Revenue growth accelerated to 107.5% in 2026Q1, while the company maintained a resilient 39.8% gross margin despite the inherent cost pressures of underground mining.
| Sales/Revenue | 925.2M | 799.6M | 470.26M | 427.48M | 426.39M | 489.92M | 324.08M | 284.84M | 233.1M | 148.24M | 0 |
| Revenue Growth % | 88.99% | 70.03% | 10.01% | 0.26% | -12.97% | 51.17% | 13.77% | 22.2% | 57.25% | - | - |
| Cost of Goods Sold | 530.53M | 454.09M | 289.71M | 270.63M | 239.22M | 171.06M | 135.94M | 167.78M | 150.88M | 130.23M | 843.73K |
| COGS % of Revenue | - | 56.79% | 61.61% | 63.31% | 56.1% | 34.92% | 41.95% | 58.9% | 64.73% | 87.85% | - |
| Gross Profit | 394.67M | 345.51M | 180.55M | 156.84M | 187.18M | 318.86M | 188.14M | 117.06M | 82.23M | 18.01M | -843.73K |
| Gross Margin % | 42.66% | 43.21% | 38.39% | 36.69% | 43.9% | 65.08% | 58.05% | 41.1% | 35.27% | 12.15% | - |
| Gross Profit Growth % | - | 91.36% | 15.12% | -16.2% | -41.3% | 69.48% | 60.71% | 42.37% | 356.63% | 2234.22% | - |
| Operating Expenses | 75.63M | 75.18M | 59.58M | 61.65M | 59.58M | 47.77M | 188.14M | 38.61M | 35.99M | 20.5M | 4.62M |
| OpEx % of Revenue | - | 9.4% | 12.67% | 14.42% | 13.97% | 9.75% | 58.05% | 13.55% | 15.44% | 13.83% | - |
| Selling, General & Admin | 74.23M | 75.18M | 57.9M | 61.65M | 57.08M | 46.41M | 36.85M | 38.61M | 31.75M | 15.65M | 4.62M |
| SG&A % of Revenue | - | 9.4% | 12.31% | 14.42% | 13.39% | 9.47% | 11.37% | 13.55% | 13.62% | 10.56% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.33M | 0 | 1.68M | 0 | 2.5M | 1.36M | 151.28M | 0 | 108K | 1.79M | 0 |
| Operating Income | 319.04M | 270.33M | 120.97M | 95.2M | 127.59M | 271.09M | 0 | 78.45M | 46.23M | -7.56M | -5.46M |
| Operating Margin % | 34.48% | 33.81% | 25.72% | 22.27% | 29.92% | 55.33% | - | 27.54% | 19.83% | -5.1% | - |
| Operating Income Growth % | - | 123.47% | 27.07% | -25.39% | -52.93% | - | -100% | 69.69% | 711.56% | -38.35% | - |
| EBITDA | 472.55M | 410.4M | 206.26M | 187.12M | 186.56M | 318.38M | 110.92M | 120.76M | 92.8M | 32.34M | -4.62M |
| EBITDA Margin % | 51.07% | 51.33% | 43.86% | 43.77% | 43.75% | 64.99% | 34.23% | 42.39% | 39.81% | 21.81% | - |
| EBITDA Growth % | 109.67% | 98.98% | 10.22% | 0.3% | -41.4% | 187.03% | -8.15% | 30.13% | 186.97% | 799.8% | - |
| D&A (Non-Cash Add-back) | 153.51M | 140.07M | 85.28M | 91.93M | 58.97M | 47.29M | 39.35M | 42.3M | 46.56M | 39.9M | 843.73K |
| EBIT | 375.37M | 270.33M | 106.58M | 130.69M | 147.51M | 242.51M | 71.57M | 96.53M | 17.63M | 17.96M | -2.44M |
| Net Interest Income | -21.23M | -16.59M | 2.49M | -10.65M | -10.83M | -2.6M | -10.53M | -14.35M | -17.49M | -18.71M | 0 |
| Interest Income | 4.47M | 5.47M | 4.3M | 2.12M | 10.29M | 2.99M | 1.42M | 717.3K | 1.3M | 2.36M | 0 |
| Interest Expense | 25.7M | 22.06M | 1.81M | 12.78M | 21.13M | 5.59M | 11.94M | 15.07M | 14.96M | 21.07M | 0 |
| Other Income/Expense | 43.55M | 66.42M | -196.41M | 17.15M | -1.21M | -34.17M | 61.42M | -3.63M | -43.57M | 8.16M | 2M |
| Pretax Income | 362.59M | 336.75M | -75.44M | 112.35M | 126.38M | 236.92M | 61.42M | 74.83M | 2.66M | 1.95M | -3.47M |
| Pretax Margin % | 39.19% | 42.11% | -16.04% | 26.28% | 29.64% | 48.36% | 18.95% | 26.27% | 1.14% | 1.31% | - |
| Income Tax | 67.31M | 65.17M | -7.65M | 18.05M | 23.32M | 34.29M | 8.93M | -17.63M | 5.65M | -16.34M | -119.54K |
| Effective Tax Rate % | 18.56% | 19.35% | 10.14% | 16.06% | 18.45% | 14.47% | 14.53% | -23.56% | 212.4% | -839.93% | 3.45% |
| Net Income | 291.94M | 268.34M | -68.47M | 92.8M | 101.83M | 201.05M | 51.62M | 91.88M | -3.15M | 22.47M | -3.01M |
| Net Margin % | 31.55% | 33.56% | -14.56% | 21.71% | 23.88% | 41.04% | 15.93% | 32.26% | -1.35% | 15.16% | - |
| Net Income Growth % | 1445.25% | 491.88% | -173.78% | -8.86% | -49.35% | 289.47% | -43.82% | 3012.3% | -114.04% | 846.54% | - |
| Net Income (Continuing) | 295.29M | 271.58M | -67.79M | 94.3M | 103.07M | 202.63M | 52.5M | 92.45M | -2.99M | 17.48M | -3.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -97.5K |
