Sociedad Química y Minera de Chile (SQM) reported its fourth‑quarter 2025 results, posting revenue of $1.323 billion—up 23.3% from a year earlier and beating consensus estimates of $1.22 billion to $1.26 billion. Earnings per share came in at $0.64, falling short of the $0.75 to $0.7988 consensus by $0.11 to $0.1588.
The revenue beat was driven by record lithium volumes and a favorable iodine price environment. Lithium sales grew to a new high, while the iodine segment remained stable, helping offset weaker performance in specialty chemicals and potassium.
The EPS miss reflects higher operating costs and margin pressure. Cost inflation and delays in ramping up the Kwinana refinery contributed to a tighter margin, even as gross profit rose 52.7% and adjusted EBITDA margin reached 38%.
Year‑over‑year revenue growth of 23.3% represents a significant acceleration compared with the 2024 quarter, underscoring the strength of SQM’s core lithium business and the resilience of its iodine operations.
Management left its guidance unchanged for the next quarter and the full year, signaling confidence in its execution plan despite the earnings shortfall.
Investors focused on the EPS miss, which highlighted ongoing cost pressures and operational challenges, while the revenue beat reinforced confidence in the company’s lithium and iodine markets.
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