SCCO achieved a 36.2% year-over-year revenue growth in 2026Q1, with gross margins expanding significantly to 64.7% from 39.3% in 2023Q4.
| 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 |
|---|
| Sales/Revenue | 14.55B | 13.42B | 11.43B | 9.9B | 10.05B | 10.93B | 7.98B | 7.29B | 7.1B | 6.65B | 5.38B | 5.05B | 5.79B | 5.95B | 6.67B | 6.82B | 5.15B | 3.73B | 4.85B | 6.09B | 5.46B | 4.11B | 3.1B | 798.41M | 664.65M | 657.52M | 711.06M | 584.5M | 627.9M | 814.2M | 753M |
| Revenue Growth % | 21.7% | 17.38% | 15.54% | -1.51% | -8.1% | 36.93% | 9.6% | 2.66% | 6.65% | 23.69% | 6.62% | -12.82% | -2.78% | -10.74% | -2.19% | 32.42% | 37.9% | -23.02% | -20.29% | 11.46% | 32.77% | 32.81% | 287.86% | 20.12% | 1.08% | -7.53% | 21.65% | -6.91% | -22.88% | 8.13% | - |
| Cost of Goods Sold | 5.76B | 5.81B | 5.75B | 5.58B | 5.49B | 4.74B | 4.74B | 4.4B | 4.11B | 3.95B | 3.72B | 3.49B | 3.36B | 3.32B | 3.14B | 3.09B | 2.46B | 2.17B | 2.55B | 2.49B | 2.32B | 1.94B | 1.54B | 480.75M | 450.24M | 461.11M | 449.18M | 417.3M | 447.4M | 456.5M | 394.7M |
| COGS % of Revenue | - | 43.33% | 50.28% | 56.35% | 54.61% | 43.39% | 59.34% | 60.4% | 57.96% | 59.4% | 69.17% | 69.11% | 58.06% | 55.74% | 47.12% | 45.3% | 47.71% | 58.13% | 52.49% | 40.92% | 42.45% | 47.1% | 49.81% | 60.21% | 67.74% | 70.13% | 63.17% | 71.39% | 71.25% | 56.07% | 52.42% |
| Gross Profit | 8.79B | 7.61B | 5.69B | 4.32B | 4.56B | 6.19B | 3.25B | 2.88B | 2.98B | 2.7B | 1.66B | 1.56B | 2.43B | 2.63B | 3.53B | 3.73B | 2.69B | 1.56B | 2.3B | 3.6B | 3.14B | 2.18B | 1.55B | 317.66M | 214.41M | 196.41M | 261.88M | 167.2M | 180.5M | 357.7M | 358.3M |
| Gross Margin % | 60.42% | 56.67% | 49.72% | 43.65% | 45.39% | 56.61% | 40.66% | 39.6% | 42.04% | 40.6% | 30.83% | 30.89% | 41.94% | 44.26% | 52.88% | 54.7% | 52.29% | 41.87% | 47.51% | 59.08% | 57.55% | 52.9% | 50.19% | 39.79% | 32.26% | 29.87% | 36.83% | 28.61% | 28.75% | 43.93% | 47.58% |
| Gross Profit Growth % | - | 33.78% | 31.62% | -5.29% | -26.32% | 90.65% | 12.55% | -3.32% | 10.44% | 62.91% | 6.4% | -35.79% | -7.86% | -25.29% | -5.46% | 38.53% | 72.22% | -32.16% | -35.9% | 14.41% | 44.45% | 39.98% | 389.27% | 48.16% | 9.16% | -25% | 56.63% | -7.37% | -49.54% | -0.17% | - |
| Operating Expenses | 844.4M | 603.8M | 130.5M | 127.2M | 125M | 125.2M | 126.2M | 131.8M | 102.6M | 82.9M | 87.4M | 144M | 194.76M | 102.58M | 101.3M | 104.47M | 88.31M | 82.53M | 102.6M | 98M | 88.3M | 81.1M | 71.8M | 100.83M | 95.42M | 107.19M | 112.3M | 121.7M | 110.5M | 122.3M | 109.6M |
| OpEx % of Revenue | - | 4.5% | 1.14% | 1.29% | 1.24% | 1.15% | 1.58% | 1.81% | 1.45% | 1.25% | 1.62% | 2.85% | 3.37% | 1.72% | 1.52% | 1.53% | 1.71% | 2.21% | 2.11% | 1.61% | 1.62% | 1.97% | 2.32% | 12.63% | 14.36% | 16.3% | 15.79% | 20.82% | 17.6% | 15.02% | 14.56% |
