net income attributable to noncontrolling interests	3.2		10.2		8.4		25.4
Distributions to noncontrolling interests	(8.1)		(16.3)		(22.8)		(34.8)
Balance, end of period	43.9		51.1		43.9		51.1
Total stockholders’ equity	$	3,583.7	$	3,690.4	$	3,583.7	$	3,690.4

See accompanying notes to unaudited condensed consolidated financial statements.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1) Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its consolidated subsidiaries and affiliates (along with PEC, the Company or Peabody). Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in a joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenue and expenses of the jointly controlled entities within each applicable line item of the unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation. Balance sheet information presented herein as of December 31, 2024 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s consolidated results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2025.

(2) Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented

Newly Adopted Accounting Standards

The Company did not adopt any new accounting standards that had a material impact on its unaudited condensed consolidated financial statements or disclosures.

Accounting Standards Not Yet Implemented

Income Taxes. In December 2023, Accounting Standards Update (ASU) 2023-09 was issued, which requires public entities to disclose more information primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company is required to adopt the amendments for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively, with a retrospective option. Early adoption is permitted. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.

Expense Disaggregation. In November 2024, ASU 2024-03 was issued, which requires public entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The Company is required to adopt the amendments for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The amendments should be applied prospectively, with a retrospective option. Early adoption is permitted. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.

Induced Conversions of Convertible Debt. In November 2024, ASU 2024-04 was issued, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this ASU affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion. The Company is required to adopt the amendments for fiscal years beginning after December 15, 2025 and interim reporting periods within those periods. The amendments should be applied prospectively, with a retrospective option. Early adoption is permitted. The Company will apply this guidance upon its adoption, as applicable.

(3) Revenue Recognition

Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, for the Company’s policies regarding “Revenue” and “Accounts receivable, net.”

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Disaggregation of Revenue

Revenue by product type and market is set forth in the following tables. With respect to its seaborne reportable segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.


	Three Months Ended September 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	33.6	$	—	$	301.4	$	192.0	$	—	$	527.0
Export	208.8		—		—		—		—		208.8
Total thermal	242.4		—		301.4		192.0		—		735.8
Metallurgical coal

Export	—		258.5		—		—		—		258.5
Total metallurgical	—		258.5		—		—		—		258.5
Other	0.3		0.4		—		—		17.1		17.8
Revenue	$	242.7	$	258.9	$	301.4	$	192.0	$	17.1	$	1,012.1


	Three Months Ended September 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	38.8	$	—	$	304.2	$	214.0	$	—	$	557.0
Export	272.4		—		—		—		—		272.4
Total thermal	311.2		—		304.2		214.0		—		829.4
Metallurgical coal

Export	—		240.4		—		—		—		240.4
Total metallurgical	—		240.4		—		—		—		240.4
Other	2.0		2.1		1.1		2.7		10.3		18.2
Revenue	$	313.2	$	242.5	$	305.3	$	216.7	$	10.3	$	1,088.0


	Nine Months Ended September 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	107.1	$	—	$	852.6	$	515.7	$	—	$	1,475.4
Export	595.4		—		—		—		—		595.4
Total thermal	702.5		—		852.6		515.7		—		2,070.8
Metallurgical coal

Export	—		730.1		—		—		—		730.1
Total metallurgical	—		730.1		—		—		—		730.1
Other	0.4		1.1		0.1		0.1		36.6		38.3
Revenue	$	702.9	$	731.2	$	852.7	$	515.8	$	36.6	$	2,839.2

Table of Contents

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	Nine Months Ended September 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	116.3	$	—	$	779.7	$	592.3	$	—	$	1,488.3
Export	786.1		—		—		—		—		786.1
Total thermal	902.4		—		779.7		592.3		—		2,274.4
Metallurgical coal

Export	—		778.4		—		—		—		778.4
Total metallurgical	—		778.4		—		—		—		778.4
Other	2.2		5.4		1.6		18.0		33.6		60.8
Revenue	$	904.6	$	783.8	$	781.3	$	610.3	$	33.6	$	3,113.6

(1) Corporate and Other includes the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)


Revenue from physical sale of coal (2)	$	14.0	$	5.9	$	25.8	$	20.1

Other	3.1		4.4		10.8		13.5
Total Corporate and Other	$	17.1	$	10.3	$	36.6	$	33.6

(2) Includes revenue recognized upon the physical sale of coal purchased from the Company’s reportable segments and sold to customers through the Company’s coal trading business. Primarily represents the difference between the price contracted with the customer and the price allocated to the reportable segment.

Accounts Receivable

“Accounts receivable, net” at September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Trade receivables, net	$	254.6	$	294.9
Miscellaneous receivables, net	52.6		64.4
Accounts receivable, net	$	307.2	$	359.3

None of the above receivables included allowances for credit losses at September 30, 2025 or December 31, 2024. No charges for credit losses were recognized during the three and nine months ended September 30, 2025 or 2024.

(4) Inventories

“Inventories, net” as of September 30, 2025 and December 31, 2024 consisted of the following:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Materials and supplies, net	$	164.3	$	157.5
Raw coal	82.4		109.6
Saleable coal	158.5		126.3
Inventories, net	$	405.2	$	393.4

Materials and supplies inventories, net presented above have been shown net of reserves of $3.9 million and $3.5 million as of September 30, 2025 and December 31, 2024, respectively.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(5) Equity Method Investments

The Company’s equity method investments include its interests in Middlemount Coal Pty Ltd. (Middlemount), R3 Renewables LLC (R3), R3 Renewables II LLC (R3 II) and certain other equity method investments.

The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the condensed consolidated balance sheets, and the related “Loss from equity affiliates” in the unaudited condensed consolidated statements of operations:


					Loss (Income) from Equity Affiliates
	Book Value at				Three Months Ended September 30,				Nine Months Ended September 30,
	September 30, 2025		December 31, 2024		2025		2024		2025		2024
	(Dollars in millions)
Equity method investment related to Middlemount	$	47.3	$	52.7	$	1.2	$	(2.2)	$	8.0	$	(4.1)
Equity method investment related to R3	—		—		—		4.3		—		11.2
Equity method investment related to R3 II	2.0		5.8		1.4		—		2.2		—
Total equity method investments	$	49.3	$	58.5	$	2.6	$	2.1	$	10.2	$	7.1

R3 and R3 II

In March 2022, the Company entered into a joint venture with unrelated partners to form R3, an entity in which the Company held a 50% interest. R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage. The Company contributed $10.8 million to R3 during the nine months ended September 30, 2024.

In November 2024, R3 sold seven projects to an unrelated party and contributed its remaining three projects to a new entity (R3 II). The unrelated party purchased 75% of the equity in R3 II for cash and contingent consideration for the future obligation to pay seller’s milestone payments. R3 used the proceeds from the equity purchase of R3 II to repurchase shares from the other investors of R3, such that Peabody is the only remaining equity holder of R3, which has a 25% equity interest in R3 II. The Company contributed $0.7 million to R3 II during the nine months ended September 30, 2025.

(6) Derivatives and Fair Value Measurements

Derivatives

From time to time, the Company may utilize various types of derivative instruments to manage its exposure to risks in the normal course of business, including (1) foreign currency exchange rate risk and the variability of cash flows associated with forecasted Australian dollar expenditures made in its Australian mining platform and (2) price risk of fluctuating coal prices related to forecasted sales or purchases of coal, or changes in the fair value of a fixed price physical sales contract. These risk management activities are actively monitored for compliance with the Company’s risk management policies.

On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts. Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value.

Table of Contents

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Foreign Currency

The Company utilizes options and collars to hedge currency risk associated with anticipated Australian dollar operating expenditures. As of September 30, 2025, the Company held average rate options with an aggregate notional amount of $524.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending June 30, 2026. The instruments entitle the Company to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S. dollar exchange rate exceed amounts ranging from $0.67 to $0.71 over the nine-month period ending June 30, 2026. As of September 30, 2025, the Company also held purchased collars with an aggregate notional amount of $541.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending June 30, 2026. The purchased collars have a floor ranging from approximately $0.58 to $0.61 and a ceiling ranging from $0.68 to $0.70, whereby the Company will incur a loss on the instruments for quarterly average Australian dollar-to-U.S. dollar exchange rates below the floor and a gain for quarterly average rates above the ceiling.

Tabular Derivatives Disclosures

The Company has master netting agreements with certain of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company’s credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the condensed consolidated balance sheets. As of September 30, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $2.9 million. As of December 31, 2024, the Company had a liability derivative comprised of foreign currency option contracts with a fair value of $3.6 million. The net amount of asset derivatives is included in “Other current assets” and the net amount of liability derivatives is included in “Accounts payable and accrued expenses” in the accompanying condensed consolidated balance sheets.

Table of Contents

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and, thus, changes in fair value are reflected in current earnings. The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.


