Commodity producers, April-June 2026: coal was both the best and the worst sector

Commodity coverage is the broadest we run: 152 issuers, of which 68 closed the April-June 2026 quarter with a comparable base. Median revenue growth was 16.5% and net profit growth 49%, the strongest of any market we review. A producer's costs barely move with the price of the commodity, so almost the entire price gain lands in profit.

- Oil and gas delivered median profit growth of 66% on 20% revenue growth; metals and mining 42% on 17%.

- The sharpest result is Albemarle: profit up twenty-fold as lithium prices turned.

- Coal was both the best and the worst sector at once: Warrior Met Coal grew profit fifteen-fold while Peabody Energy and Alpha Metallurgical swung to losses.

- Occidental Petroleum lifted its net margin by 35 points to 42% on just 10% revenue growth.

- The worst result of the season is Brazil's CSN: a loss on a net margin of minus 7%.

Metals and mining

Albemarle Corporation - revenue 1743 mn dollars (+31%), EBITDA 858 (+297%), net profit 480 (21x). Net margin 28%, +26pp; net debt 0.4x.

Warrior Met Coal - revenue 510 mn dollars (+71%), EBITDA 157 (+208%), net profit 87.4 (16x). Net margin 17%, +15pp; net cash.

Teck Resources - revenue 2626 mn dollars (+81%), EBITDA 1518 (+208%), net profit 622 (+322%). Net margin 24%, +14pp; net debt 0.5x.

B2Gold - revenue 789 mn dollars (+14%), EBITDA 764 (+94%), net profit 417 (+170%). Net margin 53%, +31pp; net debt 0.0x.

Osisko Gold Royalties - revenue 97.8 mn dollars (+126%), EBITDA 90.5 (+156%), net profit 61.4 (+165%). Net margin 63%, +9pp; net debt 0.4x.

Alcoa Corporation - revenue 3966 mn dollars (+31%), EBITDA 901 (+187%), net profit 407 (+148%). Net margin 10%, +5pp; net debt 0.4x.

First Majestic Silver - revenue 414 mn dollars (+56%), EBITDA 250 (+120%), net profit 126 (+122%). Net margin 30%, +9pp; net cash.

Hecla Mining Company - revenue 334 mn dollars (+10%), EBITDA 199 (+42%), net profit 118 (+104%). Net margin 35%, +16pp; net cash.

Fortuna Mining - revenue 318 mn dollars (+38%), EBITDA 205 (+55%), net profit 75.5 (+102%). Net margin 24%, +8pp; net cash.

Industrias Peñoles - revenue 2887 mn dollars (+39%), EBITDA 1456 (+112%), net profit 642 (+93%). Net margin 22%, +6pp; net cash.

Gerdau - revenue 3519 mn dollars (+12%), EBITDA 641 (+48%), net profit 289 (+86%). Net margin 8%, +3pp; net debt 0.9x.

Wheaton Precious Metals - revenue 929 mn dollars (+85%), EBITDA 798 (+97%), net profit 543 (+86%). Net margin 58%; net debt 0.7x.

Steel Dynamics - revenue 6092 mn dollars (+33%), EBITDA 921 (+78%), net profit 534 (+79%). Net margin 9%, +2pp; net debt 1.3x.

Royal Gold - revenue 451 mn dollars (+115%), EBITDA 376 (+117%), net profit 236 (+79%). Net margin 52%, -11pp; net debt 0.2x.

Southern Copper - revenue 4289 mn dollars (+41%), EBITDA 2856 (+59%), net profit 1675 (+72%). Net margin 39%, +7pp; net debt -0.0x.

Alamos Gold - revenue 594 mn dollars (+36%), EBITDA 462 (+72%), net profit 270 (+70%). Net margin 46%, +9pp; net cash.

Cleveland-Cliffs - revenue 5226 mn dollars (+6%), EBITDA 213 (back to profit), net profit -145 (+69%). Net margin -3%, +7pp.

