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Southern Copper: copper leverage is powerful, but capex and debt still matter

SCCOResearch reportPosted by Goglides ResearchMay 20, 2026
NYSESCCOCoverage BootstrapSouthern Copper Corporation

Thesis summary

Southern Copper reported 2025 revenue of $13.42 billion, operating income of $7.00 billion, Q1 2026 revenue of $4.25 billion and Q1 operating cash flow of $1.69 billion. The thesis depends on copper prices, production, project execution, costs, dividends and balance-sheet discipline.

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Southern Copper reported 2025 revenue of $13.42 billion, operating income of $7.00 billion, Q1 2026 revenue of $4.25 billion and Q1 operating cash flow of $1.69 billion. The thesis depends on copper prices, production, project execution, costs, dividends and balance-sheet discipline.

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