		Three Months Ended September 30, 2025
		Total loss recognized in income		Loss realized in income on derivatives		Unrealized loss recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(2.9)	$	(0.6)	$	(2.3)


Total		$	(2.9)	$	(0.6)	$	(2.3)

		Three Months Ended September 30, 2024
		Total gain recognized in income		Loss realized in income on derivatives		Unrealized gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	3.6	$	(0.1)	$	3.7


Total		$	3.6	$	(0.1)	$	3.7

		Nine Months Ended September 30, 2025
		Total gain recognized in income		Loss realized in income on derivatives		Unrealized gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	4.3	$	(1.8)	$	6.1


Total		$	4.3	$	(1.8)	$	6.1

		Nine Months Ended September 30, 2024
		Total loss recognized in income		Loss realized in income on derivatives		Unrealized gain recognized in income on derivatives
Derivative Instrument	Classification
		(Dollars in millions)
Foreign currency option contracts	Operating costs and expenses	$	(2.1)	$	(2.5)	$	0.4


Total		$	(2.1)	$	(2.5)	$	0.4

The Company classifies derivative-related activity within the “Cash Flows From Operating Activities” section of the unaudited condensed consolidated statements of cash flows.

Fair Value Measurements

The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants.

Table of Contents

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis.


	September 30, 2025
	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Foreign currency option contracts	$	—	$	2.9	$	—	$	2.9



Total net assets	$	—	$	2.9	$	—	$	2.9

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(Dollars in millions)
Foreign currency option contracts	$	—	$	(3.6)	$	—	$	(3.6)


Equity securities	1.0		—		—		1.0
Total net assets (liabilities)	$	1.0	$	(3.6)	$	—	$	(2.6)

For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes. In the case of certain debt securities, fair value is provided by a third-party pricing service. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities:

•Foreign currency option contracts are valued utilizing inputs obtained in quoted public markets (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3.

•Investments in equity securities are based on unadjusted quoted prices in active markets (Level 1).

Other Financial Instruments. The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of September 30, 2025 and December 31, 2024:

•Cash and cash equivalents, restricted cash, accounts receivable, including those within the Company’s accounts receivable securitization program, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments.

•Long-term debt fair value estimates are based on observed prices for securities when available (Level 2), and otherwise on estimated borrowing rates to discount the cash flows to their present value (Level 3).

Market risk associated with the Company’s fixed-rate long-term debt relates to the potential reduction in the fair value from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Total debt at par value	$	342.1	$	354.4
Less: Unamortized debt issuance costs	(4.8)		(6.3)
Net carrying amount	$	337.3	$	348.1

Estimated fair value	$	501.1	$	438.0

The Company had no transfers between Levels 1, 2 and 3 during the three and nine months ended September 30, 2025 and 2024. The Company’s policy is to value all transfers between levels using the beginning of period valuation.

Table of Contents

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(7) Property, Plant, Equipment and Mine Development

The composition of property, plant, equipment and mine development, net, as of September 30, 2025 and December 31, 2024 is set forth in the table below:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Land and coal interests	$	2,645.1	$	2,648.5
Buildings and improvements	754.1		726.7
Machinery and equipment	2,295.7		2,078.8
Less: Accumulated depreciation, depletion and amortization	(2,619.4)		(2,372.5)
Property, plant, equipment and mine development, net	$	3,075.5	$	3,081.5

At-Risk Assets

The Company identified certain assets with an aggregate carrying value of approximately $68 million at September 30, 2025 in its Other U.S. Thermal segment whose recoverability is most sensitive to customer concentration risk.

(8) Income Taxes

The Company's effective tax rate before remeasurement for the nine months ended September 30, 2025 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance. The Company’s income tax benefit of $3.4 million and income tax provision of $25.7 million for the three months ended September 30, 2025 and 2024, respectively, included tax provisions of $0.4 million and $1.0 million, respectively, related to the remeasurement of foreign income tax accounts. The Company’s income tax benefit of $1.2 million and income tax provision of $85.2 million for the nine months ended September 30, 2025 and 2024, respectively, included a tax provision of $2.3 million and a tax benefit of $2.9 million, respectively, related to the remeasurement of foreign income tax accounts. Due to existing valuation allowances, the income tax expense is primarily related to the Australian income.

(9) Long-term Debt

The Company’s total indebtedness as of September 30, 2025 and December 31, 2024 consisted of the following:


Debt Instrument (defined below, as applicable)	September 30, 2025		December 31, 2024
	(Dollars in millions)






3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes)	$	320.0	$	320.0


BUMA Loan Note	—		9.3
Finance lease obligations	22.1		25.1
Less: Debt issuance costs	(4.8)		(6.3)
	337.3		348.1
Less: Current portion of long-term debt	15.5		15.8
Long-term debt	$	321.8	$	332.3

2028 Convertible Notes

On March 1, 2022, through a private offering, the Company issued the 2028 Convertible Notes in the aggregate principal amount of $320.0 million. The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture.

The Company used the proceeds of the offering of the 2028 Convertible Notes and available cash to redeem its then-existing senior secured notes and to pay related premiums, fees and expenses relating to the offering and redemptions. The Company capitalized $11.2 million of debt issuance costs related to the offering, which are being amortized over the terms of the notes.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2028 Convertible Notes bear interest at a rate of 3.250% per year, payable semi-annually in arrears on March 1 and September 1 of each year.

The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $19.85 per share of the Company’s common stock. The terms of the indenture require conversion rate adjustments upon the payment of dividends to holders of the Company’s common stock once such cumulative dividends impact the conversion rate by at least 1%. Effective February 19, 2025, the conversion rate was increased to 51.7762 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $19.31 per share. Under the applicable conversion rate formula, the cumulative $0.150 per share dividends declared and paid since the prior conversion rate adjustment yielded a revised conversion rate of 52.2561 shares per $1,000 principal amount of 2028 Convertible Notes, which did not meet the 1% threshold to impact the existing conversion rate of 51.7762. The conversion rate may be impacted prospectively, based upon cumulative dividends paid. The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.

During the third quarter of 2025, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes. As a result, the 2028 Convertible Notes will not be convertible during the fourth quarter of 2025.

As of September 30, 2025, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $123.5 million.

Revolving Credit Facility

The Company established a revolving credit facility with a maximum aggregate principal amount of $320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto. The Company paid aggregate debt issuance costs of $9.7 million.

The revolving commitments and any related loans, if applicable (any such loans, the Revolving Loans), established by the 2024 Credit Agreement terminate or mature, as applicable, on January 18, 2028, subject to certain conditions relating to the Company’s outstanding 2028 Convertible Notes. The Revolving Loans bear interest at a secured overnight financing rate (SOFR) plus an applicable margin ranging from 3.50% to 4.25%, depending on the Company’s total net leverage ratio (as defined under the 2024 Credit Agreement) or a base rate plus an applicable margin ranging from 2.50% to 3.25%, at the Company’s option. Letters of credit issued under the 2024 Credit Agreement incur a combined fee equal to an applicable margin ranging from 3.50% to 4.25% plus a fronting fee equal to 0.125% per annum. Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50% per annum. On November 25, 2024, the Company amended the 2024 Credit Agreement to, among other things, permit (i) Peabody’s then-planned acquisition of multiple coal mines from Anglo American plc (Anglo), (ii) the related bridge loan facility and (iii) the incurrence of additional indebtedness to finance the acquisition, subject to compliance with certain pro forma financial covenants. The Company paid aggregate deferred financing costs of $0.9 million as part of the amendment. As further discussed in Note 14. “Commitments and Contingencies,” Peabody terminated the acquisition with Anglo on August 19, 2025.

As of September 30, 2025, the 2024 Credit Agreement had only been utilized for letters of credit, including $49.3 million outstanding as of September 30, 2025. These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 13. “Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $270.7 million at September 30, 2025.

The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets. The 2024 Credit Agreement is secured by substantially all assets of the Company and its U.S. subsidiaries, as well as a pledge of two Australian subsidiaries.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

BUMA Loan Note

The Company had agreed to, following the closing of the then-planned Anglo acquisition, sell a portion of the assets (the Dawson Assets) to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA). Accordingly, on November 25, 2024, concurrent with its entry into the purchase agreements for the Anglo acquisition, the Company entered into a loan note deed with BUMA pursuant to which BUMA would lend to the Company the funds required to purchase the Dawson Assets under the Anglo acquisition purchase agreements and fund certain other obligations in relation to the Dawson Assets (the BUMA Loan Note). The Company received $9.3 million in BUMA Loan Note proceeds during the year ended December 31, 2024 to fund a portion of the deposit to Anglo for the then-planned acquisition.

Concurrent with the August 19, 2025 termination of the Anglo acquisition, the Company terminated the agreement for the related sale of the Dawson Assets to BUMA and returned the $9.3 million of proceeds during the three months ended September 30, 2025. Refer to Note 14. “Commitments and Contingencies” for additional information associated with the Anglo acquisition.

Bridge Loan Facility

Concurrently with its entry into definitive agreements to acquire the Anglo assets, the Company entered into a bridge loan facility commitment letter (the Bridge Commitment Letter, and the senior secured 364-day bridge facility provided for therein, the Bridge Facility), pursuant to which the lenders agreed to provide the Bridge Facility to the Company in order to finance the then-planned acquisition in part. The Bridge Facility was terminated on August 19, 2025. During the three and nine months ended September 30, 2025, the Company paid commitment and duration fees on the Bridge Facility of $36.3 million and $46.7 million, respectively, which are included in “Costs related to terminated acquisition” in the unaudited condensed consolidated statements of operations.

Interest Charges

The following table presents the components of the Company’s interest expense related to its indebtedness and financial assurance instruments such as surety bonds and letters of credit. Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
2028 Convertible Notes	$	2.6	$	2.6	$	7.8	$	7.8
Financial assurance instruments	6.2		5.8		19.8		20.7
Amortization of debt issuance costs	1.4		0.6		4.2		4.0
Receivables securitization program	0.6		0.5		1.8		1.9
Finance lease obligations	0.4		0.4		1.1		1.3
Capitalized interest	(2.0)		(2.7)		(5.9)		(4.4)
Other	0.8		2.5		3.8		3.8
Interest expense, net of capitalized interest	$	10.0	$	9.7	$	32.6	$	35.1

Cash paid for interest, net of capitalized interest	$	10.9	$	8.5	$	35.0	$	32.6
Non-cash interest expense	$	0.9	$	0.8	$	4.2	$	4.0

Covenant Compliance

The Company was compliant with all relevant covenants under its debt and other finance agreements at September 30, 2025.

(10) Pension and Postretirement Benefit Costs

The components of net periodic pension, postretirement benefit and workers’ compensation costs, excluding the service cost for benefits earned, are included in “Net periodic benefit credit, excluding service cost” in the unaudited condensed consolidated statements of operations.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company sponsors a qualified pension plan. Annual contributions to the qualified plan are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation (PBGC). Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006. As of September 30, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds. The Company is not required to make any cash contributions to the qualified plan in 2025 based on minimum funding requirements. During the nine months ended September 30, 2025, the Company made a discretionary cash contribution of $5.0 million to the qualified plan which allowed for termination of the Company’s agreement with the PBGC and resulted in the release of a $37.0 million letter of credit that had been maintained in favor of the PBGC.

Net periodic postretirement benefit credit included the following components:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Service cost for benefits earned	$	0.1	$	0.1	$	0.3	$	0.3
Interest cost on accumulated postretirement benefit obligation	1.9		2.3		5.8		6.9
Expected return on plan assets	(0.1)		(0.1)		(0.3)		(0.3)
Amortization of prior service credit	(10.2)		(13.3)		(30.6)		(39.8)

Net periodic postretirement benefit credit	$	(8.3)	$	(11.0)	$	(24.8)	$	(32.9)

The Company has established a Voluntary Employees’ Beneficiary Association (VEBA) trust to pre-fund a portion of benefits for non-represented retirees. The Company does not expect to make any discretionary contributions to the VEBA trust in 2025 and plans to utilize a portion of VEBA assets to make certain benefit payments.

(11) Other Events

Wards Well Acquisition

On April 16, 2024, the Company acquired the southern part of the Wards Well tenements (Wards Well) which are adjacent to the Company’s Centurion Mine in Queensland, Australia. The acquisition was accounted for as an asset acquisition. The acquired asset was measured at the cost of the acquisition based on the total consideration, allocated on the basis of relative fair value. The total consideration of $153.4 million, consisting of cash consideration of $134.4 million, cash transaction costs of $9.4 million and the non-cash settlement of existing receivables with the acquiree of $9.6 million, was recorded in “Property, plant, equipment and mine development, net” in the condensed consolidated balance sheets.

The agreement also included an initial contingent royalty of up to $200 million. The royalty will only be payable once the Company has recovered its investment and development costs of Wards Well and if the average sales price achieved exceeds certain thresholds. No royalty is payable if the Company does not commence mining Wards Well. The Company will adjust the cost basis of the assets acquired if and when the contingent royalty is paid or becomes payable.

Shoal Creek

On March 29, 2023, the Company’s Shoal Creek Mine experienced a fire. On June 20, 2023, the Company announced that the Shoal Creek Mine, in coordination with the Mine Safety and Health Administration, had safely completed localized sealing of the affected area of the mine.

In October 2023, the Company filed an insurance claim against applicable insurance policies with combined business interruption and property loss limits of $125 million above a $50 million deductible. During June 2024, the Company reached a settlement and recognized a $109.5 million insurance recovery, which the Company included in its results of operations during the nine months ended September 30, 2024.

The Company collected $103.8 million of the insurance recovery during the nine months ended September 30, 2024, and classified $10.9 million of the recovery within the “Cash Flows From Investing Activities” section of the unaudited condensed consolidated statements of cash flows since this portion of the recovery related to equipment damage for which the Company previously recognized a provision for loss. The remaining $5.7 million of the insurance recovery was subsequently collected in October 2024.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(12) Earnings per Share (EPS)

Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding. As such, the Company includes the 2028 Convertible Notes and share-based compensation awards in its potentially dilutive securities. Generally, dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.

For all but performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and purchased is included in the diluted share computation. For performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted.

A conversion of the 2028 Convertible Notes may result in payment in the Company’s common stock. For diluted EPS purposes, the potentially dilutive common stock is assumed to have been converted at the beginning of the period (or at the time of issuance, if later). In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense, which includes the amortization of debt issuance costs, related to the convertible debt. The computation of diluted EPS excluded 16.6 million and 16.5 million shares related to the 2028 Convertible Notes for the three and nine months ended September 30, 2025, respectively, because their inclusion would have been anti-dilutive for those periods.

The computation of diluted EPS also excluded aggregate share-based compensation awards of 0.8 million and 1.0 million for the three and nine months ended September 30, 2025, respectively, and less than 0.1 million for both the three and nine months ended September 30, 2024 because to do so would have been anti-dilutive for those periods. Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period. Anti-dilution also occurs when a company reports a net loss from continuing operations, and the dilutive impact of all share-based compensation awards are excluded accordingly.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions, except per share data)
Basic EPS numerator:
(Loss) income from continuing operations, net of income taxes	$	(66.6)	$	112.5	$	(53.9)	$	369.0
Less: Net income attributable to noncontrolling interests	3.2		10.2		8.4		25.4
(Loss) income from continuing operations attributable to common stockholders	(69.8)		102.3		(62.3)		343.6


Loss from discontinued operations, net of income taxes	(0.3)		(1.0)		(1.0)		(3.3)


Net (loss) income attributable to common stockholders	$	(70.1)	$	101.3	$	(63.3)	$	340.3

Diluted EPS numerator:
(Loss) income from continuing operations, net of income taxes	$	(66.6)	$	112.5	$	(53.9)	$	369.0
Add: Tax adjusted interest expense related to 2028 Convertible Notes	—		3.1		—		9.2
Less: Net income attributable to noncontrolling interests	3.2		10.2		8.4		25.4
(Loss) income from continuing operations attributable to common stockholders	(69.8)		105.4		(62.3)		352.8
Loss from discontinued operations, net of income taxes	(0.3)		(1.0)		(1.0)		(3.3)
Net (loss) income attributable to common stockholders	$	(70.1)	$	104.4	$	(63.3)	$	349.5

EPS denominator:
Weighted average shares outstanding — basic	121.7		124.9		121.7		126.3
Dilutive impact of share-based compensation awards	—		0.4		—		0.5
Dilutive impact of 2028 Convertible Notes	—		16.3		—		16.3
Weighted average shares outstanding — diluted	121.7		141.6		121.7		143.1

Basic EPS attributable to common stockholders:
(Loss) income from continuing operations	$	(0.57)	$	0.82	$	(0.51)	$	2.72
Loss from discontinued operations	(0.01)		(0.01)		(0.01)		(0.03)
Net (loss) income attributable to common stockholders	$	(0.58)	$	0.81	$	(0.52)	$	2.69

Diluted EPS attributable to common stockholders:
(Loss) income from continuing operations	$	(0.57)	$	0.74	$	(0.51)	$	2.47
Loss from discontinued operations	(0.01)		—		(0.01)		(0.03)
Net (loss) income attributable to common stockholders	$	(0.58)	$	0.74	$	(0.52)	$	2.44

(13) Financial Instruments and Other Guarantees

In the normal course of business, the Company is a party to various guarantees and financial instruments that carry off-balance-sheet risk and are not reflected in the accompanying condensed consolidated balance sheets. Such financial instruments provide support for the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees. The Company periodically evaluates the instruments for on-balance-sheet treatment based on the amount of exposure under the instrument and the likelihood of required performance. The Company does not expect any material losses to result from these guarantees or off-balance-sheet instruments in excess of liabilities provided for in the accompanying condensed consolidated balance sheets.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes the Company’s financial instruments that carry off-balance-sheet risk.


	September 30, 2025
	Reclamation Support		Other Support (1)		Total
	(Dollars in millions)
Surety bonds	$	924.8	$	88.3	$	1,013.1
Letters of credit (2)	55.2		56.6		111.8
	980.0		144.9		1,124.9
Less: Letters of credit in support of surety bonds (3)	(55.2)		(0.1)		(55.3)
Obligations supported, net	$	924.8	$	144.8	$	1,069.6

(1) Instruments support obligations related to leases, health care plans, workers’ compensation, property and casualty insurance, customer and vendor contracts and certain restoration ancillary to prior mining activities.

(2) Amounts do not include cash-collateralized letters of credit.

(3) Certain letters of credit serve as collateral for surety bonds at the request of surety bond providers.