Kinross Gold - revenue 2238 mn dollars (+30%), EBITDA 1466 (+41%), net profit 844 (+59%). Net margin 38%, +7pp; net cash.

Barrick Mining Corporation - revenue 5292 mn dollars (+44%), EBITDA 3205 (+73%), net profit 1217 (+50%). Net margin 23%, +1pp; net cash.

Agnico Eagle Mines - revenue 3803 mn dollars (+35%), EBITDA 2762 (+37%), net profit 1600 (+50%). Net margin 42%, +4pp; net cash.

Alliance Resource Partners - revenue 552 mn dollars (+1%), EBITDA 186 (+12%), net profit 79.6 (+34%). Net margin 14%, +4pp; net debt 0.7x.

Ero Copper - revenue 284 mn dollars (+74%), EBITDA 154 (+113%), net profit 89.5 (+27%). Net margin 32%, -12pp; net debt 0.9x.

Eldorado Gold - revenue 487 mn dollars (+8%), EBITDA 292 (+20%), net profit 173 (+25%). Net margin 36%, +5pp; net debt 1.0x.

Hudbay Minerals - revenue 631 mn dollars (+18%), EBITDA 350 (+28%), net profit 137 (+17%). Net margin 22%; net debt 0.0x.

SSR Mining - revenue 444 mn dollars (+10%), EBITDA 217 (+60%), net profit 97.3 (+8%). Net margin 22%; net cash.

Newmont Corporation - revenue 6118 mn dollars (+15%), EBITDA 3638 (-3%), net profit 2202 (+7%). Net margin 36%, -3pp; net cash.

BHP Group - revenue 30858 mn dollars (+18%), EBITDA 16655 (+26%), net profit 4193 (-9%). Net margin 14%, -4pp; net debt 0.2x.

Ramaco Resources - revenue 145 mn dollars (-5%), EBITDA 5.70 (+78%), net profit -15.4 (-10%). Net margin -11%, -2pp.

Freeport-McMoRan - revenue 6917 mn dollars (-9%), EBITDA 2526 (-18%), net profit 984 (-36%). Net margin 14%, -6pp; net debt 0.7x.

Vale - revenue 10439 mn dollars (+17%), EBITDA 3140 (+14%), net profit 1387 (-37%). Net margin 13%, -11pp; net debt 1.3x.

Anglo American PLC - revenue 16735 mn dollars (+16%), EBITDA 924 (-43%), net profit 71.0 (-88%). Net margin 0%, -4pp; net debt 10.8x.

Cameco - revenue 593 mn dollars (-6%), EBITDA 95.0 (-47%), net profit 18.4 (-92%). Net margin 3%, -34pp; net cash.

Tronox Holdings - revenue 868 mn dollars (+19%), EBITDA 73.0 (+87%), net profit -171 (almost wiped out). Net margin -20%, -8pp.

Alpha Metallurgical Resources - revenue 492 mn dollars (-11%), EBITDA 25.6 (-46%), net profit -12.3 (almost wiped out). Net margin -2%, -2pp; net cash.

Peabody Energy - revenue 1003 mn dollars (+13%), EBITDA 24.0 (-56%), net profit -90.6 (almost wiped out). Net margin -9%, -6pp; net cash.

CSN - revenue 2226 mn dollars (+16%), EBITDA 372 (-23%), net profit -152 (almost wiped out). Net margin -7%, -6pp; net debt 5.2x.

Core Natural Resources - revenue 1141 mn dollars (+4%), EBITDA 346 (+130%), net profit 126 (back to profit). Net margin 11%, +14pp; net cash.

Endeavour Silver - revenue 212 mn dollars (+139%), EBITDA 111 (11x), net profit 66.5 (back to profit). Net margin 31%, +54pp; net debt 0.0x.

Hallador Energy - revenue 102 mn dollars (-1%), EBITDA -2.86 (to a loss), net profit -15.2 (to a loss). Net margin -15%, -23pp; net debt 0.2x.

