# SunCoke Energy, Inc. (SXC)

Informational only - not investment advice.

CIK: 0001514705
SIC: 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)](/industry/3312/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1514705
Filing source: https://www.sec.gov/Archives/edgar/data/1514705/000151470526000010/sxc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001514705-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514705.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,837,300,000 USD | 2025 | verified |
| Net income | -44,200,000 USD | 2025 | verified |
| Assets | 1,789,900,000 USD | 2025 | verified |
| Free cash flow | 42,300,000 USD | 2025 | computed |
| Net margin | -2.41% | 2025 | computed |
| Operating margin | -2.42% | 2025 | computed |
| Revenue YoY | -5.07% | 2025 | computed |
| ROE | -7.40% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SXC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.4% | 3.3% | 16 | 26 |
| Operating margin | -2.4% | 5.9% | 11 | 20 |
| Revenue growth | -5.1% | 9.5% | 12 | 26 |
| FCF margin | 2.3% | 3.7% | 32 | 26 |
| ROE | -7.4% | 9.0% | 8 | 27 |
| ROA | -2.5% | 5.0% | 15 | 27 |
| Liabilities / equity | 1.95 | 0.85 | 85 | 27 |
| Current ratio | 2.11 | 2.30 | 42 | 27 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 33 SIC Major Group 33, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1837300000 | USD | 2025 | 2026-02-20 |
| Net income | -44200000 | USD | 2025 | 2026-02-20 |
| Assets | 1789900000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514705.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,223,300,000 | 1,331,500,000 | 1,450,900,000 | 1,600,300,000 | 1,333,000,000 | 1,456,000,000 | 1,972,500,000 | 2,063,200,000 | 1,935,400,000 | 1,837,300,000 |
| Net income | 14,400,000 | 122,400,000 | 26,200,000 | -152,300,000 | 3,700,000 | 43,400,000 | 100,700,000 | 57,500,000 | 95,900,000 | -44,200,000 |
| Operating income | 97,900,000 | 104,200,000 | 118,700,000 | -144,300,000 | 69,700,000 | 141,500,000 | 153,700,000 | 125,100,000 | 151,900,000 | -44,400,000 |
| Diluted EPS | 0.22 | 1.88 | 0.40 | -1.98 | 0.04 | 0.52 | 1.19 | 0.68 | 1.12 | -0.52 |
| Operating cash flow | 219,100,000 | 148,500,000 | 185,800,000 | 181,900,000 | 157,800,000 | 233,100,000 | 208,900,000 | 249,000,000 | 168,800,000 | 109,100,000 |
| Capital expenditures | 63,700,000 | 75,600,000 | 100,300,000 | 110,100,000 | 73,900,000 | 98,600,000 | 75,500,000 | 109,200,000 | 72,900,000 | 66,800,000 |
| Dividends paid | 0.00 | 0.00 | 0.00 | 5,100,000 | 19,900,000 | 20,100,000 | 23,600,000 | 30,700,000 | 37,600,000 | 41,400,000 |
| Assets | 2,120,900,000 | 2,060,100,000 | 2,045,300,000 | 1,753,800,000 | 1,613,400,000 | 1,615,400,000 | 1,654,600,000 | 1,660,400,000 | 1,668,200,000 | 1,789,900,000 |
| Liabilities | 1,481,000,000 | 1,400,500,000 | 1,362,600,000 | 1,235,400,000 | 1,112,500,000 | 1,080,000,000 | 1,031,900,000 | 1,014,900,000 | 957,200,000 | 1,163,800,000 |
| Stockholders' equity | 311,100,000 | 426,200,000 | 463,100,000 | 491,600,000 | 469,000,000 | 498,100,000 | 585,600,000 | 614,200,000 | 680,200,000 | 597,300,000 |
| Cash and cash equivalents | 134,000,000 | 120,200,000 | 145,700,000 | 97,100,000 | 48,400,000 | 63,800,000 | 90,000,000 | 140,100,000 | 189,600,000 | 88,700,000 |
| Free cash flow | 155,400,000 | 72,900,000 | 85,500,000 | 71,800,000 | 83,900,000 | 134,500,000 | 133,400,000 | 139,800,000 | 95,900,000 | 42,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 1.18% | 9.19% | 1.81% | -9.52% | 0.28% | 2.98% | 5.11% | 2.79% | 4.96% | -2.41% |
| Operating margin | 8.00% | 7.83% | 8.18% | -9.02% | 5.23% | 9.72% | 7.79% | 6.06% | 7.85% | -2.42% |
| Return on equity | 4.63% | 28.72% | 5.66% | -30.98% | 0.79% | 8.71% | 17.20% | 9.36% | 14.10% | -7.40% |
| Return on assets | 0.68% | 5.94% | 1.28% | -8.68% | 0.23% | 2.69% | 6.09% | 3.46% | 5.75% | -2.47% |
| Liabilities / equity | 4.76 | 3.29 | 2.94 | 2.51 | 2.37 | 2.17 | 1.76 | 1.65 | 1.41 | 1.95 |
| Current ratio | 1.84 | 1.74 | 1.96 | 1.58 | 1.45 | 1.49 | 1.67 | 1.86 | 2.31 | 2.11 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SXC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514705.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.49 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.19 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.24 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 520,400,000 | 7,000,000 | 0.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 520,600,000 | 13,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 488,400,000 | 20,000,000 | 0.23 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 470,900,000 | 21,500,000 | 0.25 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 490,100,000 | 30,700,000 | 0.36 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 486,000,000 | 23,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 436,000,000 | 17,300,000 | 0.20 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 434,100,000 | 1,900,000 | 0.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 487,000,000 | 22,200,000 | 0.26 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 480,200,000 | -85,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 455,100,000 | -4,400,000 | -0.05 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 475,300,000 | 13,100,000 | 0.15 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SXC's latest 10-K: [/company/SXC/business/](/company/SXC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SXC's latest 10-K: [/company/SXC/risk-factors/](/company/SXC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1514705/000151470526000034/sxc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (this “Quarterly Report on Form 10-Q”) contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This discussion contains forward-looking statements about our business, operations and industry that involve risks and uncertainties, such as statements regarding our plans, objectives, expected future developments, expectations and intentions, and they involve known and unknown risks that are difficult to predict. As a result, our future results and financial condition may differ materially from those we currently anticipate as a result of the factors we describe in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report on Form 10-K”), and as updated in this Quarterly Report on Form 10-Q, and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov). Additionally, please see our “Cautionary Statement Concerning Forward-Looking Statements” located elsewhere in this Quarterly Report on Form 10-Q.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is based on financial data derived from the financial statements prepared in accordance with the United States generally accepted accounting principles (“GAAP”) and certain other financial data that is prepared using a non-GAAP measure. For a reconciliation of the non-GAAP measure to its most comparable GAAP component, see “Non-GAAP Financial Measures” in this Item 2.

