Southern Copper Corporation (SCCO) Earnings
Southern Copper Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.74. SCCO has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +5.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $1.88 | $1.92 | +2.1% | $4.3B | +7.5% |
| Jan 27, 2026 | $1.54 | $1.58 | +2.6% | $3.9B | +4.3% |
| Oct 28, 2025 | $1.25 | $1.35 | +8.0% | $3.4B | +5.3% |
| Jul 29, 2025 | $1.11 | $1.22 | +9.9% | $3.1B | +0.1% |
| Apr 25, 2025 | $1.13 | $1.19 | +5.3% | $3.1B | +5.4% |
| Feb 12, 2025 | $1.02 | $1.01 | -1.0% | $2.8B | -2.8% |
| Oct 22, 2024 | $1.11 | $1.15 | +3.6% | $2.9B | -0.8% |
| Jul 19, 2024 | $1.05 | $1.21 | +15.2% | $3.1B | +9.6% |
| Apr 25, 2024 | $0.75 | $0.94 | +24.7% | $2.6B | +4.5% |
| Feb 9, 2024 | $0.73 | $1.17 | +60.3% | $2.3B | — |
| Oct 25, 2023 | $0.74 | $0.80 | +8.1% | $2.5B | -1.4% |
| Aug 1, 2023 | $0.81 | $0.71 | -12.3% | $2.3B | -8.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · January 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Performance in 2025 set new records for net sales ($13.4B), adjusted EBITDA ($7.8B), and net income ($4.3B) driven by higher production volumes and better metal prices. - Copper prices increased, with LME copper up 21% and COMEX up 22% in Q4 2025. - Capital investments over $20.5B this decade, including Tia Maria project in Peru (24% complete by end 2025, expected to generate $20.2B in exports and $4.6B in taxes/royalties over 20 years). - ESG accreditations: Buenavista, Toquepala, and Cuajone mines received Copper Mark for tailings management; La Caridad Unit in Mexico awarded Casco de Plata for safety. - Southern Peru recognized by Peruvian government for largest number of Public Works for Taxes projects in 2025, investing $28M in 4 projects benefiting over 5,000 people.
Guidance
- 2026 copper production expected at 911,400 tons (4.7% decrease from 2025). - 2026 molybdenum production expected at 26,000 tons. - 2026 silver production expected at 24 million ounces (2% decrease from 2025). - Cuajone concentrator expansion under review, with submission to board needed for investment decision. - Tia Maria project expected to have $508M cash out in 2026, construction finished by mid-2027, with first production in second half 2027 and full capacity of 120,000 tons per year by 2028.
Segment performance
In the fourth quarter of 2025, copper represented 75% of sales, with copper production in Q4 2025 at 242,172 tons (1.4% QoQ increase) and 2025 total copper production at 956,270 tons (1% below 2025 plan). For 2026, copper production is expected to be 911,400 tons. Molybdenum represented 8% of sales value in Q4 2025, with 2025 molybdenum production at 31,200 tons (7% above 2024) and 2026 expected at 26,000 tons. Silver represented 9% of sales in Q4 2025, with 2025 silver production at 24 million ounces (15% increase over 2024) and 2026 expected at 24 million ounces (2% decrease). Zinc represented 4% of sales in Q4 2025, with 2025 zinc production at 165,500 tonnes (36% increase due to Buenavista zinc and Santa Barbara mine production).
Risks & headwinds
- Illegal miners in Los Chancas project area preventing project advancement; company working with authorities to regain control. - Lower ore grades at Toquepala and Cuajone impacting production volumes. - Currency fluctuations, with costs affected by peso and Peruvian sol appreciation against the dollar.
Analyst Q&A
Q: Updated thoughts on cost guidance and currency impact?
A: Costs affected by peso and sol appreciation; operating costs expected to be relatively flat per pound due to lower production, but strong by-product production will help with credits.
Q: Ability to increase silver production in 2026?
A: Silver production guidance is 24 million ounces, but new zinc concentrator at Buenavista found good ore grades for zinc and silver, potentially improving silver production.
Q: Reason for molybdenum production decline in 2026?
A: Lower ore grades in areas affecting both copper and molybdenum production, with forecasted decline but hope to improve.
Q: Latest update on Cuajone concentrator expansion?
A: Still working on project, need to prepare information for board submission for investment decision.
Q: Timing of Tia Maria CapEx disbursement?
A: $508M forecasted cash out in 2026, with better payment terms reducing cash out, construction finished mid-2027, first production in second half 2027.