Lithium Americas - EBITDA -14.9 (almost wiped out), net profit 2.20 (back to profit).

NACCO Industries - revenue 72.3 mn dollars (+6%), EBITDA -1.36 (to a loss), net profit -0.96 (to a loss). Net margin -1%, -6pp; net debt 1.8x.

Rio Tinto - data incomplete. Net debt 0.6x.

Oil and gas

Murphy Oil Corporation - revenue 926 mn dollars (+33%), EBITDA 593 (+69%), net profit 232 (10x). Net margin 25%, +22pp; net debt 1.1x.

Occidental Petroleum - revenue 7053 mn dollars (+10%), EBITDA 5762 (+116%), net profit 2996 (6x). Net margin 42%, +35pp; net debt 0.9x.

Epsilon Energy - revenue 18.3 mn dollars (+57%), EBITDA 11.2 (+178%), net profit 7.13 (+360%). Net margin 39%, +26pp; net cash.

Equinor - revenue 34523 mn dollars (+37%), EBITDA 16184 (+77%), net profit 4848 (+269%). Net margin 14%, +9pp; net debt 0.5x.

Battalion Oil - revenue 48.0 mn dollars (+12%), EBITDA 12.3 (-11%), net profit 15.5 (+223%). Net margin 32%, +21pp; net debt 1.9x.

Ring Energy - revenue 105 mn dollars (+27%), EBITDA 93.5 (+91%), net profit 64.8 (+214%). Net margin 62%, +37pp.

Amplify Energy - revenue 52.7 mn dollars (-23%), EBITDA 8.60 (-62%), net profit 17.3 (+171%). Net margin 33%, +24pp; net cash.

Matador Resources Company - revenue 1173 mn dollars (+31%), EBITDA 892 (+51%), net profit 391 (+160%). Net margin 33%, +16pp; net debt 0.4x.

Dorchester Minerals - revenue 56.1 mn dollars (+73%), EBITDA 46.7 (+73%), net profit 30.9 (+150%). Net margin 55%, +17pp; net cash.

Northern Oil and Gas, Inc. - revenue 745 mn dollars (+5%), EBITDA 401 (+5%), net profit 237 (+138%). Net margin 32%, +18pp; net debt 2.7x.

Devon Energy Corporation - revenue 5100 mn dollars (+19%), EBITDA 3800 (+83%), net profit 1900 (+111%). Net margin 37%, +16pp; net debt 1.3x.

Mexco Energy - revenue 1.98 mn dollars (+9%), EBITDA 1.17 (+16%), net profit 0.50 (+107%). Net margin 25%, +12pp; net cash.

PrimeEnergy Resources - revenue 42.5 mn dollars (+1%), EBITDA 24.0 (-4%), net profit 6.53 (+102%). Net margin 15%, +8pp; net cash.

ConocoPhillips - revenue 18088 mn dollars (+29%), EBITDA 9065 (+55%), net profit 3931 (+99%). Net margin 22%, +8pp; net debt 0.5x.

Cheniere Energy - revenue 5677 mn dollars (+22%), EBITDA 1804 (-37%), net profit 3068 (+89%). Net margin 54%, +19pp; net debt 5.1x.

Antero Resources Corporation - revenue 1560 mn dollars (+20%), EBITDA 603 (+54%), net profit 286 (+72%). Net margin 18%, +6pp; net debt 2.0x.

Barnwell Industries - revenue 3.38 mn dollars (+6%), EBITDA 0.42 (back to profit), net profit -0.44 (+72%). Net margin -13%, +36pp; net cash.

Aemetis - revenue 62.7 mn dollars (+20%), EBITDA 9.70 (back to profit), net profit -9.37 (+60%). Net margin -15%, +30pp.

Ovintiv Inc. - revenue 2872 mn dollars (+24%), EBITDA 1513 (+42%), net profit 456 (+48%). Net margin 16%, +3pp; net debt 1.1x.

SandRidge Energy - revenue 51.1 mn dollars (+48%), EBITDA 34.0 (+20%), net profit 26.7 (+36%). Net margin 52%, -4pp; net cash.

