Revenue growth accelerated to 21.4% year-over-year in 2026Q2, with gross margin expanding to 41.0% from 32.9% a year earlier, though sequential volatility persists, as seen in the 18.8% gross margin in 2025Q3.
Hudbay Minerals Inc. (HBM) annual income statement — 29-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 | 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 | 2.49B | 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 % | 12.99% | 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 | 1.52B | 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 | 970.25M | 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 % | 39% | 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 | 203.8M | 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 | 115.65M | 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 | 766.44M | 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 % | 30.81% | 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 | 1.19B | 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 % | 47.95% | 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 % | 17.55% | 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) | 426.66M | 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 | 1.23B | 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 | -42.28M | -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 | 26.92M | 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 | 69.2M | 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 | 394.45M | 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 | 1.16B | 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 % | 46.66% | 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 | 484.4M | 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 % | 41.73% | 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 | 674.71M | 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 % | 27.12% | 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 % | 133.49% | 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) | 676.49M | 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 | 462.84M | 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) | 1.68 | 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 % | 130.34% | 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 | 402.02M | 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 | 400.36M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Copper price volatility
Revenue Momentum Accelerates on Copper Strength
Hudbay's revenue surged 21.4% year-over-year in 2026Q2, reaching $651.0M, according to recent financial statements, driven by robust copper prices and higher volumes, though sequential volatility persists.
The 21.4% YoY growth in 2026Q2 follows a 27.3% expansion in 2026Q1, indicating accelerating momentum. However, the sharp drop to $346.8M in 2025Q3 highlights operational lumpiness, likely due to mine sequencing or shipment timing. Investors should monitor whether this growth is sustainable given copper price cyclicality.
Gross Margin Expansion Outpaces Peers
Gross margin improved to 41.0% in 2026Q2, up from 32.9% a year earlier, as reported in quarterly filings, reflecting strong copper pricing and cost control, though still below Ero Copper's 43.2%.
Hudbay's gross margin has trended upward from 18.2% in 2024Q2 to 41.0% in 2026Q2, indicating enhanced pricing power and operational efficiency. This outperforms Freeport-McMoRan (27.0%) and Teck (21.8%), suggesting a favorable cost position. However, the 18.8% margin in 2025Q3 shows vulnerability to input cost spikes or grade variability.
Operating Leverage Amplifies Earnings
Operating income scaled to $236.2M in 2026Q2, a 55.6% increase from $151.8M in 2025Q2, as per income statement data, with operating margin expanding to 36.3% from 28.3%, demonstrating strong operating leverage.
The operating margin expansion from 28.3% to 36.3% year-over-year indicates that revenue growth is translating into disproportionate profit growth, likely due to fixed cost absorption. SG&A expenses remained relatively stable at $21.0M, further boosting leverage. This suggests management is effectively controlling overhead while scaling production.
Earnings Quality Boosted by One-Time Gains
Net income of $222.4M in 2025Q3 on just $346.8M revenue implies a 64.1% net margin, per financial statements, likely driven by non-operating items, warranting scrutiny of recurring earnings power.
The 2025Q3 net margin of 64.1% is anomalous compared to the 17-25% range in other quarters, suggesting a significant one-time gain, possibly from asset sales or tax benefits. Excluding this, net income appears more stable, but investors should adjust for such items to assess underlying profitability. The low SBC in 2026Q2 ($0) also contrasts with prior quarters, indicating possible changes in compensation structure.
COGS Volatility Drives Margin Fluctuations
COGS as a percentage of revenue swung from 81.2% in 2024Q2 to 59.0% in 2026Q2, based on reported figures, reflecting variable input costs and production levels, with SG&A remaining lean.
The wide range in COGS ratio highlights the cost structure's sensitivity to production volumes and input prices. SG&A has been well-controlled, averaging around $20M per quarter, but the spike to $34.4M in 2026Q1 suggests possible one-time expenses. Management's cost discipline appears strong, yet the volatility in COGS warrants monitoring for margin sustainability.
Copper Price Cyclicality Threatens Margins
Despite strong recent performance, Hudbay's gross margin fell to 18.8% in 2025Q3, as per income statement data, highlighting vulnerability to copper price declines and cost inflation, which could compress earnings.
The sharp margin contraction in 2025Q3 demonstrates that Hudbay's profitability is highly sensitive to copper prices and operational disruptions. If copper prices retreat, the operating leverage that amplified gains could equally amplify losses. Additionally, the reliance on non-operating items for net income in some quarters suggests underlying earnings may be weaker than headline numbers. Short-sellers might argue that the current valuation does not adequately discount this cyclicality.