Southern Copper Corporation (SCCO) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 27, 2027 — estimated from last year’s reporting date.

Consensus is $2.17 EPS for Dec 2026 across 2 estimates, ranging $2.15 to $2.19.

SCCO Sep 2026

Reported Oct 21, 2026

: 5.39%
: -7.31%

: $2.04
: $2.15
: —
: $4.70B

Reported results

: $4.70B; from $3.38B
: 65.95%; from 59.83%
: $2.82B; from $1.77B
: 59.94%; from 52.37%
: $1.81B; from $1.11B
: $2.15; from $1.32

Highlights

Record earnings: Third-quarter net sales reached $4.697B, up 39.1% year over year and about 9.5% from Q2; net income attributable to SCC was a record $1.802B, up 62.7% year over year and about 7.9% sequentially.
EPS beat: Diluted EPS of $2.15 exceeded consensus of $2.04 by 5.39%, versus $2.01 in Q2 and $1.32 in the year-ago release.
Metal prices drove the print: Year over year, average LME copper rose 44.4% to $6.41/lb, while molybdenum, zinc, silver and gold prices increased 35.5%, 35.9%, 58.7% and 23.6%, respectively.
Margins and EBITDA expanded: Adjusted EBITDA rose 53.9% to $3.040B; its margin increased to 64.7% from 58.5% a year earlier, while the net income margin rose to 38.4% from 32.8%.
Copper output remained soft: Mined copper production fell 1.1% year over year to 232,396 tonnes; total copper production declined 0.8% to 235,501 tonnes, while refined and rod output increased 16.1%.
By-product credits compressed reported cash cost: Net operating cash cost fell to 9.5 cents/lb from 42.0 cents a year earlier, chiefly as by-product revenue credits rose 30.6%; cash cost before those credits increased to 245.5 cents/lb from 222.7 cents.
Cash generation funded higher investment: Operating cash flow was $2.224B, up 42.6% year over year; capital investment increased 47.7% to $515.8M.
Growth projects advanced: Tia Maria was 49.6% complete, with 120,000 tonnes/year of planned early production and operations expected in 1H28; El Pilar site preparation began in September, with production expected in 2H29.

Analysis

Southern Copper delivered a price-led record quarter, with EPS of $2.15 beating the $2.04 consensus by 5.39%. Net sales of $4.697B rose 39.1% from a year earlier and about 9.5% from Q2’s $4.29B. Net income attributable to SCC increased 62.7% year over year to $1.802B and about 7.9% sequentially, while EPS advanced from $1.32 in the year-ago release and $2.01 in Q2. Adjusted EBITDA reached a record $3.040B, up 53.9%, with a 64.7% margin versus 58.5% a year ago.

The main driver was substantially higher realized metal pricing: year-over-year average prices rose across the company’s listed products, including 44.4% for LME copper and 58.7% for silver. Volume offered little help: mined copper declined 1.1% year over year and sales volumes for copper, molybdenum and silver were lower. Stronger by-product credits pushed net copper cash cost down to 9.5 cents per pound, although cost before credits rose. Operating cash flow climbed 42.6% to $2.224B as capital investment grew 47.7% to $515.8M. The release also highlighted construction progress at Tia Maria and the start of El Pilar site preparation.

Prices and earnings

Revenue: Net sales were $4.697B, up $1.319B, or 39.1%, from $3.377B in 3Q25. Sales were also about 9.5% above Q2’s $4.29B.
Profitability: Operating income rose 59.2% year over year to $2.815B. Net income attributable to SCC increased 62.7% to $1.802B, and diluted EPS of $2.15 topped the $2.04 consensus by 5.39%. EPS was $2.01 in Q2 and $1.32 in the year-ago release.
Margins: Adjusted EBITDA increased 53.9% to $3.040B, lifting its margin 6.2 percentage points to 64.7%. Net income margin rose 5.6 points to 38.4%.
Pricing: Average LME copper was $6.41/lb, up 44.4% year over year and 6.1% sequentially. Molybdenum, zinc, silver and gold prices rose 35.5%, 35.9%, 58.7% and 23.6% year over year. Sequentially, silver and gold prices fell 14.5% and 5.5%, respectively.

Production and costs

Copper: Mined production declined 1.1% year over year to 232,396 tonnes, and total production including third-party concentrate fell 0.8% to 235,501 tonnes. Copper sales were down 0.4%. For the first nine months, total production fell 2.8% to 700,770 tonnes.
Operations: Peru’s lower ore grades weighed on mined output. Mexican production improved, but lower production at La Caridad partly offset gains at IMMSA and Buenavista. Smelted output rose 17.8% and refined and rod output rose 16.1% year over year in the quarter.
By-products: Mined zinc fell 7.9% to 41,880 tonnes and molybdenum fell 2.2% to 7,702 tonnes; mined silver was down 1.9%. Zinc sales, by contrast, edged up 0.8%.
Cash cost: Net operating cash cost was 9.5 cents/lb, down from 42.0 cents, as by-product revenue credits increased 30.6% on better prices. Before those credits, operating cash cost rose to 245.5 cents/lb from 222.7 cents.

Cash flow and investment

Cash generation: Operating cash flow increased 42.6% year over year to $2.224B. Nine-month operating cash flow was $5.907B, up 81.3% from $3.258B.
Capital spending: Third-quarter capital investment rose 47.7% to $515.8M; nine-month spending was $1.381B, up 52.9%.
Liquidity and uses: Cash and cash equivalents were $4.824B at September 30, alongside $3.239B of short-term investments. The company paid $917.9M in dividends during the quarter and reported $1.574B of net purchases of short-term investments.

Project development

Tia Maria: The Peru project was 49.6% complete at September 30, with $884.3M invested and $1.101B committed. Large-scale earthworks were completed; planned early production is 120,000 tonnes of copper per year, with operations expected to begin in 1H28.
El Pilar: Site preparation began in September at the Sonora project, which has a stated capital budget of $551M. Construction is expected to start in 1Q27 and production in 2H29; the project description gives annual production of 29,000 tonnes of copper cathode.
Pipeline: The company described a decade-long capital program exceeding $15B. Other projects include Los Chancas, with planned annual output of 130,000 tonnes of copper and 7,500 tonnes of molybdenum and a 2031 expected start, and Michiquillay, targeted for 225,000 tonnes of copper annually with production expected in 2032.

Shareholder returns

Declared distribution: On October 15, the board authorized a quarterly cash dividend of $1.30 per common share and a stock dividend of 0.0106 shares per share. Payment is scheduled for November 19 to holders of record on November 3.

Southern Copper Corporation

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