| Minority Interest | 3.38M | 2.32M | 3.94M | 5.08M | 3.57M | 2.43M | 1.37M | 835K | 296K | -243K | -405K |
| EPS (Diluted) | 2.78 | 2.58 | -0.66 | 0.98 | 1.10 | 2.21 | 0.56 | 1.01 | -0.04 | 0.34 | -0.06 |
| EPS Growth % | 1541.18% | 490.91% | -167.35% | -10.91% | -50.23% | 294.64% | -44.55% | 2786.17% | -111.06% | 648.39% | - |
| EPS (Basic) | - | 2.59 | -0.66 | 0.99 | 1.12 | 2.27 | 0.60 | 1.08 | -0.04 | 0.28 | -0.06 |
| Diluted Shares Outstanding | 105.02M | 104.13M | 103.11M | 94.9M | 92.17M | 90.96M | 92.21M | 91.39M | 83.93M | 66M | 48.53M |
| Basic Shares Outstanding | 104.26M | 103.68M | 103.11M | 94.11M | 90.79M | 88.6M | 86.37M | 85.24M | 83.93M | 80.68M | 48.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and commodity volatility
As indicated by recent quarterly filings, ERO achieved a significant revenue surge of 107.5% in 2026Q1, reflecting a rapid acceleration in production output that suggests the company is successfully transitioning its operational capacity to meet higher copper demand targets within the Curaçá Valley.
The dramatic top-line growth appears to be driven by a combination of increased throughput and favorable commodity pricing, marking a departure from the more modest growth rates observed in early 2024. Investors should monitor whether this trajectory is sustainable or if it represents a temporary peak in production cycles as the company integrates new mining zones.
Based on the provided financial data, ERO maintained a robust gross margin of 39.8% in 2026Q1, demonstrating that the company's high-grade ore feed effectively buffers against the inherent cost pressures associated with underground mining operations in the Brazilian jurisdiction.
The fluctuation in gross margins, which peaked at 50.9% in 2025Q4, suggests that operational efficiency is highly sensitive to grade variability and local inflationary inputs. The ability to sustain margins above 35% in most periods implies a competitive advantage in cost control compared to lower-grade regional peers.
According to the income statement history, ERO's operating income reached $90.2M in 2026Q1, illustrating a clear trend of operating leverage where revenue gains are increasingly translating into bottom-line profitability as fixed overhead costs are spread across a larger volume of copper production.
The expansion of operating margins from 11.8% in 2024Q1 to 34.7% in 2026Q1 suggests that management has successfully optimized the cost structure of the MCSA complex. This trend warrants further investigation into whether future production increases will continue to yield similar incremental margin improvements or if cost inflation will eventually cap these gains.
As reported in financial statements, ERO's net income has exhibited significant volatility, with net margins swinging from -45.5% in 2024Q2 to 64.1% in 2025Q1, suggesting that headline earnings are frequently distorted by non-operating items such as foreign exchange fluctuations and derivative settlements.
The discrepancy between operating income and net income highlights the impact of the BRL/USD exchange rate on the company's financial reporting. Analysts should focus on operating income as a more reliable proxy for core business health, as net income appears heavily influenced by accounting adjustments that do not reflect underlying operational performance.
Quick answers to the most common questions about buying ERO stock.
For fiscal year 2025, Ero Copper Corp. (ERO) reported total revenue of $799.6M.
Ero Copper Corp. (ERO) is profitable, generating $268.3M in net income for the fiscal year ending 2025 with a net profit margin of 33.6%.
Ero Copper Corp. (ERO) reported an operating income of $270.3M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Ero Copper Corp. (ERO) generated $345.5M in gross profit for the year, representing a gross profit margin of 43.2%. This demonstrates the company's core pricing power and production efficiency.