Operational efficiency remains high, evidenced by a 29.5% free cash flow margin in 2026Q1 and dividend outflows totaling $819.2 million during the same period.
| 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 | Dec'96 |
|---|
| Cash from Operations | 5.73B | 4.75B | 4.42B | 3.57B | 2.8B | 4.29B | 2.78B | 1.91B | 2.24B | 1.98B | 923.1M | 879.8M | 1.36B | 1.87B | 2B | 2.07B | 1.9B | 963.18M | 1.72B | 2.7B | 2.06B | 1.64B | 717.3M | 190.99M | 141.65M | 198.42M | 183.59M | 90.3M | 181.4M | 277.6M | 158.8M |
| Operating CF Margin % | - | 35.41% | 38.67% | 36.11% | 27.89% | 39.26% | 34.86% | 26.24% | 31.49% | 29.7% | 17.16% | 17.44% | 23.49% | 31.36% | 29.97% | 30.36% | 36.88% | 25.79% | 35.47% | 44.42% | 37.72% | 39.98% | 23.16% | 23.92% | 21.31% | 30.18% | 25.82% | 15.45% | 28.89% | 34.09% | 21.09% |
| Operating CF Growth % | 154.6% | 7.47% | 23.75% | 27.5% | -34.71% | 54.21% | 45.58% | -14.46% | 13.08% | 114.13% | 4.92% | -35.3% | -27.16% | -6.59% | -3.46% | 9% | 97.18% | -44.02% | -36.36% | 31.27% | 25.25% | 129.22% | 275.58% | 34.83% | -28.61% | 8.08% | 103.32% | -50.22% | -34.65% | 74.81% | - |
| Net Income | 4.97B | 4.35B | 3.39B | 2.43B | 2.65B | 3.41B | 1.58B | 1.49B | 1.55B | 732.4M | 778.8M | 741.1M | 1.34B | 1.62B | 1.94B | 2.34B | 1.56B | 929.38M | 1.41B | 2.22B | 2.04B | 1.4B | 596.77M | 119.23M | 60.55M | 46.55M | 92.92M | 29.4M | 54.6M | 185.7M | 180.5M |
| Depreciation & Amortization | 870.4M | 868.4M | 845.9M | 833.6M | 796.3M | 806M | 775.6M | 764.4M | 674.3M | 671.1M | 647.1M | 510.7M | 445M | 395.9M | 325.7M | 288.1M | 323.2M | 322.59M | 327.3M | 327.9M | 275.06M | 292.31M | 77.75M | 73.58M | 67.84M | 76.28M | 77.45M | 74.2M | 60.9M | 46.7M | 41.6M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 1.6M | 1.3M | 1.3M | 1.3M | 600K | 600K | 1.2M | 1M | 600K | 600K | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -96.9M | -33.9M | -52.2M | -59.1M | 117.3M | -126.3M | -63.5M | -21M | -50.4M | 641.5M | -117M | -153.2M | -233.7M | -97.19M | 55.81M | -117.95M | -40.43M | 41.23M | -100.11M | 66.6M | -33.69M | -42.27M | 6.25M | 23.6M | 3.92M | -3.25M | 15.05M | 21.8M | 14.4M | -7.3M | 12M |
| Other Non-Cash Items | 34.7M | 82.1M | 700K | 63.4M | 78.2M | 9.5M | 8.6M | 22.3M | 714.7M | 33.1M | 8M | -9M | -59.5M | -94.1M | -271.7M | -140.6M | -27.9M | -2.39M | 54.57M | -46.42M | 11.6M | -95.05M | -24.5M | -39.75M | -41.04M | 2.16M | 1.97M | 0 | 3.5M | 29.2M | -17.4M |
| Working Capital Changes | -64M | -512.7M | 238.7M | 310M | -838.9M | 190.7M | 483.6M | -347M | 22.6M | -101.5M | -393.8M | -209.8M | -129.9M | -59.1M | 3.2M | -421.6M | 41.2M | -286.4M | 61.88M | 35.73M | -178.47M | 89.05M | 61.02M | 14.33M | 50.37M | 75.98M | -3.79M | -35.1M | 37.7M | 18.6M | -56.5M |
| Change in Receivables | -468.2M | -761.6M | -48.5M | 253M | -35.4M | -289.8M | -236M | -10.5M | 68.3M | -298.7M | -143.3M | 91.6M | -7.02M | 136.11M | -14.74M | -135.55M | -308.08M | -299.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 34.2M | 22.1M | -56.1M | -60.4M | -7.7M | 4.7M | 223.6M | -88.7M | -190.8M | -201.9M | -207.9M | -260.3M | -260.06M | -143.57M | -180.68M | -204.22M | -48.81M | -4.53M | -3.31M | -34.63M | -17.81M | -43.47M | -20.25M | 15.19M | 9.15M | 13.9M | -4.76M | -21.2M | 19.7M | 10M | -15M |
| Change in Payables | 0 | 0 | 385.7M | 152.1M | -718M | 558.2M | 313.7M | -184.9M | 116.7M | 500.6M | 30.5M | -28.9M | 109.34M | -53.91M | 164.46M | -184.38M | 519.53M | -89.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.67B | -1.68B | -673.3M | -1.4B | -666.8M | -972.9M | -915.8M | -574M | -1.3B | -1.02B | -452M | -1.46B | -1.66B | -1.76B | -663.2M | -1.08B | -452.2M | -359.29M | -410.85M | -245.98M | -725.29M | -425.37M | -216.96M | -49.78M | -76.64M | -160.97M | -131.2M | -227.5M | -70.7M | -337.6M | -79.4M |
