Revenue accelerated to $1.8 billion in 2026Q1, driving a significant recovery in operating margins to 41.5% from the 2025Q2 trough of 15.9%.
| 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 | 5.31B | 4.57B | 4.53B | 7.47B | 10.71B | 2.86B | 1.82B | 1.94B | 2.27B | 2.16B | 1.94B | 1.73B | 2.01B | 2.2B | 2.43B | 2.15B | 1.83B | 1.44B | 1.77B | 1.19B | 1.04B | 895.97M | 788.52M | 691.81M | 553.81M | 526.44M | 501.79M | 493.71M | 505.66M | 513.3M | 473.7M |
| Revenue Growth % | 18.54% | 0.89% | -39.35% | -30.28% | 274.19% | 57.51% | -6.51% | -14.22% | 5.03% | 11.24% | 12.21% | -14.19% | -8.58% | -9.3% | 13.23% | 17.2% | 27.23% | -18.91% | 49.4% | 13.87% | 16.4% | 13.63% | 13.98% | 24.92% | 5.2% | 4.91% | 1.64% | -2.36% | -1.49% | 8.36% | 15.65% |
| Cost of Goods Sold | 3.48B | 3.23B | 3.2B | 4.39B | 4.97B | 1.77B | 1.33B | 1.38B | 1.49B | 1.39B | 1.33B | 1.19B | 1.43B | 1.43B | 1.4B | 1.29B | 1.2B | 908.47M | 1.06B | 857.76M | 753.34M | 652.9M | 608.74M | 553.96M | 424.78M | 408.17M | 388.61M | 313.96M | 329.3M | 356.1M | 326.5M |
| COGS % of Revenue | - | 70.68% | 70.7% | 58.82% | 46.44% | 61.92% | 73.43% | 71.19% | 65.57% | 64.66% | 68.49% | 68.6% | 71.06% | 64.97% | 57.66% | 60.15% | 65.8% | 63.15% | 59.54% | 72.23% | 72.24% | 72.87% | 77.2% | 80.08% | 76.7% | 77.53% | 77.44% | 63.59% | 65.12% | 69.37% | 68.93% |
| Gross Profit | 1.83B | 1.34B | 1.33B | 3.08B | 5.74B | 1.09B | 482.87M | 560.05M | 780.17M | 762.5M | 611.04M | 542.75M | 582.97M | 721.45M | 1.03B | 854.79M | 626M | 530.18M | 717.87M | 329.76M | 289.55M | 243.07M | 179.77M | 137.84M | 129.03M | 118.27M | 113.18M | 179.75M | 176.36M | 157.2M | 147.2M |
| Gross Margin % | 34.52% | 29.32% | 29.3% | 41.18% | 53.56% | 38.08% | 26.57% | 28.81% | 34.43% | 35.34% | 31.51% | 31.4% | 28.94% | 32.75% | 42.34% | 39.85% | 34.2% | 36.85% | 40.46% | 27.77% | 27.76% | 27.13% | 22.8% | 19.93% | 23.3% | 22.47% | 22.55% | 36.41% | 34.88% | 30.63% | 31.07% |
| Gross Profit Growth % | - | 0.93% | -56.84% | -46.4% | 426.24% | 125.76% | -13.78% | -28.21% | 2.32% | 24.79% | 12.58% | -6.9% | -19.19% | -29.86% | 20.33% | 36.55% | 18.07% | -26.14% | 117.69% | 13.89% | 19.12% | 35.21% | 30.42% | 6.83% | 9.1% | 4.5% | -37.04% | 1.92% | 12.19% | 6.79% | 46.18% |
| Operating Expenses | 250.05M | 204.92M | 261.21M | 230.66M | 205.28M | 162.82M | 180.37M | 126.4M | 113.61M | 144.44M | 162.29M | 174.14M | 132.35M | 119.56M | 127.69M | 101.34M | 115.47M | 94.01M | 85.71M | 70.27M | 69.66M | 61.88M | 55.7M | 50.59M | 46.34M | 43.65M | 45.76M | 100.05M | 102.4M | 84.3M | 70.6M |
| OpEx % of Revenue | - | 4.49% | 5.77% | 3.09% | 1.92% | 5.69% | 9.93% | 6.5% | 5.01% | 6.7% | 8.37% | 10.08% | 6.57% | 5.43% | 5.26% | 4.72% | 6.31% | 6.53% | 4.83% | 5.92% | 6.68% | 6.91% | 7.06% | 7.31% | 8.37% | 8.29% | 9.12% | 20.27% | 20.25% | 16.42% | 14.9% |
| Selling, General & Admin | 126.89M | 99.57M | 133.21M | 74.95M | 79.16M | 90.36M | 116.01M | 57.49M | 63.06M | 74.58M | 46.98M | 58.95M | 50.99M | 57.78M | 61.15M | 47.69M | 40.85M | 75.47M | 85.71M | 70.27M | 69.66M | 61.88M | 55.7M | 50.59M | 46.34M | 43.65M | 45.76M | 41.08M | 48.6M | 45.1M | 39.8M |
