Southern Copper 2026: Revenue $4.7B, EPS $2.15— 10-Q Summary

What happened

Southern Copper reported 2026 revenue of $4.7B, up 39.1%, and net income of $1.8B, up 62.7% from the prior-year period. Diluted EPS rose 62.9% to $2.15 as higher metal prices offset lower copper sales volume.

Confirmed

Global impact / market context

Higher metal prices lifted Southern Copper's revenue and profit even though it sold less copper, showing price can outweigh volume for its results. By-product credits cut net cash cost to $0.09 per pound, which is the cost after subtracting revenue from other metals.

Analyst inference

Southern Copper forecasts 2026 copper output of 918,000 tonnes, while mined production fell 2.9% over the first nine months. The Tia Maria project, 49.6% complete with first production targeted for the first half of 2028, is a future source of additional copper supply.

Analyst inference

What to watch

1. Watch whether mined copper production recovers, since output fell 1.1% in Q3 and 2.9% over the first nine months as Buenavista gains were offset by lower Peruvian mine output. Confirmed
2. Track Tia Maria construction progress beyond 49.6% completion, because first production is targeted for the first half of 2028 and any delay would push back future copper supply. Proposed
3. Monitor metal prices, because higher copper, molybdenum, silver and zinc prices drove the sales increase despite lower copper sales volume, so weaker prices could reverse that support. Analyst inference

Evidence

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