Surety Agreement Amendment and Collateral Requirements

In April 2023, the Company amended its existing agreement with the providers of its surety bond portfolio, dated November 6, 2020. Under the April 2023 amendment, the Company and its surety providers agreed to a maximum aggregate collateral amount based upon bonding levels which will vary prospectively as bonding levels increase or decrease. The amendment also extended the agreement through December 31, 2026. In order to maintain the maximum collateral agreement, the Company must remain compliant with a minimum liquidity test and a maximum net leverage ratio, as measured each quarter. The minimum liquidity test requires the Company to maintain liquidity at the greater of $400 million or the difference between the penal sum of all surety bonds and the amount of collateral posted in favor of surety providers, which was $493.9 million at September 30, 2025. The Company must also maintain a maximum net leverage ratio of 1.5 to 1.0, where the numerator consists of its funded debt, net of cash, and the denominator consists of its Adjusted EBITDA for the trailing twelve months. For purposes of calculating the ratio, only 50% of the outstanding principal amount of the Company’s 2028 Convertible Notes is deemed to be funded debt. The Company’s ability to pay dividends and make share repurchases is also subject to the quarterly minimum liquidity test. The Company is in compliance with such requirements at September 30, 2025.

At September 30, 2025, the Company’s maximum aggregate collateral amount was $519.2 million, which was comprised of $392.8 million in trust accounts and letters of credit of $126.4 million held for the benefit of certain surety providers.

Accounts Receivable Securitization

In 2017, the Company entered into the Sixth Amended and Restated Receivables Purchase Agreement, as amended from time to time. The receivables securitization program authorized under the agreement (Securitization Program) is subject to customary events of default. The Securitization Program provides up to $225.0 million of funding capacity which is accounted for as a secured borrowing, limited to the availability of eligible receivables, and may be secured by a combination of collateral and the trade receivables underlying the program. Funding capacity under the Securitization Program may also be utilized for letters of credit in support of other obligations, which has been the Company’s primary utilization. The accounts receivable securitization program was amended in January 2025 to extend its maturity to January 2028. During the nine months ended September 30, 2025, the Company capitalized $1.8 million of debt issuance costs related to the amendment.

Borrowings under the Securitization Program bear interest at SOFR plus 2.1% per annum and remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables.

At September 30, 2025, the Company had no outstanding borrowings and $62.5 million of letters of credit outstanding under the Securitization Program. Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $77.2 million at September 30, 2025. The Company was not required to post cash collateral under the Securitization Program at September 30, 2025.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company incurred interest and fees associated with the Securitization Program of $0.6 million and $0.5 million during the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $1.9 million during the nine months ended September 30, 2025 and 2024, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying unaudited condensed consolidated statements of operations.

Credit Support Facilities

In February 2022, the Company entered into an agreement which provides up to $250.0 million of capacity for irrevocable standby letters of credit, primarily to support reclamation bonding requirements. The initial agreement required the Company to provide cash collateral at a level of 103% of the aggregate amount of letters of credit outstanding under the arrangement (limited to $5.0 million total excess collateralization). Outstanding letters of credit bear a fixed fee in the amount of 0.75% per annum. The Company receives a variable deposit rate on the amount of cash collateral posted in support of letters of credit. At September 30, 2025, letters of credit of $115.6 million were outstanding under the agreement, which were collateralized by cash of $119.1 million. The agreement was amended on November 3, 2025, to (i) extend the expiration date to December 31, 2030 and (ii) change the required minimum cash collateral amount to 102% of the aggregate amount of letters of credit outstanding under the agreement, provided that in the event the Company’s credit rating falls below certain thresholds, the minimum collateral amount shall increase to 103%.

In December 2023, the Company established cash-backed bank guarantee facilities, primarily to support Australian reclamation bonding requirements. The Company receives a variable deposit rate on the amount of cash collateral posted in support of the bank guarantee facilities, which mature at various dates between 2026 and 2029. At September 30, 2025, the bank guarantee facilities were backed by cash of $205.9 million.

Restricted Cash and Collateral

The following table summarizes the Company’s “Restricted cash and collateral” in the accompanying condensed consolidated balance sheets. Restricted cash balances are held in controlled accounts with minimum balance requirements; withdrawals are subject to the approval of account beneficiaries, such as the Company’s surety providers, who have perfected security interests in the funds. The Company’s other cash collateral generally includes deposits held by regulatory authorities or financial institutions over which the Company has no control or ability to access. Portions of the restricted cash balances and deposits are held in accounts denominated in Australian dollars.


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Restricted cash (1)
Surety trust accounts (2)	$	392.8	$	394.6
Credit support facilities (2) (3)	325.0		287.6
	717.8		682.2
Other cash collateral (1)
Deposits with regulatory authorities for reclamation and other obligations (3)	133.2		127.6


Restricted cash and collateral	$	851.0	$	809.8

(1) Restricted cash balances are combined with unrestricted cash and cash equivalents in the accompanying unaudited condensed consolidated statements of cash flows; changes between unrestricted cash and cash equivalents and restricted cash balances are thus not reflected in the operating, investing or financing activities therein. Changes in other cash collateral balances are reflected as operating activities therein.

(2) Surety trust accounts, the funding for collateralized letters of credit and cash supporting the bank guarantee facilities are comprised of highly liquid investments with original maturities of three months or less; interest and other earnings on such funds accrue to the Company.

(3) At September 30, 2025, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $312 million and $201 million, respectively. At December 31, 2024, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $271 million and $205 million, respectively.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(14) Commitments and Contingencies

Commitments

Unconditional Purchase Obligations

As of September 30, 2025, purchase commitments for capital expenditures were $64.7 million, all of which is obligated within the next 12 months.

There were no other material changes to the Company’s commitments from the information provided in Note 21. “Commitments and Contingencies” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Contingencies

From time to time, the Company or its subsidiaries are involved in legal proceedings arising in the ordinary course of business or related to indemnities or historical operations. The Company believes it has recorded adequate reserves for these liabilities. The Company discusses its significant legal proceedings below, including ongoing proceedings and those that impacted the Company’s consolidated results of operations for the periods presented.

Litigation and Matters Relating to Continuing Operations

Arbitration Relating to Terminated Anglo American Acquisition. On November 25, 2024, Peabody entered into definitive agreements (the Purchase Agreements), to acquire from Anglo a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including Anglo’s interests in the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson complex (comprising the Dawson Main/Central operating mine, the Dawson South operating mine, the Dawson South Exploration project and the Theodore South exploration project, collectively, the Dawson Assets). The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to BUMA.

On August 19, 2025, Peabody terminated the Purchase Agreements. The termination of the Purchase Agreements followed Peabody’s prior delivery of a notice of a Material Adverse Change (MAC) as a result of an ignition event at the Moranbah North mine on March 31, 2025, which had led to the closure of the mine. Following Peabody’s termination of the Purchase Agreements, Anglo returned $29.0 million of the $75.0 million deposit previously paid by Peabody, and Peabody has demanded the outstanding portion of the deposit also be returned.

On September 23, 2025, various subsidiaries of Anglo initiated International Chamber of Commerce arbitration proceedings in London, United Kingdom, against Peabody and certain of its affiliates. Anglo’s complaint alleges, among other things, that Peabody wrongfully terminated the Purchase Agreements and seeks, among other things, declarations that the ignition event at the Moranbah North mine did not constitute a MAC, as well as damages for losses in an unspecified amount, plus costs and interest. Peabody remains confident that a MAC occurred, and that it was entitled to terminate the Purchase Agreements.

Other

At times, the Company becomes a party to other disputes, including those related to contract miner performance, claims, lawsuits, arbitration proceedings, regulatory investigations and administrative procedures in the ordinary course of business in the U.S., Australia and other countries where the Company does business. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its consolidated financial condition, results of operations or cash flows. The Company reassesses the probability and the ability to estimate contingent losses as new information becomes available.

(15) Segment Information

The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal.