| SG&A % of Revenue | - | 2.18% | 2.94% | 1% | 0.74% | 3.16% | 6.38% | 2.96% | 2.78% | 3.46% | 2.42% | 3.41% | 2.53% | 2.62% | 2.52% | 2.22% | 2.23% | 5.25% | 4.83% | 5.92% | 6.68% | 6.91% | 7.06% | 7.31% | 8.37% | 8.29% | 9.12% | 8.32% | 9.61% | 8.79% | 8.4% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 4.4M | 7.4M | 9.2M | 10.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.57% | 0.25% | 0.37% | 0.42% | 0.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.9M | 105.35M | 128M | 155.71M | 126.11M | 72.46M | 64.35M | 68.91M | 50.56M | 69.86M | 115.31M | 115.19M | 81.36M | 61.78M | 66.54M | 53.65M | 74.61M | 18.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58.97M | 53.8M | 39.2M | 30.8M |
| Operating Income | 1.58B | 1.13B | 1.07B | 2.84B | 5.53B | 927.29M | 302.5M | 433.65M | 666.56M | 618.06M | 448.75M | 368.61M | 450.62M | 652.19M | 900.91M | 753.45M | 510.54M | 436.17M | 632.16M | 259.49M | 219.89M | 181.19M | 124.07M | 87.25M | 82.68M | 74.62M | 67.42M | 79.7M | 73.96M | 72.9M | 76.6M |
| Operating Margin % | 29.81% | 24.83% | 23.54% | 38.09% | 51.64% | 32.4% | 16.65% | 22.31% | 29.42% | 28.65% | 23.14% | 21.33% | 22.37% | 29.6% | 37.09% | 35.12% | 27.89% | 30.32% | 35.63% | 21.85% | 21.08% | 20.22% | 15.73% | 12.61% | 14.93% | 14.17% | 13.44% | 16.14% | 14.63% | 14.2% | 16.17% |
| Operating Income Growth % | - | 6.44% | -62.53% | -48.58% | 496.51% | 206.54% | -30.24% | -34.94% | 7.85% | 37.73% | 21.74% | -18.2% | -30.91% | -27.61% | 19.57% | 47.58% | 17.05% | -31% | 143.62% | 18.01% | 21.36% | 46.04% | 42.19% | 5.53% | 10.81% | 10.68% | -15.4% | 7.75% | 1.46% | -4.83% | 66.52% |
| EBITDA | 1.71B | 1.56B | 1.07B | 2.85B | 5.53B | 930.15M | 305.63M | 436.3M | 666.63M | 618.16M | 448.87M | 368.93M | 455.74M | 652.62M | 906.56M | 785.91M | 654.48M | 577.57M | 745.64M | 360.28M | 313.32M | 253.61M | 187.8M | 150.04M | 145.17M | 138.35M | 129.68M | 138.67M | 127.76M | 112.1M | 107.4M |
| EBITDA Margin % | 32.24% | 34.18% | 23.65% | 38.14% | 51.67% | 32.5% | 16.82% | 22.45% | 29.42% | 28.65% | 23.15% | 21.35% | 22.63% | 29.62% | 37.32% | 36.63% | 35.76% | 40.15% | 42.03% | 30.34% | 30.04% | 28.31% | 23.82% | 21.69% | 26.21% | 26.28% | 25.84% | 28.09% | 25.27% | 21.84% | 22.67% |
| EBITDA Growth % | 70.83% | 45.8% | -62.4% | -48.53% | 494.97% | 204.33% | -29.95% | -34.55% | 7.84% | 37.72% | 21.67% | -19.05% | -30.17% | -28.01% | 15.35% | 20.08% | 13.32% | -22.54% | 106.96% | 14.99% | 23.54% | 35.04% | 25.16% | 3.36% | 4.93% | 6.68% | -6.48% | 8.53% | 13.97% | 4.38% | 57.48% |
| D&A (Non-Cash Add-back) | 118.26M | 426.92M | 5.05M | 3.91M | 2.78M | 2.86M | 3.13M | 2.64M | 74K | 98K | 117K | 321K | 5.11M | 433K | 5.65M | 32.46M | 143.94M | 141.4M | 113.49M | 100.79M | 93.43M | 72.42M | 63.73M | 62.79M | 62.49M | 63.73M | 62.26M | 58.97M | 53.8M | 39.2M | 30.8M |
