ALLIANCE RESOURCE PARTNERS LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALLIANCE RESOURCE PARTNERS LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,931	1,796	2,003	1,962	1,328	1,579	2,420	2,567	2,449	2,195
Cost of revenue		1,092	1,208	1,182	860	943
Gross profit		704	795	780	468	636
General and administrative	72.5	61.8	68.3	73	59.8	70.3	80.4	79.1	82.2	83.1
Operating income	368	332	372	259	-82.9	224	667	672	394	385
Interest expense	30.7	39.4	40.2	45.9	45.6	39.2	37.3	36.1	35.2	39.7
Interest income	0.01	0.09	0.16	0.38	0.14	0.09	2.04	9.39	7.22	2.75
Other non-operating income	-1.45	-0.33	-2.62	0.56	-1.59	-2.97	4.36	0.22	-2.06	-0.89
Pre-tax income	340	304	367	407	-129	184	642	644	381	336
Income tax	0.01	0.21	0.02	-0.21	0.04	0.42	54	8.28	15.9	18.8
Net income to minority interests	0.14	0.56	0.87	7.51	0.17	0.6	1.96	6.05	4.7	6.09
Net income	339	304	367	399	-129	183	586	630	361	311
EBITDA	705	601	653	569	231	489	944	940	680	685

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.8	6.76	244	36.5	55.6	122	296	59.8	137	71.2
Receivables	152	182	175	162	105	130	241	283	167	130
Inventory	61.1	60.3	59.2	101	56.4	60.3	77.3	128	121	143
Other current assets	22.1	28.1	20.7	18	21.6	21.4	26.7	19.1	22.2	22.2
Total current assets	277	282	501	320	246	339	658	516	513	430
Property, plant and equipment	1,586	1,477	1,412	2,009	1,800	1,699	1,881	2,023	2,166	2,138
Lease right-of-use assets				17.7	15	14.2	15	16.6	15.9	17.1
Goodwill	136	136	136	136	4.37	4.37
Intangible assets	26.6	16.1	9.28	9.67	6.01	2.2	1.03
Long-term investments									0
Other non-current assets	25.9	30.7	19	23.5	16.6	17.5	15.7	22.9	22	43.7
Total assets	2,193	2,219	2,395	2,587	2,166	2,227	2,728	2,788	2,916	2,854
Accounts payable	64.1	97	96.4	80.6	47.5	69.6	95.1	108	98.2	81.8
Accrued liabilities	41.6	35.8	43.1	36.6	28.5	36.8	39.6	29.9	26.9	31.2
Short-term debt	150	72.4	92	13.2	73.2	16.1	25	20.3	22.3	23.6
Total current liabilities	327	290	331	196	215	178	256	227	233	204
Long-term debt	399	416	564	768	519	419	397	317	451	427
Lease liabilities				14.3	13.1	12.4	12.1	13.7	13.6	14.6
Other non-current liabilities	17.2	14.6	20.3	23.2	24.1	22.5	24.8	18.4	22.7	28
Total liabilities	1,100	1,068	1,207	1,321	1,094	933	1,020	930	1,062	994
Total debt	550	488	656	781	593	435	422	337	473	451
Other comprehensive income	-38.5	-51.9	-46.9	-78	-87.7	-64.2	-41.1	-61.5	-35.1	-1.03
Total liabilities and equity	2,193	2,219	2,395	2,587	2,166	2,159	2,728	2,788	2,916	2,854

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	340	304	367	407	-129	183	588	636	366	317
Depreciation and amortization	337	269	280	309	313	265	277	268	285	299
Stock-based compensation	13.9	12.3	12.1	11.9	3.35	5.71	11	12.9	10.6	8.87
Deferred income tax					0.11	0.35	34.8	-8.97	-2.19	-0.88
Change in receivables	-29.2	-29.6	6.76	20.8	56.2	-25.9	-109	-41.2	116	37.2
Change in inventory	44.9	-1.45	-0.75	-35.1	30.5	-4.67	-20.1	-78	-22.2	-20
Change in payables	-15.1	25.5	-0.81	-17.7	-24.3	19.5	14.6	17.8	-19.2	-5.62
Cash from operations	704	556	694	515	401	432	802	824	803	651
Capital expenditures	-91.1	-145	-233	-306	-121	-123	-286	-379	-429	-263
Acquisitions	-1.01			-320			-92.6	-14.5	0	-10
Purchases of investments								0	0	-3.04
Cash from investing	-192	-245	-245	-488	-125	-143	-403	-553	-441	-331
Debt issued		400						75	400	0
Debt repaid		-145						-129	-300	-14.1
Share buybacks			-70.6	-22.9				-19.4	0	0
Cash from financing	-505	-344	-212	-234	-256	-223	-225	-507	-285	-386
Net change in cash	6.35	-33	237	-208	19.1	66.8	174	-236	77.1	-65.8
Free cash flow	612	411	461	209	280	309	516	445	374	388
Interest paid	29.3	31.7	38.5	43.1	44.2	36.4	34.8	37.1	44.8	45.6
Income taxes paid	0.01	0.21	0.03		0.01	0.01	23.8	13.6	19.5	19.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	29.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.4%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
FCF margin	16.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.2%	Cash from operations / revenue.
Effective tax rate	6.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	9.1%	Net income / average total assets.
Capex / revenue	11.7%	Capital expenditures / revenue.
D&A / revenue	14.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	0.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	24.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-19.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.75x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / assets	19.7%	Total debt / total assets.
Liabilities / assets	39.3%	Total liabilities / total assets.
Net debt	$468.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.73x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.90x	Operating income / interest expense.
Working capital	$218.3M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	1.02x	Revenue / average property, plant and equipment.
Receivables turnover	10.8x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
FCF conversion	134.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.7%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.24B	Share price x shares outstanding.
Enterprise value	$3.70B	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	1.49x	Market cap / revenue.
P/FCF	9.06x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.28x	Market cap / cash from operations, when positive.
EV/Sales	1.70x	Enterprise value / revenue.
EV/EBIT	11.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.81x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.0%	Free cash flow / market cap.
Earnings yield	8.2%	Net income / market cap (the inverse of P/E).

What was ALLIANCE RESOURCE PARTNERS LP's revenue in fiscal 2025?

ALLIANCE RESOURCE PARTNERS LP reported revenue of $2.19B for fiscal 2025, 10.4% lower than the year before.

Was ALLIANCE RESOURCE PARTNERS LP profitable in fiscal 2025?

Yes. Net income was $311.2M, a net margin of 14.2%.

How much free cash flow did ALLIANCE RESOURCE PARTNERS LP generate in fiscal 2025?

Cash from operations of $651.1M minus capital expenditures of $263.3M left free cash flow of $387.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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