| Selling, General & Admin | 141.9M | 137.8M | 130.5M | 127.2M | 125M | 125.2M | 126.2M | 131.8M | 102.6M | 93.1M | 87.4M | 99M | 103.41M | 102.58M | 101.3M | 104.47M | 88.31M | 78.29M | 102.6M | 98M | 88.3M | 81.1M | 71.8M | 27.25M | 27.58M | 30.9M | 34.85M | 47.5M | 49.6M | 75.6M | 68M |
| SG&A % of Revenue | - | 1.03% | 1.14% | 1.29% | 1.24% | 1.15% | 1.58% | 1.81% | 1.45% | 1.4% | 1.62% | 1.96% | 1.79% | 1.72% | 1.52% | 1.53% | 1.71% | 2.1% | 2.11% | 1.61% | 1.62% | 1.97% | 2.32% | 3.41% | 4.15% | 4.7% | 4.9% | 8.13% | 7.9% | 9.29% | 9.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 466M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.2M | 0 | 45M | 91.35M | 0 | 0 | 0 | 0 | 4.24M | 0 | 0 | 0 | 0 | 0 | 73.58M | 67.84M | 76.28M | 77.45M | 74.2M | 60.9M | 46.7M | 41.6M |
| Operating Income | 7.95B | 7B | 5.55B | 4.19B | 4.44B | 6.07B | 3.12B | 2.75B | 2.88B | 2.62B | 1.57B | 1.41B | 2.23B | 2.53B | 3.43B | 3.63B | 2.6B | 1.48B | 2.2B | 3.5B | 3.05B | 2.09B | 1.48B | 216.83M | 118.98M | 89.22M | 149.58M | 45.5M | 70M | 235.4M | 248.7M |
| Operating Margin % | 54.62% | 52.17% | 48.58% | 42.36% | 44.15% | 55.47% | 39.08% | 37.79% | 40.6% | 39.36% | 29.2% | 28.04% | 38.58% | 42.54% | 51.36% | 53.17% | 50.57% | 39.66% | 45.39% | 57.47% | 55.94% | 50.93% | 47.87% | 27.16% | 17.9% | 13.57% | 21.04% | 7.78% | 11.15% | 28.91% | 33.03% |
| Operating Income Growth % | - | 26.05% | 32.5% | -5.49% | -26.86% | 94.35% | 13.36% | -4.45% | 10.02% | 66.69% | 11.05% | -36.64% | -11.82% | -26.07% | -5.53% | 39.21% | 75.85% | -32.74% | -37.04% | 14.51% | 45.82% | 41.29% | 583.66% | 82.24% | 33.36% | -40.35% | 228.75% | -35% | -70.26% | -5.35% | - |
| EBITDA | 8.82B | 7.87B | 6.4B | 5.03B | 5.23B | 6.87B | 3.9B | 3.52B | 3.56B | 3.31B | 2.24B | 1.93B | 2.68B | 2.93B | 3.75B | 3.91B | 2.93B | 1.8B | 2.53B | 3.83B | 3.33B | 2.39B | 1.56B | 290.41M | 186.82M | 165.51M | 227.03M | 119.7M | 130.9M | 282.1M | 290.3M |
| EBITDA Margin % | 60.6% | 58.64% | 55.98% | 50.79% | 52.07% | 62.84% | 48.8% | 48.28% | 50.1% | 49.71% | 41.55% | 38.16% | 46.27% | 49.19% | 56.24% | 57.39% | 56.85% | 48.3% | 52.14% | 62.86% | 60.98% | 58.04% | 50.38% | 36.37% | 28.11% | 25.17% | 31.93% | 20.48% | 20.85% | 34.65% | 38.55% |
| EBITDA Growth % | 30.4% | 22.96% | 27.35% | -3.94% | -23.85% | 76.35% | 10.77% | -1.07% | 7.49% | 47.98% | 16.09% | -28.09% | -8.54% | -21.94% | -4.16% | 33.69% | 62.32% | -28.69% | -33.88% | 14.9% | 39.49% | 52.99% | 437.22% | 55.45% | 12.88% | -27.1% | 89.66% | -8.56% | -53.6% | -2.82% | - |
| D&A (Non-Cash Add-back) | 870.4M | 868.5M | 845.9M | 833.6M | 796.3M | 806M | 775.6M | 764.4M | 674.3M | 689M | 664.2M | 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 |
| EBIT | 8.05B | 7.15B | 5.69B | 4.28B | 4.59B | 6.05B | 3.11B | 2.77B | 2.87B | 2.61B | 1.55B | 1.4B | 2.21B | 2.57B | 3.15B | 3.64B | 2.59B | 1.5B | 2.19B | 3.52B | 3.09B | 2.07B | 1.52B | 325.73M | 118.99M | 89.22M | 149.58M | 45.55M | 70.3M | 237.3M | 255.6M |
