Hudbay Minerals (HBM) Q4 2025 Earnings
How Did HBM Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −3.75%.
Did HBM Beat Earnings? Q4 2025 Results
No. Hudbay Minerals reported Q4 2025 earnings of $0.32 a share on Feb 23, 2026, missing the $0.39 consensus estimate by 17.1%. Revenue was $732.9M against a $734.6M estimate.
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.
- 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
“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.”
Hudbay Minerals CEO, on the earnings call
What Was Hudbay Minerals's Outlook in Q4 2025?
Hudbay's 2026 guidance targets consolidated copper production of 117,000-149,000 tonnes (midpoint 124,000 tonnes, +5% vs. 2025) and gold production of 217,000-272,000 ounces (midpoint 244,500 ounces). Consolidated cash cost is expected at ($0.30) to ($0.10) per pound of copper, net of by-product credits, reflecting higher gold production and stable operating costs. Total sustaining capital expenditures are guided at $435 million, with $140 million in growth capital at operations and $135 million at Copper World (fully funded by Mitsubishi proceeds). Key catalysts include the Copper World definitive feasibility study in mid-2026 with sanctioning decision expected in 2026, mill throughput ramp-up to 50,000 tpd at Copper Mountain in H2 2026, pebble crusher installation at Constancia targeting ~90,000 tpd, and the 1901 deposit reaching full production by end-2027. Total 2026 exploration expenses are expected to increase to $60 million from $41 million in 2025. During Q1 2026, the Company entered into copper forward sales and zero-cost collar hedges on approximately 20% of Copper Mountain's 2026 production at attractive prices.
HBM YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $732.9M | $584.9M | +25.3% |
| Gross Profit | $270.1M | $306.7M | −11.9% |
| Net Income | $128.0M | $21.2M | +504.8% |
HBM Revenue by Segment
HBM Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.