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company’s chief operating decision maker (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. Adjusted EBITDA is a non-GAAP financial measure defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments’ operating performance, as displayed in the reconciliations below. Management believes this non-GAAP measure is used by investors to measure the Company’s operating performance. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Segment results were as follows:


	Three Months Ended September 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Segment Totals
	(Dollars in millions)
Revenue	$	242.7	$	258.9	$	301.4	$	192.0	$	995.0
Less Significant Segment Expenses:
Labor costs	35.8		62.4		56.5		54.3
Repair costs	29.3		48.5		38.8		40.5
Outside services	31.2		100.4		35.0		40.8
Commodities expense	20.6		17.1		42.3		19.2
Sales related costs	54.0		56.1		66.2		11.5
Other expenses (1)	30.8		(53.4)		10.9		18.8
Adjusted EBITDA	41.0		27.8		51.7		6.9		127.4
Additions to property, plant, equipment and mine development	8.2		87.8		11.5		7.7		115.2


	Three Months Ended September 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Segment Totals
	(Dollars in millions)
Revenue	$	313.2	$	242.5	$	305.3	$	216.7	$	1,077.7
Less Significant Segment Expenses:
Labor costs	38.8		54.1		50.9		54.8
Repair costs	44.6		63.3		33.9		36.7
Outside services	35.4		77.0		31.9		36.5
Commodities expense	23.0		14.8		41.7		19.2
Sales related costs	57.8		52.9		82.5		14.3
Other expenses (1)	(6.4)		(47.4)		12.7		26.8
Adjusted EBITDA	120.0		27.8		51.7		28.4		227.9
Additions to property, plant, equipment and mine development	17.4		64.5		9.8		4.9		96.6

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	Nine Months Ended September 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Segment Totals
	(Dollars in millions)
Revenue	$	702.9	$	731.2	$	852.7	$	515.8	$	2,802.6
Less Significant Segment Expenses:
Labor costs	108.6		178.7		159.2		153.4
Repair costs	83.1		136.9		102.9		114.2
Outside services	84.9		258.3		94.9		114.2
Commodities expense	59.6		43.1		116.8		56.4
Sales related costs	153.4		168.8		215.4		30.9
Other expenses (1)	54.6		(86.4)		32.5		(6.6)
Adjusted EBITDA	158.7		31.8		131.0		53.3		374.8
Additions to property, plant, equipment and mine development	26.3		213.9		20.9		17.7		278.8


	Nine Months Ended September 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Segment Totals
	(Dollars in millions)
Revenue	$	904.6	$	783.8	$	781.3	$	610.3	$	3,080.0
Less Significant Segment Expenses:
Labor costs	117.9		155.8		152.2		162.8
Repair costs	118.5		139.5		94.9		104.9
Outside services	97.7		186.3		89.8		109.5
Commodities expense	69.4		46.4		117.2		58.3
Sales related costs	162.5		166.9		212.6		40.0
Other expenses (1)	20.4		(130.8)		28.7		24.5
Adjusted EBITDA	318.2		219.7		85.9		110.3		734.1
Additions to property, plant, equipment and mine development	50.1		179.7		22.3		10.0		262.1

(1) Other expenses for the mining operations primarily include lease expense; non-sales related taxes; insurance expense; and joint facility charges; offset by credits related to the capitalization of costs to the consolidated balance sheet. For the nine months ended September 30, 2024, the Seaborne Metallurgical segment includes $80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.

Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM. Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis. Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category.

The following table presents total assets at the division level:


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Seaborne	$	2,466.8	$	2,465.3
U.S. Thermal	1,296.6		1,346.9
Corporate and Other	1,980.9		2,141.5
Total assets	$	5,744.3	$	5,953.7

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PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation of segment totals follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
Revenue from reportable segments	$	995.0	$	1,077.7	$	2,802.6	$	3,080.0
Reconciling items
Corporate and Other (1)	17.1		10.3		36.6		33.6
Revenue	$	1,012.1	$	1,088.0	$	2,839.2	$	3,113.6

Adjusted EBITDA from reportable segments	$	127.4	$	227.9	$	374.8	$	734.1
Reconciling items
Corporate and Other (1)	(27.9)		(3.1)		(38.0)		(39.1)
Depreciation, depletion and amortization	(100.0)		(84.7)		(285.5)		(247.4)
Asset retirement obligation expenses	(13.9)		(12.9)		(41.3)		(38.7)
Restructuring charges	(4.0)		(1.9)		(9.2)		(2.1)
Costs related to terminated acquisition	(54.0)		—		(75.2)		—

Provision for NARM loss	—		—		—		(3.7)
Shoal Creek insurance recovery - property damage	—		—		—		28.7
Changes in amortization of basis difference related to equity affiliates	0.5		0.4		1.9		1.1
Interest expense, net of capitalized interest	(10.0)		(9.7)		(32.6)		(35.1)

Interest income	13.9		17.7		43.1		53.7


Unrealized (losses) gains on foreign currency option contracts	(2.3)		3.7		6.1		0.4

Take-or-pay contract-based intangible recognition	0.3		0.8		0.8		2.3

(Loss) income from continuing operations before incomes taxes	$	(70.0)	$	138.2	$	(55.1)	$	454.2

Additions to property, plant, equipment and mine development from reportable segments	$	115.2	$	96.6	$	278.8	$	262.1
Reconciling items
Corporate and Other (1)	1.0		2.1		2.0		3.6
Additions to property, plant, equipment and mine development	$	116.2	$	98.7	$	280.8	$	265.7

(1) The Company’s Corporate and Other operating segment includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

As used in this report, the terms “Peabody” or “the Company” refer to Peabody Energy Corporation or its applicable subsidiary or subsidiaries. Unless otherwise noted herein, disclosures in this Quarterly Report on Form 10-Q relate only to the Company’s continuing operations.

When used in this filing, the term “ton” refers to short or net tons, equal to 2,000 pounds (907.18 kilograms), while “tonne” refers to metric tons, equal to 2,204.62 pounds (1,000 kilograms).

Cautionary Notice Regarding Forward-Looking Statements

This report includes statements of the Company’s expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and are intended to come within the safe harbor protection provided by those sections. These statements relate to future events or the Company’s future financial performance. The Company uses words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “forecast,” “project,” “should,” “estimate,” “goal,” “plan,” “outlook,” “target,” “likely,” “could,” “will,” “would,” “to be” or other similar words to identify forward-looking statements.

Without limiting the foregoing, all statements relating to the Company’s future operating results, anticipated capital expenditures, future cash flows and borrowings, and sources of funding are forward-looking statements and speak only as of the date of this report. These forward-looking statements are based on numerous assumptions and expectations that the Company believes in good faith to be reasonable, but are subject to a wide range of uncertainties and business risks, and actual results may differ materially from those discussed in these statements. These factors are difficult to accurately predict and may be beyond the Company’s control.

When considering these forward-looking statements, you should keep in mind the cautionary statements in this document and in the Company’s other Securities and Exchange Commission (SEC) filings, including, but not limited to, the more detailed discussion of these factors and other factors that could affect its results contained in Item 1A. “Risk Factors” of Part II of this Quarterly Report on Form 10-Q, Item 1A. “Risk Factors” of Part II of its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 8, 2025 and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. These forward-looking statements speak only as of the date on which such statements were made, and the Company undertakes no obligation to update these statements except as required by federal securities laws.

Non-GAAP Financial Measures

The following discussion of Peabody’s results of operations includes references to and analysis of Adjusted EBITDA and Total Segment Costs, which are financial measures not recognized in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Adjusted EBITDA is used by the chief operating decision maker, defined as Peabody’s President and Chief Executive Officer, as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. Total Segment Costs is also used by management as a component of a metric to measure each segment’s operating performance.

Also included in the following discussion of Peabody’s results of operations are references to Revenue per Ton, Costs per Ton and Adjusted EBITDA Margin per Ton for each reportable segment. These metrics are used by management to measure each reportable segment’s operating performance. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reportable segment level. The Company considers all measures reported on a per ton basis to be operating/statistical measures; however, the Company includes reconciliations of the related non-GAAP financial measures (Adjusted EBITDA and Total Segment Costs) in the “Reconciliation of Non-GAAP Financial Measures” section contained within this Item 2.

Peabody believes non-GAAP measures are used by investors to measure its operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Refer to the “Reconciliation of Non-GAAP Financial Measures” section contained within this Item 2 for definitions and reconciliations to the most comparable measures under U.S. GAAP.

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Overview

Peabody is a leading producer of metallurgical and thermal coal. In 2024, Peabody sold 118.0 million tons of coal. Since December 31, 2024, the Wambo Underground Mine in the Seaborne Thermal Mining segment shipped its final tons. As a result, the Company owned interests in 16 active coal mining operations located in the United States (U.S.) and Australia at September 30, 2025. Included in that count is Peabody’s 50% equity interest in Middlemount Coal Pty Ltd (Middlemount), which owns the Middlemount Mine in Queensland, Australia.

The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal. Refer to Note 15. “Segment Information” to the accompanying unaudited condensed consolidated financial statements for further information regarding those segments and the components of the Company’s Corporate and Other operating segment.

Pricing during the three months ended September 30, 2025 is set forth in the table below.


	High		Low		Average		September 30, 2025		November 3, 2025
Premium low-vol hard coking coal (Premium HCC) (1)	$	191.90	$	172.00	$	183.51	$	190.20	$	196.50
Premium low-vol pulverized coal injection (Premium PCI) coal (1)	148.00		137.00		143.24		144.60		140.00
Newcastle index thermal coal (1)	114.16		101.11		108.76		104.30		108.11
API 5 index thermal coal (1)	71.92		66.00		69.09		71.75		77.25
PRB 8,800 Btu/Lb coal (2)	14.90		14.00		14.21		14.90		14.80
Illinois Basin 11,500 Btu/Lb coal (2)	49.50		48.25		48.64		49.50		50.00

(1) Spot pricing expressed per metric tonne.

(2) Prompt month pricing expressed per short ton.

The seaborne pricing included in the table above is not necessarily indicative of the pricing the Company realized during the three months ended September 30, 2025 due to quality differentials and a portion of its seaborne sales being executed through annual and multi-year international coal supply agreements that contain provisions requiring both parties to renegotiate pricing periodically, with spot, index and quarterly sales arrangements also utilized. The Company’s typical practice is to negotiate pricing for seaborne metallurgical coal contracts on a quarterly, spot or index basis and seaborne thermal coal contracts on an annual, spot or index basis.

