Thursday, January 29, 2026
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter and full year 2025 financial results. Alliance will report its fourth quarter and full year 2025 financial results before the market opens on Monday, February 2, 2026. Management will host an investor conference call and webcast the same day at 10:00 am ET. Along with the 2025 operational and financial results, we expect ARLP to release its 2026 corporate guidance and outlook.
Noble Estimates. We forecast fourth quarter 2025 revenue, EBITDA, and EPU of $560.1 million, $182.9 million, and $0.57, respectively. Our full year 2025 revenue, EBITDA, and EPU estimates are $2.2 billion, $690.5 million, and $2.33, respectively. Our fourth quarter EPU estimate reflects an expected unrealized and non-cash loss on the marked-to-market value of ARLP’s bitcoin holdings, which has no impact on our EBITDA estimate. We forecast 2026 revenue, EBITDA, and EPU of $2.3 billion, $700.5 million, and $2.65, respectively.
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