REVENUE:

9 Months Ended

Sep. 30, 2025

NOTE 13 — REVENUE:

The Company’s net sales were $3,377.3 million and $9,550.2 million in the three and nine-month periods ended September 30, 2025, compared to $2,930.9 million and $8,649.0 million in the same periods of 2024. The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions):


	Three Months Ended September 30, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	795.6	$	181.2	$	—	$	976.8	$	(69.1)	$	907.7
United States		384.0		—		80.6		464.7		—		464.7
Peru		—		0.1		207.6		207.7		0.1		207.8
Brazil		—		8.4		92.4		100.8		—		100.8
Chile		—		—		157.7		157.7		—		157.7
Other American countries		11.8		—		8.3		20.2		—		20.2
Europe:
Switzerland		290.0		5.8		178.4		474.2		—		474.2
Italy		—		4.1		65.4		69.5		—		69.5
Spain		137.6		—		74.3		212.0		—		212.0
Other European countries		34.2		0.3		142.0		176.5		—		176.5
Asia:
China		209.6		—		87.5		297.1		—		297.1
Singapore		(0.7)		—		108.1		107.5		—		107.5
Japan		63.3		—		84.0		147.3		—		147.3
Other Asian countries		19.3		—		15.1		34.3		—		34.3
Total	$	1,944.9	$	199.8	$	1,301.6	$	3,446.3	$	(69.0)	$	3,377.3


	Three Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	694.0	$	138.2	$	8.6	$	840.8	$	(44.9)	$	795.9
United States		281.1		0.4		134.8		416.3		—		416.3
Peru		—		1.7		169.0		170.7		(1.8)		169.0
Brazil		—		8.2		113.1		121.3		—		121.3
Chile		—		—		117.0		117.0		—		117.0
Other American countries		11.6		—		6.6		18.2		—		18.2
Europe:
Switzerland		180.4		24.9		195.5		400.9		—		400.9
Italy		—		7.6		86.3		93.9		—		93.9
Spain		97.8		—		22.3		120.2		—		120.2
Other European countries		(1.6)		3.7		166.5		168.7		—		168.7
Asia:
China		251.1		0.1		51.8		303.0		—		303.0
Singapore		20.2		(*)		28.4		48.5		—		48.5
Japan		57.1		—		86.0		143.1		—		143.1
Other Asian countries		10.9		—		4.1		15.0		—		15.0
Total	$	1,602.7	$	184.9	$	1,189.9	$	2,977.6	$	(46.6)	$	2,930.9

(*) Less than $0.1 million.


	Nine Months Ended September 30, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	2,235.5	$	468.1	$	0.2	$	2,703.8	$	(178.3)	$	2,525.5
United States		947.6		0.2		281.9		1,229.8		—		1,229.8
Peru		—		1.0		645.4		646.4		(0.9)		645.5
Brazil		—		23.9		376.3		400.2		—		400.2
Chile		—		—		399.4		399.4		—		399.4
Other American countries		34.2		—		18.3		52.5		—		52.5
Europe:
Switzerland		731.3		26.5		534.3		1,292.1		—		1,292.1
Italy		—		13.2		274.5		287.7		—		287.7
Spain		382.9		—		151.8		534.7		—		534.7
Other European countries		37.9		1.5		408.8		448.2		—		448.2
Asia:
China		714.5		—		99.0		813.5		—		813.5
Singapore		41.1		—		157.6		198.6		—		198.6
Japan		270.5		—		364.3		634.8		—		634.8
Other Asian countries		53.4		—		34.1		87.5		—		87.5
Total	$	5,449.0	$	534.6	$	3,745.8	$	9,729.4	$	(179.2)	$	9,550.2


	Nine Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	1,939.9	$	365.5	$	25.8	$	2,331.2	$	(119.2)	$	2,212.0
United States		878.7		2.4		237.0		1,118.1		—		1,118.1
Peru		—		20.7		503.2		523.8		(20.9)		502.9
Brazil		—		30.2		357.0		387.2		—		387.2
Chile		—		—		343.3		343.3		—		343.3
Other American countries		32.3		—		17.9		50.2		—		50.2
Europe:
Switzerland		494.5		65.6		444.4		1,004.5		—		1,004.5
Italy		(*)		20.1		270.0		290.1		—		290.1
Spain		339.4		—		68.0		407.4		—		407.4
Other European countries		86.0		9.1		406.0		501.1		—		501.1
Asia:
China		761.4		3.6		221.7		986.7				986.7
Singapore		83.5		(0.6)		99.3		182.1		—		182.1
Japan		138.4		—		432.2		570.6		—		570.6
Other Asian countries		53.0		—		39.7		92.7		—		92.7
Total	$	4,807.2	$	516.6	$	3,465.4	$	8,789.1	$	(140.1)	$	8,649.0

