Sociedad Química y Minera de Chile S.A. · SQM · FY2025 Q1 · Calendar Q2 2025

SQM: Record lithium volume offsets weaker pricing outlook

SQM’s record lithium volumes, low-cost positioning, and strength in iodine and specialty plant nutrition support the operating case, but the thesis depends on lithium prices stabilizing and planned expansions progressing without material funding, regulatory, or production setbacks.

Reported After market closeNYSEBasic Materials $17.20B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.48 Consensus $0.46
EPS surprise +4.3% Reported versus consensus
Reported revenue $1.04B Consensus $1.12B
Revenue surprise -7.6% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +0.4% Event window
SPY move +0.4% Same window
Abnormal move +0.0% Stock minus SPY
Volume 1.8× Versus trailing sessions
Subsequent drift +11.3% Up to 20 sessions
SQMSPY benchmark

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Transcript intelligence

What changed

The quarter combined record lithium sales volume and strong iodine performance with declining lithium prices and a lower near-term pricing outlook. Management continued to advance capacity projects and maintained guidance, while the Codelco joint venture and operating risks remained unresolved.

Guidance delta

Management maintained guidance; the analysis indicates lithium prices were expected to be lower in Q2.

Key takeaways

  • Lithium sales volumes reached a first-quarter record, up 20% year over year, according to the supplied analysis.
  • Management described current lithium prices as unsustainable and emphasized SQM’s low-cost position.
  • Iodine and specialty plant nutrition delivered strong results, while capacity expansion continued in Chile and Australia.
  • The balance sheet was described as providing flexibility with no immediate financing constraint identified.
  • The Codelco joint venture remained on the agenda despite political and regulatory uncertainty.

Management priorities

  • Expand lithium carbonate and hydroxide capacity in Chile
  • Commission the Kwinana and Mt Holland refining projects
  • Increase iodine capacity through the seawater pipeline
  • Reduce lithium operating costs
  • Continue investment in specialty plant nutrition and potassium products

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Earnings History

Estimate Beat Miss Match
SQM EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $-1.72 Q1 '24 actual $0.80, beat Q2 '24 estimate $0.99 Q2 '24 actual $0.75, miss Q1 '25 estimate $0.46 Q1 '25 actual $0.48, beat Q2 '25 estimate $0.52 Q2 '25 actual $0.31, miss Q3 '25 estimate $0.69 Q3 '25 actual $0.62, miss Q4 '25 estimate $0.75 Q4 '25 actual $0.64, miss Q1 '26 estimate $1.55 Q1 '26 actual $1.28, miss Q2 '26 estimate $2.03 Q2 '26 actual $2.31, beat Q3 '26 estimate $2.02 Q4 '26 estimate $2.05 Q1 '27 estimate $1.85 Q2 '27 estimate $1.88
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Analyst Consensus ?

ConsensusHold15 ratings
Bullish533.4%
Neutral853.3%
Bearish213.3%

Analyst 52W Price Targets

$60.2Current
$35Low
$72.79Average
$104High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Neutral NeutralMaintainSep 18, 2026
Citigroup Buy NeutralUpgradeAug 27, 2026
Scotiabank Sector Outperform Sector OutperformMaintainAug 24, 2026
Goldman Sachs Neutral NeutralMaintainJul 15, 2026
Deutsche Bank Buy BuyMaintainJul 14, 2026
Show 10 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $60.2. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BMO CapitalAnalyst unavailable$90$66.45 +49.5%Oct 6, 2026
ScotiabankBen Isaacson$104$81.96 +72.8%Aug 24, 2026
Deutsche BankAnalyst unavailable$94$77.36 +56.1%Aug 20, 2026
ScotiabankAnalyst unavailable$93$67.16 +54.5%Jul 28, 2026
Goldman SachsMarcio Farid$82$72.95 +36.2%Jul 15, 2026
See 24 more

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Company context

Snapshot as of publication

Sociedad Química y Minera de Chile S.A., commonly known as SQM, is a major global producer and distributor of a diverse array of chemical and mineral products. Its extensive offerings include specialized plant nutrition solutions, iodine and its various chemical compounds, lithium and its derivatives, potassium chloride and sulfate, and a range of industrial chemicals, alongside other related products and services. Among its key agricultural products are specialty plant nutrients like potassium nitrate, sodium nitrate, and sodium potassium nitrate, as well as customized blends and advanced fertilizers. The company also manufactures iodine and its derivatives, which are widely utilized across medical, pharmaceutical, agricultural, and industrial sectors. These applications encompass crucial ingredients for x-ray contrast agents, polarizing films essential for LCD and LED displays, various antiseptics, biocides, and disinfectants, components for pharmaceutical synthesis, electronic materials, and elements vital for pigments and dyes.…

Historical context

All SQM earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-05-28T11:46:06.363497+00:00
  3. Polygon adjusted daily market bars · 2026-10-17T23:10:41.988863+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T23:10:41.986131+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.