Revenue growth accelerated to 27.3% in 2026Q1, while gross margins expanded to 48.6% as the company leveraged precious metal by-product credits.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 2.37B | 2.21B | 2.02B | 1.69B | 1.46B | 1.5B | 1.09B | 1.24B | 1.47B | 1.4B | 1.13B | 886.05M | 507.51M | 485.36M | 706.2M | 872.49M | 780.91M | 688.3M | 806.82M | 1.28B | 968.6M | 561.42M | 11.09M | 6.17K | 1.27K | 614 | 250 | 0 | 0 | 0 |
| Revenue Growth % | 13.5% | 9.39% | 19.6% | 15.64% | -2.7% | 37.49% | -11.72% | -15.96% | 4.99% | 24.25% | 27.38% | 74.59% | 4.56% | -31.27% | -19.06% | 11.73% | 13.45% | -14.69% | -37.08% | 32.38% | 72.53% | 4964.16% | 179606% | 385.75% | 106.94% | 145.4% | - | - | - | - |
| Cost of Goods Sold | 1.49B | 1.47B | 1.47B | 1.3B | 1.18B | 1.37B | 1.05B | 1.09B | 1.1B | 993.2M | 905.8M | 767.69M | 450.17M | 410.23M | 511.31M | 575.29M | 547.91M | 483.5M | 563.75M | 737.91M | 513.09M | 413.74M | 11.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 66.39% | 72.6% | 76.78% | 81.05% | 91.28% | 96.43% | 87.75% | 74.62% | 70.82% | 80.25% | 86.64% | 88.7% | 84.52% | 72.4% | 65.94% | 70.16% | 70.25% | 69.87% | 57.55% | 52.97% | 73.7% | 105.66% | - | - | - | - | - | - | - |
| Gross Profit | 879.9M | 743.2M | 553.8M | 392.5M | 276.89M | 131.02M | 39M | 151.54M | 373.74M | 409.14M | 222.88M | 118.36M | 57.35M | 75.14M | 194.89M | 297.2M | 232.99M | 204.8M | 243.07M | 544.37M | 455.52M | 147.68M | -627.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 37.07% | 33.61% | 27.4% | 23.22% | 18.95% | 8.72% | 3.57% | 12.25% | 25.38% | 29.18% | 19.75% | 13.36% | 11.3% | 15.48% | 27.6% | 34.06% | 29.84% | 29.75% | 30.13% | 42.45% | 47.03% | 26.3% | -5.66% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 34.2% | 41.1% | 41.75% | 111.33% | 235.95% | -74.26% | -59.45% | -8.65% | 83.57% | 88.3% | 106.4% | -23.68% | -61.45% | -34.42% | 27.56% | 13.77% | -15.74% | -55.35% | 19.51% | 208.46% | 23644.63% | - | - | - | - | - | - | - | - |
| Operating Expenses | 197.9M | 181.6M | 135.8M | 92.3M | -26.19M | 112.75M | 76.19M | 440.31M | 74.88M | 56.64M | 53.1M | 446.79M | 87.03M | 81.6M | 92.64M | 89.71M | 122.88M | 164.11M | 75.86M | 152.2M | 70.74M | 74.34M | 7.42M | 4.13M | 402.72K | 187.03K | 2.27M | 980.26K | 204.38K | 717.42K |
| OpEx % of Revenue | - | 8.21% | 6.72% | 5.46% | -1.79% | 7.51% | 6.97% | 35.58% | 5.09% | 4.04% | 4.7% | 50.43% | 17.15% | 16.81% | 13.12% | 10.28% | 15.74% | 23.84% | 9.4% | 11.87% | 7.3% | 13.24% | 66.96% | 66976.88% | 31709.92% | 30475.58% | 906037.49% | - | - | - |
| Selling, General & Admin | 115.4M | 94.7M | 57M | 39.2M | 33.99M | 43.01M | 41.41M | 36.17M | 27.24M | 42.28M | 37.77M | 30.94M | 41.75M | 37.53M | 39.78M | 37.94M | 28.19M | 46.67M | 34.95M | 30.46M | 22.27M | 16.89M | 4.26M | 4.13M | 401.44K | 187.03K | 147.72K | 97.15K | 199.07K | 709.03K |