The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and nine-month periods ended September 30, 2025 and 2024 (in millions):


	Three Months Ended September 30, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate, Other &		Total
	Open-pit		Unit		Operations		Total		Eliminations		Consolidated
Copper	$	1,441.0	$	36.3	$	998.1	$	2,475.5	$	(28.2)	$	2,447.2
Molybdenum		229.4		—		205.5		434.9		—		434.9
Silver		139.9		73.9		68.2		282.0		(31.8)		250.2
Zinc		68.4		65.7		—		134.1		(7.6)		126.5
Other		66.2		23.8		29.7		119.8		(1.3)		118.5
Total	$	1,944.9	$	199.8	$	1,301.6	$	3,446.3	$	(69.0)	$	3,377.3


	Three Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate, Other &		Total
	Open-pit		Unit		Operations		Total		Eliminations		Consolidated
Copper	$	1,284.1	$	26.9	$	968.1	$	2,279.0	$	(18.0)	$	2,261.0
Molybdenum		153.3		—		143.5		296.8		—		296.8
Silver		85.7		48.3		40.4		174.4		(22.7)		151.7
Zinc		28.5		89.3		—		117.8		(4.8)		113.0
Other		51.2		20.4		38.0		109.6		(1.1)		108.4
Total	$	1,602.7	$	184.9	$	1,189.9	$	2,977.6	$	(46.6)	$	2,930.9


	Nine Months Ended September 30, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate, Other &		Total
	Open-pit		Unit		Operations		Total		Eliminations		Consolidated
Copper	$	4,139.3	$	94.0	$	2,973.4	$	7,206.6	$	(67.9)	$	7,138.7
Molybdenum		586.0		—		504.1		1,090.1		—		1,090.1
Silver		355.8		184.0		168.2		708.0		(79.4)		628.6
Zinc		194.4		195.4		—		389.8		(28.8)		361.0
Other		173.6		61.2		100.1		334.9		(3.1)		331.8
Total	$	5,449.0	$	534.6	$	3,745.8	$	9,729.4	$	(179.2)	$	9,550.2


	Nine Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate, Other &		Total
	Open-pit		Unit		Operations		Total		Eliminations		Consolidated
Copper	$	3,837.3	$	96.2	$	2,798.8	$	6,732.3	$	(60.9)	$	6,671.4
Molybdenum		511.2		—		438.4		949.6		—		949.6
Silver		243.8		136.0		111.4		491.2		(70.7)		420.5
Zinc		77.6		224.7		—		302.2		(4.3)		298.0
Other		137.3		59.8		116.7		313.8		(4.1)		309.7
Total	$	4,807.2	$	516.6	$	3,465.4	$	8,789.1	$	(140.1)	$	8,649.0

The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions):


			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated

As of September 30, 2025:
Trade receivables	$	1,027.4	$	57.4	$	634.7	$	1,719.4	$	—	$	1,719.4
Related parties, current		23.1		23.0		0.0		46.2		(31.7)		14.5

As of December 31, 2024:
Trade receivables	$	623.0	$	59.7	$	506.9	$	1,189.6	$	—	$	1,189.6
Related parties, current		39.7		25.1		1.3		66.2		(52.7)		13.5

As of September 30, 2025, the Company has long-term contracts with promises to deliver the following products in 2025:


Copper concentrates (in tonnes)		210,000
Copper cathodes (in tonnes)		48,000
Molybdenum concentrates (in tonnes)		24,647
Sulfuric acid (in tonnes)		301,593

Provisionally priced sales: As of September 30, 2025, the Company has recorded provisionally priced sales of copper and zinc at average forward prices per pound, and molybdenum at the September 30, 2025 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) copper prices, LME zinc prices and Dealer Oxide molybdenum prices in the future month of settlement.

The following are the provisionally priced copper, molybdenum and zinc sales outstanding as of September 30, 2025:


	Sales volume	Priced at
	(million lbs.)	(per pound)	Month of settlement
Copper	268.3	4.65	October 2025 through February 2026
Molybdenum	17.0	24.98	October 2025 through January 2026
Zinc	34.3	1.35	October 2025 through December 2025

The provisional sales price adjustment included in accounts receivable and net sales as of September 30, 2025 incorporates positive adjustments of $58.4 million for copper, $20.7 million for molybdenum and $7.9 million for zinc.

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or on operating results.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SOUTHERN COPPER CORP/ 10-Q