Income StatementBalance SheetCash FlowSegments
Southern Copper logo

Southern Copper Business Segments

Business, geographic, and product segment breakdowns

Southern Copper generates $14.5B in annual revenue across 3 key segments: Mexican IMMSA Unit ($573.8M), Mexican Open Pit ($3.1B), and Peruvian Operations ($2.2B). The company-wide operating margin is 54.62%. Based on the Q1 2026 filing.

Mexican IMMSA Unit (TTM)$573.8MMexican Open Pit (TTM)$3.1BPeruvian Operations (TTM)$2.2B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$149.90B
P/E Ratio30.10
ROE46.65%

Products & Services

Long Term Supply Commitment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sulfuric Acid—$365.0K$8.3K——$201.4K
Copper Concentrates—$212.5K$2.5K——$165.0K
Copper Cathodes—$48.0K———$70.2K
Molybdenum Concentrates—$21.3K$574.0$2.8K—$24.7K

Contractual Obligations Additional Amount Committed For Social Investment And Exploration Program For Preoperational Period Between Fourth And Sixth Years

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper—375000000.0%375000000.0%375000000.0%375000000.0%1500000000.0%

Contractual Obligations Required To Pay

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper——$21.0M$21.0M$21.0M$21.0M

Investment In Projects In Next Five Years

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper——$20.0M$20.0M$20.0M$20.0M

Nonmonetary Notional Amount Of Provisionally Priced Sales Agreements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper$149.0M$200.4M$233.7M$268.3M$237.0M$236.5M
Zinc———$34.3M$57.0M$47.9M
Molybdenum$13.0M$16.2M$16.1M$17.0M$16.9M$16.5M

Period Of Investment In Projects

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper———$0.0$0.0$0.0

Price Risk Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper$589.5M$881.4M$1.1B$1.2B$1.3B$1.2B
Molybdenum$274.5M$322.6M$354.2M$425.4M$383.8M$425.4M
Zinc———$46.5M$80.3M$46.5M

Provisional Price Of Sales Agreement Per Unit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Molybdenum—$20.0$1.9$3.1—$26.5
Copper—$4.4$0.1$0.2$1.0$5.6
Zinc————$0.1$1.5

Provisional Price Sales Adjustments In Accounts Receivable And Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper—$26.5M$37.8M$58.4M—-$31.6M
Molybdenum—-$18.8M$15.6M$20.7M—$16.2M
Zinc———$7.9M—$3.2M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper$2.1B$2.5B$2.3B$2.5B$2.9B$3.0B
Silver$193.7M$199.3M$226.8M$282.0M$384.5M$588.8M
Molybdenum$296.8M$300.5M$354.7M$434.9M$315.0M$445.5M
Zinc$141.4M$118.9M$136.8M$134.1M$174.1M$152.0M
Other—$102.0M$113.0M$119.8M—$148.4M

Geographic

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MX$642.9M$813.1M$804.7M$907.7M$726.4M$1.1B
US$353.3M$409.1M$356.0M$464.7M$636.8M$584.7M
CH$436.2M$393.7M$424.2M$474.2M$560.4M$472.2M
Other European Countries$225.2M$190.0M$81.7M$176.5M$247.8M$430.5M
CN$196.4M$283.6M$232.8M$297.1M$463.4M$330.7M
PE$158.5M$224.8M$212.9M$207.8M$218.8M$292.5M
BR$126.3M$137.3M$162.1M$100.8M$157.9M$221.9M
JP$155.6M$215.5M$272.0M$147.3M$350.2M$218.3M
ES$141.7M$159.6M$163.1M$212.0M$130.8M$204.6M
CL$109.0M$109.6M$132.1M$157.7M$149.0M$181.3M
IT$78.9M$105.4M$112.8M$69.5M$107.1M$128.6M
Other Asian Countries$67.0M$23.5M$29.6M$34.3M$17.2M$51.2M
SG$73.6M$43.0M$48.2M$107.5M$72.9M$32.8M
Other American Countries—$13.5M$18.8M$20.2M—$20.9M

Environmental Costs Recognized Capitalized In Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MX$39.8M$40.5M$43.7M$58.4M$51.0M$42.1M
PE$900.0K$1.5M$5.4M$9.1M$6.1M$3.4M

