Revenue growth has accelerated to 15.4% YoY in Q2 2026, supported by gross margin expansion of 430 basis points to 39.6%, indicating strong pricing power and cost control.
Cementos Pacasmayo S.A.A. (CPAC) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 2.25B | 2.12B | 1.98B | 1.95B | 2.12B | 1.94B | 1.3B | 1.39B | 1.26B | 1.22B | 1.24B | 1.23B | 1.24B | 1.24B | 1.17B | 994.97M | 898.05M | 756.57M |
| Revenue Growth % | 10.87% | 7.02% | 1.44% | -7.83% | 9.18% | 49.48% | -6.92% | 10.27% | 3.46% | -1.29% | 0.46% | -0.93% | 0.23% | 5.97% | 17.57% | 10.79% | 18.7% | - |
| Cost of Goods Sold | 1.35B | 1.31B | 1.25B | 1.26B | 1.46B | 1.38B | 921.05M | 905.81M | 796.21M | 732.96M | 736.53M | 695.76M | 724.15M | 716.24M | 713.06M | 569.51M | 478.99M | 405.5M |
| COGS % of Revenue | - | 61.88% | 63.17% | 64.64% | 69.18% | 71.13% | 71.05% | 65.04% | 63.04% | 60.04% | 59.56% | 56.52% | 58.28% | 57.78% | 60.96% | 57.24% | 53.34% | 53.6% |
| Gross Profit | 899.34M | 806.87M | 728.53M | 689.45M | 652.03M | 559.43M | 375.29M | 486.89M | 466.73M | 487.79M | 500.13M | 535.26M | 518.43M | 523.45M | 456.75M | 425.45M | 419.06M | 351.07M |
| Gross Margin % | 40% | 38.12% | 36.83% | 35.36% | 30.82% | 28.87% | 28.95% | 34.96% | 36.96% | 39.96% | 40.44% | 43.48% | 41.72% | 42.22% | 39.04% | 42.76% | 46.66% | 46.4% |
| Gross Profit Growth % | - | 10.75% | 5.67% | 5.74% | 16.55% | 49.07% | -22.92% | 4.32% | -4.32% | -2.47% | -6.56% | 3.25% | -0.96% | 14.6% | 7.36% | 1.53% | 19.37% | - |
| Operating Expenses | 384.87M | 382.14M | 337.49M | 303.95M | 296.71M | 241.18M | 199.18M | 216.37M | 224.96M | 289.23M | 227.33M | 207.29M | 208.44M | 230.45M | 226.23M | 306.56M | 82.65M | 124.4M |
| OpEx % of Revenue | - | 18.05% | 17.06% | 15.59% | 14.02% | 12.45% | 15.36% | 15.54% | 17.81% | 23.69% | 18.38% | 16.84% | 16.78% | 18.59% | 19.34% | 30.81% | 9.2% | 16.44% |
| Selling, General & Admin | 356.9M | 357.69M | 308.98M | 281.83M | 268.51M | 224.89M | 180.05M | 199.46M | 199.45M | 210.09M | 208.32M | 191.94M | 195.99M | 218.5M | 213.66M | 203.84M | 175.2M | 144.63M |
| SG&A % of Revenue | - | 16.9% | 15.62% | 14.45% | 12.69% | 11.61% | 13.89% | 14.32% | 15.79% | 17.21% | 16.84% | 15.59% | 15.77% | 17.63% | 18.26% | 20.49% | 19.51% | 19.12% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.22M | 24.45M | 28.51M | 22.13M | 28.21M | 16.29M | 19.12M | 16.91M | 25.5M | 79.14M | 19.01M | 15.35M | 12.45M | 11.95M | 12.57M | 102.72M | -92.55M | -20.23M |