In the U.S., the pricing included in the table above is also not necessarily indicative of the pricing the Company realized during the three months ended September 30, 2025 since the Company generally sells coal under long-term contracts where pricing is determined based on various factors. Such long-term contracts in the U.S. may vary significantly in many respects, including price adjustment features, price reopener terms, coal quality requirements, quantity parameters, permitted sources of supply, treatment of environmental constraints, extension options, force majeure and termination and assignment provisions. Competition from alternative fuels such as natural gas and other fuel sources may also impact the Company’s realized pricing.

Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent changes to trade policy, including tariffs and customs regulations. As future developments related to trade policy, including additional or retaliatory tariffs, delays in implementing previously announced changes or ongoing negotiations between countries, are unknown, the global coal industry data for the nine months ended September 30, 2025 presented herein may not be indicative of their ultimate impacts.

Within the seaborne metallurgical coal market, coking coal prices relevant to Australian operations finished the quarter higher. The quarter saw increased coal buying activity from India after its monsoon season, signs of supply rationalization in China’s steel and coal industries following China’s anti-involution policy announcement made in July, ongoing unplanned mine outages at non-Peabody mines and lower Chinese steel exports quarter-over-quarter. Looking forward, the seaborne metallurgical coal price may remain volatile based on the outcomes of China’s supply reforms, the pace of growth of the Indian steel industry, changing global trade policies and global supply curtailment actions.

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Within the seaborne thermal coal market, global thermal coal prices were mixed during the nine months ended September 30, 2025. In China, power generation has increased year-over-year through September 30, 2025, however the share of renewables in the generation mix continues to grow, pressuring coal generation. In addition, domestic coal production has been stronger year-over-year, which has led to weaker coal import demand through the nine months ended September 30, 2025. In India, steady domestic coal production, lower import demand and declining coal generation has led to stable coal stockpiles. Looking forward, seaborne thermal coal prices may remain volatile based on the outcomes of China’s supply reforms, potential re-stocking activity in the Northern Hemisphere as winter approaches and volatility in global natural gas markets which can impact global thermal coal markets.

In the U.S., overall electricity demand increased over 2% year-over-year. Through the nine months ended September 30, 2025, electricity generation from thermal coal has increased year-over-year, driven by higher natural gas prices and stronger total generation. Coal’s share of electricity generation has increased to approximately 16% for the nine months ended September 30, 2025, while wind and solar’s combined generation share is at 19% and the share of natural gas generation has declined to approximately 41%. U.S. coal inventories have declined through September 30, 2025, driven by stronger summer demand, resulting in stockpiles declining over 20 million tons below levels seen at the end of 2024.

Centurion Mine

Peabody’s development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia, continues to advance as planned, making progress toward full-scale longwall production in February 2026.

Labor Relations

After industrial action at the Metropolitan Mine beginning in mid-June 2025, employees returned to work on August 1, 2025. The Company negotiated an enterprise agreement with the Mining and Energy Union and employees, which the employees accepted on August 13, 2025. The enterprise agreement was ratified with the Fair Work Commission on September 10, 2025.

Arbitration Relating to Terminated Anglo American Acquisition

On November 25, 2024, Peabody entered into definitive agreements (the Purchase Agreements) with Anglo American plc (Anglo), to acquire a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including Anglo’s interests in the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson complex (comprising the Dawson Main/Central operating mine, the Dawson South operating mine, the Dawson South Exploration project and the Theodore South exploration project, collectively, the Dawson Assets). The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA).

On August 19, 2025, Peabody terminated the Purchase Agreements. The termination of the Purchase Agreements followed Peabody’s prior delivery of a notice of a Material Adverse Change (MAC) as a result of an ignition event at the Moranbah North mine on March 31, 2025, which had led to the closure of the mine. See Note 9. “Long-term Debt” and Note 14. “Commitments and Contingencies” to the accompanying unaudited condensed consolidated financial statements for further information.

Potential Recovery of Rare Earth Elements (REEs)

Peabody has been evaluating the potential recovery of REEs at its mines within the Powder River Basin. The Company is progressing its REE initiative and intends to advance the characterization of REEs and critical minerals in its feedstock; continue discussions with the U.S. administration regarding critical minerals policies and priorities; and engage in multiple workstreams as the Company moves through the evaluation process.

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Results of Operations

Three and Nine Months Ended September 30, 2025 Compared to the Three and Nine Months Ended September 30, 2024

Summary

The decrease in results from continuing operations, net of income taxes for the three and nine months ended September 30, 2025 compared to the same periods in the prior year ($179.1 million and $422.9 million, respectively) was driven by lower revenue primarily due to lower seaborne coal pricing ($75.9 million and $274.4 million, respectively), higher operating costs and expenses (three months, $51.1 million), current year costs related to the terminated Anglo acquisition ($54.0 million and $75.2 million, respectively) and the prior year insurance recovery at the Shoal Creek Mine (nine months, $109.5 million). This unfavorable variance was partially offset by lower year-over-year income tax provisions ($29.1 million and $86.4 million, respectively).

Adjusted EBITDA for the three and nine months ended September 30, 2025 reflected a year-over-year decrease of $125.3 million and $358.2 million, respectively.

Tons Sold

The following table presents tons sold by operating segment:


	Three Months Ended September 30,		Increase (Decrease) to Volumes			Nine Months Ended September 30,		(Decrease) Increase to Volumes
	2025	2024	Tons	%		2025	2024	Tons	%
	(Tons in millions)					(Tons in millions)
Seaborne Thermal	4.1	4.1	—	—	%	12.1	12.2	(0.1)	(1)	%
Seaborne Metallurgical	2.1	1.7	0.4	24	%	6.1	5.1	1.0	20	%
Powder River Basin	22.6	22.1	0.5	2	%	62.2	56.6	5.6	10	%
Other U.S. Thermal	3.7	4.0	(0.3)	(8)	%	9.7	10.9	(1.2)	(11)	%
Total tons sold from reportable segments	32.5	31.9	0.6	2	%	90.1	84.8	5.3	6	%
Corporate and Other	—	—	—	n.m.		—	0.1	(0.1)	(100)	%
Total tons sold	32.5	31.9	0.6	2	%	90.1	84.9	5.2	6	%

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Supplemental Financial Data

The following table presents supplemental financial data by reportable segment:


	Three Months Ended September 30,				(Decrease) Increase				Nine Months Ended September 30,				(Decrease) Increase
	2025		2024		$		%		2025		2024		$		%
Revenue per Ton (1)
Seaborne Thermal	$	59.25	$	76.21	$	(16.96)	(22)	%	$	57.93	$	73.99	$	(16.06)	(22)	%
Seaborne Metallurgical	121.34		144.60		(23.26)		(16)	%	120.08		154.31		(34.23)		(22)	%
Powder River Basin	13.36		13.84		(0.48)		(3)	%	13.72		13.82		(0.10)		(1)	%
Other U.S. Thermal	51.77		53.52		(1.75)		(3)	%	53.27		55.92		(2.65)		(5)	%
Costs per Ton (1)(2)
Seaborne Thermal	$	49.23	$	47.01	$	2.22	5	%	$	44.85	$	47.96	$	(3.11)	(6)	%
Seaborne Metallurgical	108.31		128.04		(19.73)		(15)	%	114.86		126.98		(12.12)		(10)	%
Powder River Basin	11.07		11.50		(0.43)		(4)	%	11.61		12.30		(0.69)		(6)	%
Other U.S. Thermal	49.90		46.50		3.40		7	%	47.76		45.81		1.95		4	%
Adjusted EBITDA Margin per Ton (1)(2)
Seaborne Thermal	$	10.02	$	29.20	$	(19.18)	(66)	%	$	13.08	$	26.03	$	(12.95)	(50)	%
Seaborne Metallurgical	13.03		16.56		(3.53)		(21)	%	5.22		27.33		(22.11)		(81)	%
Powder River Basin	2.29		2.34		(0.05)		(2)	%	2.11		1.52		0.59		39	%
Other U.S. Thermal	1.87		7.02		(5.15)		(73)	%	5.51		10.11		(4.60)		(45)	%

(1)This is an operating/statistical measure not recognized in accordance with U.S. GAAP. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for definitions and reconciliations to the most comparable measures under U.S. GAAP.

(2)Includes revenue-based production taxes and royalties; excludes depreciation, depletion and amortization; asset retirement obligation expenses; selling and administrative expenses; restructuring charges; asset impairment; amortization of take-or-pay contract-based intangibles; insurance recoveries; and certain other costs related to post-mining activities.

Revenue

The following table presents revenue by reportable segment:


	Three Months Ended September 30,				(Decrease) Increase to Revenue				Nine Months Ended September 30,				(Decrease) Increase to Revenue
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Seaborne Thermal	$	242.7	$	313.2	$	(70.5)	(23)	%	$	702.9	$	904.6	$	(201.7)	(22)	%
Seaborne Metallurgical	258.9		242.5		16.4		7	%	731.2		783.8		(52.6)		(7)	%
Powder River Basin	301.4		305.3		(3.9)		(1)	%	852.7		781.3		71.4		9	%
Other U.S. Thermal	192.0		216.7		(24.7)		(11)	%	515.8		610.3		(94.5)		(15)	%
Corporate and Other	17.1		10.3		6.8		66	%	36.6		33.6		3.0		9	%
Revenue	$	1,012.1	$	1,088.0	$	(75.9)	(7)	%	$	2,839.2	$	3,113.6	$	(274.4)	(9)	%

Seaborne Thermal. Segment revenue decreased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to unfavorable realized prices ($72.8 million and $213.5 million, respectively), offset by favorable mix variances ($2.3 million and $11.8 million, respectively).

