Revenue growth remains stagnant while profitability has deteriorated, with gross margins contracting to 7.6% in 2026Q1 compared to 17.6% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 1.86B | 1.84B | 1.94B | 2.06B | 1.97B | 1.46B | 1.33B | 1.6B | 1.45B | 1.33B | 1.22B | 1.36B | 1.47B | 1.65B | 1.91B | 1.54B | 1.33B | 1.14B |
| Revenue Growth % | -1.41% | -5.07% | -6.19% | 4.6% | 35.47% | 9.23% | -16.7% | 10.3% | 8.97% | 8.84% | -10.23% | -7.47% | -10.62% | -13.92% | 24.38% | 16% | 15.86% | - |
| Cost of Goods Sold | 1.74B | 1.71B | 1.6B | 1.72B | 1.6B | 1.12B | 1.05B | 1.28B | 1.12B | 1.02B | 906.5M | 1.1B | 1.17B | 1.35B | 1.58B | 1.31B | 1.04B | 860.83M |
| COGS % of Revenue | - | 92.89% | 82.85% | 83.59% | 81.36% | 76.84% | 78.63% | 79.83% | 77.5% | 76.67% | 74.1% | 80.6% | 79.72% | 81.81% | 82.42% | 84.85% | 78.17% | 75.18% |
| Gross Profit | 120.5M | 130.7M | 332M | 338.6M | 367.6M | 337.2M | 284.8M | 322.7M | 326.4M | 310.7M | 316.8M | 264.3M | 298.6M | 299.7M | 336.5M | 233.1M | 289.65M | 284.16M |
| Gross Margin % | 6.49% | 7.11% | 17.15% | 16.41% | 18.64% | 23.16% | 21.37% | 20.16% | 22.5% | 23.33% | 25.9% | 19.4% | 20.28% | 18.19% | 17.58% | 15.15% | 21.83% | 24.82% |
| Gross Profit Growth % | - | -60.63% | -1.95% | -7.89% | 9.02% | 18.4% | -11.74% | -1.13% | 5.05% | -1.93% | 19.86% | -11.49% | -0.37% | -10.94% | 44.36% | -19.52% | 1.93% | - |
| Operating Expenses | 82.2M | 65.8M | 180.1M | 213.5M | 213.9M | 195.7M | 215.1M | 467M | 207.7M | 207.8M | 205.5M | 184.5M | 172M | 188.4M | 162.8M | 165.6M | 115.39M | 72.53M |
| OpEx % of Revenue | - | 3.58% | 9.31% | 10.35% | 10.84% | 13.44% | 16.14% | 29.18% | 14.32% | 15.61% | 16.8% | 13.54% | 11.68% | 11.43% | 8.51% | 10.76% | 8.7% | 6.33% |
| Selling, General & Admin | 82.2M | 65.8M | 61.2M | 70.7M | 71.4M | 61.8M | 81.4M | 75.8M | 66.1M | 79.6M | 91.3M | 75.4M | 75.9M | 92.4M | 82M | 88.7M | 67.23M | 40.2M |
| SG&A % of Revenue | - | 3.58% | 3.16% | 3.43% | 3.62% | 4.24% | 6.11% | 4.74% | 4.56% | 5.98% | 7.46% | 5.53% | 5.15% | 5.61% | 4.28% | 5.76% | 5.07% | 3.51% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 118.9M | 142.8M | 142.5M | 133.9M | 133.7M | 391.2M | 141.6M | 128.2M | 114.2M | 109.1M | 96.1M | 96M | 80.8M | 76.9M | 48.16M | 32.32M |
| Operating Income | 38.3M | 64.9M | 151.9M | 125.1M | 153.7M | 141.5M | 69.7M | -144.3M | 118.7M | 102.9M | 96.6M | 79.8M | 109.8M | 111.3M | 173.7M | 67.5M | 174.26M | 211.63M |
| Operating Margin % | 2.06% | 3.53% | 7.85% | 6.06% | 7.79% | 9.72% | 5.23% | -9.02% | 8.18% | 7.73% | 7.9% | 5.86% | 7.46% | 6.75% | 9.07% | 4.39% | 13.14% | 18.48% |
| Operating Income Growth % | - | -57.27% | 21.42% | -18.61% | 8.62% | 103.01% | 148.3% | -221.57% | 15.35% | 6.52% | 21.05% | -27.32% | -1.35% | -35.92% | 157.33% | -61.26% | -17.66% | - |
| EBITDA | 208M | 219.9M | 270.8M | 267.9M | 296.2M | 275.4M | 203.4M | -500K | 261.2M | 232.1M | 211.9M | 188.9M | 205.9M | 207.3M | 254.5M | 125.9M | 222.42M | 243.95M |
| EBITDA Margin % | 11.2% | 11.97% | 13.99% | 12.98% | 15.02% | 18.91% | 15.26% | -0.03% | 18% | 17.43% | 17.32% | 13.86% | 13.98% | 12.58% | 13.3% | 8.18% | 16.77% | 21.31% |
| EBITDA Growth % | -20.61% | -18.8% | 1.08% | -9.55% | 7.55% | 35.4% | 40780% | -100.19% | 12.54% | 9.53% | 12.18% | -8.26% | -0.68% | -18.55% | 102.14% | -43.39% | -8.83% | - |
| D&A (Non-Cash Add-back) | 169.7M | 155M | 118.9M | 142.8M | 142.5M | 133.9M | 133.7M | 143.8M | 142.5M | 129.2M | 115.3M | 109.1M | 96.1M | 96M | 80.8M | 58.4M | 48.16M | 32.32M |
| EBIT | 38.3M | 64.9M | 151.9M | 125.1M | 153.7M | 109.6M | 75.4M | -142.8M | 118.4M | 83.8M | 122.9M | 79.3M | -77.8M | 111.3M | 147.6M | 80.4M | 197.98M | 236.14M |
