# Southern Copper Stock Q3 2026: Sales Up 39% on $6.41 Copper
> Southern Copper stock Q3 2026: sales rose 39% to $4.70bn on $6.41 copper, net income rose 63% to $1.80bn and cash cost fell to $0.09/lb. SCCO earnings.

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## Facts
- Ticker: SCCO
- QSILabs fair value: $49.81 USD
- Price: $179.36 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-21) and Form 10-Q filed 2026-10-30; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/southern-copper-stock-q3-2026-earnings-tia-maria-copper/

## Short answer
Southern Copper stock Q3 2026 is a story of metal prices. Sales for the three months to 30 September 2026 rose 39.1% to $4,696.6m, which the company called "a new quarterly record", because London Metal Exchange copper averaged $6.41 a pound, 44.4% more than a year earlier, and silver, molybdenum and zinc also rose by a third or more. Mined copper output actually fell 1.1%. Operating income rose 59.2% to $2,815.1m and net income rose 62.7% to $1,801.8m, or $2.15 a share. By-product credits pushed the cash cost of copper down to just $0.09 a pound. Chief financial officer Raul Jacob said the company "hit record highs for net sales, adjusted EBITDA and net income for the second consecutive quarter". Our discounted cash flow model values Southern Copper at $49.81 a share, far below the $179.36 close on 2 November 2026. We assume copper, silver and molybdenum prices fall back from their 2026 peaks, margins return to the company's own mid-cycle level, and Peru and Mexico carry a higher cost of capital.

## Key takeaways
- Sales up 39.1%. Third-quarter sales were $4,696.6m, against $3,377.3m a year earlier. LME copper averaged $6.41 a pound (+44.4%), silver $62.80 an ounce (+58.7%), molybdenum $32.93 a pound (+35.5%) and zinc $1.74 a pound (+35.9%).
- Volumes slipped. Mined copper was 232,396 tonnes, down 1.1%, and nine-month output fell 2.9%, mainly because Toquepala produced 10.0% less.
- Margins widened. The operating margin rose to 59.9% from 52.4%, and the adjusted EBITDA margin rose to 64.7% from 58.5%.
- Copper almost free to produce after credits. Cash cost net of by-product credits was $0.09 a pound, against $0.42. Before credits it rose 10% to $2.46.
- Cash keeps coming. Operating cash flow was $2,224.3m in the quarter and $5,907.3m in nine months, against capital spending of $1,380.5m. The next dividend is $1.30 a share in cash plus 0.0106 shares.
- Growth is a 2028 story. Tia Maria in Peru, with $884.3m invested by 30 September, is due to start in the first half of 2028. Tia Maria and El Pilar in Mexico should add 156,000 tonnes of copper a year.
- Our value: $49.81 a share, against a $179.36 close on 2 November 2026. Our sensitivity grid runs from $45.39 to $55.99. Holding the operating margin at 59.2% gives $61.92. Analysts' average target is $178.19, and their consensus rating is "Sell".
- What to watch. The copper and silver prices; 2027 production, capital and cost guidance, due on the January call; Tia Maria lawsuits and permits for Los Chancas and Michiquillay in Peru; and talks with Mexico's government over $10.2bn of investment there.

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