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Southern Copper (SCCO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Southern Copper (SCCO) Q3 2026 earnings results →
Q3 2026 Revenue up 39% year over year to $4.7B · 38¢ of every $1 of revenue kept as net profit · operating margin 59.9%
Southern Copper made $4.7B in Q3 2026 (+39% Y/Y): Copper $3.5B, Molybdenum $570M, Silver $341M. Operating margin 59.9%, net earnings $1.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $4.7B in Q3 2026, up 39% year over year and up 10% from the previous quarter. Copper was the largest line at 74% of revenue. Copper added $1.0B year over year (up 41%), 77% of the total change.
Operating profit was $2.8B, a 59.9% margin (up 7.6 points year over year). Of the extra revenue versus Q3 2025, 79% reached operating profit, above the 52% margin then. Total costs grew 17% against revenue growth of 39%. The fastest-growing cost line was Cost of revenue (+18%). Net earnings were $1.8B, up 63% year over year. The effective tax rate was 35.4%.
Operating cash flow was $2.2B (up 43% year over year), 123% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization. Working capital and other items added $0.19B. Capital expenditures of $0.52B left free cash flow of $1.7B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $4.7B | +39% | 59.9% | $1.8B | $2.2B |
| Q2 2026 | 10-Q | Jul 31, 2026 | $4.3B | +41% | 61.2% | $1.7B | $2.0B |
| Q1 2026 | 10-Q | Apr 30, 2026 | $4.3B | +36% | 58.3% | $1.6B | $1.7B |
| Q4 2025 | 10-K | Feb 27, 2026 | $3.9B | +39% | 54.5% | $1.3B | $1.5B |
| Q3 2025 | 10-Q | Oct 31, 2025 | $3.4B | +15% | 52.4% | $1.1B | $1.6B |
| Q2 2025 | 10-Q | Jul 31, 2025 | $3.1B | -2% | 52.0% | $973M | $977M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $3.1B | +20% | 49.2% | $946M | $721M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Southern Copper
We believe Southern Copper Corporation (“SCC”, “Southern Copper” or the “Company”) is one of the largest integrated copper producers in the world. Our major production includes copper, molybdenum, zinc and silver. All of our mining, smelting and refining facilities are located in Peru and Mexico, and we conduct exploration activities in those countries and in Argentina and Chile. See Item 2 “Properties—Review of Operations” for maps of our principal mines, smelting facilities and refineries. The considerable scale of our operations makes us one of the largest mining companies in Peru and Mexico. We believe we have the largest copper reserves in the world. We were incorporated in Delaware in 1952 and have conducted copper mining operations since 1960. Since 1996, our common stock has been listed on both the New York and Lima Stock Exchanges.
In its own words, from its 10-K, filed Feb 27, 2026.
Southern Copper against its Metal Mining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +39% against the peers' median +30%. Operating margin: 59.9% against the peers' median -14.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SCCO Southern Copper | Q3 2026 | $4.7B | +39% | 59.9% |
| FCX Freeport-McMoRan | Q3 2026 | $7.5B | +8% | 31.2% |
| CLF Cleveland-Cliffs | Q3 2026 | $5.6B | +18% | 5.5% |
| MP MP Materials | Q3 2026 | $148M | +176% | -14.9% |
| DYNR Dynaresource | Q2 2026 | $11.4M | -28% | -10.1% |
| USAR USA Rare Earth | Q2 2026 | $5.8M | — | -795.6% |
| ALOY Realloys | Q2 2026 | $804K | +55% | n/m |
| IE Ivanhoe Electric | Q3 2026 | $708K | +30% | n/m |
| MINR Minerva Gold | Q1 FY27 | $9K | -25% | -24.7% |
Source: Southern Copper 10-Q on SEC EDGAR · CIK 1001838 · Metal Mining
Guidance and outlook
13F: who owns SCCO and who is buying
More on SCCO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results