Southern Copper Corp. posted a record third quarter, with net sales climbing to $4.70 billion from $3.38 billion a year earlier, a gain of 39.1%. For the first nine months of 2026, sales rose to $13.24 billion from $9.55 billion, up 38.6%.
Net income jumped to a quarterly record $1.80 billion from $1.11 billion in 3Q25, an increase of 62.7%. Year to date, net income reached $5.05 billion, up 66.8% from $3.03 billion in the same period of 2025. Quarterly net income margin widened to 38.4% from 32.8%, while the nine-month margin rose to 38.1% from 31.7%.
Adjusted EBITDA also hit a record, rising to $3.04 billion from $1.98 billion in the prior-year quarter, up 53.9%. For 9M26, adjusted EBITDA increased to $8.61 billion from $5.51 billion, a 56.2% gain. The quarterly adjusted EBITDA margin expanded to 64.7% from 58.5%, and the nine-month margin increased to 65.0% from 57.7%.
Operating cash flow improved to $2.22 billion in the quarter from $1.56 billion a year earlier, up 42.6%. For the nine-month period, operating cash flow rose to $5.91 billion from $3.26 billion, an 81.3% increase.
Copper production slipped to 232,396 tonnes in the third quarter, down 1.1% from the previous quarter. On a year-to-date basis, copper output fell 2.9% to 693,602 tonnes. In the quarter, Mexican copper production rose 2.5%, while Peru declined 6.1%. Smelter and refinery output increased 17.8% and 16.1%, respectively, in the quarter.
By-products were mixed. Mined silver production fell 1.9% in the quarter, zinc production dropped 7.9% to 41,880 tonnes, and molybdenum output declined 2.2%. Year to date, silver production was up 1.5%, while zinc and molybdenum were down 7.2% and 5.2%, respectively.
Operating cash cost per pound of copper, net of by-product revenue credits, fell sharply to $0.09 in the quarter from $0.42 a year earlier, down 77.4%. For nine months, the figure dropped to $0.01 from $0.61, a decline of 98.1%.
Capital investments increased to $515.8 million in the quarter from $349.2 million a year earlier, up 47.7%. For the first nine months, capital spending rose to $1.38 billion from $902.7 million, up 52.9%.
The board authorized a quarterly cash dividend of $1.30 per share and a stock dividend of 0.0106 shares per share, payable Nov. 19, 2026. Following these announcements, the company's shares moved 0.28%, and are now trading at a price of $202.34. For more information, read the company's full 8-K submission here.