| Net Interest Income | -169.5M | -169.7M | -202.7M | -240.1M | -305.1M | -349.9M | -347.4M | -319.5M | -261.1M | -300.5M | -283.6M | -199.9M | -123.29M | -176.62M | -157.17M | -172.69M | -152.69M | -91.03M | -50.8M | -26M | -35.3M | -40.6M | -87.5M | -9.8M | 0 | 0 | -12.35M | 0 | 0 | 0 | 0 |
| Interest Income | 197.8M | 199.7M | 131.4M | 86.6M | 35M | 7.2M | 19.2M | 21.2M | 16M | 5.5M | 7.1M | 10.9M | 15.3M | 20M | 15.2M | 13.8M | 7.8M | 6.61M | 48.4M | 0 | 50.22M | 30.77M | 0 | 3.36M | 0 | 0 | 3.52M | 0 | 0 | 0 | 0 |
| Interest Expense | 367.3M | 369.4M | 334.1M | 326.7M | 340.1M | 357.1M | 366.6M | 340.7M | 277.1M | 306M | 290.7M | 210.8M | 138.58M | 196.6M | 172.41M | 186.49M | 160.49M | 97.64M | 99.2M | 108.5M | 85.5M | 71.4M | 95.8M | 13.16M | 18.43M | 15.76M | 15.88M | 6.4M | 0 | 0 | 0 |
| Other Income/Expense | -200M | -217.4M | -190.9M | -238.7M | -191.7M | -354.7M | -368.5M | -315.8M | -279.5M | -293.1M | -291.2M | -208.8M | -140.27M | -138.61M | -402.87M | -176.74M | -173.42M | -76.48M | -108.1M | -85.5M | -48.3M | -92.2M | -61.6M | -7.37M | -21.46M | -21.5M | -12.02M | -6.45M | 10.2M | 5.9M | 12M |
| Pretax Income | 7.75B | 6.78B | 5.36B | 3.95B | 4.24B | 5.71B | 2.75B | 2.44B | 2.6B | 2.33B | 1.28B | 1.21B | 2.09B | 2.39B | 3.02B | 3.45B | 2.43B | 1.4B | 2.09B | 3.41B | 3.01B | 2B | 1.42B | 205.74M | 109.95M | 70.85M | 137.56M | 39.1M | 80.2M | 241.3M | 260.7M |
| Pretax Margin % | 53.24% | 50.55% | 46.91% | 39.95% | 42.24% | 52.23% | 34.47% | 33.45% | 36.66% | 34.95% | 23.79% | 23.9% | 36.16% | 40.21% | 45.32% | 50.58% | 47.2% | 37.61% | 43.16% | 56.06% | 55.05% | 48.69% | 45.88% | 25.77% | 16.54% | 10.78% | 19.35% | 6.69% | 12.77% | 29.64% | 34.62% |
| Income Tax | 2.8B | 2.45B | 1.98B | 1.52B | 1.6B | 2.3B | 1.17B | 945.3M | 1.05B | 1.59B | 501.1M | 464.9M | 754.63M | 769.32M | 1.08B | 1.1B | 868.07M | 469.86M | 679.3M | 1.19B | 959.1M | 589.7M | 433.7M | 84.97M | 40M | 22.14M | 44.65M | 9.7M | 25.6M | 55.6M | 80.2M |
| Effective Tax Rate % | 36.12% | 36.14% | 36.82% | 38.42% | 37.61% | 40.26% | 42.67% | 38.79% | 40.49% | 68.51% | 39.15% | 38.55% | 36.06% | 32.14% | 35.76% | 32.02% | 35.71% | 33.46% | 32.44% | 34.74% | 31.91% | 29.45% | 30.53% | 41.3% | 36.38% | 31.25% | 32.46% | 24.81% | 31.92% | 23.04% | 30.76% |
| Net Income | 4.97B | 4.33B | 3.38B | 2.43B | 2.64B | 3.4B | 1.57B | 1.49B | 1.54B | 728.5M | 776.5M | 736.4M | 1.33B | 1.62B | 1.93B | 2.34B | 1.55B | 929.38M | 1.41B | 2.22B | 2.04B | 1.4B | 982.4M | 122.31M | 60.55M | 46.55M | 92.92M | 29.4M | 54.6M | 185.7M | 180.5M |
| Net Margin % | 34.16% | 32.3% | 29.53% | 24.51% | 26.26% | 31.07% | 19.67% | 20.39% | 21.74% | 10.95% | 14.43% | 14.59% | 23.03% | 27.19% | 29.01% | 34.26% | 30.18% | 24.89% | 29% | 36.42% | 37.32% | 34.04% | 31.72% | 15.32% | 9.11% | 7.08% | 13.07% | 5.03% | 8.7% | 22.81% | 23.97% |
