The record results were driven entirely by higher metal prices (copper +44.4%, silver +58.7% YoY) rather than volume growth, as copper production declined 1.1%. Monitor copper price trends and the company's ability to improve ore grades in Peru, which management expects by end of 2026. The dividend increase signals confidence in cash flow sustainability.
Price Chart
Executive Summary
Southern Copper Corp reported record Q3 2026 results with net sales of $4,696.6M (+39.1% YoY) and net income of $1,801.8M (+62.7% YoY), driven by higher metal prices across all products. EPS of $2.15 beat consensus of $2.04 by 5.4%, while revenue of $4,696.6M exceeded the $4.41B estimate. The company also raised its quarterly cash dividend to $1.30/share from $1.00.
Key Financial Metrics
Key Facts
- Q3 2026 net sales of $4,696.6M, a new quarterly record and +39.1% YoY
- Q3 2026 net income of $1,801.8M, a record high and +62.7% YoY
- EPS of $2.15 beat consensus of $2.04 by 5.4%
- Revenue of $4,696.6M exceeded consensus estimate of $4.41B
- Adjusted EBITDA of $3,040.2M, +53.9% YoY, with margin of 64.7%
- Quarterly cash dividend raised to $1.30/share from $1.00
- Operating cash flow of $2,224.3M, +42.6% YoY
- Copper production down 1.1% QoQ due to lower ore grades in Peru
- Tia Maria project 49.6% complete, expected to begin operations in 1H28
- El Pilar project in Mexico began site preparation, expected production in 2029
Financial Impact
Record quarterly revenue of $4,696.6M (+39.1% YoY) and net income of $1,801.8M (+62.7% YoY); EPS beat consensus by $0.11
Risk Factors
- Copper production declined 1.1% QoQ due to lower ore grades in Peru
- By-product production (silver, zinc, molybdenum) declined YoY
- Capital expenditures increased 47.7% YoY to $515.8M
- Long-term debt increased to $7,995.9M from $6,750.7M at year-end 2025
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-117588 |
| Document: scco-20261020x8k.htm | 0001104659-26-117588 |
| Document: 0001104659-26-117588-index-headers.html | 0001104659-26-117588 |
| Document: 0001104659-26-117588-index.html | 0001104659-26-117588 |
| Document: 0001104659-26-117588.txt | 0001104659-26-117588 |
| 8-K Data (Synthetic) | 0001104659-26-117588 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $198.07 | awaiting T+5 | — | $194.43 (−1.84%) |
Oct 16, 2026 11d ago | Institutional Cluster | $200.51 $185.01 | ▲ +7.73% | ▲ +7.30% | $194.43 (+3.03%) |
Jun 26, 2026 17w ago | 8-K | $171.26 $172.01 | ▲ +0.44% | ▼ −1.73% | $194.43 (+13.53%) |
Jun 17, 2026 18w ago | 8-K | $191.68 $171.84 | ▼ −10.35% | ▼ −9.31% | $194.43 (+1.43%) |
Jun 15, 2026 19w ago | S-3ASR | $193.22 $189.91 | ▼ −1.71% | ▼ −0.33% | $194.43 (+0.63%) |
Apr 29, 2026 25w ago | 8-K | $169.10 $176.84 | ▲ +4.57% | ▲ +2.84% | $194.43 (+14.98%) |
Apr 29, 2026 25w ago | 8-K | $165.89 $181.14 | ▲ +9.19% | ▲ +6.08% | $194.43 (+17.20%) |
Apr 17, 2026 27w ago | DEFA14A | $187.88 $178.12 | ▼ −5.19% | ▼ −6.11% | $194.43 (+3.49%) |
Apr 17, 2026 27w ago | 8-K | $187.88 $178.12 | ▲ +5.19% | ▲ +6.11% | $194.43 (−3.49%) |
Apr 13, 2026 28w ago | 8-K | $190.45 $183.53 | ▼ −3.63% | ▼ −5.03% | $194.43 (+2.09%) |
US Market Status
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