Revenue growth accelerated to 40.6% YoY in Q2 2026 with gross margin expanding to 62.0% from 53.1%, driving EPS up 68.9% to $2.01.
Southern Copper Corporation (SCCO) annual income statement — 30-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 | Dec'96 |
|---|
| Sales/Revenue | 15.79B | 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 % | 32.8% | 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 | 5.96B | 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 | 9.83B | 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 % | 62.26% | 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 | 847.2M | 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 | 144.7M | 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 | 8.98B | 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 % | 56.9% | 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 | 9.87B | 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 % | 62.54% | 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 % | 46.54% | 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) | 890.2M | 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 | 9.04B | 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 | 16.9M | -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 | 202.2M | 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 | 185.3M | 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 | -189.6M | -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 | 8.79B | 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 % | 55.7% | 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 | 3.15B | 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 % | 35.84% | 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 | 5.67B | 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 % | 35.9% | 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 % | 56.99% | 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) | 5.64B | 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 | 76.4M | 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) | 6.84 | 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 % | 50.44% | 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 | 829.1M | 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 | 829.1M | 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% |
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.
Key Metrics
Top Statement Risk
Copper price cyclicality and Peru social friction
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Copper Strength
Revenue surged 40.6% year-over-year in Q2 2026 to $4.3B, per recent financial statements, marking the third consecutive quarter of accelerating growth, driven by robust copper prices and higher volumes.
The 40.6% YoY growth in Q2 2026 represents a sharp acceleration from the 15.2% growth in Q3 2025, indicating a strengthening pricing environment and possibly improved operational throughput. This trend appears sustainable in the near term given the structural copper deficit narrative, but investors should monitor for any demand softening that could reverse this momentum.
Gross Margin Expansion Reflects Cost Advantage
Gross margin reached 62.0% in Q2 2026, up from 53.1% a year earlier, as reported in the latest income statement, highlighting the company's low-cost position and by-product credits.
The 840 basis point year-over-year expansion in gross margin underscores SCCO's first-quartile cost curve positioning, likely aided by strong molybdenum and silver by-product credits. This margin level is significantly above peers like FCX (27.0%) and TECK (21.8%), suggesting a durable competitive advantage. However, the sustainability of such margins depends on copper prices and input costs, which warrant monitoring.
Operating Leverage Amplifies Earnings Growth
Operating income grew 62.5% YoY in Q2 2026 to $2.6B, outpacing revenue growth of 40.6%, as per the income statement, indicating strong operating leverage from minimal SG&A increases.
SG&A expenses remained nearly flat at $35.3M in Q2 2026, despite a 40% revenue surge, demonstrating exceptional cost discipline and scalability. This operating leverage is a key driver of the 61.2% operating margin, which is among the highest in the sector. The company's ability to maintain such lean overhead while expanding production suggests a structurally efficient cost base.
Earnings Quality Supported by Low SBC and Tax Efficiency
Net income rose 68.9% YoY in Q2 2026 to $1.7B, with EPS of $2.01 beating consensus, and stock-based compensation was negligible, as reported in financial statements, indicating high-quality earnings.
The absence of material stock-based compensation (SBC) in the income statement suggests that reported EPS is not artificially inflated by non-cash charges, enhancing earnings quality. The net margin of 38.9% is robust, though investors should be aware of potential provisional pricing adjustments that could cause non-cash swings in future quarters. The beat versus consensus indicates operational outperformance, but the lack of formal guidance tempers forward visibility.
Cost Structure Remains Lean with Minimal Overhead
COGS as a percentage of revenue fell to 38.0% in Q2 2026 from 46.9% in Q2 2025, as per the income statement, reflecting lower unit costs and favorable by-product credits.
The decline in COGS relative to revenue suggests improved operational efficiency, possibly due to higher ore grades or lower energy costs. SG&A is remarkably low at $35.3M, representing less than 1% of revenue, which is a testament to the company's centralized management structure. However, input cost inflation in diesel and electricity could pressure future margins, and investors should monitor the cash cost per pound metric.
Q2 2026 Marks a Pivotal Earnings Inflection
Q2 2026 delivered record EPS of $2.01, up 68.9% YoY, as reported in the latest quarterly results, representing a clear inflection point driven by copper price strength and operational leverage.
This quarter stands out as the strongest in the provided data, with revenue, operating income, and net income all reaching new highs. The inflection appears driven by a combination of favorable copper prices and the company's ability to convert revenue growth into bottom-line results with minimal incremental costs. The lasting impact is a higher earnings base, but sustainability depends on copper prices remaining elevated and no major operational disruptions.
What Could Invalidate the Base Case
Despite record margins, the 62.0% gross margin may be unsustainable if copper prices correct, as the high fixed-cost base could compress margins rapidly, per the income statement data.
The current margin expansion is heavily dependent on elevated copper prices, and any sharp correction could expose the company's high fixed-cost structure, leading to margin compression. Additionally, the persistent social friction in Peru poses a risk to long-term growth projects like Tia Maria, which could limit future volume growth. Investors should also consider that the lack of formal guidance makes it difficult to assess the durability of the recent earnings beat, and provisional pricing adjustments could introduce volatility in reported revenue.