SunCoke Energy (SXC) Q3 2025 earnings summary

Executive summary

• Q3 2025 consolidated Adjusted EBITDA was $59.1 million, down $16.2 million year-over-year, mainly due to lower Domestic Coke results and the absence of a prior year gain on legacy liabilities.

• Completed the acquisition of Phoenix Global in August 2025, expanding the Industrial Services segment and international reach, with integration progressing and synergies expected in 2026.

• Extended the Granite City cokemaking contract with U.S. Steel through December 2025.

• Net income for Q3 2025 was $23.8 million ($0.26 per share), down from $33.3 million ($0.36 per share) in Q3 2024.

• Declared the 25th consecutive quarterly dividend of $0.12 per share.

Financial highlights

• Q3 2025 revenue was $487.0 million, slightly down from $490.1 million in Q3 2024; nine-month revenue was $1,357.1 million, down from $1,449.4 million.

• Operating income for Q3 2025 was $13.4 million, down from $47.2 million in Q3 2024.

• Domestic Coke Adjusted EBITDA was $44.0 million with sales volumes of 951,000 tons, down from $58.1 million and 1,027,000 tons year-over-year.

• Industrial Services Adjusted EBITDA was $18.2 million, up from $13.7 million, driven by Phoenix Global.

• Cash and cash equivalents at September 30, 2025 were $80.4 million, down from $189.6 million at year-end 2024.

Outlook and guidance

• Full-year 2025 consolidated Adjusted EBITDA guidance updated to $220–$225 million, reflecting five months of Phoenix Global results and a 200,000-ton coke sales deferral due to a customer breach.

• Domestic Coke Adjusted EBITDA guidance revised to $172–$176 million; Industrial Services to $63–$67 million.

• CapEx guidance for 2025 is ~$70 million; free cash flow expected between negative $10 million and zero due to deferred receipts and acquisition costs.

• Consolidated net income for 2025 expected between $48 million and $58 million.

• Optimistic for 2026, expecting improved results with a full year of Phoenix Global contribution and modest logistics recovery.