Q4 25 EPS
$0.32
MISS 17.10%
Est. $0.39
Q4 25 Revenue
$732.9M
MISS 0.23%
Est. $734.6M
vs S&P Since Q4 25
-18.8%
TRAILING MARKET
HBM -12.1% vs S&P +6.7%
Full Year 2025 Results
FY 25 EPS
$1.44
FY 25 Revenue
$2.21B
Market Reaction
Did HBM Beat Earnings? Q4 2025 Results
Hudbay Minerals closed out fiscal 2025 with a mixed quarter, posting Q4 earnings per share of $0.32 against a consensus estimate of $0.39, a shortfall of 17.10%, while revenue of $732.90 million came in just 0.23% below expectations despite surging 2… Read more Hudbay Minerals closed out fiscal 2025 with a mixed quarter, posting Q4 earnings per share of $0.32 against a consensus estimate of $0.39, a shortfall of 17.10%, while revenue of $732.90 million came in just 0.23% below expectations despite surging 25.3% year-over-year. The EPS gap reflected a sharp jump in tax expense, which climbed to $347.70 million from $183.80 million as higher commodity prices drove substantially greater taxable income across the company's operations. Beneath the headline miss, however, the quarter carried considerable strategic momentum: Peru's Constancia mine delivered its strongest performance of the year on high-grade Pampacancha ore, consolidated cash costs turned deeply negative at ($0.63) per pound of copper net of by-products, and the $600.00 million Mitsubishi partnership on the Arizona Copper World project pushed post-closing liquidity above $1.40 billion. Bank of America raised its price target to $32.50 following the results, maintaining a Buy rating. Looking ahead, Hudbay guided 2026 copper production to a midpoint of 124,000 tonnes, roughly 5% above 2025 levels, with a Copper World sanctioning decision expected later this year.
Key Takeaways
- • Higher realized metal prices across copper, gold, silver and molybdenum driving record revenue and EBITDA
- • Strong cost control across operations resulting in negative consolidated cash cost of ($0.22) per pound of copper
- • Gold by-product credits representing 38% of total revenue in 2025, up from 35% in 2024
- • Optimization of Pampacancha mine plan in Peru accelerating high-grade copper and gold production
- • $25.0 million business interruption insurance recovery related to Manitoba wildfire evacuations
- • $322.3 million pre-tax impairment reversal on Arizona Copper World project
- • Record quarterly revenue of $732.9 million and record quarterly adjusted EBITDA of $385.9 million in Q4
- • Record annual free cash flow of $387.9 million in 2025
- • All-in sustaining cash cost improved to $1.74/lb in 2025 from $1.88/lb in 2024
HBM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
HBM Revenue by Segment
With YoY comparisons, source: SEC Filings
HBM Revenue by Geography
Regional revenue distribution
“2025 was a transformative year for Hudbay as we delivered record annual revenue of $2.2 billion and exceeded $1 billion in adjusted EBITDA, underpinned by our 11th consecutive year of meeting consolidated copper production guidance.”
— Peter Kukielski, Q4 2025 Earnings Press Release
HBM Earnings Trends
HBM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HBM EPS Trend
Earnings per share: estimate vs actual
HBM Revenue Trend
Quarterly revenue: estimate vs actual
HBM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $0.34 | $0.40 | +16.55% | $757.3M | +10.23% |
| Q4 25 MISS FY | $0.39 | $0.32 | -17.10% | $732.9M | -0.23% |
| FY Full Year | — | $1.44 | — | $2.21B | — |
| Q3 25 MISS | $0.06 | $0.03 | -50.74% | $346.8M | -11.62% |
| Q2 25 BEAT | $0.10 | $0.19 | +95.67% | $536.4M | +1.45% |