10-QPeriod: Q1 FY2026

SOUTHERN COPPER CORP/ Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 30, 2026For Securities:SCCO

Summary

Southern Copper Corporation (SCCO) reported a strong first quarter for 2026, with net income attributable to SCC soaring by 66.7% year-over-year to $1,576.9 million, translating to earnings per share of $1.92. This significant growth was primarily driven by robust increases in net sales, up 36.2% to $4,251.4 million, fueled by higher metal prices across the board, including copper, silver, molybdenum, and zinc. The company demonstrated effective cost management, with operating income increasing by a substantial 61.5%. Despite a slight decrease in copper sales volume, the overall positive performance was bolstered by strong by-product contributions, particularly from silver, which saw a remarkable price increase of over 157%. SCCO also continued its commitment to strategic capital investments, spending $441.9 million in the quarter to support future growth and operational enhancements, including significant progress on key projects like Tia Maria in Peru.

Financial Highlights

48 data points
Beta

Revenue

$4.25B

0.6% Gross Margin

Net Income

$1.58B

0.4% Net Margin

EPS (Diluted)

$1.92

Total Assets

$21.93B

Cash & Equivalents

$4.92B

Free Cash Flow

$1.25B

Financial Statements
Beta
Revenue$4.25B
Cost of Revenue$1.50B
Gross Profit$2.75B
SG&A Expenses$35.80M
Operating Expenses$1.77B
Operating Income$2.48B
Net Income$1.58B
EPS (Basic)$1.92
EPS (Diluted)$1.92
Shares Outstanding (Basic)821.70M
Shares Outstanding (Diluted)821.70M

Key Highlights

  • 1Net income attributable to SCC surged by 66.7% to $1,576.9 million, leading to earnings per share of $1.92.
  • 2Net sales increased by 36.2% to $4,251.4 million, driven by higher prices for copper, silver, molybdenum, and zinc.
  • 3Operating income saw a significant increase of 61.5% to $2,480.4 million, indicating strong operational performance.
  • 4The company's silver sales experienced a notable price increase of 157.9%, making it the most significant by-product during the quarter.
  • 5Capital expenditures increased by 39.0% to $441.9 million, reflecting continued investment in strategic growth projects.
  • 6Copper mine production decreased by 4.0% to 508.3 million pounds, primarily due to lower ore grades at several key mines, though this was partially offset by gains at others.
  • 7The company maintained a strong liquidity position, with cash and cash equivalents increasing to $4,915.4 million.

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