Our MD&A is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flow.

Second Quarter Key Financial Results

Our consolidated results of operations were as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Increase (Decrease)","","Six Months Ended June 30,","","Increase (Decrease)"],["","2026","","2025","","","2026","","2025"],["","(Dollars in millions)"],["Adjusted EBITDA(1)","$","69.6","","","$","43.6","","","$","26.0","","","$","126.1","","","$","103.4","","","$","22.7"],["Net income","$","15.6","","","$","3.5","","","$","12.1","","","$","12.2","","","$","22.9","","","$","(10.7)"],["Net cash provided by operating activities","$","(27.2)","","","$","17.5","","","$","(44.7)","","","$","45.5","","","$","43.3","","","$","2.2"]]
[[/GREPCENT_TABLE]]

(1)See the “Non-GAAP Financial Measures” section for both the definition of Adjusted EBITDA and the reconciliation from GAAP to the non-GAAP measurement.

Operating results for the three and six months ended June 30, 2026 reflect favorable coal-to-coke yields and terminals handling volumes. These increases were partially offset by lower volumes due to the shutdown of our Haverhill I cokemaking facility and lower energy revenues due to the turbine failure at our Middletown cokemaking facility. Additionally, operating results for the six months ended June 30, 2026 were negatively impacted by lower pricing on our foundry sales. Operating results for the three and six months ended June 30, 2026 include the results of Phoenix Global.

