EarningsQ2 2026 Earnings Report
MX:SCCO Q2 2026 EPS Results
Actual EPS$35.76
Consensus EPS$34.91
Beat/MissBeat by +$0.85
One Year Ago EPS$20.92
MX:SCCO Q2 2026 Revenue Results
Actual Revenue$77.22B
Expected Revenue$76.99B
Beat/MissBeat by +$228.46M
YoY Revenue Growth+40.58%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeTBA
Conference CallTuesday, July 21, 2026
MX:SCCO Upcoming Earnings
Southern Copper's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SCCO Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a predominantly positive outlook supported by record financial results, strong cash generation, favorable commodity prices, successful financing and tangible progress on key projects. These material positives outweigh operational headwinds including lower ore grades affecting Peruvian production, higher operating costs, by‑product volume declines and localized project risks (illegal miners and equipment dependencies). Management reiterates guidance, reports active project execution, and signals confidence in future growth driven by ongoing capex and project pipeline.Company Guidance
Record Sales and Strong Revenue Growth
Second quarter sales of $4.3 billion, up $1.2 billion or 41% versus Q2 2025, driven by higher copper and by-product prices.
Record Adjusted EBITDA and Improved Margins
Adjusted EBITDA in Q2 reached a record $2,856 million, up 60% year-over-year; adjusted EBITDA margin rose to 67% (vs. 59% in Q2 2025). Year-to-date adjusted EBITDA was $5,569 million, +58%.
Record Net Income and Margin Expansion
Net income in Q2 was a record $1,670 million, up 72% vs. $973 million in Q2 2025; net income margin improved to 39% from 32%.
Very Strong Operating Cash Flow
Operating cash flow for the first half was $3,683 million, an increase of 117% versus $1,698 million in H1 2025, driven by higher sales and reduced working capital requirements.
Copper Market Tailwinds
LME copper price increased 40% YoY (from $4.32 to $6.04 per lb); COMEX up 31% (avg $6.16 per lb). Company estimates a slight 2026 market deficit and global inventories cover ~15 days of demand.
By-product Price Strength Supporting Results
Molybdenum price +43% YoY ($29.44/lb), silver price +118% YoY ($73.49/oz), zinc price +31% YoY ($1.57/lb), contributing to by-product sales increases (moly +34%, zinc +24%, silver +86%).
By-product Credits and Cash Cost Performance
Q2 by-product credits totaled $1,106 million ($2.24/lb). Operating cash cost before by-product credits was $2.29/lb (down $0.02 vs. Q1); operating cash cost including by-product credits was $0.05/lb in Q2 (still a low absolute level).
Capital Deployment and Funding Success
Q2 capex of $423 million (+79% YoY); H1 capex $865 million (+56% YoY). Issued $1.25 billion 10-year notes at 5.35% with $4.0 billion demand (3.2x oversubscribed) to fund Tia Maria and Peruvian capex.
Project Progress — Tia Maria and El Pilar
Tia Maria 42% complete as of June 30, $1,101 million committed ($693 million invested), mass earthworks 71% progress, procurement underway for major equipment. El Pilar has permits and renewed water license; early site works begin Sept 2026, construction Q1 2027, production expected H2 2029.
Long-term Investment Pipeline and Growth Targets
Current decade capex program exceeds $20.5 billion, including ~ $10.3 billion in Peruvian projects and $10.2 billion in Mexican investments. Guidance updated to ~917,000 t copper for 2026 (≈+1% vs initial plan) and long-term target to exceed 1 million t by 2029.
ESG and Community Initiatives
Ongoing social and environmental programs: Cularjahuira dam benefits (crop yields +~20%), education centers supporting ~3,000 students, sports and community projects engaging thousands and creating local jobs (Tia Maria 5,817 jobs created, 1,254 local hires).
MX:SCCO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed