Earnings review- Hudbay minerals (HBM) Q2 2026
Muffett Investments
Earnings Watch · Stock Analysis Division
Earnings Review
29 July 2026
◆ Basic Materials · Copper & Metals Mining
Hudbay Minerals Inc.
Report Period
Q2 FY2026
Reported: 29 July 2026
Headline
Beat
↑ Revenue & EPS Beat — Improved Cash Cost Guidance
Key Metrics at a Glance
Revenue
$631.3M
Q2 FY2026
Adj. Net Earnings
$113.5M
$0.28 EPS (vs $0.27 Est.)
Adj. EBITDA
$321.2M
TTM Record $1.3B
Free Cash Flow
$101.8M
Net Cash $80.5M
Price Reaction
+4.45%
Day of report
Financial Metrics — Detailed Breakdown
| Metric | Q2 FY2026 | Consensus Est. | vs. Estimate | Status |
|---|---|---|---|---|
| Total Revenue | $631.3M | — | Strong | Robust metals pricing |
| Adjusted EBITDA | $321.2M | — | Record TTM | $1.3B TTM record |
| Adjusted EPS | $0.28 | $0.27 | Beat | +$0.01 above consensus |
| Free Cash Flow | $101.8M | — | Strong | Substantial cash generation |
| Total Liquidity | $1,044.6M | — | Solid | Includes $80.5M net cash |
| Net Debt / EBITDA | (0.1)x | — | Net Cash | Negative net leverage |
📋 Strategic Updates & Guidance
Consolidated Production Guidance (FY2026)
Reaffirmed
Consolidated Copper Cash Cost Guidance
Improved to $(0.45) – $(0.25) / lb
Growth Projects (Copper World & Cactus)
On track for sanctioning / project advancement
Executive Appointments
Eugene Lei (President & CFO) | Rob Carter (COO)
⚠ Operational & Management Highlights
-
Cash Cost Guidance Improved Cash costs improved to negative $(0.45) to $(0.25)/lb due to robust byproduct credits (gold/zinc) and cost discipline.
-
Pristine Balance Sheet Ended the quarter in a net cash position of $80.5M with total liquidity over $1.0B.
-
Growth Pipeline Execution Copper World sanctioning targeted for late 2026; Cactus project acquisition expands long-term copper scale in Arizona.
📈 Price Reaction
Pre-Earnings Close
$21.78
28 July 2026
Post-Earnings Price
$22.75
Day of report
1-Day Move
+4.45%
Strong rally
52-Week Range
$8.93 – $32.15
Analyst Target: $33.21
Stock responded positively up +4.45% on report day. Analyst consensus price target of $33.21 represents ~46% upside potential from current levels.
Our Verdict
Beat
Hudbay Minerals delivered an outstanding Q2 2026 earnings report. Adjusted EPS of $0.28 beat expectations, supported by $631.3M in revenue and record 12-month trailing EBITDA of $1.3B. The company benefited greatly from gold/byproduct credits, enabling them to lower consolidated copper cash cost guidance into net-negative territory ($(0.45) to $(0.25)/lb). With $101.8M in quarterly free cash flow, a pristine net-cash balance sheet ($80.5M net cash), and major growth catalysts like Copper World approaching sanctioning, HBM stands out as one of the best-positioned mid-tier copper producers in the sector.
- Adj. EPS of $0.28 beat expectations ($0.27 consensus).
- Record trailing 12-month Adjusted EBITDA of $1.3 billion.
- Improved copper cash cost guidance to negative $(0.45)–$(0.25)/lb.
- Net cash position of $80.5M & over $1.0B total liquidity.
- Stock reacted favorably (+4.45%), with ~$33.21 target implying ~46% upside.