Net income for the three months ended June 30, 2026 increased compared to the same prior year period driven by the favorable operating results discussed above, partially offset by higher interest expense due to higher Revolving Facility borrowings. Net income for the six months ended June 30, 2026 decreased compared to the same prior year period driven by higher depreciation and amortization expense as a result of the inclusion of Phoenix Global results and higher interest expense due to higher Revolving Facility borrowings, partially offset by the favorable operating results discussed above.

Operating cash flows during the current period primarily reflect unfavorable changes in primary working capital driven by the timing of customer payments, partially offset by lower coal inventory.

See detailed analysis of the quarter's results throughout this MD&A.

Recent Developments

•Haverhill I Shutdown. In the first quarter of 2026, the Company completed the shutdown of its Haverhill I cokemaking facility.

19

Table of Contents

Results of Operations

The following table sets forth amounts from the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025, respectively:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Increase (Decrease)","","Six Months Ended June 30,","","Increase (Decrease)"],["","","2026","","2025","","","2026","","2025"],["","","(Dollars in millions)"],["Revenues"],["Sales and other operating revenue","","$","475.3","","","$","434.1","","","$","41.2","","","$","930.4","","","$","870.1","","","$","60.3"],["Costs and operating expenses"],["Cost of products sold and operating expenses","","374.9","","","375.1","","","(0.2)","","","750.4","","","737.4","","","13.0"],["Selling, general and administrative expenses","","31.5","","","20.6","","","10.9","","","61.8","","","35.3","","","26.5"],["Depreciation and amortization expense","","39.9","","","28.6","","","11.3","","","84.8","","","57.4","","","27.4"],["Total costs and operating expenses","","446.3","","","424.3","","","22.0","","","897.0","","","830.1","","","66.9"],["Operating income","","29.0","","","9.8","","","19.2","","","33.4","","","40.0","","","(6.6)"],["Interest expense, net","","8.5","","","5.4","","","3.1","","","17.2","","","10.6","","","6.6"],["Income before income tax expense","","20.5","","","4.4","","","16.1","","","16.2","","","29.4","","","(13.2)"],["Income tax expense","","4.9","","","0.9","","","4.0","","","4.0","","","6.5","","","(2.5)"],["Net income","","15.6","","","3.5","","","12.1","","","12.2","","","22.9","","","(10.7)"],["Less: Net income attributable to noncontrolling interests","","2.5","","","1.6","","","0.9","","","3.5","","","3.7","","","(0.2)"],["Net income attributable to SunCoke Energy, Inc.","","$","13.1","","","$","1.9","","","$","11.2","","","$","8.7","","","$","19.2","","","$","(10.5)"]]
[[/GREPCENT_TABLE]]

Sales and Other Operating Revenue. Sales and other operating revenue increased for the three and six months ended June 30, 2026 compared to the same prior year periods, driven by the inclusion of Phoenix Global results. These increases were partially offset by lower volumes as a result of the shutdown of our Haverhill I cokemaking facility, lower energy revenues due to the turbine failure at our Middletown cokemaking facility and the pass-through of lower coal prices on our long-term, take-or-pay agreements. Additionally, sales and other operating revenue for the six months ended June 30, 2026 was negatively impacted by lower pricing on our foundry sales.

Costs of Products Sold and Operating Expenses. Costs of products sold and operating expenses decreased slightly for the three months ended June 30, 2026 as compared to the prior year period driven by lower volumes as a result of the shutdown of our Haverhill I cokemaking facility and the pass-through of lower coal prices on our long-term, take-or-pay agreements, offset by the inclusion of Phoenix Global results. Costs of products sold and operating expenses increased for the six months ended June 30, 2026 as compared to the prior year period driven by the inclusion of Phoenix Global results. This increase was partially offset by lower volumes as a result of the shutdown of our Haverhill I cokemaking facility and the pass-through of lower coal prices on our long-term, take-or-pay agreements.

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased during the three and six months ended June 30, 2026 reflecting the inclusion of Phoenix Global costs, costs incurred associated with the shutdown of our Haverhill I cokemaking facility and higher employee-related costs.

Depreciation and Amortization Expense. The increase to depreciation and amortization expense for the three and six months ended June 30, 2026 reflects the inclusion of Phoenix Global's expenses in the current year periods.

