Southern Copper (SCCO) Q3 2025 Earnings
Reported Oct 28, 2025 at 8:35 PM ET · SEC Source
Q3 25 EPS
$1.35
BEAT +7.20%
Est. $1.26
Q3 25 Revenue
$3.38B
BEAT +5.15%
Est. $3.21B
vs S&P Since Q3 25
+21.0%
BEATING MARKET
SCCO +30.3% vs S&P +9.4%
Market Reaction
Did SCCO Beat Earnings? Q3 2025 Results
Southern Copper delivered a strong third quarter in 2025, beating Wall Street expectations on both the top and bottom lines as favorable metal prices and a surge in by-product production lifted results well above forecasts. The company posted earning… Read more Southern Copper delivered a strong third quarter in 2025, beating Wall Street expectations on both the top and bottom lines as favorable metal prices and a surge in by-product production lifted results well above forecasts. The company posted earnings per share of $1.35, ahead of the $1.26 consensus estimate by 7.20%, while revenue of $3.38 billion topped expectations by 5.15% and grew 15.2% from the year-ago period. The single most decisive driver was a dramatic reduction in operating cash cost per pound of copper, which fell 44.7% to $0.42, powered largely by a 46.3% year-over-year surge in zinc production and a 16.4% rise in silver output that collectively transformed by-product credits into a meaningful earnings lever. Adjusted EBITDA climbed 17.3% to $1.98 billion, with margins widening to 58.5%. Looking ahead, the company's multi-decade growth program, anchored by the Tía María project now 23% complete and on track to produce 120,000 tonnes of copper cathodes annually beginning in 2027, reflects management's confidence that copper's long-term demand fundamentals, increasingly supported by AI infrastructure buildout, remain firmly intact.
Key Takeaways
- • Higher metal prices: copper LME +6.5%, COMEX +14.2%; silver +34.4%; molybdenum +12.1%; zinc +1.6% vs Q3 2024
- • Strong by-product production growth: zinc +46.3%, silver +16.4%, molybdenum +8.3% year-over-year
- • Operating cash cost per pound of copper dropped 44.7% to $0.42 net of by-product credits
- • Higher by-product revenue credits driven by improved sales volumes and prices
- • Buenavista zinc concentrator production increased 108.2%
SCCO YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We are very pleased with our third-quarter results, where our performance delivered new Company records for net sales, adjusted EBITDA and net income. These milestones are a testament to the strength of our strategy, execution and commitment to sustainable growth. This strong performance was primarily driven by a rise in by-product production and improved metal prices across all our products. Zinc production rose 46.3%, mainly on the back of notable production at our Buenavista zinc concentrator. Silver and molybdenum output grew 16.4% and 8.3%, respectively. The combination of higher production volumes and better copper and by-product prices enabled us to achieve a cash cost of $0.42 per pound of copper in 3Q25, one of the industry's lowest.”
— German Larrea, Q3 2025 Earnings Press Release
SCCO Earnings Trends
SCCO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SCCO EPS Trend
Earnings per share: estimate vs actual
SCCO Revenue Trend
Quarterly revenue: estimate vs actual
SCCO Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.81 | $1.92 | +6.18% | $4.25B | +0.67% |
| Q4 25 BEAT FY | $1.53 | $1.56 | +2.25% | $3.87B | +3.07% |
| FY Full Year | — | $5.24 | — | $13.42B | — |
| Q3 25 BEAT | $1.26 | $1.35 | +7.20% | $3.38B | +5.15% |
| Q2 25 BEAT | $1.11 | $1.22 | +9.59% | $3.05B | -0.20% |