| SG&A % of Revenue | - | 4.28% | 2.82% | 2.32% | 2.33% | 2.86% | 3.79% | 2.92% | 1.85% | 3.02% | 3.35% | 3.49% | 8.23% | 7.73% | 5.63% | 4.35% | 3.61% | 6.78% | 4.33% | 2.38% | 2.3% | 3.01% | 38.47% | 66914.38% | 31609.84% | 30475.58% | 59068.7% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 86.9M | 78.8M | 53.1M | -60.17M | 69.74M | 34.78M | 404.14M | 47.64M | 14.35M | 15.33M | 415.86M | 45.28M | 44.07M | 52.86M | 51.77M | 94.69M | 117.44M | 40.92M | 121.74M | 48.47M | 57.45M | 3.16M | 3.85K | 1.27K | 0 | 2.12M | 883.11K | 5.3K | 8.38K |
| Operating Income | 682M | 561.6M | 418M | 300.2M | 303.07M | 18.27M | -37.19M | -288.77M | 298.86M | 352.5M | 169.78M | -328.43M | -29.68M | -6.46M | 102.25M | 207.49M | 110.12M | 40.69M | 167.2M | 392.17M | 384.78M | 73.33M | -8.05M | -4.13M | -401.44K | -186.42K | -2.27M | -980.26K | -204.38K | -2.55M |
| Operating Margin % | 28.74% | 25.4% | 20.68% | 17.76% | 20.74% | 1.22% | -3.4% | -23.34% | 20.3% | 25.14% | 15.04% | -37.07% | -5.85% | -1.33% | 14.48% | 23.78% | 14.1% | 5.91% | 20.72% | 30.58% | 39.73% | 13.06% | -72.62% | -66876.88% | -31609.84% | -30375.7% | -905937.52% | - | - | - |
| Operating Income Growth % | - | 34.35% | 39.24% | -0.95% | 1559.04% | 149.12% | 87.12% | -196.62% | -15.22% | 107.63% | 151.69% | -1006.42% | -359.4% | -106.32% | -50.72% | 88.43% | 170.61% | -75.66% | -57.36% | 1.92% | 424.71% | 1010.88% | -95.14% | -927.7% | -115.35% | 91.77% | -131.12% | -379.63% | 91.97% | - |
| EBITDA | 1.12B | 1B | 846M | 693.3M | 642.14M | 378.04M | 326.42M | 57.87M | 632M | 650.33M | 468.91M | -110.81M | 54.72M | 66.33M | 179.25M | 309.94M | 226.84M | 136.89M | 239.76M | 487.8M | 447.01M | 121.07M | -6.85M | -4.12M | -400.18K | -186.42K | -147.47K | -980.26K | -198.71K | -2.54M |
| EBITDA Margin % | 47% | 45.36% | 41.86% | 41.02% | 43.94% | 25.17% | 29.88% | 4.68% | 42.92% | 46.37% | 41.55% | -12.51% | 10.78% | 13.67% | 25.38% | 35.52% | 29.05% | 19.89% | 29.72% | 38.04% | 46.15% | 21.56% | -61.79% | -66814.39% | -31509.84% | -30375.7% | -58968.74% | - | - | - |
| EBITDA Growth % | 22.71% | 18.53% | 22.03% | 7.97% | 69.86% | 15.81% | 464.08% | -90.84% | -2.82% | 38.69% | 523.15% | -302.52% | -17.51% | -62.99% | -42.17% | 36.64% | 65.71% | -42.9% | -50.85% | 9.12% | 269.22% | 1867.35% | -66.2% | -929.99% | -114.67% | -26.41% | 84.96% | -393.31% | 92.17% | - |
| D&A (Non-Cash Add-back) | 433.5M | 441.2M | 428M | 393.1M | 339.06M | 359.77M | 363.6M | 346.63M | 333.14M | 297.82M | 299.13M | 217.62M | 84.4M | 72.79M | 77M | 102.45M | 116.72M | 96.2M | 72.55M | 95.62M | 62.23M | 47.74M | 1.2M | 3.85K | 1.27K | 0 | 0 | 0 | 5.67K | 8.38K |