Texas Pacific Land Corporation - revenue 246 mn dollars (+31%), EBITDA 216 (+37%), net profit 154 (+32%). Net margin 63%, +1pp; net cash.

Exxon Mobil - revenue 89420 mn dollars (+10%), EBITDA 17450 (+4%), net profit 9240 (+30%). Net margin 10%, +2pp; net debt 0.2x.

APA Corporation - revenue 2373 mn dollars (+9%), EBITDA 1626 (+28%), net profit 747 (+24%). Net margin 32%, +4pp; net debt 0.6x.

NGL Energy Partners - revenue 990 mn dollars (+59%), EBITDA 212 (+27%), net profit 78.7 (+14%). Net margin 8%, -3pp; net debt 8.3x.

Valvoline - revenue 545 mn dollars (+24%), EBITDA 162 (+30%), net profit 64.5 (+14%). Net margin 12%, -1pp; net debt 4.5x.

National Oilwell Varco - revenue 2134 mn dollars (-2%), EBITDA 283 (+23%), net profit 112 (+4%). Net margin 5%; net debt 1.5x.

Baker Hughes - revenue 6742 mn dollars (-2%), EBITDA 1231 (-2%), net profit 681 (-3%). Net margin 10%; net debt 0.1x.

Black Stone Minerals - revenue 122 mn dollars (-23%), EBITDA 120 (-9%), net profit 106 (-11%). Net margin 87%, +12pp; net debt 0.6x.

CrossAmerica Partners - revenue 1179 mn dollars (+23%), EBITDA 52.3 (-19%), net profit 20.8 (-17%). Net margin 2%, -1pp; net debt 4.4x.

Range Resources Corporation - revenue 760 mn dollars (-11%), EBITDA 356 (-10%), net profit 195 (-18%). Net margin 26%, -2pp; net debt 0.4x.

Expand Energy - revenue 2960 mn dollars (-20%), EBITDA 1437 (-30%), net profit 522 (-46%). Net margin 18%, -9pp; net debt 0.5x.

Gulfport Energy - revenue 323 mn dollars (-28%), EBITDA 179 (-45%), net profit 87.1 (-53%). Net margin 27%, -14pp; net debt 0.9x.

CNX Resources Corporation - revenue 618 mn dollars (-36%), EBITDA 414 (-44%), net profit 203 (-53%). Net margin 33%, -12pp; net debt 2.0x.

EQT Corporation - revenue 1810 mn dollars (-29%), EBITDA 1203 (-32%), net profit 211 (-73%). Net margin 12%, -19pp; net debt 0.8x.

Comstock Resources, Inc. - revenue 353 mn dollars (-25%), EBITDA 190 (-23%), net profit 8.77 (-93%). Net margin 2%, -24pp; net debt 2.5x.

Gran Tierra Energy - revenue 187 mn dollars (+23%), EBITDA 85.1 (+40%), net profit 24.9 (back to profit). Net margin 13%, +22pp.

Vermilion Energy - revenue 410 mn dollars (+21%), EBITDA 219 (+34%), net profit 97.8 (back to profit). Net margin 24%, +73pp; net debt 1.5x.

W&T Offshore, Inc. - revenue 163 mn dollars (+33%), EBITDA 54.4 (+300%), net profit 12.6 (back to profit). Net margin 8%, +25pp; net debt 1.7x.

Other sectors

The Andersons - revenue 3098 mn dollars (-1%), EBITDA 140 (+142%), net profit 56.6 (7x). Net margin 2%, +2pp; net debt 1.7x.

Archer-Daniels-Midland - revenue 22681 mn dollars (+7%), EBITDA 1525 (+168%), net profit 908 (+315%). Net margin 4%, +3pp; net debt 1.9x.

Bunge Global - revenue 24041 mn dollars (+88%), EBITDA 1396 (+129%), net profit 678 (+92%). Net margin 3%; net debt 5.8x.