Interest Expense, Net. Interest expense, net, during the three and six months ended June 30, 2026 increased as a result of interest incurred on higher Revolving Facility borrowings.

Income Tax Expense. Income tax expense increased during the three months ended June 30, 2026 compared to the same prior year period as a result of higher pretax income and decreased during the six months ended June 30, 2026 compared to the same prior year period due to lower pretax income, driven by the factors previously discussed. See Note 5 Income Taxes to our consolidated financial statements for further detail.

Noncontrolling Interest. Net income attributable to noncontrolling interests represents a 14.8 percent third-party interest in our Indiana Harbor cokemaking facility and fluctuates with the financial performance of that facility.

20

Table of Contents

Results of Reportable Business Segments

Following the acquisition of Phoenix Global and as discussed in Note 11 Business Segment Information, we updated our reportable segments and have recast all segment information for all prior periods presented herein to reflect this change.

We report our business results through two reportable segments:

•Domestic Coke consists of our Jewell facility, located in Virginia, our Indiana Harbor facility, located in Indiana, our Granite City facility located in Illinois, and our Middletown and Haverhill facilities located in Ohio.

•Industrial Services consists of logistics terminals including CMT, located in Louisiana, KRT, located in West Virginia, and Lake Terminal, located in Indiana. Lake Terminal is located adjacent to our Indiana Harbor cokemaking facility. Additionally, Industrial Services includes fifteen molten slag removal, handling and processing operating sites across the United States, Brazil, Slovakia and Spain.

Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, including licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil as well as the expenses related to those operations and activity from our legacy coal mining business, which is not considered a reportable segment and therefore, not included in our segment information in Note 11. However, we have included Corporate and Other within our operating data below.

Management believes Adjusted EBITDA is an important measure of operating performance, which is used by the CODM as one of the measurements to help determine the allocation of costs and resources to our reportable segments. Adjusted EBITDA should not be considered a substitute for the reported results prepared in accordance with GAAP. See the “Non-GAAP Financial Measures” section for both the definition of Adjusted EBITDA and the reconciliation from GAAP to the non-GAAP measurement.

21

Table of Contents

Segment Financial and Operating Data

The following tables set forth financial and operating data by segment:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1514705/000151470526000010/sxc-20251231.htm
Complete FY 2025 MD&A: /company/SXC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Annual Report on Form 10-K contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This discussion contains forward-looking statements about our business, operations and industry that involve risks and uncertainties, such as statements regarding our plans, objectives, expected future developments, expectations and intentions, and they involve known and unknown risks that are difficult to predict. As a result, our future results and financial condition may differ materially from those we currently anticipate as a result of the factors we describe under “Cautionary Statement Concerning Forward-Looking Statements” and “Risk Factors.”

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is based on financial data derived from the financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) and certain other financial data that is prepared using a non-GAAP measure. For a reconciliation of the non-GAAP measure to its most comparable GAAP component, see “Non-GAAP Financial Measures” in this Item 7.

Our MD&A is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. Our results of operations include reference to our business operations and market conditions, which are further described in Part I of this document.

2025 Overview

Our consolidated results of operations in 2025 were as follows:

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024","","Increase (Decrease)"],["","(Dollars in millions)"],["Net (loss) income","$","(38.8)","","","$","103.5","","","$","(142.3)"],["Net cash provided by operating activities","$","109.1","","","$","168.8","","","$","(59.7)"],["Adjusted EBITDA(1)","$","219.2","","","$","272.8","","","$","(53.6)"]]
[[/GREPCENT_TABLE]]

(1)See “Non-GAAP Financial Measures” in this Item 7 below for both the definition of Adjusted EBITDA and the reconciliation from GAAP to the non-GAAP measurement.

