Alliance Resource Partners LP (ARLP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.2B

Revenue growth

-5.1%

Net income, last twelve months

$266.4M

Earnings per share

$2.05

Operating margin

14.7%

Net margin

12.3%

Free cash flow

$357.1M

Market value

$3.4B

Price to earnings

13.0x

Cash

$111.2M

Debt

$579.6M

Shares outstanding

128.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the 2026 Quarter (three months ended September 30, 2026) results, filed 26 October 2026.

• Revenue and net income rose. Total revenues rose 5.5% year over year and 9.3% sequentially. Net income attributable to ARLP rose 46.8% year over year and 75.5% sequentially.
• Adjusted EBITDA up 26.3%. Adjusted EBITDA attributable to ARLP rose 26.4% sequentially, driven by higher Coal Operations Segment Adjusted EBITDA, the AllDale III & IV contribution and higher equity method income.
• Non-operating items added to net income. Net income also included a $16.5 million increase in the fair value of digital assets and a $6.3 million remeasurement gain on the AllDale III equity stake.
• Distribution coverage improved. Distributable cash flow was $136.8 million, against $105.7 million a year earlier. Distribution coverage was 1.76x, against 1.36x in the 2025 Quarter.
• Illinois Basin volumes rose. Illinois Basin sales reached 7.033 million tons, up 6.4% year over year. The average coal sales price was $51.16 per ton, flat year over year.
• Appalachia tons rose on Tunnel Ridge. Appalachia sold 2.315 million tons. Sales volumes were higher at Tunnel Ridge.
• Coal Operations segment EBITDA up. Coal Operations Segment Adjusted EBITDA was $186.8 million, up 18.6% year over year. Illinois Basin contributed $139.8 million and Appalachia $48.5 million, down 10.4%.
• Hamilton back on longwall production. Hamilton has returned to longwall production, and River View and Tunnel Ridge are described as operating well.
• Coal inventory held steady. Total coal inventory ended the quarter at 0.9 million tons, the same as a year earlier and slightly higher sequentially.
• Oil & gas royalties hit a record. Oil & gas royalty revenues were $59.8 million, against $32.1 million a year earlier. Total royalty revenues were $87.5 million.
• Acquisition lifted royalty volumes. BOE sold reached 1.450 million, up 61.3%. Natural gas sold rose 112.5% to 3.544 million MCF and oil rose 36.2% to 0.527 million barrels.
• Realized price per BOE up year over year. Average sales price per BOE was $41.21, up 15.5% year over year and down 16.6% sequentially, on the mix of natural gas.
• Coal royalties up on tons. Coal royalty tons sold rose 18.4% to 8.350 million. Revenue per royalty ton was $3.27, down 6.6% year over year.
• Coal cost per ton fell 13.1%. Coal Operations Segment Adjusted EBITDA Expense per ton sold was $35.64, down 13.1% year over year and 7.9% sequentially.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 248 held.

Every filing

The newest filings with the SEC of 490 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

200 funds held it at 30 Jun 2026: 68 added and 40 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Peabody Energy Corp. (BTU): revenue $4.0B, market value $2.7B
• Alpha Metallurgical Resources, Inc. (AMR): revenue $2.1B, market value $2.1B

What the company does

Alliance Resource Partners LP (ARLP) is a Delaware limited partnership that produces and sells coal and owns oil and gas mineral and royalty interests. At 31 December 2025 it operated seven underground mining complexes across Illinois, Indiana, Kentucky, Maryland, Pennsylvania and West Virginia, plus a coal-loading terminal on the Ohio River in Indiana. It sold 33.0 million tons of coal and produced 33.2 million tons in 2025. It also owns mineral and royalty interests in approximately 70,000 net royalty acres, primarily in the Permian, Anadarko and Williston Basins. The company describes itself as the second largest coal producer in the eastern United States, and its units trade on the NASDAQ Global Select Market under the ticker "ARLP."

How the business is organised

The company reports four segments: Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties and Coal Royalties. A fifth grouping, Other, Corporate and Elimination, holds marketing and administrative activities, Matrix Group, Bitiki, non-oil and gas investments and the captive insurer Wildcat Insurance. The Coal Royalties segment holds substantially all of the coal mineral resources and a majority of the coal mineral reserves, through Alliance Resource Properties, and leases them to the company's own mines. About 73% of the coal sold in 2025 came from reserves leased from these royalty entities. ARLP is managed by its sole general partner, MGP, which holds a non-economic general partner interest.

Where it mines coal

Illinois Basin Coal Operations covers the Gibson, Warrior, River View and Hamilton complexes. Appalachia Coal Operations covers Mettiki, Tunnel Ridge and MC Mining. On 29 January 2026 the company decided to cease longwall production at Mettiki and mainly fill remaining contract commitments from inventory. The Mt. Vernon terminal on the Ohio River has a capacity of 8.0 million tons per year. The company had access to 586.3 million tons of coal mineral reserves and 1.07 billion tons of coal mineral resources.

Who buys the coal

Domestic electric utilities took 89.2% of 2025 tons sold, and 8.6% went to international markets through brokered transactions. The rest went to domestic resellers and industrial consumers. About 86.5% of coal sales in 2025 were under long-term contracts with committed expirations from 2026 to 2030. Louisville Gas and Electric Company and American Electric Power Company Inc each provided more than 10% of total revenue. By sulfur content, the coal sold was 18.7% low, 51.8% medium and 29.5% high. Initial shipment from the mines was 45.8% by barge, 34.8% by rail and 19.4% by truck, and customers typically pay transportation costs. Named competitors include American Consolidated Natural Resources Inc., Core Natural Resources, Inc., Alpha Metallurgical Resources, Inc., Foresight Energy Resources LLC and Peabody Energy Corporation.

The royalty businesses

In oil and gas, the company leases its mineral interests to operators. It typically receives an upfront lease bonus and keeps a royalty interest in a fixed percentage of production or revenue. These royalties carry no drilling, completion, operating or plugging costs, and the company bears only its share of production and ad valorem taxes. The interests sit mainly in the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) Basins, with other holdings in the Appalachia Basin. These figures exclude the equity interest in AllDale III.

In coal, about 509.6 million tons of reserves sit in the Coal Royalties segment. Lessees pay royalties as a percentage of sale price or a fixed amount per ton. About 60% of royalty-based leases have initial terms of five to 40 years.

Other businesses and investments

Matrix Group makes data network, communication and tracking systems, proximity detection systems, collision avoidance systems and analytics software for the company's mines and outside customers. Bitiki mines bitcoin, with 3,702 active miners and 1,056 hosted machines at 31 December 2025. It also hosts third-party miners for a fee. The company holds investments in Infinitum, a Texas-based maker of electric motors, in NGP ET IV, and in Gavin Generation, which indirectly holds an interest in a coal-fired power plant.

People and regulation

The company employed 3,575 full-time employees: 2,895 in active coal mining, 236 at Matrix Design, 237 in other operating activities and 207 in corporate roles. None are covered by a collective bargaining agreement. Each coal operation and corporate office has an on-site medical clinic. The mines are regulated by MSHA under the FMSHA and the MINER Act. It posts surety bonds and letters of credit to secure reclamation and workers' compensation obligations.

*From Alliance Resource Partners's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1086600/000110465926020468/arlp-20251231x10k.htm)*

From the company's 10-K.