| EBIT | 1.17B | 1B | 352.3M | 257.7M | 191.26M | -85.35M | -96.38M | -380M | 240.13M | 251.74M | 149.97M | -336.68M | 17.37M | -42.63M | 51.68M | 207.98M | 116.47M | 135.25M | 139.8M | 392.17M | 384.78M | 561.42M | -8.05M | -4.13M | -401.44K | -186.42K | -147.47K | 0 | 0 | 0 |
| Net Interest Income | -46.93M | -52.4M | -65.5M | -79.77M | -70.05M | -80.85M | -94.47M | -72.52M | -134.13M | -156.95M | -158.45M | -73.47M | -1.02M | -5.1M | -5.63M | 2.12M | -1.46M | 4.38M | 21.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 25.59M | 22.69M | 14.95M | 8.3M | 2.5M | 988.23K | 1.91M | 8.73M | 8.02M | 2.85M | 2.76M | 2.91M | 3.37M | 3.29M | 6.24M | 8.59M | 6.12M | 4.53M | 22.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 72.52M | 75.09M | 80.44M | 88.07M | 72.55M | 81.83M | 96.37M | 81.25M | 129.68M | 159.89M | 161.21M | 67.61M | 4.39M | 9.97M | 11.87M | 6.47M | 7.81M | 147.07K | 469.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 397.7M | 350.4M | -166.4M | -148.4M | -207.26M | -221.02M | -141.9M | -164M | -128.02M | -179.59M | -164.17M | -70.61M | 43.63M | -46.14M | -53.62M | -2.77M | -1.46M | 94.41M | -28.19M | -23.14M | -5.19M | -9.26M | -594.77K | 4.13M | 401.44K | 186.42K | 2.27M | 980.26K | 204.38K | -1.83M |
| Pretax Income | 1.08B | 912M | 251.6M | 151.8M | 95.81M | -202.75M | -179.09M | -452.76M | 170.84M | 172.91M | 5.61M | -399.04M | 13.94M | -52.6M | 48.63M | 204.73M | 108.65M | 135.1M | 139.02M | 369.04M | 379.59M | 64.08M | -8.65M | 0 | 0 | 0 | 0 | 0 | 0 | -4.38M |
| Pretax Margin % | 45.49% | 41.25% | 12.45% | 8.98% | 6.56% | -13.5% | -16.39% | -36.59% | 11.6% | 12.33% | 0.5% | -45.04% | 2.75% | -10.84% | 6.89% | 23.46% | 13.91% | 19.63% | 17.23% | 28.78% | 39.19% | 11.41% | -77.98% | - | - | - | - | - | - | - |
| Income Tax | 423.1M | 347.7M | 183.8M | 82.3M | 25.43M | 41.61M | -34.51M | -108.95M | 85.42M | 33.22M | 40.8M | -67.61M | -51.33M | 50.03M | 72.22M | 131.08M | 68.24M | 27.68M | 79.13M | 139.67M | -104.27M | -9.3M | -393.46K | 0 | 0 | 0 | 0 | 0 | 0 | -1.83M |
| Effective Tax Rate % | 39.19% | 38.13% | 73.05% | 54.22% | 26.54% | -20.52% | 19.27% | 24.06% | 50% | 19.21% | 727.89% | 16.94% | -368.15% | -95.12% | 148.5% | 64.03% | 62.81% | 20.49% | 56.92% | 37.85% | -27.47% | -14.51% | 4.55% | - | - | - | - | - | - | 41.78% |
| Net Income | 658.5M | 568.5M | 76.7M | 66.4M | 70.38M | -244.36M | -144.58M | -343.81M | 85.42M | 139.69M | -35.19M | -331.43M | 65.35M | -95.19M | -20.91M | -150.73M | 21.01M | 107.38M | 60.27M | 229.36M | 483.86M | 73.38M | -8.25M | -3.96M | -602.17K | -2.88M | -2.27M | -1.14M | -204.38K | -2.54M |
| Net Margin % | 27.74% | 25.71% | 3.79% | 3.93% | 4.82% | -16.27% | -13.24% | -27.78% | 5.8% | 9.96% | -3.12% | -37.41% | 12.88% | -19.61% | -2.96% | -17.28% | 2.69% | 15.6% | 7.47% | 17.89% | 49.95% | 13.07% | -74.44% | -64189.3% | -47414.8% | -468968.3% | -905937.52% | - | - | - |
