Southern Copper Corp. (SCCO)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$15.8B

Revenue growth

32.8%

Net income, last twelve months

$5.7B

Earnings per share

$6.84

Gross margin

63.8%

Operating margin

56.9%

Net margin

35.9%

Free cash flow

$5.1B

Return on equity

44.8%

Market value

$161.9B

Price to earnings

28.4x

Dividend yield

1.9%

Cash

$5.7B

Debt

$8.0B

Debt to equity

0.63

Shares outstanding

834.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 21 October 2026.

• Record sales and net income. Sales reached $4,696.6 million, up 39.1% from 3Q25; net income attributable to SCC was $1,801.8 million, up 62.7%.
• Adjusted EBITDA margin widened. Adjusted EBITDA was $3,040.2 million, up 53.9%, with a 64.7% margin against 58.5%; nine-month adjusted EBITDA was $8,609.0 million, up 56.2%.
• Operating cash flow up 42.6%. Operating cash flow was $2,224.3 million, and $5,907.3 million for nine months, up 81.3%; management attributed the rise to cash generation at operations driven by higher sales.
• Nine-month sales and profit higher. Nine-month sales were $13,237.0 million, up 38.6%, and nine-month net income rose 66.8% to $5,048.6 million, with income per share of $6.08.
• Higher metal prices lifted sales. Average LME copper was $6.41 per pound against $4.44 in 3Q25; silver averaged $62.80 an ounce, up 58.7% on 3Q25 but down 14.5% on 2Q26.
• Copper, moly and silver volumes fell. Copper sales were 233,278 tonnes, down 0.4%; molybdenum sales 7,894 tonnes, down 0.2%; silver sales 5,555 thousand ounces, down 12.2%. Zinc sales rose 0.8% to 40,388 tonnes.
• Mexico output up, Peru down. Mexican copper production rose 2.5%, with IMMSA up 14.8% and Buenavista up 5.2% on higher ore grades; Peruvian output fell 6.1% on lower ore grades.
• Mined copper slightly lower. Mined copper was 232,396 tonnes, down 1.1% against 3Q25’s 234,892 tonnes. The release calls the change quarter-on-quarter, but the table compares with 3Q25; nine-month mined copper fell 2.9%.
• Smelter and refinery output rose. Smelted copper rose 17.8% to 152,628 tonnes and refined and rod copper rose 16.1% to 209,446 tonnes; nine-month smelting rose 15.8%.
• Zinc and molybdenum mining down. Mined zinc fell 7.9% to 41,880 tonnes on lower grades at Buenavista and IMMSA; mined molybdenum fell 2.2% to 7,702 tonnes, with La Caridad and Buenavista down.
• Silver mined output eased. Mined silver fell 1.9% to 6,093 thousand ounces, mainly from open pit operations; nine-month mined silver rose 1.5%.
• Cash cost per pound near zero. Operating cash cost net of by-product credits was $0.09 per pound in 3Q26, against $0.42 in 3Q25; nine-month cost was $0.01 against $0.61.
• By-product credits drove cost decline. The decline was mainly from by-product revenue credits, which rose on better prices; nine-month by-product credits rose 53.6%.
• Operating income and margin higher. Operating income was $2,815.1 million, up 59.2%; the nine-month net income margin was 38.1% against 31.7%.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 254 held.

Every filing

The newest filings with the SEC of 603 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

938 funds held it at 30 Jun 2026: 584 added and 220 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• BHP Group Limited (BHP): revenue $58.8B, market value $209.0B
• Rio Tinto plc (RIO): revenue $57.6B, market value $139.8B
• Freeport-McMoRan Inc. (FCX): revenue $25.9B, market value $95.6B
• Vale S.A. (VALE): revenue $38.4B, market value $48.9B
• Cleveland-Cliffs Inc. (CLF): revenue $20.1B, market value $8.0B
• MP Materials Corp. (MP): revenue $305.4M, market value $7.3B

What the company does

Southern Copper Corporation is an integrated copper producer whose mining, smelting and refining facilities are all in Peru and Mexico. The company believes it is one of the largest integrated copper producers in the world, and says it believes it has the largest copper reserves in the world. It also produces molybdenum, zinc and silver, and it explores in Peru, Mexico, Argentina and Chile. It was incorporated in Delaware in 1952, has mined copper since 1960, and has had its common stock listed on the New York and Lima Stock Exchanges since 1996. It had 16,617 employees at the end of 2025.

