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Southern Copper cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.7B in Q3 2026 · $5.6B over twelve months

Operating cash flow$2.2B
Capital spending−$516M
Free cash flow+$1.7B
Cash / net income1.2×
Cash conversion cycle50 days

Analysis

In Q3 2026, Southern Copper generated $2.2B of operating cash flow and spent $516M on capital projects, leaving free cash flow of $1.7B. That is $498M more than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $7.4B; the largest uses were dividends ($3.3B), other investing ($2.7B), capital spending ($1.8B); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B); the cash balance rose by $874M.

Operating cash flow was $2.2B against net income of $1.8B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$597M, receivables −$351M, depreciation & amortization +$230M.

Its cash conversion cycle was 50 days (receivables 43 + inventory 61 − payables 54).

Free cash flow

Southern Copper: free cash flow by quarterSouthern Copper: free cash flow by quarter$1.1BQ4 2024$404MQ1 2025$741MQ2 2025$1.2BQ3 2025$1.1BQ4 2025$1.3BQ1 2026$1.6BQ2 2026$1.7BQ3 2026
Operating cash flow less capital spending.
Southern Copper: operating cash flow against capital spendingSouthern Copper: operating cash flow against capital spendingOperating cash flowCapital spending$1.4B$235MQ4 2024$721M$318MQ1 2025$977M$236MQ2 2025$1.6B$349MQ3 2025$1.5B$423MQ4 2025$1.7B$442MQ1 2026$2.0B$423MQ2 2026$2.2B$516MQ3 2026
Latest (Q3 2026): Operating cash flow $2.2B, Capital spending $516M.

Capital allocation, year by year

Southern Copper: where the cash came from (up) and went (down), by fiscal yearSouthern Copper: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $4.3BFY2021: Capital spending −$892MFY2021: Dividends −$2.5B$4.3BFY2021FY2022: Operating cash flow $2.8BFY2022: Net borrowing −$300MFY2022: Capital spending −$948MFY2022: Dividends −$2.7B$2.8BFY2022FY2023: Operating cash flow $3.6BFY2023: Capital spending −$1.0BFY2023: Dividends −$3.1B$3.6BFY2023FY2024: Operating cash flow $4.4BFY2024: Capital spending −$1.0BFY2024: Dividends −$1.6B$4.4BFY2024FY2025: Operating cash flow $4.8BFY2025: Net borrowing $494MFY2025: Capital spending −$1.3BFY2025: Dividends −$2.5B$5.2BFY2025
Over these 5 years operating cash flow totalled $19.8B; the largest uses were dividends ($12.4B) and capital spending ($5.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.1B
Debt$6.8B
Net cash$1.3B
Due within a year$500M

Southern Copper funds itself: free cash flow was $5.6B over the last twelve months, and $8.1B of cash and investments stands against $6.8B of debt ($500M due within a year, 16.1× covered by cash).

Southern Copper: debt maturities by year (FY2024)Southern Copper: debt maturities by year (FY2024)$500MYear 1$51.2MYear 4$5.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $8.1B of cash and investments now.

Where the cash came from and went

Southern Copper: sources (+) and uses (−) of cash, Q3 2026Southern Copper: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.2BOther investing−$1.6BDividends−$918MCash drawn (+) / kept (−)$841MCapital spending−$516MExchange rates−$54.8MOther financing−$2.8M
Southern Copper: sources (+) and uses (−) of cash, TTM to Q3 2026Southern Copper: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$7.4BDividends−$3.3BOther investing−$2.7BCapital spending−$1.8BNet borrowing (+) / repaid (−)$1.2BCash drawn (+) / kept (−)−$874MExchange rates−$7.2MPartners−$3.6MOther financing−$3.5MNot reconciled−$100K

From profit to cash

Southern Copper: net income to operating cash flow, Q3 2026Southern Copper: net income to operating cash flow, Q3 2026Net income$1.8BDepreciation & amortization$230MDeferred taxes−$73.8MOther non-cash$19.2MReceivables−$351MInventory$14.7MPayables$597MOther operating capital−$2.3MOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202643615450
Q2 202643665850
Q1 202642615349
Q4 202544655059
Q3 202545694767
Q2 202546745070
Q1 202539694464
Q4 202445774676

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.2B−$516M−$918M—$841M$1.7B
Q2 2026$2.0B−$423M−$826M$1.2B−$750M$1.6B
Q1 2026$1.7B−$442M−$819M—−$611M$1.3B
Q4 2025$1.5B−$423M−$731M—−$355M$1.1B
Q3 2025$1.6B−$349M−$643M—−$615M$1.2B
Q2 2025$977M−$236M−$557M−$500M$781M$741M
Q1 2025$721M−$318M−$553M$994M−$858M$404M
Q4 2024$1.4B−$235M−$550M—−$603M$1.1B

Southern Copper: income statement and cash flow

Southern Copper, Q3 2026: revenue $4.7B (+39% year over year), operating margin 59.9%. The chart follows the revenue to costs, profit and cash.

Southern Copper: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.