SunCoke Energy (SXC) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated adjusted EBITDA was $43.6 million, down $19.9 million year-over-year, mainly due to lower contract coke sales, weaker spot margins, and reduced logistics volumes.

• Net income for Q2 2025 was $3.5 million, or $0.02 per diluted share, down from $23.3 million and $0.25 per share year-over-year.

• Announced $325 million acquisition of Phoenix Global, expected to close August 1, 2025, with all regulatory approvals received and anticipated to be immediately accretive.

• Extended revolving credit facility to July 2030, with liquidity at $536.2 million at quarter-end.

• Declared a $0.12 per share dividend payable September 2, 2025.

Financial highlights

• Q2 2025 revenue was $434.1 million, down from $470.9 million year-over-year; net income attributable was $0.02 per share.

• Adjusted EBITDA for Q2 2025 was $43.6 million, down from $63.5 million; domestic coke adjusted EBITDA was $40.5 million with sales volumes of 943,000 tons.

• Logistics segment adjusted EBITDA was $7.7 million, with 4.8 million tons throughput.

• Cash balance at quarter-end was $186.2 million; revolver undrawn at $350 million.

• Operating cash flow for the first six months was $43.3 million, up from $0.7 million year-over-year.

Outlook and guidance

• Reaffirmed full-year 2025 consolidated adjusted EBITDA guidance of $210–$225 million and free cash flow of $103–$118 million.

• Domestic coke adjusted EBITDA guidance maintained at $185–$192 million; logistics segment at $45–$50 million.

• CapEx guidance lowered to approximately $60 million for the year.

• Full-year 2025 net income expected between $40 million and $59 million.

• Will provide updated guidance including Phoenix Global after transaction close.