Seaborne Metallurgical. Segment revenue increased during the three months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($74.6 million) primarily from the Shoal Creek and Centurion Mines, offset by unfavorable realized prices ($58.2 million). Segment revenue decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($221.7 million), offset by favorable volume ($169.1 million) from the Shoal Creek and Centurion Mines.

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Powder River Basin. Segment revenue decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($10.3 million) which were driven by the impact of adjustments to cost pass-through contracts with certain customers resulting from the federal royalty rate reduction included in the One Big Beautiful Bill Act of 2025 (OBBBA). The decrease was offset by favorable volume ($6.4 million) driven by increased demand.

Segment revenue increased during the nine months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($80.2 million) resulting from increased demand, offset by unfavorable realized prices ($8.8 million) which were driven by the impact of the federal royalty rate reduction.

Other U.S. Thermal. Segment revenue decreased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to unfavorable volume ($11.6 million and $48.6 million, respectively) resulting from decreased demand, a dragline outage at the Bear Run Mine and challenging geological issues at the Twentymile Mine; unfavorable realized prices ($10.4 million and $28.0 million, respectively); and decreased revenue from sales contract cancellation settlements ($2.7 million and $17.9 million, respectively).

Corporate and Other. The increase in segment revenue during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by higher results from trading activities.

Segment Costs

The following table presents costs by reportable segment:


	Three Months Ended September 30,				Increase (Decrease) to Total Segment Costs				Nine Months Ended September 30,				(Decrease) Increase to Total Segment Costs
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Seaborne Thermal	$	201.7	$	193.2	$	8.5	4	%	$	544.2	$	586.4	$	(42.2)	(7)	%
Seaborne Metallurgical	231.1		214.7		16.4		8	%	699.4		644.9		54.5		8	%
Powder River Basin	249.7		253.6		(3.9)		(2)	%	721.7		695.4		26.3		4	%
Other U.S. Thermal	185.1		188.3		(3.2)		(2)	%	462.5		500.0		(37.5)		(8)	%
Corporate and Other	19.8		(9.6)		29.4		306	%	13.3		9.5		3.8		40	%
Total Segment Costs (1)	$	887.4	$	840.2	$	47.2	6	%	$	2,441.1	$	2,436.2	$	4.9	—	%

(1)This is a financial measure not recognized in accordance with U.S. GAAP. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for definitions and reconciliations to the most comparable measures under U.S. GAAP.

Seaborne Thermal. Segment Costs increased during the three months ended September 30, 2025 compared to the same period in the prior year due to higher recognized costs resulting from sales volume outpacing production volume ($41.3 million). This increase was offset by lower costs for labor, repairs and outside services ($22.5 million), lower sales related costs ($3.8 million) driven by lower realized prices and favorable commodity pricing ($2.4 million). Segment costs decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower costs for labor, repairs and outside services ($57.5 million) resulting from timing of maintenance and operational improvements, favorable commodity pricing ($9.8 million), lower sales related costs ($9.1 million) driven by both lower realized prices and volume and lower leasing expense ($6.4 million); offset by higher recognized costs resulting from sales volume outpacing production volume ($53.7 million).

Seaborne Metallurgical. Segment Costs increased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year due to higher variable operational and sales related costs driven by increased volumes (0.4 million tons and 1.0 million tons, respectively).

Powder River Basin. Segment Costs decreased during the three months ended September 30, 2025 compared to the same period in the prior year primarily due to lower sales related costs ($16.3 million) which were largely driven by the federal royalty rate reduction on coal production included in the OBBBA, offset by higher costs for labor, repairs and outside services ($13.6 million) due in part to unplanned dragline outages, haul truck repairs and increased headcount.

Segment Costs increased during the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to higher costs for labor, repairs and outside services ($20.1 million) due in part to unplanned dragline outages, haul truck repairs and increased headcount.

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Other U.S. Thermal. The decrease in Segment Costs during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by lower volume (0.3 million tons and 1.2 million tons, respectively) and lower costs for labor ($0.5 million and $9.4 million, respectively).

Corporate and Other. Segment Costs increased during the three months ended September 30, 2025 compared to the same period in the prior year primarily due to unfavorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral, and higher expense from trading activities.

Segment Costs increased during the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to lower credits for net periodic benefits, excluding service costs and higher expense from trading activities. These increases were offset by favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral.

Adjusted EBITDA

The following table presents Adjusted EBITDA for each of the Company’s reportable segments:


	Three Months Ended September 30,				Decrease to Segment Adjusted EBITDA				Nine Months Ended September 30,				(Decrease) Increase to Segment Adjusted EBITDA
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Seaborne Thermal	$	41.0	$	120.0	$	(79.0)	(66)	%	$	158.7	$	318.2	$	(159.5)	(50)	%
Seaborne Metallurgical	27.8		27.8		—		—	%	31.8		219.7		(187.9)		(86)	%
Powder River Basin	51.7		51.7		—		—	%	131.0		85.9		45.1		53	%
Other U.S. Thermal	6.9		28.4		(21.5)		(76)	%	53.3		110.3		(57.0)		(52)	%
Corporate and Other	(27.9)		(3.1)		(24.8)		(800)	%	(38.0)		(39.1)		1.1		3	%
Adjusted EBITDA (1)	$	99.5	$	224.8	$	(125.3)	(56)	%	$	336.8	$	695.0	$	(358.2)	(52)	%

Seaborne Thermal. Segment Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($69.2 million) and unfavorable operational costs ($18.5 million).

Seaborne Metallurgical. Segment Adjusted EBITDA was flat for the three months ended September 30, 2025 compared to the same period in the prior year as favorable operational costs ($20.9 million), driven by the prior year impacts of wet weather in Australia and a longwall move at the Shoal Creek Mine, were offset by lower realized prices net of sales price sensitive costs ($23.8 million).

Segment Adjusted EBITDA decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($169.8 million) and the prior year Shoal Creek insurance recovery ($80.8 million), offset by favorable operational costs ($45.3 million).

Powder River Basin. Segment Adjusted EBITDA was flat for the three months ended September 30, 2025 compared to the same period in the prior year as the decrease in Segment Costs was offset by the decrease in revenue, as described in the sections above.

Segment Adjusted EBITDA increased during the nine months ended September 30, 2025 compared to the same period in the prior year due to favorable volume ($42.5 million), decreased overburden removal costs ($12.9 million) and higher realized prices net of sales sensitive costs ($10.6 million) which were largely driven by the net impact of the federal royalty rate reduction. The increases were offset by higher costs for materials, services, repairs and labor ($20.1 million).

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Other U.S. Thermal. Segment Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year primarily driven by higher costs for materials, services and repairs ($8.4 million) due in part to the dragline outage at the Bear Run Mine and the longwall move at the Twentymile Mine in the current period and lower realized prices net of sales price sensitive costs ($8.3 million).

Segment Adjusted EBITDA decreased during the nine months ended September 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($23.2 million), higher costs for materials, services and repairs ($21.3 million) due in part to the dragline outage at the Bear Run Mine and challenging geological issues at the Twentymile Mine and decreased sales contract cancellation settlements ($17.9 million).

Corporate and Other Adjusted EBITDA. The following table presents a summary of the components of Corporate and Other Adjusted EBITDA:


	Three Months Ended September 30,				(Decrease) Increase to Adjusted EBITDA				Nine Months Ended September 30,				(Decrease) Increase to Adjusted EBITDA
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Middlemount (1)	$	(1.7)	$	1.8	$	(3.5)	(194)	%	$	(9.9)	$	2.9	$	(12.8)	(441)	%
Resource management activities (2)	5.3		2.2		3.1		141	%	28.1		16.5		11.6		70	%
Selling and administrative expenses	(27.4)		(20.6)		(6.8)		(33)	%	(74.5)		(64.7)		(9.8)		(15)	%
Other items, net (3)	(4.1)		13.5		(17.6)		(130)	%	18.3		6.2		12.1		195	%
Corporate and Other Adjusted EBITDA	$	(27.9)	$	(3.1)	$	(24.8)	(800)	%	$	(38.0)	$	(39.1)	$	1.1	3	%

(1)Middlemount’s results are before the impact of related changes in amortization of basis difference.

(2)Includes gains (losses) on certain surplus coal reserve, coal resource and surface land sales and property management costs and revenue.

(3)Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in renewable energy joint ventures, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company’s other commercial activities.

Corporate and Other Adjusted EBITDA decreased during the three months ended September 30, 2025 compared to the same period in the prior year due to unfavorable variances in Middlemount’s results driven by lower sales pricing; higher selling and administrative expenses; and unfavorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($12.7 million).