Mining Royalty Tax Mexico

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MX—$47.4M$47.3M$56.6M—$83.0M

Number Of Lawsuits In Process

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MX—3.00———3.00

Asset Retirement Obligation Units Number

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE—$3.0———$3.0

Increase Decrease In Income Tax Expense Benefit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE—$6.2M$7.7M$7.4M—$700.0K

Percentage Of Guarantee For Pledged Office Complex

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE—6.5%6.5%6.5%6.5%26.0%

Percentage Of Security For Stand By Letter Of Credit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE—18.5%18.5%18.5%18.5%74.0%

Royalty Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE$0.0$40.1M$43.9M$42.0M—$77.3M

Unrecognized Tax Benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
PE$26.1M$19.3M$21.8M$22.1M—$15.2M

Business Segments

Accounts Receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$623.0M$930.7M$889.3M$1.0B$1.1B$1.2B
Peruvian Operations$506.9M$563.2M$602.6M$634.7M$709.5M$718.1M
Mexican IMMSA Unit$59.7M$54.2M$65.8M$57.4M$91.9M$115.8M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$8.6B$9.2B$9.1B$9.0B$9.6B$9.8B
Peruvian Operations$5.3B$5.3B$5.3B$5.6B$5.7B$5.6B
Mexican IMMSA Unit$1.2B$1.2B$1.2B$1.3B$1.4B$1.5B

Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$577.2M$668.0M$650.7M$763.2M$787.0M$888.1M
Peruvian Operations$566.8M$597.1M$500.9M$539.8M$606.9M$557.8M
Mexican IMMSA Unit$116.3M$112.0M$134.1M$126.0M$163.9M$149.8M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$98.1M$97.7M$96.5M$98.6M$106.9M$109.6M
Peruvian Operations$88.4M$94.5M$76.1M$75.8M$89.4M$85.9M
Mexican IMMSA Unit$16.2M$19.8M$20.8M$21.6M$21.4M$20.5M

Exploration Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Peruvian Operations940000000.0%380000000.0%840000000.0%480000000.0%830000000.0%350000000.0%
Mexican IMMSA Unit350000000.0%240000000.0%360000000.0%270000000.0%310000000.0%190000000.0%
Mexican Open Pit140000000.0%130000000.0%150000000.0%190000000.0%100000000.0%130000000.0%

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$814.5M$965.5M$988.9M$1.1B$1.3B$1.4B
Peruvian Operations$464.9M$561.5M$583.1M$670.7M$785.4M$923.7M
Mexican IMMSA Unit$48.3M$18.4M$17.8M$46.3M$79.9M$140.8M

Other Receivables Net Current

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican IMMSA Unit$25.1M$16.4M$16.8M$23.0M$52.6M$40.2M
Mexican Open Pit$39.7M$28.2M$29.1M$23.1M$47.9M$27.6M
Peruvian Operations$1.3M$100.0K$600.0K$0.0$100.0K$600.0K

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$4.7B$5.0B$4.9B$4.8B$4.9B$5.2B
Peruvian Operations$3.8B$3.8B$3.8B$3.9B$4.0B$4.1B
Mexican IMMSA Unit$801.0M$794.9M$780.5M$782.8M$799.6M$816.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$1.5B$1.7B$1.8B$1.9B$2.2B$2.4B
Peruvian Operations$1.1B$1.3B$1.2B$1.3B$1.5B$1.6B
Mexican IMMSA Unit$187.5M$155.5M$179.3M$199.8M$273.2M$318.5M

Segment Expenditure Addition To Long Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Peruvian Operations$67.6M$160.1M$61.9M$146.7M$119.9M$235.7M
Mexican Open Pit$135.0M$134.6M$148.6M$164.5M$253.0M$170.5M
Mexican IMMSA Unit$31.1M$21.4M$23.9M$33.5M$39.3M$33.5M

SG&A Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexican Open Pit$18.6M$16.9M$17.2M$18.3M$21.2M$16.9M
Peruvian Operations$9.9M$9.0M$9.7M$10.6M$11.8M$10.4M
Mexican IMMSA Unit$3.3M$2.7M$3.0M$3.2M$5.0M$5.6M