Suncoke Energy (SXC) Earnings Date & Reports

Key Takeaways

• Fourth quarter 2025 revenue came in at $480.2 million, down from $486.0 million in the prior-year period, while full-year revenue declined to $1,837.3 million from $1,935.4 million.
• The company reported a fourth quarter net loss attributable to SXC of $85.6 million, or $1.00 per diluted share, driven largely by $95.7 million in one-time items related to the Haverhill I closure and the Phoenix Global acquisition.
• Full-year 2025 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for one-time items) was $219.2 million, below the prior year's $272.8 million.
• Management introduced 2026 guidance calling for Adjusted EBITDA of $230 million to $250 million, reflecting a full year of Phoenix Global and improving terminal conditions.
• The company extended its Granite City cokemaking agreement with U.S. Steel through December 2026 and its Haverhill II agreement with Cleveland-Cliffs through December 2028.
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Earnings Context and Why It Matters

SunCoke Energy (SXC) supplies metallurgical coke used in blast furnace steelmaking and foundry production, with the majority of sales under long-term, take-or-pay contracts. The fourth quarter and full-year 2025 results carry added weight because they capture the integration of Phoenix Global, a recently acquired industrial services business, alongside a meaningful restructuring of the company's coke fleet. Results were also shaped by a customer breach of contract by Algoma and the closure of the Haverhill I cokemaking facility, both of which pressured volumes and triggered substantial one-time charges. For investors, this report matters less for the headline GAAP (Generally Accepted Accounting Principles) loss and more for the underlying Adjusted EBITDA trend and the 2026 outlook, which signal how management is repositioning the business for steadier, higher-margin operations.

Reported Results

SunCoke Energy reported fourth quarter 2025 revenue of $480.2 million, a modest decline from $486.0 million a year earlier. The quarter produced a net loss attributable to SXC of $85.6 million, or $1.00 per diluted share, compared with net income of $23.7 million, or $0.28 per diluted share, in the fourth quarter of 2024. The swing was driven primarily by one-time items totaling $95.7 million ($72.7 million net of tax), including a non-cash asset impairment tied to the Haverhill I closure, site closure costs related to Phoenix Global operating sites, and restructuring and transaction costs.

For the full year, revenue was $1,837.3 million versus $1,935.4 million in 2024, and the company posted a full-year net loss of $44.2 million, or $0.52 per diluted share, compared with net income of $95.9 million, or $1.13 per share, in the prior year. Consolidated Adjusted EBITDA was $56.7 million for the fourth quarter and $219.2 million for the full year, down from $66.1 million and $272.8 million, respectively. Full-year operating cash flow was $109.1 million.

The Domestic Coke segment posted fourth quarter revenue of $383.8 million and Adjusted EBITDA of $35.6 million, reflecting lower pricing and volumes from the contract-and-spot mix shift, softer Granite City extension economics, and the Algoma breach. Industrial Services revenue rose sharply to $86.2 million, aided by Phoenix Global, with Adjusted EBITDA of $22.7 million, partially offset by weaker terminal handling volumes.

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Market Reaction and Investor Sentiment

Investor interpretation of SunCoke's results hinges on separating one-time charges from the company's underlying operating performance. The headline GAAP loss reflects the non-cash Haverhill I impairment and acquisition-related costs rather than a deterioration in the core business, and the market reaction is likely to focus on the 2026 Adjusted EBITDA guidance of $230 million to $250 million, which represents an increase from 2025. Sentiment is also supported by the contract extensions with U.S. Steel and Cleveland-Cliffs, which improve earnings visibility, and by management's confidence that the company will run at full utilization and be effectively sold out for 2026. The ongoing Algoma arbitration remains a key overhang, but management has signaled that its expected 2026 impact will be similar to 2025, giving investors a clearer baseline for year-over-year comparisons.

Forward Outlook and Key Factors to Monitor

Management's 2026 guidance is the central focus for investors going forward. The company expects consolidated Adjusted EBITDA of $230 million to $250 million, consolidated net income of $25 million to $43 million, capital expenditures of $90 million to $100 million, and operating cash flow of $230 million to $250 million. The higher capital spending reflects Phoenix Global integration and a normalization of corporate expenses.

A key theme is the optimization of the coke fleet. With Haverhill I closed, Domestic Coke production capacity is now approximately 3.7 million tons, and management expects roughly 3.4 million tons of total coke sales in 2026. Although the Algoma breach and Haverhill I closure will reduce sales volumes, the company anticipates those tons will be replaced at higher margins, resulting in only a modest decline in Domestic Coke Adjusted EBITDA.

Investors should watch several factors. First, the integration and synergy capture from Phoenix Global, which management expects to contribute about $60 million of Adjusted EBITDA in 2026, with $5 million to $10 million in synergies. Second, terminal handling volumes, which have been pressured by weak market conditions and are expected to improve. Third, the outcome of the Algoma arbitration and any recovery of deferred sales. Finally, capital allocation, including the continued quarterly dividend and plans to use excess cash flow to pay down debt, will shape shareholder returns in the year ahead.

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