| Capital Expenditures | -1.45B | -1.33B | -1.03B | -1.01B | -948.5M | -892.3M | -592.2M | -707.5M | -1.12B | -1.02B | -1.12B | -1.15B | -1.53B | -1.7B | -1.05B | -646.2M | -408.7M | -414.82M | -516.65M | -315.74M | -455.82M | -470.64M | -171.69M | -49.83M | -76.87M | -161.05M | -131.75M | -250.3M | -258.7M | -184M | -120.8M |
| CapEx % of Revenue | 9.96% | 9.88% | 8.99% | 10.19% | 9.44% | 8.16% | 7.42% | 9.71% | 15.8% | 15.38% | 20.79% | 22.78% | 26.52% | 28.61% | 15.77% | 9.48% | 7.94% | 11.11% | 10.65% | 5.19% | 8.35% | 11.44% | 5.54% | 6.24% | 11.56% | 24.49% | 18.53% | 42.82% | 41.2% | 22.6% | 16.04% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 892.3M | 592.2M | 707.5M | 0 | 61.3M | 129.8M | -100.4M | -311.23M | 0 | 152.44M | -33.28M | -14.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 | 49.9M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -215.8M | 0 | 0 | 1.2M | 3.2M | -896.8M | -585.7M | -422.7M | -11.5M | 3.5M | 114.4M | -638.3M | 9.8M | 17.7M | 1M | -36.79M | 8.67M | 11.76M | 60.61M | 267K | 10.53M | 0 | 0 | 0 | 226K | 0 | 0 | 100K | 100K | 100K | -100K |
| Cash from Financing | -3.26B | -2.01B | -1.65B | -3.1B | -3.01B | -2.48B | -1.56B | -262.2M | -1.08B | -456.1M | -210.7M | 492.2M | -1.06B | -860.2M | 278.1M | -2.38B | 36.6M | -458.02M | -2.05B | -2.09B | -1.16B | -1.06B | -258.38M | 3.8M | -131.7M | 27.97M | 88.9M | -27.3M | -59.5M | 11.8M | -127.6M |
| Debt Issued (Net) | -500M | 493.8M | 0 | 0 | -300M | 0 | -400M | 987.3M | 0 | 0 | 0 | 1.78B | 0 | -10M | 1.47B | -15.25M | 1.48B | -10M | -160M | -78.6M | 356.1M | -158.22M | -340.91M | 50M | -96.99M | 48.78M | 124.73M | -11.7M | -13.7M | 141.3M | 12.7M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.7M | -1B | -682.7M | -281.4M | -147.34M | -273.69M | -463K | -71.9M | -168.22M | 0 | -3.2M | -37.71M | -1.32M | 93.72M | -8.74M | -851K | -1.51M | -3.2M | -6.5M | -10.6M | -7.9M |
| Dividends Paid | -2.75B | -2.49B | -1.64B | -3.09B | -2.71B | -2.47B | -1.16B | -1.27B | -1.08B | -456.1M | -139.3M | -271.2M | -381M | -573.8M | -3.14B | -6.9M | -1.43B | -375.97M | -1.71B | -2B | -1.51B | -853.89M | -191.36M | -45.35M | -21.49M | -28.79M | -27.2M | -12.2M | -41.7M | -103.6M | -122M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.7M | -1B | -682.7M | -281.4M | -147.34M | -273.69M | -500K | -71.9M | -384.66M | 0 | 0 | -37.71M | -1.32M | -526K | -8.74M | -851K | -1.51M | -3.4M | -6.5M | -10.6M | -7.9M |
| Other Financing | -8.2M | -15.9M | -8M | -8.8M | -5.2M | -6.4M | -3.7M | 23.9M | -1.1M | 0 | 300K | -12M | -800K | -129K | 2.1B | -5.71M | -14.6M | -151K | -8.98M | -7.45M | -8.17M | -5.78M | -7.02M | -94.56M | 6.94M | 8.83M | -7.12M | -200K | 2.4M | -15.3M | -10.1M |
| Net Change in Cash | 799.1M | 1.05B | 2.11B | -918.2M | -932.3M | 818.4M | 258.5M | 1.08B | -160.2M | 458.8M | 271.5M | -89.5M | -1.31B | -786.8M | 1.61B | -1.34B | 1.42B | 55.57M | -692.53M | 386.49M | 146.78M | 165.3M | 250.56M | 147.94M | -65.32M | 63.77M | 138.49M | -165.3M | 49.5M | -46.7M | -46.4M |
| Free Cash Flow | 4.28B | 3.43B | 3.39B | 2.56B | 1.85B | 3.4B | 2.19B | 1.2B | 1.11B | 953.1M | -195.4M | -269.8M | -174.9M | 163.6M | 946.7M | 1.42B | 1.49B | 548.36M | 1.2B | 2.39B | 1.6B | 1.17B | 545.61M | 141.15M | 64.78M | 37.38M | 51.85M | -160M | -77.3M | 93.6M | 38M |
| FCF Margin % | 29.39% | 25.54% | 29.69% | 25.91% | 18.45% | 31.1% | 27.44% | 16.53% | 15.69% | 14.32% | -3.63% | -5.35% | -3.02% | 2.75% | 14.19% | 20.88% | 28.94% | 14.68% | 24.82% | 39.23% | 29.37% | 28.54% | 17.62% | 17.68% | 9.75% | 5.68% | 7.29% | -27.37% | -12.31% | 11.5% | 5.05% |
| FCF Growth % | 27.56% | 0.95% | 32.36% | 38.32% | -45.47% | 55.17% | 81.93% | 8.14% | 16.85% | 587.77% | 27.58% | -54.26% | -206.91% | -82.72% | -33.52% | -4.46% | 171.81% | -54.45% | -49.58% | 48.9% | 36.64% | 115.09% | 286.54% | 117.89% | 73.32% | -27.92% | 132.41% | -106.99% | -182.59% | 146.32% | - |
