SunCoke Energy (SXC) Q4 2025 earnings summary

Executive summary

• Achieved strong safety performance with a Total Recordable Incident Rate (TRIR) of 0.55 in 2025.

• Completed the $295.8 million acquisition and integration of Phoenix Global, boosting Industrial Services growth and diversification.

• Extended key coke-making contracts at Granite City (through 2026) and Haverhill II (through 2028).

• Maintained annual dividend of $0.48 per share in 2025, with continued focus on shareholder returns.

• Reported a net loss of $44.2 million for 2025, impacted by significant one-time items including asset impairments and restructuring costs.

Financial highlights

• FY 2025 consolidated adjusted EBITDA was $219.2 million, down $53.6 million year-over-year, mainly due to lower coke sales, contract mix, and Algoma breach.

• Full-year net loss per share was $0.52, down $1.64 from 2024, driven by $0.97 per share in one-time items.

• Operating cash flow for 2025 was $109.1 million; capital expenditures totaled $66.8 million.

• Ended 2025 with $88.7 million in cash and $221 million in liquidity.

• Revenues declined to $1,837.3 million in 2025 from $1,935.4 million in 2024.

Outlook and guidance

• 2026 consolidated adjusted EBITDA is projected between $230 million and $250 million, with net income expected between $25 million and $43 million.

• Domestic coke adjusted EBITDA expected at $162–$168 million on 3.4 million tons sold; Industrial Services at $90–$100 million.

• CapEx for 2026 forecasted at $90–$100 million; free cash flow expected at $140–$150 million.

• Operating cash flow for 2026 is estimated at $230–$250 million.

• Focus on deleveraging, continued dividends, and using excess cash flow to pay down debt.