| EBIT | 1.64B | 1.13B | 1.16B | 2.93B | 5.58B | 923.26M | 323.68M | 462.12M | 676.7M | 643.23M | 471.31M | 377.93M | 468.14M | 670.72M | 926.08M | 771.05M | 528.34M | 446.58M | 632.81M | 252.35M | 219.89M | 181.19M | 124.07M | 87.25M | 82.68M | 74.62M | 67.42M | 79.7M | 73.96M | 72.9M | 76.6M |
| Net Interest Income | -91.19M | -101.26M | -95.02M | -22.24M | -51.31M | -78.7M | -71.43M | -46.23M | -34.31M | -36.31M | -46.95M | -58.28M | -47.23M | -46.03M | -25.03M | -16.13M | -22.11M | -17.45M | -6.1M | -10.6M | -27.59M | -16.66M | -18.78M | -21.78M | -29.67M | -36.67M | -45.97M | 0 | -18.8M | 0 | -13.7M |
| Interest Income | 93.19M | 85.57M | 93.23M | 118.53M | 44.7M | 4.56M | 12.68M | 26.29M | 20.34M | 13.82M | 10.55M | 11.57M | 16.14M | 12.73M | 29.07M | 23.21M | 12.9M | 13.53M | 13.86M | 9.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 184.38M | 186.83M | 188.26M | 140.77M | 96.01M | 83.37M | 84.1M | 72.52M | 55.67M | 50.12M | 57.5M | 69.64M | 63.37M | 58.76M | 54.09M | 39.34M | 35M | 30.98M | 19.96M | 19.95M | 27.59M | 16.66M | 18.78M | 21.78M | 29.67M | 36.67M | 45.97M | 0 | 18.8M | 0 | 13.7M |
| Other Income/Expense | -144.52M | -175.36M | -91.48M | -37.38M | -44.85M | -86.07M | -63.97M | -43.03M | -45.52M | -23.47M | -33.86M | -60.32M | -45.66M | -39.08M | -27.46M | -19.62M | -17.24M | -20.57M | -19.31M | -27.08M | -36.05M | -34.32M | -17.59M | -21.16M | -31.72M | -30.08M | -35.87M | -29.86M | -562K | -3.1M | 2M |
| Pretax Income | 1.44B | 959.21M | 974.41M | 2.81B | 5.49B | 841.22M | 238.54M | 390.62M | 621.04M | 594.59M | 414.89M | 308.29M | 404.96M | 613.11M | 873.45M | 733.83M | 493.3M | 415.6M | 612.85M | 232.41M | 183.84M | 146.87M | 106.48M | 66.09M | 50.96M | 44.54M | 31.55M | 49.83M | 73.4M | 69.8M | 78.6M |
| Pretax Margin % | 27.09% | 20.99% | 21.52% | 37.59% | 51.23% | 29.39% | 13.13% | 20.1% | 27.41% | 27.56% | 21.39% | 17.84% | 20.11% | 27.83% | 35.96% | 34.21% | 26.95% | 28.89% | 34.54% | 19.57% | 17.63% | 16.39% | 13.5% | 9.55% | 9.2% | 8.46% | 6.29% | 10.09% | 14.52% | 13.6% | 16.59% |
| Income Tax | 531.52M | 319.58M | 1.37B | 787.27M | 1.57B | 249.02M | 70.18M | 110.02M | 178.97M | 166.17M | 132.97M | 83.77M | 160.69M | 138.54M | 216.08M | 179.71M | 106M | 75.84M | 107.95M | 48.59M | 37.92M | 32.53M | 27.31M | 19.3M | 10.76M | 7.54M | 4.86M | 1.76M | 6.2M | 7.5M | 8.4M |
| Effective Tax Rate % | 36.94% | 33.32% | 140.81% | 28.05% | 28.66% | 29.6% | 29.42% | 28.17% | 28.82% | 27.95% | 32.05% | 27.17% | 39.68% | 22.6% | 24.74% | 24.49% | 21.49% | 18.25% | 17.61% | 20.91% | 20.62% | 22.15% | 25.65% | 29.2% | 21.12% | 16.92% | 15.41% | 3.53% | 8.45% | 10.74% | 10.69% |
| Net Income | 816.95M | 587.21M | -404.36M | 2.01B | 3.91B | 585.45M | 164.52M | 278.12M | 439.83M | 427.7M | 278.29M | 220.36M | 236.89M | 467.11M | 649.17M | 545.76M | 382.12M | 338.3M | 501.41M | 180.02M | 141.28M | 113.51M | 74.23M | 46.75M | 40.2M | 30.1M | 26.69M | 48.08M | 67.2M | 62.3M | 70.2M |
| Net Margin % | 15.38% | 12.85% | -8.93% | 26.95% | 36.47% | 20.45% | 9.05% | 14.31% | 19.41% | 19.83% | 14.35% | 12.75% | 11.76% | 21.2% | 26.72% | 25.44% | 20.88% | 23.51% | 28.26% | 15.16% | 13.55% | 12.67% | 9.41% | 6.76% | 7.26% | 5.72% | 5.32% | 9.74% | 13.29% | 12.14% | 14.82% |