Corporate and Other Adjusted EBITDA increased slightly during the nine months ended September 30, 2025 compared to the same period in the prior year. Unfavorable variances in Middlemount’s results driven by lower sales pricing and higher selling and administrative expenses were offset by higher gains on equipment and land sales ($15.6 million); favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($15.8 million); and favorable results from the Company’s equity method investment in renewable energy joint ventures ($11.1 million).

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(Loss) Income From Continuing Operations, Net of Income Taxes

The following table presents (loss) income from continuing operations, net of income taxes:


	Three Months Ended September 30,				(Decrease) Increase to Income				Nine Months Ended September 30,				(Decrease) Increase to Income
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Adjusted EBITDA (1)	$	99.5	$	224.8	$	(125.3)	(56)	%	$	336.8	$	695.0	$	(358.2)	(52)	%
Depreciation, depletion and amortization	(100.0)		(84.7)		(15.3)		(18)	%	(285.5)		(247.4)		(38.1)		(15)	%
Asset retirement obligation expenses	(13.9)		(12.9)		(1.0)		(8)	%	(41.3)		(38.7)		(2.6)		(7)	%
Restructuring charges	(4.0)		(1.9)		(2.1)		(111)	%	(9.2)		(2.1)		(7.1)		(338)	%
Costs related to terminated acquisition	(54.0)		—		(54.0)		n.m.		(75.2)		—		(75.2)		n.m.

Provision for NARM loss	—		—		—		n.m.		—		(3.7)		3.7		100	%
Shoal Creek insurance recovery - property damage	—		—		—		n.m.		—		28.7		(28.7)		(100)	%
Changes in amortization of basis difference related to equity affiliates	0.5		0.4		0.1		25	%	1.9		1.1		0.8		73	%
Interest expense, net of capitalized interest	(10.0)		(9.7)		(0.3)		(3)	%	(32.6)		(35.1)		2.5		7	%

Interest income	13.9		17.7		(3.8)		(21)	%	43.1		53.7		(10.6)		(20)	%


Unrealized (losses) gains on foreign currency option contracts	(2.3)		3.7		(6.0)		(162)	%	6.1		0.4		5.7		1,425	%
Take-or-pay contract-based intangible recognition	0.3		0.8		(0.5)		(63)	%	0.8		2.3		(1.5)		(65)	%
Income tax benefit (provision)	3.4		(25.7)		29.1		113	%	1.2		(85.2)		86.4		101	%
(Loss) income from continuing operations, net of income taxes	$	(66.6)	$	112.5	$	(179.1)	(159)	%	$	(53.9)	$	369.0	$	(422.9)	(115)	%

Depreciation, Depletion and Amortization. The following table presents a summary of depreciation, depletion and amortization expense by reportable segment:


	Three Months Ended September 30,				Increase (Decrease) to Income				Nine Months Ended September 30,				Decrease to Income
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
Seaborne Thermal	$	(31.3)	$	(33.4)	$	2.1	6	%	$	(95.7)	$	(89.7)	$	(6.0)	(7)	%
Seaborne Metallurgical	(31.0)		(19.5)		(11.5)		(59)	%	(90.2)		(64.2)		(26.0)		(40)	%
Powder River Basin	(15.2)		(14.6)		(0.6)		(4)	%	(42.6)		(39.9)		(2.7)		(7)	%
Other U.S. Thermal	(16.5)		(16.3)		(0.2)		(1)	%	(48.0)		(46.9)		(1.1)		(2)	%
Corporate and Other	(6.0)		(0.9)		(5.1)		(567)	%	(9.0)		(6.7)		(2.3)		(34)	%
Total depreciation, depletion and amortization	$	(100.0)	$	(84.7)	$	(15.3)	(18)	%	$	(285.5)	$	(247.4)	$	(38.1)	(15)	%

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Additionally, the following table presents a summary of the Company’s weighted-average depletion rate per ton for active mines in each of its reportable segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Seaborne Thermal	$	2.05	$	2.18	$	2.01	$	2.12
Seaborne Metallurgical	3.75		1.68		3.26		2.30
Powder River Basin	0.34		0.33		0.32		0.35
Other U.S. Thermal	1.64		1.55		1.75		1.59

Depreciation, depletion and amortization expense increased during the three and nine months ended September 30, 2025 compared to the same periods in the prior year primarily due to increased depreciation resulting from asset additions and increased depletion expense primarily due to increased volume from the Shoal Creek and Centurion Mines. The changes in the weighted-average depletion rate per ton for both the Seaborne Metallurgical and the Other U.S. Thermal segments during the three and nine months ended September 30, 2025 compared to the same periods in the prior year reflect the impact of volume and mix variances across the segments.

Restructuring Charges. The increase in restructuring charges during the current year is due to the closure of the Wambo Underground Mine which occurred during the three months ended September 30, 2025.

Costs Related to Terminated Acquisition. The charges recorded during the current year relate to the terminated acquisition of multiple metallurgical coal mines from Anglo. In addition to typical costs, such as legal and professional fees, the charges include commitment and duration fees on the bridge loan facility of $36.3 million and $46.7 million for the three and nine months ended September 30, 2025, respectively. Refer to Note 14. “Commitments and Contingencies” in the accompanying unaudited condensed consolidated financial statements for further information regarding the acquisition.

Shoal Creek Insurance Recovery - Property Damage. During June 2024, the Company reached a settlement related to the Shoal Creek losses and recorded a $109.5 million insurance recovery, as discussed in Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements. Of this amount, Adjusted EBITDA excluded an allocated amount applicable to losses recognized at the time of the insurance recovery related to longwall development and equipment deemed inoperable within the affected area of the mine, which consisted of $28.7 million recognized during the year ended December 31, 2023. The remaining $80.8 million, applicable to incremental costs and business interruption recoveries, was included in Adjusted EBITDA for the nine months ended September 30, 2024.

Interest Income. The decrease in income during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven by lower average cash balances during the current period.

Unrealized (Losses) Gains on Foreign Currency Option Contracts. Unrealized (losses) gains primarily relate to mark-to-market activity on foreign currency option contracts. For additional information, refer to Note 6. “Derivatives and Fair Value Measurements” to the accompanying unaudited condensed consolidated financial statements.

Income Tax Benefit (Provision). The decrease in the income tax benefit (provision) during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was primarily due to lower expected pretax income. Refer to Note 8. “Income Taxes” to the accompanying unaudited condensed consolidated financial statements for additional information.

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Net (Loss) Income Attributable to Common Stockholders

The following table presents net (loss) income attributable to common stockholders:


	Three Months Ended September 30,				(Decrease) Increase to Income				Nine Months Ended September 30,				(Decrease) Increase to Income
	2025		2024		$		%		2025		2024		$		%
	(Dollars in millions)								(Dollars in millions)
(Loss) income from continuing operations, net of income taxes	$	(66.6)	$	112.5	$	(179.1)	(159)	%	$	(53.9)	$	369.0	$	(422.9)	(115)	%
Loss from discontinued operations, net of income taxes	(0.3)		(1.0)		0.7		70	%	(1.0)		(3.3)		2.3		70	%
Net (loss) income	(66.9)		111.5		(178.4)		(160)	%	(54.9)		365.7		(420.6)		(115)	%
Less: Net income attributable to noncontrolling interests	3.2		10.2		(7.0)		(69)	%	8.4		25.4		(17.0)		(67)	%
Net (loss) income attributable to common stockholders	$	(70.1)	$	101.3	$	(171.4)	(169)	%	$	(63.3)	$	340.3	$	(403.6)	(119)	%

Net Income Attributable to Noncontrolling Interests. The decrease in net income attributable to noncontrolling interests during the three and nine months ended September 30, 2025 compared to the same periods in the prior year was primarily due to a decline in the financial results of Peabody’s majority-owned Wambo operations in which there is an outside non-controlling interest.

Diluted Earnings per Share (EPS)

The following table presents diluted EPS:


	Three Months Ended September 30,				Decrease to EPS				Nine Months Ended September 30,				(Decrease) Increase to EPS
	2025		2024		$		%		2025		2024		$		%
Diluted EPS attributable to common stockholders:
(Loss) income from continuing operations	$	(0.57)	$	0.74	$	(1.31)	(177)	%	$	(0.51)	$	2.47	$	(2.98)	(121)	%
Loss from discontinued operations	(0.01)		—		(0.01)		n.m.		(0.01)		(0.03)		0.02		67	%
Net (loss) income attributable to common stockholders	$	(0.58)	$	0.74	$	(1.32)	(178)	%	$	(0.52)	$	2.44	$	(2.96)	(121)	%

Diluted EPS is commensurate with the changes in results from continuing operations and discontinued operations during that period. Diluted EPS reflects weighted average diluted common shares outstanding of 121.7 million and 141.6 million for the three months ended September 30, 2025 and 2024, respectively, and 121.7 million and 143.1 million for the nine months ended September 30, 2025 and 2024, respectively.

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Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments’ operating performance, as displayed in the reconciliations below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in millions)
(Loss) income from continuing operations, net of income taxes	$	(66.6)	$	112.5	$	(53.9)	$	369.0
Depreciation, depletion and amortization

PEABODY ENERGY CORP 10-Q