Southern Copper Corporation (SCCO) Cash Flow Statement
Where SCCO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.75B +7.5% vs 2024
- Capital expenditures
- $1.33B 9.9% of revenue
- Free cash flow
- $3.43B 25.5% margin
- Returned to shareholders
- $2.49B 73% of free cash flow
- Change in cash
- $1.05B cash at year-end $4.30B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SCCO operating cash flow, capex and free cash flow
SCCO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $923.1M2016 | $4.75B2025 | +20.0%/yr | |
| Capital expenditures | $1.12B2016 | $1.33B2025 | +1.9%/yr | |
| Free cash flow | −$195.4M2016 | $3.43B2025 | — | |
| Free cash flow margin | −3.6%2016 | 25.5%2025 | +29.2 pts | |
| Operating cash flow / net income | 1.192016 | 1.092025 | −0.09 | |
| Stock-based compensation | $1.2M2016 | $1.2M2023 | 0.0%/yr | |
| Dividends paid | $139.3M2016 | $2.49B2025 | +37.7%/yr | |
| Share buybacks (net) | $71.7M2016 | $02018 | −100.0% | |
| Capex / revenue | 20.8%2016 | 9.9%2025 | −10.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SCCO cash flow by activity
SCCO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SCCO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.35B | $3.39B | $2.43B | $2.65B | $3.41B | $1.58B | $1.49B | $1.55B | $732.4M | $778.8M |
| Depreciation & amortization | $868.4M | $845.9M | $833.6M | $796.3M | $806.0M | $775.6M | $764.4M | $674.3M | $671.1M | $647.1M |
| Stock-based compensation | — | — | $1.2M | $1.6M | −$806.0M | $1.3M | $1.3M | $600,000 | $600,000 | $1.2M |
| Change in working capital | −$512.7M | $238.7M | $310.0M | −$838.9M | $190.7M | $483.6M | −$347.0M | $22.6M | −$101.5M | −$393.8M |
| Other non-cash items | $48.2M | −$51.5M | $3.1M | $195.5M | $690.5M | −$54.9M | $1.3M | −$10.6M | $674.0M | −$110.2M |
| Cash from operating activities | $4.75B | $4.42B | $3.57B | $2.80B | $4.29B | $2.78B | $1.91B | $2.24B | $1.98B | $923.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.33B | −$1.03B | −$1.01B | −$948.5M | −$892.3M | −$592.2M | −$707.5M | −$1.12B | −$1.02B | −$1.12B |
| Investments (net) | −$359.3M | −$673.3M | −$1.29B | −$666.8M | −$76.1M | −$330.1M | −$574.0M | −$163.3M | $1.0M | $663.3M |
| Acquisitions & other investing | $0 | $1.03B | $897.4M | $948.5M | −$4.5M | $6.5M | $707.5M | −$11.5M | $3.5M | $3.2M |
| Cash from investing activities | −$1.68B | −$673.3M | −$1.40B | −$666.8M | −$972.9M | −$915.8M | −$574.0M | −$1.30B | −$1.02B | −$452.0M |
| Financing activities | ||||||||||
| Dividends paid | −$2.49B | −$1.64B | −$3.09B | −$2.71B | −$2.47B | −$1.16B | −$1.24B | −$1.08B | −$456.1M | −$139.3M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $0 | $0 | −$71.7M |
| Net borrowing (repayment) | $493.8M | $0 | $0 | −$300.0M | −$300.0M | −$400.0M | $987.3M | $987.3M | $987.3M | $987.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$15.9M | −$8.0M | −$8.8M | −$5.2M | $293.6M | −$3.5M | −$12.6M | −$988.4M | −$987.3M | −$987.0M |
| Cash from financing activities | −$2.01B | −$1.65B | −$3.10B | −$3.01B | −$2.48B | −$1.56B | −$262.2M | −$1.08B | −$456.1M | −$210.7M |
| Summary | ||||||||||
| Net change in cash | $1.05B | $2.11B | −$918.2M | −$932.3M | $818.4M | $258.5M | $1.08B | −$160.2M | $458.8M | $271.5M |
| Cash at end of period | $4.30B | $3.26B | $1.15B | $2.07B | $3.00B | $2.18B | $1.93B | $844.6M | $1.00B | $546.0M |
| Free cash flow | $3.43B | $3.39B | $2.56B | $1.85B | $3.40B | $2.19B | $1.20B | $1.11B | $953.1M | −$195.4M |
| Free cash flow margin | 25.5% | 29.7% | 25.9% | 18.5% | 31.1% | 27.4% | 16.5% | 15.7% | 14.3% | −3.6% |
| Capex / revenue | 9.9% | 9.0% | 10.2% | 9.4% | 8.2% | 7.4% | 9.7% | 15.8% | 15.4% | 20.8% |
| Operating cash flow / net income | 1.09 | 1.30 | 1.47 | 1.06 | 1.26 | 1.76 | 1.28 | 1.44 | 2.70 | 1.19 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.67B | $1.58B | $1.31B | $1.11B | $976.7M | $949.1M | $796.2M | $896.7M | $950.2M | $736.0M | $445.0M | $622.0M |