Operating results during the year ended December 31, 2025 primarily reflect a $90.1 million ($68.1 million net of tax) impairment charge at our Haverhill I cokemaking facility as a result of Algoma Steel's breach of contract. Additionally, operating results reflect lower pricing in our Domestic Coke segment mainly driven by the mix of contracted and non-contracted blast coke sales in the current year period, lower volumes due to unfavorable coal-to-coke yields, lower volumes due to Algoma Steel's breach of contract, the impact of the Granite City contract extension economics, lower terminals handling volumes due to market conditions as well as the absence of a $9.5 million pre-tax gain related to the extinguishment of certain black lung liabilities during the prior year period. Operating results for the year ended December 31, 2025 include five months of operating results associated with the acquisition of Flame Aggregator, LLC (“Phoenix Global”). Net loss was reduced during the current year period by income tax benefits recognized on investment tax credits and the impairment charge discussed above. Operating cash flows during the current period primarily reflect payments to settle liabilities assumed as part of the acquisition of Phoenix Global, an increase in income tax receivables related to capital investment tax credits and the unfavorable operating results discussed above. See detailed analysis of the year's results throughout this MD&A.

We returned meaningful capital to our shareholders through the declaration and payment of a dividend of $0.12 per share during each quarter of 2025.

Recent Developments

•One Big Beautiful Bill Act. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. Following the enactment of the OBBBA, the Company recognized the tax effects of the legislation in the interim period that included the enactment date, as required under ASC 740, Income Taxes. The Company has evaluated the impact of the OBBBA on cash taxes, deferred tax assets and liabilities and has reflected these effects in the consolidated financial statements for the year ended December 31, 2025.

33

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•Revolving Facility Extension. On July 25, 2025, we amended and extended the maturity of our revolving credit facility (“Revolving Facility”) to July 2030 under substantially similar terms. The amendment also reduced the Revolving Facility capacity by $25.0 million to $325.0 million.

•Acquisition of Phoenix Global. On August 1, 2025, we completed the acquisition of Phoenix Global, a privately held provider of mission-critical mill services to major steel producing companies. We acquired Phoenix Global for preliminary purchase consideration of $295.8 million. See Note 3 to our consolidated financial statements for further detail.

•Algoma Coke Supply Contract. At the end of the third quarter of 2025, we were notified of Algoma Steel Inc's breach of contract and refusal to accept any additional coke tons. We are actively pursuing all avenues to enforce the contract and recover any financial losses.

•Haverhill II Contract Extension. In November 2025, the Haverhill II long-term, take-or-pay agreement with Cleveland-Cliffs Steel Holding Corporation and Cleveland-Cliffs Steel LLC, subsidiaries of Cleveland-Cliffs Inc. and collectively referred to as “Cliffs Steel,” was extended through December 31, 2028. Under the extension, the Company will provide 500 thousand tons of metallurgical coke annually.

•Haverhill I Closure. In the fourth quarter of 2025, the Company made the decision to optimize its coke fleet and close its Haverhill I cokemaking facility in the first quarter of 2026, resulting in the impairment charges discussed above.

•Granite City Contract Extension. In January 2026, the Granite City long-term, take-or-pay agreement with United States Steel Corporation (“U.S. Steel”) was extended through December 31, 2026. Under the extension, the Company will provide 590 thousand tons of metallurgical coke. The provisions and economics of this extension remain similar to those included in the previous extensions executed in 2024 and 2025.

Items Impacting Comparability

•U.S. Department of Labor’s Division of Coal Mine Workers Compensation (“DCMWC”) Regulatory Exemption. In August 2024, the Company reached an agreement with the DCMWC and made a payment of $36.0 million to extinguish the majority of its self-insured federal black lung liabilities. As a result of the agreement, the Company recognized a $9.5 million pre-tax gain within selling, general and administrative expenses on the Consolidated Statements of Operations during the year ended December 31, 2024. The agreement resulted in a reduction of $45.5 million of the Company's black lung liability on the Consolidated Balance Sheets. See Note 13 to our consolidated financial statements for further detail.

•Acquisition of Phoenix Global. As discussed above, we completed the acquisition of Phoenix Global on August 1, 2025 and five months of Phoenix Global results are included in the consolidated financial statements.

Consolidated Results of Operations

The following section includes year-over-year analysis of consolidated results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. See “Analysis of Segment Results” later in this Item 7 for further details of these results. Refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K for the year-over-year analysis of consolidated results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023.