| Net Income Growth % | 35.55% | 245.22% | -120.09% | -48.48% | 567.23% | 255.86% | -40.85% | -36.77% | 2.84% | 53.69% | 26.29% | -6.98% | -49.29% | -28.04% | 18.95% | 42.82% | 12.95% | -32.53% | 178.53% | 27.42% | 24.47% | 52.91% | 58.77% | 16.3% | 33.55% | 12.78% | -44.48% | -28.46% | 7.87% | -11.25% | 72.48% |
| Net Income (Continuing) | 907.29M | 639.63M | -397.63M | 2.02B | 3.91B | 592.21M | 168.36M | 280.6M | 442.06M | 428.42M | 281.92M | 224.52M | 244.28M | 474.57M | 657.37M | 554.12M | 387.27M | 339.76M | 504.9M | 183.81M | 141.28M | 113.51M | 74.23M | 46.75M | 40.2M | 34.62M | 26.69M | 48.08M | 67.2M | 62.3M | 70.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.29M | -873.22K | -5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.36B | 2.36B | 37.25M | 36.23M | 35.37M | 34.45M | 39.49M | 48.2M | 52.31M | 59.65M | 61.2M | 60.57M | 59.87M | 55.62M | 54.66M | 51.55M | 48M | 46.09M | 47.07M | 46M | 39.21M | 35.51M | 34.43M | 29.12M | 23.05M | 23.43M | 25.27M | 25.08M | 26.8M | 26.5M | 26.6M |
| EPS (Diluted) | 2.87 | 2.06 | -1.42 | 7.05 | 13.68 | 2.05 | 0.62 | 1.04 | 1.66 | 1.61 | 1.05 | 0.80 | 1.12 | 1.76 | 2.45 | 2.06 | 1.44 | 1.28 | 1.89 | 0.68 | 0.53 | 0.43 | 0.28 | 0.22 | 0.15 | 0.09 | 0.09 | 0.16 | 0.27 | 0.26 | 0.31 |
| EPS Growth % | 35.55% | 245.07% | -120.14% | -48.46% | 567.32% | 230.65% | -40.38% | -37.35% | 3.11% | 53.33% | 31.25% | -28.57% | -36.36% | -28.16% | 18.93% | 43.06% | 12.5% | -32.28% | 177.94% | 28.3% | 23.26% | 53.57% | 27.27% | 46.67% | 67.79% | 0% | -44.13% | -40.74% | 3.85% | -16.13% | 47.62% |
| EPS (Basic) | - | 2.06 | -1.42 | 7.05 | 13.68 | 2.05 | 0.62 | 1.04 | 1.67 | 1.63 | 1.06 | 0.84 | 1.12 | 1.77 | 2.45 | 2.06 | 1.44 | 1.28 | 1.89 | 0.68 | 0.53 | 0.43 | 0.28 | 0.22 | 0.15 | 0.09 | 0.09 | 0.16 | 0.27 | 0.26 | 0.31 |
| Diluted Shares Outstanding | 284.92M | 285.64M | 284.79M | 285.64M | 285.64M | 285.64M | 267.07M | 267.07M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.43M | 265.11M | 265.11M | 266.66M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 260.56M | 251.63M | 241.36M | 228.1M |
| Basic Shares Outstanding | 284.92M | 285.64M | 284.79M | 285.64M | 285.64M | 285.64M | 267.07M | 267.07M | 263.2M | 263.2M | 263.21M | 263.2M | 263.21M | 263.91M | 263.2M | 265.11M | 265.43M | 265.11M | 265.11M | 266.66M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 265.11M | 260.56M | 251.63M | 241.36M | 228.1M |
| Dividend Payout Ratio | - | 0.73% | - | 73.09% | 57.3% | 97.65% | 134.94% | 118.58% | 125.13% | 87.43% | 143.52% | 57.79% | 160.01% | 59.87% | 51.57% | 50.82% | 45.94% | 102.17% | 42.01% | 52.6% | 52.63% | 45.51% | 34.64% | 45.69% | 40.88% | 50.79% | 97.79% | 75.02% | 48.07% | 59.23% | 32.91% |
Lithium price volatility exposure
According to the most recent quarterly filings, SQM achieved a significant revenue acceleration to $1.8 billion in 2026Q1, representing a 69.8% year-over-year growth rate, which contrasts sharply with the contractionary trends observed throughout the 2024 and early 2025 fiscal periods as commodity pricing normalized.