| Operating Income | 514.47M | 424.73M | 391.03M | 385.5M | 355.32M | 318.25M | 176.11M | 270.52M | 241.77M | 198.56M | 272.81M | 327.97M | 309.99M | 293M | 230.52M | 118.9M | 336.41M | 226.67M |
| Operating Margin % | 22.88% | 20.06% | 19.77% | 19.77% | 16.79% | 16.42% | 13.59% | 19.42% | 19.14% | 16.27% | 22.06% | 26.64% | 24.95% | 23.63% | 19.71% | 11.95% | 37.46% | 29.96% |
| Operating Income Growth % | - | 8.62% | 1.44% | 8.49% | 11.65% | 80.71% | -34.9% | 11.89% | 21.76% | -27.22% | -16.82% | 5.8% | 5.8% | 27.1% | 93.89% | -64.66% | 48.41% | - |
| EBITDA | 638.97M | 584.21M | 549.28M | 529.69M | 493.86M | 453.82M | 315.28M | 400.34M | 371.55M | 322.77M | 384.07M | 398.78M | 374.75M | 348.87M | 278.48M | 166.53M | 372.69M | 259.37M |
| EBITDA Margin % | 28.42% | 27.6% | 27.77% | 27.16% | 23.34% | 23.42% | 24.32% | 28.75% | 29.42% | 26.44% | 31.06% | 32.39% | 30.16% | 28.14% | 23.81% | 16.74% | 41.5% | 34.28% |
| EBITDA Growth % | 13.69% | 6.36% | 3.7% | 7.26% | 8.82% | 43.94% | -21.25% | 7.75% | 15.12% | -15.96% | -3.69% | 6.41% | 7.42% | 25.28% | 67.22% | -55.32% | 43.69% | - |
| D&A (Non-Cash Add-back) | 124.5M | 159.48M | 158.25M | 144.19M | 138.54M | 135.57M | 139.17M | 129.82M | 129.78M | 124.21M | 111.27M | 70.81M | 64.76M | 55.87M | 47.95M | 47.63M | 36.29M | 32.7M |
| EBIT | 446.04M | 359.35M | 395.16M | 346.63M | 339.17M | 295.89M | 156.69M | 256.43M | 164.79M | 174.3M | 243.97M | 315.67M | 302.54M | 269.46M | 245.09M | 122.62M | 342.25M | 237.21M |
| Net Interest Income | -78.56M | -76.1M | -92.67M | -96.8M | -91.8M | -86.07M | -69.03M | -75.41M | -84.97M | -67.92M | -72.18M | -33.52M | -23.92M | -10.2M | -1M | -16.65M | -11.76M | -17.23M |
| Interest Income | 11.24M | 10.64M | 6.3M | 3.96M | 3.31M | 2.89M | 1.76M | 1.73M | 1.86M | 5.84M | 2.59M | 3.14M | 7.71M | 26.9M | 22.77M | 2.69M | 2.69M | 1.4M |
| Interest Expense | 89.8M | 86.74M | 98.97M | 100.76M | 95.11M | 88.97M | 70.79M | 62.08M | 48.65M | 73.76M | 45.86M | 8.9M | 27.16M | 34.78M | 15.75M | 19.22M | 14.81M | 18.63M |
| Other Income/Expense | -156.98M | -156.75M | -94.85M | -139.79M | -92.9M | -94.14M | -90.21M | -76.17M | -125.63M | -70.14M | -74.7M | -21.2M | -34.61M | -58.32M | -1.18M | -15.05M | -9.19M | -8.09M |
| Pretax Income | 357.49M | 267.98M | 296.19M | 245.71M | 262.42M | 224.11M | 85.9M | 194.35M | 116.14M | 128.42M | 198.11M | 306.77M | 275.37M | 234.68M | 229.34M | 103.85M | 327.21M | 218.58M |
| Pretax Margin % | 15.9% | 12.66% | 14.97% | 12.6% | 12.4% | 11.57% | 6.63% | 13.96% | 9.2% | 10.52% | 16.02% | 24.92% | 22.16% | 18.93% | 19.61% | 10.44% | 36.44% | 28.89% |