34

Table of Contents

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024","","","","Increase (Decrease)"],["","(Dollars in millions)"],["Revenues"],["Sales and other operating revenue","$","1,837.3","","","$","1,935.4","","","","","$","(98.1)"],["Costs and operating expenses"],["Cost of products sold and operating expenses","1,553.0","","","1,603.4","","","","","(50.4)"],["Selling, general and administrative expenses","84.8","","","61.2","","","","","23.6"],["Depreciation and amortization expense","153.6","","","118.9","","","","","34.7"],["Long-lived asset impairment","90.3","","","\u2014","","","","","90.3"],["Total costs and operating expenses","1,881.7","","","1,783.5","","","","","98.2"],["Operating (loss) income","(44.4)","","","151.9","","","","","(196.3)"],["Interest expense, net","28.4","","","23.4","","","","","5.0"],["(Loss) income before income tax (benefit) expense","(72.8)","","","128.5","","","","","(201.3)"],["Income tax (benefit) expense","(34.0)","","","25.0","","","","","(59.0)"],["Net (loss) income","(38.8)","","","103.5","","","","","(142.3)"],["Less: Net income attributable to noncontrolling interests","5.4","","","7.6","","","","","(2.2)"],["Net (loss) income attributable to SunCoke Energy, Inc.","$","(44.2)","","","$","95.9","","","","","$","(140.1)"]]
[[/GREPCENT_TABLE]]

Sales and Other Operating Revenue and Costs of Products Sold and Operating Expenses. Sales and other operating revenue and costs of products sold and operating expenses decreased during 2025 compared to the same prior year period, driven by lower pricing in our Domestic Coke segment mainly driven by the mix of contracted and non-contracted blast coke sales in the current year period, lower contracted coke tons delivered due to Algoma Steel's breach of contract, the impact of the Granite City contract extension economics and the impact of the pass-through of lower coal prices on our long-term, take-or-pay agreements. Additionally, sales and other operating revenue during 2025 were negatively impacted by lower volumes due to unfavorable coal-to-coke yields. The decreases in sales and other operating revenue and costs of products sold and operating expenses were partially offset by the inclusion of five months of Phoenix Global results.

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased during 2025, reflecting transaction costs of $10.1 million incurred related to the acquisition of Phoenix Global as well as the absence of a $9.5 million gain, which was the result of the extinguishment of certain liabilities related to our legacy coal mining business in the prior year period. See Note 13 to our consolidated financial statements for further detail. Additionally, selling, general and administrative expenses during 2025 further increased due to the inclusion of Phoenix Global's costs in the current year period. These increased costs were partially offset by lower employee related expenses and lower legal expenses in the current year period.

Depreciation and Amortization Expense. The increase to depreciation and amortization expense during 2025 reflects the inclusion of Phoenix Global's expense in the current year period. This increase was partially offset by the expiration of the useful lives of assets in our Domestic Coke segment placed into service in prior periods.

Long-lived Asset Impairment. During the fourth quarter of 2025, a triggering event occurred requiring a review for impairment at our Haverhill I cokemaking facility, which resulted in a $90.1 million impairment charge. See Note 7 to our consolidated financial statements for

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SXC/mda/fy2025/
All MD&A years: /company/SXC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SXC/mda/fy2024/): filed 2025-02-21; accession 0001514705-25-000004 (https://www.sec.gov/Archives/edgar/data/1514705/000151470525000004/sxc-20241231.htm)
- [FY 2023 MD&A](/company/SXC/mda/fy2023/): filed 2024-02-22; accession 0001514705-24-000005 (https://www.sec.gov/Archives/edgar/data/1514705/000151470524000005/sxc-20231231.htm)
- [FY 2022 MD&A](/company/SXC/mda/fy2022/): filed 2023-02-24; accession 0001514705-23-000003 (https://www.sec.gov/Archives/edgar/data/1514705/000151470523000003/sxc-20221231.htm)
- [FY 2021 MD&A](/company/SXC/mda/fy2021/): filed 2022-02-24; accession 0001514705-22-000004 (https://www.sec.gov/Archives/edgar/data/1514705/000151470522000004/sxc-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SXC.md · JSON record: /company/SXC.json · verified financials: /company/SXC/financials.json / /company/SXC/financials.csv · machine TOC for the whole site: /llms.txt