10-K · February 27, 2026
Southern Copper presents a large, vertically integrated copper platform concentrated in Peru and Mexico (164,805 ha in Peru; 505,788 ha in Mexico) and reports a strong finish to 2025 with Q4 revenue of $3.87 billion,…
Earnings analysis · 10-Q
SCCO earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Southern Copper Corporation reported a strong Q1 2026 with revenues of $4.25 billion, representing a 36.2% increase year-over-year and a substantial beat against prior earnings estimates. The net income increased by…
Read full summary
Southern Copper Corporation reported a strong Q1 2026 with revenues of $4.25 billion, representing a 36.2% increase year-over-year and a substantial beat against prior earnings estimates. The net income increased by 66.7% to $1.58 per share, despite a 4.9% decline in copper sales volume, signifying robust pricing power and increased demand for by-products like silver and molybdenum.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.92
What stood out
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Significant Revenue Growth
Net sales rose 36.2% year-over-year to $4.25 billion.
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Strong EPS Performance
Diluted EPS increased 66.8% to $1.92, driven by higher sales and operating income.
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EBITDA Margin Improvement
Operating income surged by 61.5% to $2.48 billion, boosting operational margins.
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Rising Metal Prices
Copper prices increased 37.5% (LME) and 26.9% (COMEX), enhancing revenue generation.
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High Silver Demand
Silver sales increased 11.6%, with prices skyrocketing by 157.9% year-over-year.
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Increased Capital Investment
Capital investments rose 39.0% year-over-year to $441.9 million, underscoring growth focus.
What to watch
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Leadership Instability
The sudden passing of CEO Oscar Gonzalez raises concerns over future strategic direction.
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Geopolitical Tensions
Current conflicts in the Middle East may impact operations and increase costs due to global supply chain disruptions.
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Declining Copper Sales Volume
Copper sales volume decreased by 4.9%, indicating potential demand weaknesses.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · October 31, 2025
Southern Copper reported Q3 net sales of $3,377.3 million and diluted EPS of $1.35, outperforming the comparable prior-year quarter and driving operating income of $1,768.8 million (52.4% operating margin). The company…
10-K · March 3, 2025
Southern Copper positions itself as a very large, vertically integrated copper producer with extensive Peruvian and Mexican assets (154,535 ha in Peru; 502,688 ha in Mexico) and says it believes it has the largest…
10-K · February 29, 2024
Southern Copper presents itself as a very large, vertically integrated copper producer with extensive Peruvian and Mexican assets (156,818 ha in Peru; 502,688 ha in Mexico) and says it believes it has the largest copper…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.