| Income Tax | 144.59M | 113.77M | 97.31M | 76.81M | 85.59M | 70.94M | 28M | 62.31M | 40.99M | 47.03M | 78.63M | 89.38M | 78.84M | 82.39M | 73.74M | 38.38M | 104.11M | 70.57M |
| Effective Tax Rate % | 40.45% | 42.46% | 32.85% | 31.26% | 32.62% | 31.65% | 32.6% | 32.06% | 35.3% | 36.62% | 39.69% | 29.14% | 28.63% | 35.11% | 32.15% | 36.96% | 31.82% | 32.29% |
| Net Income | 212.9M | 154.21M | 198.88M | 168.9M | 176.83M | 153.17M | 57.89M | 132.05M | 76.7M | 93.78M | 116.17M | 215.53M | 192.83M | 155.63M | 159M | 67.69M | 223.22M | 147.77M |
| Net Margin % | 9.47% | 7.28% | 10.05% | 8.66% | 8.36% | 7.9% | 4.47% | 9.48% | 6.07% | 7.68% | 9.39% | 17.51% | 15.52% | 12.55% | 13.59% | 6.8% | 24.86% | 19.53% |
| Net Income Growth % | -0.1% | -22.46% | 17.75% | -4.48% | 15.45% | 164.57% | -56.16% | 72.16% | -18.22% | -19.27% | -46.1% | 11.77% | 23.9% | -2.12% | 134.89% | -69.67% | 51.06% | - |
| Net Income (Continuing) | 212.9M | 154.21M | 198.88M | 168.9M | 176.83M | 153.17M | 57.89M | 132.05M | 75.15M | 81.39M | 119.48M | 217.39M | 196.54M | 152.28M | 155.6M | 65.47M | 223.11M | 148.01M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -754K | -6.59M | -5.72M | -7.75M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148K | 112.59M | 103.08M | 78.14M | 78.63M | 60.86M | 33.03M | 739K | 849K |
| EPS (Diluted) | 2.49 | 1.70 | 2.30 | 1.95 | 2.05 | 1.80 | 0.70 | 1.55 | 0.90 | 1.10 | 1.34 | 2.35 | 2.08 | 1.68 | 1.75 | 0.91 | 2.99 | 1.98 |
| EPS Growth % | 0% | -26.09% | 17.95% | -4.88% | 13.89% | 157.14% | -54.84% | 72.22% | -18.18% | -17.91% | -42.98% | 12.98% | 23.81% | -4% | 92.31% | -69.57% | 51.01% | - |
| EPS (Basic) | - | 1.70 | 2.30 | 1.95 | 2.05 | 1.80 | 0.70 | 1.55 | 0.90 | 1.10 | 1.34 | 2.35 | 2.08 | 1.68 | 1.75 | 0.91 | 2.99 | 1.98 |
| Diluted Shares Outstanding | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 86.88M | 91.56M | 92.83M | 92.83M | 90.93M | 74.71M | 74.71M | 74.71M |
| Basic Shares Outstanding | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 85.62M | 86.88M | 91.56M | 92.83M | 92.83M | 90.93M | 74.71M | 74.71M | 74.71M |
| Dividend Payout Ratio | - | 106.85% | 88.02% | 103.87% | 101.69% | 219.9% | 248.08% | 91.37% | 223.98% | 133.28% | 132.91% | 75.24% | 60.07% | 37.33% | 32.71% | 134.08% | 32.53% | 23.86% |
Quick answers to the most common questions about buying CPAC stock.
For fiscal year 2025, Cementos Pacasmayo S.A.A. (CPAC) reported total revenue of $2.12B. This represents a 179.8% increase compared to $756.6M in 2009.