Weyerhaeuser - revenue 1867 mn dollars (-1%), EBITDA 310 (+2%), net profit 162 (+86%). Net margin 9%, +4pp; net debt 3.6x.

Targa Resources - revenue 4440 mn dollars (+4%), EBITDA 1603 (+14%), net profit 765 (+22%). Net margin 17%, +2pp; net debt 3.5x.

ONEOK - revenue 12049 mn dollars (+53%), EBITDA 2087 (+16%), net profit 966 (+15%). Net margin 8%, -3pp; net debt 4.2x.

Mercer International - revenue 460 mn dollars (+2%), EBITDA -21.0 (-0%), net profit -76.0 (+12%). Net margin -16%, +2pp.

Cresco Labs - revenue 173 mn dollars (+6%), EBITDA 26.5 (-33%), net profit 16.8 (back to profit). Net margin 10%, +20pp; net debt 2.8x.

Curaleaf Holdings - revenue 340 mn dollars (+8%), EBITDA 70.1 (+18%), net profit 12.5 (back to profit). Net margin 4%, +24pp; net debt 2.1x.

Green Thumb Industries - revenue 307 mn dollars (+5%), EBITDA 53.1 (-23%), net profit 4.88 (back to profit). Net margin 2%, +2pp; net debt 1.0x.

Martin Midstream Partners - revenue 214 mn dollars (+18%), EBITDA 27.9 (+1%), net profit 2.65 (back to profit). Net margin 1%, +2pp; net debt 5.6x.

Tyson Foods - revenue 13868 mn dollars, EBITDA 693, net profit 182. Net margin 1%; net debt 2.8x.

Chemicals and materials

Intrepid Potash - revenue 66.7 mn dollars (-7%), EBITDA 17.5 (+36%), net profit 15.6 (+377%). Net margin 23%, +19pp; net cash.

CF Industries - revenue 2222 mn dollars (+18%), EBITDA 1166 (+32%), net profit 869 (+77%). Net margin 39%, +13pp; net debt 0.3x.

Suzano - revenue 2282 mn dollars (-4%), EBITDA 1171 (+14%), net profit 356 (-60%). Net margin 16%, -22pp; net debt 3.1x.

The Mosaic Company - revenue 2824 mn dollars (-6%), EBITDA 407 (-20%), net profit -273 (to a loss). Net margin -10%, -23pp; net debt 5.0x.

Transport, autos and defence

Matson - revenue 969 mn dollars (+17%), EBITDA 211 (+7%), net profit 129 (+37%). Net margin 13%, +2pp; net debt 1.0x.

Danaos Corporation - revenue 274 mn dollars (+5%), EBITDA 202 (+14%), net profit 152 (+16%). Net margin 55%, +5pp; net debt 0.3x.

Genco Shipping & Trading - revenue 136 mn dollars (+68%), EBITDA 56.7 (+309%), net profit 16.6 (back to profit). Net margin 12%, +21pp; net debt 1.6x.

Consumer

BRF S.A. - revenue 3144 mn dollars (+14%), EBITDA 488 (+10%), net profit 107 (-19%). Net margin 3%, -1pp; net debt 1.5x.

Infrastructure and real estate

Innovative Industrial Properties - revenue 63.3 mn dollars (+1%), EBITDA 70.8 (+49%), net profit 43.9 (+68%). Net margin 69%, +28pp; net cash.

Coal split its own participants apart

A sector normally moves as one: the commodity price is the same for everybody. This quarter coal behaved differently - Warrior Met Coal grew profit fifteen-fold while Peabody Energy and Alpha Metallurgical closed the quarter with negative net margins.

That spread within a single commodity means the driver is not the price as such, but which coal a given company sells and on what contracts.

A note on this review

Valuation multiples are not shown here: market capitalisation is not yet loaded for commodity coverage, so we discuss business momentum only.

Of 152 issuers, 68 made it into the review: the rest either have not reported yet or have a latest period that is not comparable with a year ago.