| Depreciation & amortization | $226.0M | $225.7M | $230.7M | $207.8M | $206.2M | $223.8M | $214.2M | $213.1M | $209.6M | $209.0M | $208.2M | $212.5M |
| Stock-based compensation | — | — | — | — | — | — | — | −$300,000 | $100,000 | $400,000 | $700,000 | $200,000 |
| Change in working capital | $56.1M | −$56.1M | −$33.8M | $263.7M | −$237.8M | −$505.0M | $421.5M | $330.2M | −$202.2M | −$310.8M | −$116.4M | $265.0M |
| Other non-cash items | $31.8M | −$57.0M | −$14.1M | −$22.8M | $31.7M | $53.5M | −$71.4M | −$300,000 | $4.4M | $25.1M | $3.5M | −$49.9M |
| Cash from operating activities | $1.99B | $1.69B | $1.49B | $1.56B | $976.8M | $721.4M | $1.36B | $1.44B | $962.1M | $659.7M | $541.0M | $1.05B |
| Investing activities | ||||||||||||
| Capital expenditures | −$441.9M | −$441.9M | −$422.6M | −$349.2M | −$235.7M | −$317.8M | −$235.3M | −$246.4M | −$331.8M | −$213.8M | −$255.4M | −$262.7M |
| Investments (net) | −$1.23B | $170.5M | −$28.7M | −$249.7M | −$692.9M | −$290.7M | −$161.8M | −$236.0M | −$331.7M | $56.2M | −$607.0M | −$509.0M |
| Acquisitions & other investing | $19.0M | $100,000 | $0 | $349.2M | $235.7M | $317.8M | $235.3M | $246.4M | $331.8M | $213.8M | $255.4M | $262.7M |
| Cash from investing activities | −$1.65B | −$271.3M | −$451.3M | −$249.7M | −$692.9M | −$290.7M | −$161.8M | −$236.0M | −$331.7M | $56.2M | −$607.0M | −$509.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$826.2M | −$819.2M | −$731.1M | −$643.3M | −$557.4M | −$553.3M | −$549.9M | −$468.8M | $0 | −$618.5M | −$773.1M | −$773.1M |
| Net borrowing (repayment) | $1.25B | $0 | $0 | $0 | −$500.0M | $993.8M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.8M | $100,000 | −$400,000 | −$4.9M | −$3.0M | −$7.6M | −$4.1M | −$2.2M | $0 | −$1.6M | −$2.4M | −$2.0M |
| Cash from financing activities | $417.5M | −$819.1M | −$731.5M | −$648.2M | −$1.06B | $432.9M | −$554.0M | −$471.0M | $0 | −$620.1M | −$775.5M | −$775.1M |
| Summary | ||||||||||||
| Net change in cash | $749.5M | $610.8M | $355.0M | $614.7M | −$781.4M | $858.2M | $603.3M | $779.5M | $623.1M | $100.7M | −$815.6M | −$2.43B |
| Cash at end of period | $5.66B | $4.92B | $4.30B | $3.95B | $3.33B | $4.12B | $3.26B | $2.65B | $1.88B | $1.25B | $1.15B | −$231.9M |
| Free cash flow | $2.43B | $1.25B | $1.07B | $1.21B | $741.1M | $403.6M | $1.13B | $1.19B | $630.3M | $445.9M | $285.6M | $787.1M |
| Free cash flow margin | 56.7% | 29.5% | 27.7% | 35.8% | 24.3% | 12.9% | 40.4% | 40.7% | 20.2% | 17.2% | 12.4% | 31.4% |
| Capex / revenue | 10.3% | 10.4% | 10.9% | 10.3% | 7.7% | 10.2% | 8.5% | 8.4% | 10.6% | 8.2% | 11.1% | 10.5% |
| Operating cash flow / net income | 1.19 | 1.07 | 1.14 | 1.40 | 1.00 | 0.76 | 1.71 | 1.61 | 1.01 | 0.90 | 1.22 | 1.69 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SCCO cash generation
In fiscal 2025 (ended December 31, 2025), Southern Copper generated $4.8 billion of cash from operations (up 7.5%) and spent $1.3 billion on capital expenditures, leaving free cash flow of $3.4 billion, 25.5% of revenue. It returned $2.5 billion to shareholders through dividends ($2.5 billion) and net share buybacks ($0). Cash and equivalents rose by $1.0 billion over the year.
Related: SCCO income statement, SCCO balance sheet, SCCO dividend history. See the SCCO stock overview for the latest quote and news.
SCCO cash flow FAQ
What is Southern Copper's free cash flow?
Southern Copper's free cash flow was $3.4 billion in fiscal 2025: $4.8 billion of operating cash flow minus $1.3 billion of capital expenditures It was $3.4 billion a year earlier..
How much cash does Southern Copper generate from operations?
Southern Copper generated $4.8 billion of cash from operating activities in fiscal 2025, 1.09 times its net income of $4.3 billion.
How much does Southern Copper spend on capital expenditures?
Southern Copper spent $1.3 billion on capital expenditures in fiscal 2025, 9.9% of revenue, compared with $1.0 billion the year before.
How much does Southern Copper pay in dividends?
Southern Copper paid $2.5 billion in dividends in fiscal 2025, 72.5% of free cash flow.