| Net Income Growth % | 38.59% | 28.38% | 39.23% | -8.08% | -22.33% | 116.32% | 5.69% | -3.71% | 111.81% | -6.18% | 5.45% | -44.76% | -17.64% | -16.34% | -17.2% | 50.34% | 67.21% | -33.93% | -36.54% | 8.77% | 45.53% | 42.52% | 703.19% | 101.99% | 30.08% | -49.9% | 216.04% | -46.15% | -70.6% | 2.88% | - |
| Net Income (Continuing) | 4.95B | 4.34B | 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 | 934.57M | 1.41B | 2.23B | 2.05B | 1.41B | 987.1M | 85.08M | 60.55M | 46.55M | 92.92M | 29.4M | 54.6M | 185.7M | 180.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 71.8M | 66.8M | 66.6M | 63.1M | 62.7M | 58.6M | 51.2M | 47.9M | 45.4M | 41.7M | 38.6M | 36.3M | 32.1M | 28.2M | 24M | 21M | 20M | 18.01M | 14.14M | 16.68M | 13.99M | 12.7M | 11.28M | 7.91M | 7.68M | 14.02M | 14.46M | 14M | 16.3M | 19.4M | 22.4M |
| EPS (Diluted) | 6.05 | 5.24 | 4.21 | 3.09 | 3.41 | 4.39 | 2.03 | 1.92 | 2.00 | 0.94 | 1.00 | 0.93 | 1.61 | 1.92 | 2.28 | 2.73 | 1.81 | 1.08 | 1.58 | 2.48 | 2.28 | 1.57 | 1.10 | 0.09 | 0.12 | 0.10 | 0.19 | 0.06 | 0.11 | 0.38 | 0.37 |
| EPS Growth % | 31.8% | 24.47% | 36.25% | -9.38% | -22.32% | 116.26% | 5.73% | -4% | 112.77% | -6% | 7.53% | -42.24% | -16.15% | -15.79% | -16.48% | 50.83% | 67.59% | -31.65% | -36.29% | 8.77% | 45.22% | 42.73% | 1091.77% | -23.08% | 25.13% | -49.53% | 211.48% | -44.55% | -71.05% | 2.7% | - |
| EPS (Basic) | - | 5.24 | 4.21 | 3.09 | 3.41 | 4.39 | 2.03 | 1.92 | 2.00 | 0.94 | 1.00 | 0.93 | 1.61 | 1.92 | 2.28 | 2.73 | 1.81 | 1.08 | 1.58 | 2.48 | 2.28 | 1.57 | 1.10 | 0.09 | 0.12 | 0.10 | 0.19 | 0.06 | 0.11 | 0.38 | 0.37 |
| Diluted Shares Outstanding | 821.7M | 838.2M | 786.1M | 785.51M | 773.1M | 773.1M | 773.1M | 773.1M | 773M | 773M | 773.6M | 794.7M | 828.2M | 842.7M | 848.35M | 854.65M | 859.1M | 859.79M | 888.12M | 892.84M | 892.84M | 892.82M | 892.8M | 485.26M | 485.19M | 485.16M | 485.15M | 484.48M | 484.49M | 486.33M | 486.66M |
| Basic Shares Outstanding | 821.7M | 838.2M | 786.1M | 785.51M | 773.1M | 773.1M | 773.1M | 773.1M | 773M | 773M | 773.6M | 794.7M | 828.2M | 842.7M | 848.35M | 854.65M | 859.1M | 859.79M | 888.12M | 892.84M | 892.84M | 892.82M | 892.8M | 485.21M | 485.18M | 485.15M | 485.14M | 484.3M | 484.49M | 486.28M | 486.32M |
| Dividend Payout Ratio | - | 57.33% | 48.49% | 127.51% | 102.55% | 72.82% | 73.84% | 85.7% | 70.14% | 62.61% | 17.94% | 36.83% | 28.58% | 35.45% | 162.3% | 89.04% | 91.89% | 40.45% | 121.63% | 90.34% | 74.06% | 60.99% | 19.48% | 37.08% | 35.49% | 61.85% | 29.27% | 41.5% | 76.37% | 55.79% | 67.59% |
Geopolitical and social disruption
According to the latest quarterly filings, SCCO achieved a 36.2% year-over-year revenue growth in 2026Q1, signaling a significant acceleration in top-line performance that appears to be driven by favorable commodity price realizations and increased throughput across its primary Mexican and Peruvian mining operations during the period.
The recent revenue trajectory suggests that the company is successfully capturing the upside of current copper market conditions. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the volatility of LME benchmarks, which could lead to rapid reversals in future periods.
