Revenue momentum accelerated sharply with Q2 2026 revenue up 27% YoY to $899.7M, while gross margin expanded to 25.3% from 18.7% a year earlier, reflecting operational gains and cost discipline.
Nexa Resources S.A. (NEXA) annual income statement — 12-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 |
|---|
| Sales/Revenue | 3.44B | 2.99B | 2.77B | 2.57B | 3.03B | 2.62B | 1.95B | 2.33B | 2.49B | 2.45B | 1.91B | 1.87B | 2.12B |
| Revenue Growth % | 23.32% | 8.23% | 7.51% | -15.19% | 15.71% | 34.4% | -16.37% | -6.36% | 1.7% | 28.06% | 2.55% | -11.95% | - |
| Cost of Goods Sold | 2.61B | 2.46B | 2.23B | 2.27B | 2.39B | 1.99B | 1.58B | 1.95B | 1.89B | 1.68B | 1.39B | 1.46B | 1.59B |
| COGS % of Revenue | - | 82.13% | 80.55% | 88.39% | 78.9% | 75.86% | 80.79% | 83.5% | 75.82% | 68.63% | 72.51% | 78.45% | 75.29% |
| Gross Profit | 828.9M | 535.01M | 538.07M | 298.88M | 640.05M | 633.09M | 374.77M | 384.89M | 602.26M | 768.28M | 525.74M | 401.89M | 523.44M |
| Gross Margin % | 24.13% | 17.87% | 19.45% | 11.61% | 21.1% | 24.14% | 19.21% | 16.5% | 24.18% | 31.37% | 27.49% | 21.55% | 24.71% |
| Gross Profit Growth % | - | -0.57% | 80.03% | -53.3% | 1.1% | 68.93% | -2.63% | -36.09% | -21.61% | 46.13% | 30.82% | -23.22% | - |
| Operating Expenses | 148.75M | 125.11M | 261.69M | 451.44M | 279.16M | 186.9M | 773.25M | 495.91M | 265.97M | 248.29M | 310.86M | 199.81M | 249.01M |
| OpEx % of Revenue | - | 4.18% | 9.46% | 17.54% | 9.2% | 7.13% | 39.64% | 21.26% | 10.68% | 10.14% | 16.25% | 10.71% | 11.76% |
| Selling, General & Admin | 156.15M | 141.6M | 119.95M | 122.57M | 140.88M | 129.54M | 139.39M | 216.51M | 159.6M | 237.48M | 217.95M | 190.86M | 242.88M |
| SG&A % of Revenue | - | 4.73% | 4.34% | 4.76% | 4.64% | 4.94% | 7.14% | 9.28% | 6.41% | 9.7% | 11.39% | 10.23% | 11.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -16.49M | 141.73M | 328.86M | 138.27M | 57.36M | 633.86M | 279.4M | -6.44M | -103.52M | -51.83M | -33.18M | -63.91M |
| Operating Income | 680.15M | 409.9M | 276.39M | -152.56M | 360.9M | 446.19M | -398.48M | -111.03M | 334.55M | 401.58M | 129.97M | 163.93M | 172.28M |
| Operating Margin % | 19.8% | 13.69% | 9.99% | -5.93% | 11.9% | 17.02% | -20.43% | -4.76% | 13.43% | 16.39% | 6.79% | 8.79% | 8.13% |
| Operating Income Growth % | - | 48.31% | 281.16% | -142.27% | -19.12% | 211.97% | -258.91% | -133.19% | -16.69% | 208.98% | -20.72% | -4.85% | - |
| EBITDA | 1.05B | 766.51M | 620.57M | 157.91M | 653.04M | 704.9M | -154.56M | 206.87M | 602.3M | 683.1M | 482.57M | 459.19M | 491.31M |
| EBITDA Margin % | 30.49% | 25.6% | 22.43% | 6.14% | 21.52% | 26.88% | -7.92% | 8.87% | 24.18% | 27.89% | 25.23% | 24.62% | 23.19% |
| EBITDA Growth % | 67.99% | 23.52% | 292.98% | -75.82% | -7.36% | 556.08% | -174.71% | -65.65% | -11.83% | 41.55% | 5.09% | -6.54% | - |
| D&A (Non-Cash Add-back) | 367.49M | 356.61M | 344.18M | 310.48M | 292.14M | 258.71M | 243.93M | 317.89M | 267.75M | 281.52M | 352.61M | 295.26M | 319.03M |