Cementos Pacasmayo S.A.A. (CPAC) is profitable, generating $154.2M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
Cementos Pacasmayo S.A.A. (CPAC) reported an operating income of $424.7M, resulting in an operating profit margin of 20.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cementos Pacasmayo S.A.A. (CPAC) generated $806.9M in gross profit for the year, representing a gross profit margin of 38.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile SG&A and net income
Growth Acceleration and Pricing Power
CPAC's revenue growth has accelerated sharply, reaching 15.4% year-over-year in Q2 2026, driven by both volume expansion and apparent pricing strength, as reported in its recent financial statements.
The company's top-line growth has moved from low-single digits in 2024 to double-digit rates in recent quarters, with the Q2 2026 figure representing a significant acceleration from the 5.9% growth seen in Q2 2025. This trajectory suggests the company is successfully capturing share in the Peruvian construction materials market or benefiting from favorable pricing dynamics, moving well beyond the stagnant growth observed by some larger global peers like CEMEX.
Gross Margin Expansion Drives Profitability
Gross margins have expanded meaningfully over the past year, rising from 35.3% in Q2 2024 to 39.6% in Q2 2026, indicating improved cost management or successful price increases outpacing input costs.
The gross margin trend shows a clear upward shift, particularly in the most recent quarters, where levels have consistently been near or above 39%. This structural improvement is notable given the company operates in a commodity-sensitive sector, suggesting CPAC may possess stronger local market pricing power or more favorable cost structures than the peer set. The margin expansion is a primary driver of the corresponding surge in operating profitability.
Strong Operating Leverage Amplifies Earnings
Operating income has scaled significantly faster than gross profit, with operating margins expanding from 17.6% in Q2 2024 to 24.4% in Q2 2026, demonstrating effective overhead control and leverage.
While gross profit grew from $161.6M to $221.1M (a 37% increase), operating income expanded from $80.4M to $136.4M (a 70% increase) over the same period. This indicates that SG&A costs have not grown commensurately with the top line, particularly in quarters like Q2 2026 where SG&A as a percentage of revenue declined. The resulting operating leverage has been a key contributor to the outsized growth in bottom-line earnings.
Net Income Volatility Masks Underlying Strength
Despite strong operational trends, reported net income has been volatile, swinging to a loss in Q4 2025 before rebounding, which warrants investor scrutiny of non-operating items and tax effects.
The reported net loss of $17.8M in Q4 2025, despite positive operating income of $117.1M, suggests a significant non-recurring charge or tax event that distorted the quarter's profitability. The subsequent rebound to solid profitability in Q1 and Q2 2026 implies the operational core remains healthy. However, this volatility in the final net income line contrasts with the smooth operational progress and highlights the need to examine the full income statement to assess true recurring earnings power.
Q2 2025 Marks Operational Breakout
The second quarter of 2025 appears to be a key inflection point where revenue growth re-accelerated and gross margins began a sustained climb, setting the stage for the strong performance seen in subsequent periods.
Prior to Q2 2025, growth was muted (below 6%) and gross margins were in the mid-30s. Starting in that quarter, revenue growth re-accelerated to 5.9% and has since climbed to double digits, while gross margins moved to the upper 30s and stayed there. This shift suggests a change in market conditions, successful commercial initiatives, or cost benefits that have had a lasting impact on the company's financial profile over the following four quarters.
Margin Compression and SG&A Sustainability Risks
Skeptics would highlight that the recent high growth and margin expansion may be difficult to sustain, and any reversal in input costs or pricing could quickly pressure profitability given the SG&A run-rate.
The exceptional operating margin of 24.4% in Q2 2026 compares favorably to peers but is at the high end of CPAC's own historical range. A reversion in gross margins toward the 37% level seen in mid-2024 would disproportionately impact operating income given the current fixed cost structure. Furthermore, the variability in SG&A (e.g., jumping to $96.7M in Q3 2025) suggests potential cost discipline challenges that could erode the recent leverage gains if not maintained during any future top-line slowdown.