SunCoke Energy Inc

suncoke.com

What Do They Do?

Sells coke to steelmakers and foundries, and provides material-handling and mill services to industrial businesses.

How Do They Make Money?

Steelmakers buy coke under long-term agreements and pay for contracted volumes even if they do not take them; extra coke is sold at spot prices. Industrial services are billed per ton or through fixed and production-linked fees, while energy and Brazil operating and licensing fees are earned as energy is delivered or services are provided.

revenue

Segment	Share	How money arrives
Cokemaking Sold outright	85% FY2022: 91%	Sold outright
Energy Usage-based	2.7% FY2022: 3.1%	Usage-based
Industrial Services	10%
Operating and licensing fees Recurring	1.9% FY2022: 1.9%	Recurring
Other	0.4% FY2022: 0.3%

Who Are Their Customers?

Steelmakers buy coke under long-term agreements; steel, coke, coal, power and other bulk businesses use handling and mixing services, and steel producers hire SunCoke for on-site scrap and slag work.

Do Revenues Turn Into Profits?

Not on paper. It lost $44.2M in FY2025, but brought in more cash than it spent: $42.3M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($151.9M, 8%)

Net income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($95.9M, 5%)

Free cash flow, FY2025

2% of revenue

▼ −56% vs FY2024 ($95.9M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ 0%; vs $487M in Q3 FY2025
Net income: ▼ −2%; vs $22.2M in Q3 FY2025

Cokemaking share of revenue vs 81.8% in Q3 FY2025

Jul 30, 2026 Raised full-year Adjusted EBITDA guidance Raised its full-year 2026 Consolidated Adjusted EBITDA guidance range to $250 million - $265 million.
Feb 24, 2026 Named Shantanu Agrawal chief financial officer His appointment as senior vice president and chief financial officer took effect March 13, 2026.

Growing. Revenue grew 26% in 4 years, from $1.5B in FY2021 to $1.8B in FY2025, about 6% a year.

Broader industrial services The latest business description adds on-site scrap and slag handling and processing and mill services for steelmakers, beyond the earlier logistics focus on terminal material handling and mixing.

Wider coke sales markets The latest description includes non-contracted blast coke sales to North American spot-market customers alongside export sales; the older description names export sales for excess blast coke.

Revenue over time

Cokemaking Energy Industrial Services Operating and licensing fees Other Logistics

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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