A powerful beat across all metrics, driven by lithium volume and pricing momentum. The raise in global lithium demand guidance to >2.1M MT for 2026 and the Salar Futuro project de-risk the long-term growth story. Monitor the Q3 earnings call for lithium pricing trajectory and progress on Salar Futuro permitting. The 20-F annual report from April 2026 provides context on equity structure and tax payments; the $1.6B in payments to the Chilean state is a reminder of the high tax/royalty burden but is manageable given current margins.
Price Chart
Executive Summary
SQM reported exceptionally strong Q2 2026 earnings, with revenue of $4,228.5 million for H1 2026 (+103.4% YoY) and net income of $1,024.7 million (+353.5% YoY). Lithium segment was the primary driver, with record quarterly sales volumes of 84.1 thousand metric tons of LCE and a realized price of $21.8/kg. The company also advanced its Salar Futuro project with a $3B capex plan and doubled down on Australian expansion, signaling a transformative growth phase.
Key Facts
- H1 2026 revenue $4,228.5M, up 103.4% YoY from $2,079.3M; Q2 revenue $2,468.4M, up 136.7% YoY from $1,042.7M
- H1 2026 net income $1,024.7M ($3.59/share), up 353.5% YoY from $225.9M ($0.79/share); Q2 net income $660.0M ($2.31/share), up 646.4% YoY from $88.4M ($0.31/share)
- Lithium segment H1 revenue $2,964.8M, up 212.7% YoY; Q2 revenue $1,779.2M, up 299.7% YoY
- Record quarterly lithium sales volumes of 84.1K metric tons LCE (Q2 2026); Novandino realized price ~$21.8/kg, up ~23% QoQ and ~160% YoY
- Salar Futuro project: $3B estimated capex over ~7 years; environmental documentation submitted July 2026
- Capex guidance ~$3B over 2026-2028, with 60% for Novandino, 20% for Iodine/Plant Nutrition, 20% for International Lithium
- Iodine segment achieved record-high realized price of ~$73.4/kg and record quarterly revenue; H1 revenue $578.1M, up 9.9% YoY
- Specialty Plant Nutrition H1 revenue $562.0M, up 18.9% YoY; full-year volume growth guided at ~10%
- Global lithium demand now expected to exceed 2.1M metric tons in 2026; lithium price expected relatively stable in Q3
- Adjusted EBITDA H1 2026 $2,154.8M (51.0% margin), up from $665.1M (32.0% margin) YoY
Financial Impact
Revenue more than doubled (+103.4%), net income increased 353.5%, adjusted EBITDA margin expanded from 32% to 51%. Multi-billion dollar project pipeline (Salar Futuro $3B over ~7yrs, Mt. Holland expansion $450-500M SQM share, plus $3B capex for 2026-2028).
Risk Factors
- Lithium price volatility remains a key risk; guidance for stable Q3 prices could change if EV/BESS demand shifts
- Salar Futuro project requires regulatory approvals; delays or rejections could stall production growth beyond 2027
- High tax burden: H1 income tax of $738.3M vs $131.0M last year; royalty/payment structure to Chilean state is >$1.6B accrued H1 2026
- Elevated capex ($3B over 2026-2028) plus Salar Futuro ($3B over ~7yrs) could pressure free cash flow and leverage
- Iodine supply from third-party producers entering market could pressure volumes/pricing in H2 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (SQM) — Batch item 1 | 0000909037-26-000034 |
| Document: 0000909037-26-000034-index-headers.html | 0000909037-26-000034 |
| Document: 0000909037-26-000034-index.html | 0000909037-26-000034 |
| Document: 0000909037-26-000034.txt | 0000909037-26-000034 |
| 6-K Filing (SQM) — Batch item 5 | 0000909037-26-000034 |
| Document: 0000909037-26-000034-index-headers.html | 0000909037-26-000034 |
| Document: 0000909037-26-000034-index.html | 0000909037-26-000034 |
| Document: 0000909037-26-000034.txt | 0000909037-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 8w ago | 6-K | $78.28 $67.12 | ▼ −14.26% | ▼ −14.48% | $56.97 (−27.22%) |
Aug 21, 2026 9w ago | 6-K | $81.96 $69.53 | ▼ −15.17% | ▼ −14.64% | $56.97 (−30.49%) |
Aug 19, 2026 9w ago | Press Release | $75.38 $71.80 | ▲ +4.75% | ▲ +2.80% | $56.97 (+24.42%) |
Jun 11, 2026 19w ago | Institutional Cluster | $84.12 $73.19 | ▼ −12.99% | ▼ −14.77% | $56.97 (−32.28%) |
May 27, 2026 21w ago | 6-K | $83.94 $73.11 | ▼ −12.90% | ▼ −11.00% | $56.97 (−32.13%) |
May 26, 2026 21w ago | Press Release | $83.94 $73.11 | ▼ −12.90% | ▼ −11.00% | $56.97 (−32.13%) |
Feb 27, 2026 34w ago | Press Release | $74.78 $80.92 | ▲ +8.21% | ▲ +16.15% | $56.97 (−23.82%) |
US Market Status
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