| FCF per Share | 5.20 | 4.09 | 4.32 | 3.26 | 2.40 | 4.40 | 2.83 | 1.56 | 1.44 | 1.23 | -0.25 | -0.34 | -0.21 | 0.19 | 1.12 | 1.67 | 1.73 | 0.64 | 1.36 | 2.67 | 1.80 | 1.31 | 0.61 | 0.29 | 0.13 | 0.08 | 0.11 | -0.33 | -0.16 | 0.19 | 0.08 |
| FCF Conversion (FCF/Net Income) | 0.86x | 1.10x | 1.31x | 1.47x | 1.06x | 1.26x | 1.77x | 1.29x | 1.45x | 2.71x | 1.19x | 1.19x | 1.02x | 1.15x | 1.03x | 0.89x | 1.22x | 1.04x | 1.22x | 1.22x | 1.01x | 1.17x | 0.73x | 1.56x | 2.34x | 4.26x | 1.98x | 3.07x | 3.32x | 1.49x | 0.88x |
| Interest Paid | 0 | 388.2M | 369.7M | 369.7M | 380.2M | 380.2M | 383.5M | 356.7M | 356.7M | 356.7M | 356.7M | 315.8M | 262M | 262.5M | 0 | 189.94M | 142.21M | 95.49M | 116.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.59B | 1.43B | 2.39B | 1.95B | 1.04B | 1.14B | 1.16B | 889.8M | 571.8M | 737.7M | 848.3M | 819.9M | 0 | 1.23B | 600.37M | 339.42M | 922.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and social disruption
According to recent financial disclosures, SCCO consistently maintains an OCF/NI ratio near or above 1.0, with a peak of 1.71 in 2024Q4, suggesting that the company's reported net income is well-supported by actual cash generation rather than relying on non-cash accounting accruals or aggressive revenue recognition.
The alignment between net income and operating cash flow indicates a high quality of earnings, which is critical for a capital-intensive mining firm. Investors should monitor periods where this ratio dips below parity, as it may signal temporary inventory build-ups or timing differences in provisional pricing settlements.
As reported in quarterly filings, SCCO's free cash flow margin reached 29.5% in 2026Q1, demonstrating a consistent ability to convert top-line revenue into discretionary cash after accounting for necessary capital expenditures, even during periods of significant investment in mining infrastructure and processing capacity.
The upward trajectory of FCF margins suggests that the company is successfully scaling its production while maintaining cost discipline. This trend appears to validate the efficiency of the company's integrated smelting and refining operations, which help insulate cash flow from external market volatility.
Based on reported figures, SCCO maintains a capital expenditure to revenue ratio typically ranging between 8% and 11%, which suggests a disciplined approach to reinvestment that balances the need for ongoing maintenance of open-pit assets with the pursuit of long-term production growth and reserve development.
The consistent level of capital intensity indicates that management is prioritizing the longevity of its porphyry deposits. Analysts should evaluate whether these expenditures are effectively offsetting natural ore grade declines, as failure to do so could eventually pressure future cash flow margins.
Data from recent cash flow statements indicates that SCCO utilizes a significant portion of its free cash flow to fund substantial dividend payments, with outflows reaching $819.2 million in 2026Q1, reflecting a capital allocation strategy that favors direct cash returns to shareholders over aggressive acquisition activity.
The company's reliance on dividends as the primary vehicle for capital return suggests a mature approach to capital allocation. While this provides immediate value, investors should monitor whether this payout policy limits the company's ability to self-fund major greenfield projects if social or regulatory hurdles are cleared.
Quick answers to the most common questions about buying SCCO stock.
Southern Copper Corporation (SCCO) generated $4.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Southern Copper Corporation (SCCO) generated $3.43B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Southern Copper Corporation (SCCO) spent $1.33B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Southern Copper Corporation (SCCO) returned $2.49B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.