How the business is organised

Grupo Mexico S.A.B. de C.V. controls the company. Through its wholly-owned subsidiary Americas Mining Corporation, it owned 88.9% of the capital stock. Operations in Peru run through a registered branch, the SPCC Peru Branch, which holds virtually all of the company's Peruvian copper assets and liabilities. Mexican operations run through Minera Mexico, which the company acquired in 2005 and of which it owns 99.998%. Minera Mexico works through three units: La Caridad, Buenavista and IMMSA.

Management reports three segments: the Peruvian operations, the Mexican open-pit operations, and the Mexican underground operations, known as the IMMSA unit.

What it makes

In Peru, the Toquepala and Cuajone open-pit mines sit high in the Andes, about 860 kilometers southeast of Lima. A smelter and refinery at the coastal city of Ilo process their output into copper cathodes. The process also yields molybdenum concentrate and sulfuric acid, and a precious metals plant at the Ilo refinery produces refined silver and gold.

In Mexico, the La Caridad unit operates the La Caridad and Pilares open-pit copper mines, a concentrator, an SX-EW plant, a smelter, a refinery and a rod plant. The Buenavista unit operates the Buenavista open-pit mine, two copper concentrators, a zinc concentrator and two operating SX-EW plants. The IMMSA unit runs five underground mines producing zinc, lead, copper, silver and gold, plus a zinc refinery.

The company describes its operations as highly vertically integrated, covering the process from ore mining through to refined copper rod, along with most transport and logistics.

Who buys from it

The company says it focuses on end-user customers rather than the spot market or trading companies. Generally 80% to 90% of its metal production is sold under annual or longer-term contracts. Prices follow prevailing commodity prices for the quotation period. Copper, silver and zinc are priced on COMEX and the London Metal Exchange, while molybdenum is priced by reference to Platt's Metals Week.

Competition in copper rests mainly on price and service, and copper also competes with other materials such as aluminum and plastics.

Power, fuel and water

Fuel, gas, electricity and water are the main raw materials. The company also has nine megawatts of hydro capacity at Cuajone. Peruvian water comes from licensed wells and surface rights, along with three desalination plants at Ilo.

In Mexico, most electricity comes from Mexico Generadora de Energia, a Grupo Mexico subsidiary whose two gas-fired plants have a net capacity of 516.2 megawatts, under an agreement lasting until 2032. A wind park, Parque Eolico de Fenicias, supplies 611,400 MWh per year under a 20-year agreement. La Caridad imports natural gas from the United States by pipeline.

Mining rights and projects

Peruvian concessions cover 164,805 hectares and have indefinite terms, subject to annual fees. Mexican concessions cover 505,788 hectares, with 50-year terms that can be renewed for another 50 years. The company owns all its processing facilities and the land under them in both countries.

Projects described in the filing include Tia Maria in Arequipa, Peru, designed for 120,000 tonnes of SX-EW copper cathodes per year. The company says it is developing a growth plan to reach 1.6 million tonnes of copper production by 2033.

Its people

Of the 16,617 employees, about 64.4% are covered by a Collective Labor Agreement, under 16 collective bargaining agreements with ten unions. Peru has 5,432 employees, 50.8% of them unionized and represented by six unions. Mexico has 11,156 employees, 71.2% of them unionized. About 12,400 contractors also support operations, and over 70% of the workforce is hired locally.

The Taxco mine in Mexico has been on strike since July 2007.

*From Southern Copper's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1001838/000110465926021492/scco-20251231x10k.htm)*

From the company's 10-K.