The sharp revenue recovery suggests that the company is successfully navigating the cyclical troughs of the lithium market. Investors should monitor whether this growth is driven by sustained volume increases or temporary price spikes, as the latter would imply less durability in the current top-line expansion.
As reported in financial statements, SQM maintained a gross margin of 44.2% in 2026Q1, demonstrating a notable recovery from the 24.3% trough seen in 2025Q2, which highlights the company's ability to leverage its low-cost brine extraction advantage even during periods of significant market pricing instability.
The margin expansion appears to be a direct result of the company's unique hydrogeological cost structure, which provides a buffer against the high-cost spodumene-based competition. However, the sensitivity of these margins to the tiered CORFO royalty regime suggests that profitability may remain capped during peak price cycles.
Based on the provided income statement data, SQM's operating income reached $729.7 million in 2026Q1, reflecting an operating margin of 41.5%, which indicates that the company is effectively scaling its overhead costs in proportion to the recent surge in top-line revenue growth.
The ability to maintain such high operating margins suggests that the company's fixed-cost base, primarily related to its evaporation infrastructure, is well-optimized. This operating leverage warrants further investigation to determine if SG&A expenses will remain disciplined as the company continues its expansion projects.
Data from the 2024Q1 period reveals a significant net loss of $869.5 million despite positive operating income, illustrating how non-operating charges and accounting adjustments can create substantial volatility in reported net income that does not necessarily reflect the underlying operational health of the core business.
The discrepancy between operating and net income in specific quarters suggests that investors should focus on operating margins as a more reliable indicator of performance. The absence of stock-based compensation in the reported figures simplifies the analysis, though it may mask potential management incentive structures.
Quick answers to the most common questions about buying SQM stock.
For fiscal year 2025, Sociedad Química y Minera de Chile S.A. (SQM) reported total revenue of $4.57B. This represents a 864.5% increase compared to $473.7M in 1996.
Sociedad Química y Minera de Chile S.A. (SQM) is profitable, generating $587.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Sociedad Química y Minera de Chile S.A. (SQM) reported an operating income of $1.13B, resulting in an operating profit margin of 24.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Sociedad Química y Minera de Chile S.A. (SQM) generated $1.34B in gross profit for the year, representing a gross profit margin of 29.3%. This demonstrates the company's core pricing power and production efficiency.