| EBIT | 834.71M | 606.57M | 264.31M | -105.05M | 380.01M | 438.97M | -548.76M | -127.7M | 246.26M | 368.09M | 259.43M | -145.18M | 51.12M |
| Net Interest Income | -242.59M | -262.99M | -198.34M | -179.21M | -151.78M | -136.2M | -137.13M | -90.99M | -51.62M | -97.69M | -57.45M | -51.49M | -64.88M |
| Interest Income | 15.06M | 11.82M | 11.85M | 6.13M | 16.91M | 6.07M | 8.15M | 26.41M | 26.03M | 3.63M | 10.09M | 7.09M | 3.41M |
| Interest Expense | 257.65M | 274.82M | 210.55M | 185.33M | 168.69M | 142.28M | 145.28M | 117.4M | 84.94M | 64.62M | 36.34M | 33.07M | 45.91M |
| Other Income/Expense | -65.46M | -78.15M | -348.24M | -143.52M | -132.93M | -136.9M | -278.18M | -104.85M | -202.65M | -125.97M | 64.43M | -354.21M | -200.21M |
| Pretax Income | 614.7M | 331.75M | -71.85M | -296.08M | 227.97M | 309.29M | -676.66M | -215.88M | 131.9M | 271.46M | 208.89M | -178.26M | 5.21M |
| Pretax Margin % | 17.89% | 11.08% | -2.6% | -11.51% | 7.51% | 11.8% | -34.68% | -9.25% | 5.29% | 11.08% | 10.92% | -9.56% | 0.25% |
| Income Tax | 217.65M | 108.61M | 115.56M | -4.27M | 150.98M | 153.2M | -24.15M | -58.36M | 40.92M | 106.19M | 98.38M | -38.78M | 27.49M |
| Effective Tax Rate % | 35.41% | 32.74% | -160.83% | 1.44% | 66.23% | 49.53% | 3.57% | 27.04% | 31.03% | 39.12% | 47.1% | 21.75% | 527.8% |
| Net Income | 277.61M | 132.63M | -205.03M | -291.97M | 49.7M | 114.33M | -559.25M | -145.13M | 74.86M | 126.89M | 93.17M | -129.46M | -33.84M |
| Net Margin % | 8.08% | 4.43% | -7.41% | -11.35% | 1.64% | 4.36% | -28.67% | -6.22% | 3% | 5.18% | 4.87% | -6.94% | -1.6% |
| Net Income Growth % | 406% | 164.69% | 29.78% | -687.52% | -56.53% | 120.44% | -285.33% | -293.88% | -41% | 36.19% | 171.97% | -282.53% | - |
| Net Income (Continuing) | 397.05M | 223.14M | -187.41M | -291.81M | 76.99M | 156.09M | -652.51M | -157.52M | 90.98M | 165.26M | 110.67M | -139.48M | -22.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -62K | 0 |
| Minority Interest | 305.83M | 286.63M | 246.36M | 254.71M | 268.01M | 258.01M | 243.8M | 372.61M | 425.21M | 422.07M | 476.34M | 943.1M | 1.63B |
| EPS (Diluted) | 2.10 | 1.00 | -1.55 | -2.18 | 0.58 | 1.18 | -4.93 | -1.20 | 0.56 | 1.42 | 0.83 | -1.15 | -0.30 |
| EPS Growth % | 406.81% | 164.52% | 28.9% | -475.86% | -50.85% | 123.94% | -310.83% | -314.29% | -60.56% | 71.08% | 172.17% | -283.33% | - |
| EPS (Basic) | - | 1.00 | -1.55 | -2.18 | 0.58 | 1.18 | -4.93 | -1.20 | 0.56 | 1.42 | 0.83 | -1.15 | -0.30 |
| Diluted Shares Outstanding | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.62M | 133.31M | 116.53M | 112.82M | 112.82M | 112.82M |
| Basic Shares Outstanding | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.44M | 132.62M | 133.31M | 116.53M | 112.82M | 112.82M | 112.82M |
| Dividend Payout Ratio | - | 25.84% | - | - | 137.77% | 45.78% | - | - | 4.64% | - | 64.04% | - | - |
Quick answers to the most common questions about buying NEXA stock.