| Net Income Growth % | 325.49% | 641.2% | 15.51% | -5.66% | 128.8% | -69.01% | 57.95% | -502.51% | -38.85% | 496.93% | 89.38% | -607.16% | 168.65% | -355.29% | 86.13% | -817.29% | -80.43% | 78.16% | -73.72% | -52.6% | 559.44% | 989.19% | -108.39% | -557.6% | 79.08% | -27.03% | -98.18% | -459.35% | 91.97% | - |
| Net Income (Continuing) | 656.6M | 564.3M | 67.8M | 69.5M | 70.38M | -244.36M | -144.58M | -343.81M | 85.42M | 139.69M | -35.19M | -331.43M | 65.27M | -102.63M | -23.58M | 73.65M | 40.41M | 107.42M | 59.89M | 229.36M | 483.86M | 73.38M | -8.25M | -3.96M | -602.17K | -2.88M | -2.27M | -1.14M | -204.38K | -2.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -233.87M | -19.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 464.22M | 0 | 94.2M | 110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.42M | -312.62K | 2.15M | 9.7M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.65 | 1.46 | 0.20 | 0.21 | 0.27 | -0.93 | -0.55 | -1.32 | 0.33 | 0.57 | -0.15 | -1.41 | 0.31 | -0.55 | -0.11 | -0.90 | 0.14 | 0.70 | 0.44 | 1.79 | 4.02 | 0.87 | -0.93 | -0.91 | -0.20 | -2.44 | -1.95 | -1.23 | -0.26 | -3.63 |
| EPS Growth % | 327.06% | 630% | -4.76% | -22.22% | 129.03% | -69.09% | 58.33% | -500% | -42.11% | 480% | 89.36% | -554.84% | 156.36% | -400% | 87.78% | -742.86% | -80% | 59.09% | -75.42% | -55.47% | 362.07% | 193.55% | -2.2% | -355% | 91.8% | -25.13% | -58.54% | -373.08% | 92.84% | - |
| EPS (Basic) | - | 1.46 | 0.20 | 0.21 | 0.27 | -0.93 | -0.55 | -1.32 | 0.33 | 0.57 | -0.15 | -1.41 | 0.31 | -0.55 | -0.11 | -0.90 | 0.16 | 0.70 | 0.44 | 1.81 | 4.56 | 0.90 | -0.93 | -1.05 | -0.20 | -2.44 | -1.95 | -1.23 | -0.26 | -3.63 |
| Diluted Shares Outstanding | 398.76M | 396.65M | 377.29M | 310.95M | 262.22M | 261.46M | 261.27M | 261.27M | 261.27M | 243.5M | 235.81M | 234.68M | 209.68M | 172.05M | 171.96M | 167.86M | 151.34M | 154.07M | 136.71M | 128.51M | 120.33M | 84.77M | 8.89M | 4.37M | 2.96M | 1.18M | 1.16M | 931.37K | 800.61K | 700.44K |
| Basic Shares Outstanding | 396.94M | 395.52M | 376.79M | 310.85M | 261.86M | 261.46M | 261.27M | 261.27M | 261.27M | 243.5M | 235.81M | 234.68M | 209.02M | 171.79M | 171.96M | 167.86M | 150.64M | 153.46M | 135.9M | 126.85M | 105.98M | 82.01M | 8.89M | 3.77M | 2.96M | 1.18M | 1.16M | 931.37K | 800.61K | 700.44K |
| Dividend Payout Ratio | - | 1% | 7.17% | 6.78% | 5.75% | - | - | - | 4.74% | 2.64% | - | - | 5.57% | - | - | - | 71.36% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price and jurisdictional volatility
According to the most recent quarterly filings, Hudbay Minerals achieved a 27.3% year-over-year revenue growth rate in 2026Q1, signaling a robust recovery from the volatility observed in 2025, as the company successfully scales production volumes across its integrated North American and Peruvian mining asset portfolio.
