Key highlights

  • Whitehaven reported FY26 underlying NPAT of $227 million and underlying EBITDA of $1.3 billion in its 19 August 2026 release.
  • A fully franked final Dividend of 6.0 cents per share was declared, alongside an equal-value buy-back of about $47 million over six months.
  • FY27 guidance includes managed ROM coal production of 38.0–41.0 Mt and unit cost of $132–147 per tonne.

Whitehaven Coal Ltd (ASX:WHC) was trading at $7.755 on 21 October 2026, up 0.07% in the session. The S&P/ASX 200 Energy [XEJ] index was at 11,167.20, higher by 0.014% (1.60 points), and the S&P/ASX 200 [XJO] was at 8,806.90, lower by 0.11% (10.00 points), at 2:32 pm GMT+11. Brent Crude gained 0.60% to US$109.48, with persistent Middle East tensions involving Iran, Saudi Arabia and the Houthis in Yemen continuing, and a reported draw in US oil inventories added to the picture of tightening supply. Whitehaven is an Australian coal producer with metallurgical coal operations in Queensland and thermal coal operations in New South Wales.

What Whitehaven Coal does

Whitehaven Coal Limited mines and sells coal from operations in Queensland and New South Wales. Its Queensland portfolio is focused on metallurgical coal, while its New South Wales mines produce thermal coal. In FY26, Revenue was split 57% metallurgical coal and 43% thermal coal. The company’s Queensland operations were expanded through the Acquisition of Assets from BMA, and Whitehaven completed a 30% sell-down of Blackwater on 31 March 2025.

Whitehaven sells coal into export markets under term contracts and offtake arrangements and reports production on a managed basis and an Equity basis.

FY26 earnings

In an ASX announcement dated 19 August 2026, Whitehaven reported underlying NPAT of $227 million for the year ended 30 June 2026, compared with $319 million in FY25, a fall of 29%. Underlying EBITDA was $1,250 million, down 8% from $1,355 million. Revenue of $5.4 billion was 7% lower than FY25, and statutory NPAT was $385 million, down 41%, after total adjustments of $158 million to net profit.

The company stated that results were affected by cyclical coal price movements and a higher Australian dollar, with the average AUD:USD rate at 0.68 compared with 0.65. Average achieved coal price was A$202 per tonne. Depreciation and Amortisation increased 12% to $682 million, and cash generated from operations was $1,063 million, 16% lower than in FY25.

Production, sales and costs

Managed ROM coal production was 40.3 Mt, up 3% on FY25, comprising 20.1 Mt from Queensland and 20.2 Mt from New South Wales, at the top end of FY26 guidance. Managed sales of produced coal were 32.7 Mt, 8% higher, and equity sales of produced coal were 26.0 Mt. Unit cost of coal was $132 per tonne, down from $139 per tonne.

By region, Queensland revenue fell 18% to $2,853 million with underlying EBITDA down 22% to $677 million, while New South Wales revenue rose 8% to $2,414 million with underlying EBITDA up 11% to $596 million. The company reported a total recordable injury frequency rate of 3.3 compared with 4.6 in FY25.

Balance sheet and Capital returns

Net Debt was $1.3 billion at 30 June 2026, compared with $634 million a year earlier, after the second US$500 million deferred acquisition payment to BMA in April 2026. Available Liquidity was $959 million. The company completed a debt refinancing in April 2026, which it estimates will deliver annualised interest savings of approximately $50–55 million.

Whitehaven declared a fully franked final dividend of 6.0 cents per share, about $47 million, payable on 15 September 2026, taking the full-year dividend to 10 cents. It also intends to spend an equal amount of about $47 million on share buy-backs over six months, with up to $159 million returned in respect of FY26.

FY27 guidance and market conditions

FY27 guidance includes managed ROM coal production of 38.0–41.0 Mt, managed coal sales of 30.4–33.0 Mt, equity coal sales of 23.9–26.0 Mt, unit cost of coal excluding royalties of $132–147 per tonne and Capital Expenditure of $390–490 million. The release cited premium low-volatile hard coking coal trading around US$215–235 per tonne at the start of FY27, compared with US$180–190, and Newcastle thermal coal averaging about US$130 per tonne in July 2026, compared with US$110.

Sector context

Coal prices, currency and energy-market conditions influence Earnings across the sector. During the session, the S&P/ASX 200 Energy index was at 11,167.20 and Brent crude was at US$109.48 per barrel, with Middle East tensions in focus. Whitehaven’s release noted that market Volatility remains, particularly in energy markets, amid uncertainty surrounding the Middle East conflict.

Risks and uncertainties

Factors cited or implied by the release include cyclical coal prices, the Australian dollar, wet weather in Queensland during the March quarter, higher diesel costs and Supply uncertainty, and inflationary pressure on operating costs. Net debt more than doubled during FY26, deferred acquisition payments remain outstanding, and a final US$100 million deferred payment is due in early April 2027 with a coal-price contingent payment due in early July 2027.

Catalysts to watch

Items to monitor include the final deferred and contingent payments to BMA in April and July 2027, the progress of the share buy-back, delivery against FY27 production and cost guidance, the effect of new NSW and Queensland rail contracts effective 1 July 2026, and movements in metallurgical and thermal coal prices.

Wrapping up

Whitehaven’s FY26 release combined lower earnings, higher net debt and a revised capital return framework with production at the top end of guidance. The FY27 guidance ranges and coal price commentary provide the reference points for the period ahead.