As reported in financial statements, SCCO's gross margin expanded to 64.7% in 2026Q1, reflecting a robust improvement from the 39.3% level observed in 2023Q4, which suggests that the company's vertical integration and low-cost porphyry deposits are providing significant protection against inflationary pressures in its core operating regions.
The consistent expansion of margins indicates strong pricing power and operational efficiency, likely bolstered by by-product credits from molybdenum and silver. This performance appears to differentiate the company from peers who lack similar levels of vertical integration and cost-curve positioning.
Based on SCCO's reported figures, operating income has scaled significantly to $2.5 billion in 2026Q1, demonstrating high operating leverage as SG&A expenses remain remarkably lean at approximately $35.8 million, suggesting that the company is effectively managing its overhead while maximizing the output from its large-scale mining infrastructure.
The ability to maintain such low SG&A relative to massive operating income suggests a highly disciplined corporate structure, likely benefiting from shared services with its parent entity. This efficiency warrants further investigation into whether such lean overhead is sustainable during potential future periods of operational expansion or project development.
Data from recent income statements indicates that SCCO's net income growth is of high quality, characterized by the absence of stock-based compensation expenses in recent quarters, which suggests that management is not diluting shareholders to incentivize performance, unlike many other industrial firms in the current market environment.
The lack of non-operating noise and minimal stock-based compensation suggests that reported EPS is a reliable proxy for actual operational performance. Investors should continue to monitor the tax rate and intercompany transactions with Grupo México to ensure that earnings quality remains uncompromised by non-arm's length accounting practices.
Quick answers to the most common questions about buying SCCO stock.
For fiscal year 2025, Southern Copper Corporation (SCCO) reported total revenue of $13.42B. This represents a 1682.2% increase compared to $753.0M in 1996.
Southern Copper Corporation (SCCO) is profitable, generating $4.33B in net income for the fiscal year ending 2025 with a net profit margin of 32.3%.
Southern Copper Corporation (SCCO) reported an operating income of $7.00B, resulting in an operating profit margin of 52.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Southern Copper Corporation (SCCO) generated $7.61B in gross profit for the year, representing a gross profit margin of 56.7%. This demonstrates the company's core pricing power and production efficiency.