Key Highlights

  • Adjusted EBITDA was $76.9 million, up from $59.1 million a year earlier.
  • Revenue was $485.9 million versus $487.0 million, and diluted EPS was $0.25 versus $0.26.
  • 2026 adjusted EBITDA guidance was raised to $250 million to $265 million from $230 million to $250 million.
  • Industrial Services adjusted EBITDA was $32.1 million versus $18.2 million.
  • Net leverage fell to 2.11 times from 2.76 times at the end of 2025.

SunCoke Earnings: Why Did Adjusted EBITDA Rise 30% on Flat Revenue?

SunCoke Energy (NYSE:SXC) reported third-quarter results on Tuesday, October 27, with adjusted EBITDA of $76.9 million versus $59.1 million, a rise of 30.1% as calculated. Revenue was $485.9 million versus $487.0 million. Net income attributable to the company was $21.8 million, or $0.25 per diluted share, versus $22.2 million, or $0.26. The screen showed $0.27 against an estimate of $0.11, as screened.

Management raised 2026 adjusted EBITDA guidance to $250 million to $265 million from $230 million to $250 million, and said it expects to modestly exceed the high end. The chief executive said both segments delivered strong and consistent operating performance. SunCoke makes coke for blast furnace steelmakers and provides bulk material handling and industrial services.

SunCoke Segments: What Moved Domestic Coke and Industrial Services?

Domestic Coke adjusted EBITDA rose to $51.1 million from $44.0 million, or $58.40 per ton versus $46.27, even as revenue fell to $379.4 million from $413.8 million. Sales volumes were 875 thousand tons versus 951 thousand, reflecting the Haverhill I shutdown and the pass-through of lower coal prices. A better mix of contract and spot sales and favorable coal-to-coke yields supported margins.

Industrial Services revenue rose to $96.8 million from $64.1 million, and adjusted EBITDA reached $32.1 million versus $18.2 million. Results included one extra month of Phoenix Global and higher terminal volumes of 6.42 million tons versus 5.24 million.

Corporate and other adjusted EBITDA was a loss of $6.3 million versus $3.1 million.

SunCoke Guidance: How Much Did the 2026 Ranges Move?

Domestic Coke adjusted EBITDA guidance rose to $172 million to $178 million from $162 million to $168 million, and per-ton EBITDA to $51 to $52 from $48 to $50. Industrial Services guidance rose to $110 million to $115 million from $90 million to $100 million.

Operating cash flow guidance rose to $270 million to $285 million from $230 million to $250 million, and free cash flow is expected at $180 million to $185 million. Capital expenditures are unchanged at $90 million to $100 million, and Domestic Coke sales and production are about 3.4 million tons.

Granite City's customer contract expires in December 2026, and the facility is in turn-down mode as part of a contract extension. The company settled its 2025 claim with a steel customer in October, with no terms disclosed.

SunCoke Balance Sheet: How Far Did Leverage Fall?

Nine-month operating cash flow was $140.3 million versus $52.5 million, and long-term debt fell to $600.8 million from $685.5 million at year-end. Cash was $57.6 million, and liquidity was about $276 million. Gross leverage was 2.34 times versus 3.16 times, and net leverage was 2.11 times versus 2.76 times.

The quarterly dividend is $0.12, payable December 1, 2026, the 29th consecutive. The quarter included $6.9 million of insurance recoveries tied to a 2023 flood.

What to Watch Next at SunCoke Into Year-End?

Watch the fourth-quarter result against the raised guidance, the Granite City contract outcome, and further debt reduction toward the leverage levels implied by the 2026 outlook. The release gave no 2027 outlook.