For fiscal year 2025, Nexa Resources S.A. (NEXA) reported total revenue of $2.99B. This represents a 41.3% increase compared to $2.12B in 2014.
Nexa Resources S.A. (NEXA) is profitable, generating $132.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
Nexa Resources S.A. (NEXA) reported an operating income of $409.9M, resulting in an operating profit margin of 13.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Nexa Resources S.A. (NEXA) generated $535.0M in gross profit for the year, representing a gross profit margin of 17.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and commodity price volatility
Revenue Momentum Accelerates Sharply
Nexa's TTM revenue grew 8.2% YoY, with Q2 2026 revenue up 27% YoY to $899.7M, according to recent financial statements, signaling accelerating demand for zinc and copper.
The 27% YoY growth in Q2 2026, following a 41.7% surge in Q1, indicates a clear acceleration in top-line momentum, likely driven by higher metal prices and increased volumes from the Aripuanã ramp-up. This growth appears durable as it is broad-based across segments, but investors should monitor whether it can sustain given cyclicality in construction and automotive demand.
Gross Margin Expansion Reflects Operational Gains
Gross margin improved to 25.3% in Q2 2026 from 18.7% a year earlier, as reported in the latest earnings, suggesting enhanced cost discipline and favorable pricing.
The 660 basis point YoY expansion in gross margin indicates that Nexa is capturing better spreads, possibly due to higher LME zinc prices and improved operational efficiency at Aripuanã. However, the smelting segment's sensitivity to energy costs and treatment charges remains a structural constraint, so the sustainability of this margin level warrants close monitoring.
Operating Leverage Drives Margin Expansion
Operating income grew 207% YoY in Q2 2026 to $183.8M, with operating margin expanding to 20.4% from 8.5%, per the income statement, demonstrating strong operating leverage.
The disproportionate growth in operating income relative to revenue indicates that fixed costs are being spread over a larger revenue base, a classic sign of operating leverage. SG&A expenses rose only modestly, suggesting disciplined overhead control. This trend appears sustainable if revenue growth persists, but any downturn in metal prices could quickly reverse the gains.
Earnings Quality Strengthens with Positive Net Income
Net income swung to $68.6M in Q2 2026 from $1.1M in Q2 2025, with EPS at $0.52, based on reported figures, reflecting improved profitability and no stock-based compensation.
The transition from near-breakeven to solid profitability indicates a fundamental improvement in earnings quality, with no SBC dilution reported. The net margin of 7.6% is still below peers, but the upward trajectory suggests that operational efficiencies are translating to the bottom line. Investors should note that tax rates and non-operating items could affect future quarters.
Cost Discipline Amidst Rising Inputs
COGS as a percentage of revenue fell to 74.7% in Q2 2026 from 81.3% a year earlier, as per the income statement, indicating improved cost management despite inflationary pressures.
The reduction in COGS ratio suggests that Nexa is effectively managing its cost structure, possibly through higher-grade ore processing and better energy contracts. However, the company faces ongoing risks from energy price volatility and potential social disruptions in Peru, which could pressure costs. The stability of SG&A at around 4-5% of revenue indicates tight overhead control.
Aripuanã Ramp-Up Marks Key Inflection
The integration of Aripuanã into operations appears to be the pivotal inflection, as revenue and margins have improved markedly since 2024, according to financial statements, signaling a shift from development to production.
The data shows a clear turning point starting in Q1 2025, with revenue and margins recovering from the depressed levels of 2024, when net income was negative. This inflection aligns with the Aripuanã ramp-up, which has likely increased volumes and operational efficiency. The lasting impact is a more diversified asset base and potential for sustained free cash flow, though D&A expenses will rise.
What Could Invalidate the Base Case
Despite strong recent performance, Nexa's high debt/equity of 1.42 and reliance on volatile zinc prices could undermine earnings, as seen in 2024's net losses, per financial statements.
The sharp improvement in margins and net income may be cyclical rather than structural, given the company's sensitivity to LME zinc prices and treatment charges. The elevated leverage, if accurate, could amplify downside risk in a commodity downturn, potentially straining liquidity and forcing asset sales or equity issuance. Investors should monitor whether the Aripuanã ramp-up truly delivers sustainable cost advantages or if the current profitability is merely a peak-cycle phenomenon.