The strong earnings beat on soaring commodity prices and negative cash cost underpins bullish momentum. Watch for sustained copper prices above $5/lb and production recovery in later quarters to validate the trajectory.
Price Chart
Executive Summary
Southern Copper reported record Q1 2026 net income of $1.577B (EPS $1.92), up 66.7% YoY, on revenue of $4.251B (+36.2% YoY). EPS beat consensus of $1.77 by 8.5%, driven by surging copper and silver prices and negative cash costs, despite a 4% drop in copper production.
Key Financial Metrics
Key Facts
- Q1 2026 net income record $1.5769B, up 66.7% YoY
- EPS $1.92 vs consensus $1.77 (+8.5% beat)
- Revenue $4.2514B, up 36.2% YoY
- Adjusted EBITDA $2.7128B (+55.4% YoY), margin 63.8%
- Operating cash flow $1.6945B (+135% YoY)
- Copper production fell 4.0% YoY to 230,544 tons
- Operating cash cost net of by-products was -$0.11/lb
- Quarterly cash dividend of $1.00/share declared
- CEO transition: Leonardo Contreras appointed after death of Oscar Gonzalez Rocha
Financial Impact
Record quarterly net income of $1.577B, with EPS $1.92 beating consensus $1.77. Revenue growth of 36.2% YoY driven by higher metal prices (copper +37.5%, silver +157.9%).
Risk Factors
- Copper production declined 4% YoY due to lower ore grades
- CEO transition introduces short-term management uncertainty
- Commodity price volatility could reverse tailwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-051281 |
| Document: scco-20260428x8k.htm | 0001104659-26-051281 |
| Document: 0001104659-26-051281-index-headers.html | 0001104659-26-051281 |
| Document: 0001104659-26-051281-index.html | 0001104659-26-051281 |
| Document: 0001104659-26-051281.txt | 0001104659-26-051281 |
| 8-K Data (Synthetic) | 0001104659-26-051281 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 26, 2026 14w ago | 8-K | $171.26 $198.06 | ▲ +15.65% | ▲ +11.16% | $205.54 (+20.02%) |
Jun 17, 2026 15w ago | 8-K | $191.68 $193.49 | ▲ +0.94% | ▼ −2.20% | $205.54 (+7.23%) |
Jun 15, 2026 15w ago | S-3ASR | $193.22 $209.26 | ▲ +8.30% | ▲ +7.30% | $205.54 (+6.38%) |
Apr 29, 2026 22w ago | 8-K | $169.10 $179.32 | ▲ +6.04% | ▲ +2.93% | $205.54 (+21.55%) |
Apr 29, 2026 22w ago | 8-K | $165.89 $179.29 | ▲ +8.08% | ▲ +3.96% | $205.54 (+23.90%) |
Apr 17, 2026 24w ago | DEFA14A | $187.88 $181.54 | ▼ −3.37% | ▼ −10.15% | $205.54 (+9.40%) |
Apr 17, 2026 24w ago | 8-K | $187.88 $181.54 | ▲ +3.37% | ▲ +10.15% | $205.54 (−9.40%) |
Apr 13, 2026 24w ago | 8-K | $190.45 $174.43 | ▼ −8.41% | ▼ −16.93% | $205.54 (+7.93%) |
US Market Status
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