The acceleration in top-line performance suggests that the company is effectively navigating the integration of recent acquisitions while benefiting from favorable commodity price environments. Investors should monitor whether this growth trajectory remains sustainable as the company moves through different ore grade sequences in its primary mining zones.
As reported in financial statements, Hudbay's gross margin reached a significant 48.6% in 2026Q1, reflecting a substantial improvement from the 18.8% trough seen in 2025Q3, largely driven by the strategic leverage of precious metal by-product credits within the company's polymetallic Canadian mining operations.
This margin expansion appears to validate the company's integrated processing strategy, which utilizes gold and zinc credits to offset the cost of copper production. The volatility in historical margins suggests that profitability remains highly sensitive to the specific mix of metals extracted during any given reporting period.
Based on the provided income statement data, operating income surged to $302.6M in 2026Q1, demonstrating significant operating leverage as the company's overhead costs remained relatively contained while gross profit expanded, indicating a successful transition toward higher efficiency in its core mining and milling operations.
The ability to scale operating income faster than revenue suggests that management is maintaining disciplined control over fixed costs despite the capital-intensive nature of the business. This trend warrants further investigation to determine if such efficiency gains are structural or merely a result of temporary favorable production cycles.
Analysis of recent filings reveals that stock-based compensation reached $24.2M in 2026Q1, representing a notable portion of operating expenses that investors should consider when evaluating the quality of the reported $190.4M net income and the resulting earnings per share of $0.47 for the period.
While the headline earnings growth appears strong, the rising trend in non-cash compensation expenses may indicate a shift in how the company incentivizes its workforce. Analysts should carefully adjust for these items to ensure that the reported profitability accurately reflects the underlying cash-generating capacity of the mining assets.
Despite recent margin improvements, the historical data indicates that Hudbay's profitability is subject to sharp contractions, as evidenced by the 2024Q2 net loss, suggesting that the company remains vulnerable to sudden shifts in commodity spot prices and the inherent operational risks of its Peruvian assets.
Short-term observers may focus on the potential for margin compression if the current gold-to-copper price ratio reverts or if social dynamics in Peru disrupt production continuity. The reliance on specific high-grade zones implies that any deviation from the mine plan could lead to significant volatility in future earnings.
Quick answers to the most common questions about buying HBM stock.
For fiscal year 2025, Hudbay Minerals Inc. (HBM) reported total revenue of $2.21B.
Hudbay Minerals Inc. (HBM) is profitable, generating $568.5M in net income for the fiscal year ending 2025 with a net profit margin of 25.7%.
Hudbay Minerals Inc. (HBM) reported an operating income of $561.6M, resulting in an operating profit margin of 25.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Hudbay Minerals Inc. (HBM) generated $743.2M in gross profit for the year, representing a gross profit margin of 33.6%. This demonstrates the company's core pricing power and production efficiency.