Southern Copper (SCCO) Q3 2026 Earnings
How Did SCCO Stock React to Q3 2026 Earnings?
Did SCCO Beat Earnings? Q3 2026 Results
Yes. Southern Copper reported Q3 2026 earnings of $2.15 a share on Oct 21, 2026, beating the $2.00 consensus estimate by 7.7%. Revenue was $4.7B against a $4.4B estimate.
Southern Copper Corporation posted a standout third quarter, with GAAP earnings per share of $2.15 beating the $1.95 consensus by 10.10%, marking the company's fourth consecutive quarter of exceeding EPS expectations. Revenue surged 39.1% year-over-year to $4.70 billion, topping the $4.41 billion estimate by 6.62%, as sweeping commodity price tailwinds, including a 44.4% jump in copper prices and a 58.7% rise in gold, powered the top line well ahead of expectations. Net income attributable to Southern Copper climbed 62.7% to $1.80 billion, expanding net margin to 38.4% from 32.8% a year ago, while the operating cash cost per pound of copper plunged to just $0.09 as soaring by-product credits dramatically reduced net costs. Even as some analysts maintained cautious ratings heading into the print, the numbers spoke for themselves. Looking ahead, the company's Tia Maria project in Peru reached 49.6% completion, targeting 120,000 tonnes of annual output when operations begin in early 2028, part of a broader decade-long capital program exceeding $15.00 billion aimed at reaching 1.6 million tonnes of annual copper production.
- Higher metal prices across all products: copper +44.4%, silver +35.9%, gold +58.7%, zinc +35.5%, molybdenum +34.2% YoY
- Operating cash cost per pound of copper net of by-product revenue credits fell 77.4% to $0.09 due to increased by-product revenue credits (+30.6%)
- Strong operating leverage: net income margin expanded to 38.4% from 32.8%, adjusted EBITDA margin expanded to 64.7% from 58.5%
- Slight growth in zinc sales volume (+0.8%)
- Smelters and refineries increased production by 17.8% and 16.1% respectively in Q3
“We are very pleased with our strong third-quarter performance, which delivered a record for net sales, adjusted EBITDA and net income. These achievements were thanks to our strategy and disciplined cost control at the operational level.”
Southern Copper CEO, on the earnings call
What Is Southern Copper's Outlook?
The company is advancing its long-term goal of increasing production to 1.6 million tonnes of copper annually. The Tia Maria greenfield project (120,000 tonnes/year) was 49.6% complete as of September 30, 2026, with operations expected to begin in 1H28. The El Pilar project (36,000 tonnes/year, $551 million capital budget) began early site preparation in September 2026, with production expected in 2H29. Combined, these projects will add approximately 156,000 tonnes of refined copper, pushing total annual production past one million tonnes. Additional pipeline projects include Los Chancas ($2.6 billion, 130,000 tonnes/year, expected 2031), Michiquillay ($2.5 billion, 225,000 tonnes/year, expected 2032), Cuajone expansion, and El Arco. Total Peruvian project investment could surpass $10.3 billion in the next decade, and the company is in talks with the Mexican government regarding $10.2 billion in Mexican investments.
SCCO YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.7B | $3.4B | +39.1% |
| Operating Income | $2.8B | $1.8B | +59.2% |
| Net Income | $1.8B | $1.1B | +62.7% |
When Does Southern Copper Report Next?
Figures from SEC filings and company reports. Not investment advice.