| Net Interest Income | -31.9M | -27.7M | -23.4M | -27.3M | -32M | -42.5M | -56.3M | -60.3M | -61.4M | -61.9M | -54.8M | -56.2M | -47.8M | -52.3M | -47.6M | -1.4M | 19M | 20.34M |
| Interest Income | 500K | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 12.9M | 23.72M | 24.51M |
| Interest Expense | 32.4M | 32.2M | 23.4M | 27.3M | 32M | 42.5M | 56.3M | 60.3M | 61.4M | 61.9M | 54.8M | 56.7M | 63.2M | 52.3M | 48.2M | 24.1M | 4.73M | 4.17M |
| Other Income/Expense | -140.4M | -137.7M | -23.4M | -27.3M | -32M | -74.4M | -50.6M | -58.8M | -61.7M | -82.3M | -29.8M | -56.7M | 109M | -52.3M | -47.8M | -1.4M | 18.99M | 20.34M |
| Pretax Income | -102.1M | -72.8M | 128.5M | 97.8M | 121.7M | 67.1M | 19.1M | -203.1M | 57M | 21.9M | 68.1M | 23.1M | 46.6M | 59M | 125.9M | 66.1M | 193.25M | 231.97M |
| Pretax Margin % | -5.5% | -3.96% | 6.64% | 4.74% | 6.17% | 4.61% | 1.43% | -12.69% | 3.93% | 1.64% | 5.57% | 1.7% | 3.16% | 3.58% | 6.58% | 4.3% | 14.57% | 20.26% |
| Income Tax | -40.5M | -34M | 25M | 34.3M | 16.8M | 18.3M | 10.3M | -54.7M | 4.6M | -81.6M | 8.6M | -8.8M | 7.4M | 6.7M | 23.4M | 7.2M | 46.94M | 20.73M |
| Effective Tax Rate % | 39.67% | 46.7% | 19.46% | 35.07% | 13.8% | 27.27% | 53.93% | 26.93% | 8.07% | -372.6% | 12.63% | -38.1% | 15.88% | 11.36% | 18.59% | 10.89% | 24.29% | 8.94% |
| Net Income | -65.9M | -44.2M | 95.9M | 57.5M | 100.7M | 43.4M | 3.7M | -152.3M | 26.2M | 122.4M | 14.4M | -22M | -126.1M | 25M | 98.8M | 60.6M | 139.2M | 189.68M |
| Net Margin % | -3.55% | -2.41% | 4.96% | 2.79% | 5.11% | 2.98% | 0.28% | -9.52% | 1.81% | 9.19% | 1.18% | -1.61% | -8.56% | 1.52% | 5.16% | 3.94% | 10.49% | 16.57% |
| Net Income Growth % | -170.71% | -146.09% | 66.78% | -42.9% | 132.03% | 1072.97% | 102.43% | -681.3% | -78.59% | 750% | 165.45% | 82.55% | -604.4% | -74.7% | 63.04% | -56.47% | -26.62% | - |
| Net Income (Continuing) | -61.6M | -38.8M | 103.5M | 63.5M | 104.9M | 48.8M | 8.8M | -148.4M | 47M | 103.5M | 59.5M | 10.3M | -101.8M | 50.1M | 82M | 58.9M | 146.31M | 211.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28.3M | 28.8M | 30.8M | 31.3M | 37.1M | 37.3M | 31.9M | 26.8M | 219.6M | 233.4M | 328.8M | 332.9M | 273.7M | 274.9M | 35.8M | 34.4M | 59.8M | 73.62M |
| EPS (Diluted) | -0.77 | -0.52 | 1.12 | 0.68 | 1.19 | 0.52 | 0.04 | -1.98 | 0.40 | 1.88 | 0.22 | -0.34 | -1.83 | 0.36 | 1.40 | 0.87 | 1.99 | 2.71 |
| EPS Growth % | -170.57% | -146.43% | 64.71% | -42.86% | 128.85% | 1200% | 102.02% | -595% | -78.72% | 754.55% | 164.71% | 81.42% | -608.33% | -74.29% | 60.92% | -56.28% | -26.57% | - |
| EPS (Basic) | - | -0.52 | 1.13 | 0.68 | 1.20 | 0.52 | 0.04 | -1.98 | 0.40 | 1.90 | 0.22 | -0.34 | -1.83 | 0.36 | 1.41 | 0.87 | 1.99 | 2.71 |
| Diluted Shares Outstanding | 85.6M | 85.5M | 85.3M | 84.9M | 84.6M | 83.7M | 83.2M | 76.8M | 65.5M | 65.2M | 64.4M | 65M | 68.8M | 70.2M | 70.3M | 70M | 70M | 70M |
| Basic Shares Outstanding | 85.6M | 85.5M | 85.1M | 84.7M | 83.8M | 83M | 83M | 76.8M | 64.7M | 64.3M | 64.2M | 64.71M | 68.8M | 69.9M | 70M | 70M | 70M | 70M |
| Dividend Payout Ratio | - | - | 39.21% | 53.39% | 23.44% | 46.31% | 537.84% | - | - | - | - | - | - | - | - | - | 15.04% | 9.81% |
Customer blast furnace utilization
As reported in recent financial statements, SunCoke Energy experienced a persistent revenue decline, with the most recent quarterly growth rate of 4.4% failing to offset the broader trend of contraction observed over the trailing ten-quarter period, reflecting significant volatility in throughput and pass-through coal pricing dynamics.
