The massive beat on revenue and earnings, combined with a strong balance sheet and positive operational momentum from San Gabriel, is a clear catalyst. Traders should watch for any forward guidance on the call on July 31, particularly around San Gabriel's ramp-up trajectory and cost profile, as well as any updates on the Cerro Verde dividend stream.
Price Chart
Executive Summary
Buenaventura reported exceptionally strong Q2 2026 results, with total revenues surging 43% YoY to $529.0M and net income attributable to owners more than doubling to $237.4M. EBITDA from direct operations more than doubled to $277.1M, driven by a 12% increase in gold production from the San Gabriel ramp-up and higher metal prices. The company also strengthened its balance sheet, ending the quarter with a net cash position of $66.6M and receiving $117.5M in dividends from Cerro Verde post-quarter-end. The results significantly exceeded the prior year's performance and underscore the success of the San Gabriel project, making this a clearly bullish event for the stock.
Key Facts
- Total revenues increased 43% YoY to $529.0M in Q2 2026.
- Net income attributable to owners was $237.4M, up 160% from $91.3M in Q2 2025.
- EBITDA from direct operations was $277.1M, more than double the $130.1M in Q2 2025.
- EPS was $0.93, up 160% from $0.36 in Q2 2025.
- Gold production increased 12% YoY, driven by the San Gabriel ramp-up.
- Cash position was $758.9M with a net cash position of $66.6M (negative net debt).
- Received $117.5M in dividends from Cerro Verde on July 24, 2026, bringing YTD dividends to $274.1M.
- Approval received to increase mining rate at Yumpag to 1,200 tonnes per day.
Financial Impact
Revenue growth of 43% YoY to $529M, net income growth of 160% YoY to $237.4M, and EBITDA from direct operations growth of 113% YoY to $277.1M.
Risk Factors
- Tailings-management challenges at San Gabriel's filtration plant could constrain production ramp-up.
- Dependence on commodity prices (gold, silver, copper) exposes results to macro volatility.
- Peruvian political, economic, and social risks could impact operations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-088868 |
| Document: 0001104659-26-088868-index-headers.html | 0001104659-26-088868 |
| Document: 0001104659-26-088868-index.html | 0001104659-26-088868 |
| Document: 0001104659-26-088868.txt | 0001104659-26-088868 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 6-K | $30.42 | awaiting T+60 | — | $28.73 (−5.56%) |
Aug 26, 2026 8w ago | 6-K | $36.18 | awaiting T+60 | — | $28.73 (−20.59%) |
Jul 30, 2026 12w ago | 6-K | $30.28 $28.44 | ▼ −6.08% | ▼ −8.53% | $28.73 (−5.12%) |
Apr 30, 2026 25w ago | 6-K | $32.44 $30.38 | ▼ −6.35% | ▼ −9.42% | $28.73 (−11.44%) |
Apr 30, 2026 25w ago | 6-K | $32.44 $30.38 | ▼ −6.35% | ▼ −9.42% | $28.73 (−11.44%) |
Apr 15, 2026 27w ago | 6-K | $35.16 $29.82 | ▼ −15.19% | ▼ −22.23% | $28.73 (−18.29%) |
US Market Status
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