The revenue trajectory appears increasingly fragile as the company struggles to maintain top-line stability against a backdrop of fluctuating metallurgical coal prices. Investors should monitor whether this contraction is a structural shift in customer demand or merely a reflection of the pass-through nature of its primary cost inputs.
Based on the provided income statement data, gross margins have deteriorated significantly from 17.6% in 2024Q1 to a mere 7.6% in 2026Q1, indicating that the company's ability to extract value from its cokemaking operations is currently under substantial pressure from rising operational costs.
The sharp decline in gross margin suggests that the company's fee-based model is not providing the expected insulation from inflationary pressures or operational inefficiencies. This compression warrants further investigation into whether the company's coke-to-coal yield has degraded or if maintenance expenses are disproportionately impacting the bottom line.
According to recent SEC filings, the company's net income has swung from a positive $30.7M in 2024Q3 to a net loss of $4.4M in 2026Q1, highlighting a lack of earnings quality driven by non-operating items and significant fluctuations in quarterly profitability that obscure core performance.
The inconsistency in net income, punctuated by a massive $85.6M loss in 2025Q4, suggests that non-cash charges or one-time adjustments are heavily distorting the reported bottom line. Analysts should focus on adjusted EBITDA metrics to better understand the underlying cash-generating capacity of the business, as reported EPS appears highly unreliable.
As indicated by the historical data, SG&A expenses have fluctuated between $9.6M and $30.3M per quarter, suggesting that management's expense discipline is inconsistent and potentially reactive to operational challenges rather than being part of a cohesive, long-term strategy to optimize the company's high-fixed-cost structure.
The lack of predictability in SG&A spending may indicate that the company is forced to incur unplanned costs to maintain its aging cokemaking assets. Investors should scrutinize these variances to determine if they represent necessary capital maintenance or a failure to control overhead during periods of revenue decline.
While the company emphasizes its take-or-pay contract structure, the recent net margin of -2.41% suggests that these agreements may not be sufficient to protect the firm from systemic operational risks, raising concerns about the long-term viability of its current business model in a changing energy landscape.
Short-sellers would likely focus on the disconnect between the company's 'utility-like' narrative and its actual inability to generate consistent net income. The reliance on a small number of steel-producing counterparties creates a concentration risk that could lead to significant liquidity issues if customer blast furnace utilization continues to trend downward.
Quick answers to the most common questions about buying SXC stock.
For fiscal year 2025, SunCoke Energy, Inc. (SXC) reported total revenue of $1.84B. This represents a 60.5% increase compared to $1.14B in 2009.
SunCoke Energy, Inc. (SXC) reported a net loss of $44.2M for the fiscal year ending 2025.
SunCoke Energy, Inc. (SXC) reported an operating income of $64.9M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
SunCoke Energy, Inc. (SXC) generated $130.7M in gross profit for the year, representing a gross profit margin of 7.1%. This demonstrates the company's core pricing power and production efficiency.