Analyst Consensus ?
ConsensusHold15 ratings
Bullish533.4%
Neutral853.3%
Bearish213.3%
Sociedad Química y Minera de Chile S.A. · SQM · FY2026 Q2 · Calendar Q3 2026
SQM Q2: Lithium volume growth supports a stronger outlook
SQM's Q2 evidence supports a constructive operating thesis: record lithium volumes, higher production targets and strong stated demand are offset by price, inventory, regulatory and execution risks. The earnings call strengthens the growth case but does not remove cyclicality or project uncertainty.
Reported After market closeNYSEBasic Materials
$19.34B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.31
Consensus $2.03
EPS surprise
+13.8%
Reported versus consensus
Reported revenue
$2.47B
Consensus $2.24B
Revenue surprise
+10.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+4.1%
Event window
SPY move
-0.8%
Same window
Abnormal move
+4.9%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
-13.7%
Up to 20 sessions
SQMSPY benchmark
Ask FN2 about SQM FY2026 Q2
Transcript, numbers and history already loaded
Why did SQM rise 4.1% after beating EPS estimates in FY2026 Q2?What changed in SQM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for SQM after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the current analysis points to record Q2 lithium sales, production targets of up to about 300,000 metric tons LCE by 2027, a $3 billion 2026–2028 capex plan, and a higher lithium demand expectation. The focus shifted toward executing Salar Futuro and Mount Holland while managing price and inventory uncertainty.
Guidance delta
Management raised lithium production targets to 280,000–290,000 metric tons LCE in 2026 and about 300,000 in 2027, while raising its full-year lithium demand expectation by 200,000 tons.
Key takeaways
- Record Q2 lithium sales exceeded 84,000 metric tons LCE, alongside higher prices.
- Management targeted 280,000–290,000 metric tons LCE of 2026 production and about 300,000 in 2027.
- A $3 billion 2026–2028 capex plan centers on Salar Futuro and the Mount Holland expansion.
- Iodine and plant nutrition also contributed, with 2026 iodine production expected near 15,500 metric tons and plant nutrition volumes up about 10% year over year.
Management priorities
- Advance Salar Futuro investment and required approvals.
- Complete the Mount Holland mining and concentrator expansion, with refinery decisions pending.
- Increase the share of lithium hydroxide production in 2027.
- Commission the iodine seawater pipeline and continue projects aimed at lower costs and improved environmental performance.
Follow SQM with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$67.72Previous close
$35Low
$71.86Average
$104High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Sep 18, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Aug 27, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Aug 24, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 14, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Mar 25, 2026 |
| Jefferies | Hold | Buy | Downgrade | Oct 6, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 21, 2025 |
| Loop Capital | Hold | Hold | Maintain | Aug 28, 2023 |
| HSBC | Buy | Buy | Maintain | Jul 6, 2023 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Mar 31, 2022 |
| Santander | Hold | Buy | Downgrade | Apr 3, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Mar 8, 2019 |
| Miller Tabak | Hold | Neutral | Maintain | Jul 2, 2013 |
| Craig-Hallum | Hold | Buy | Downgrade | May 21, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $67.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Ben Isaacson | $104 | $81.96 | +53.6% | Aug 24, 2026 |
| Deutsche Bank | Analyst unavailable | $94 | $77.36 | +38.8% | Aug 20, 2026 |
| Scotiabank | Analyst unavailable | $93 | $67.16 | +37.3% | Jul 28, 2026 |
| Goldman Sachs | Marcio Farid | $82 | $72.95 | +21.1% | Jul 15, 2026 |
| Deutsche Bank | Analyst unavailable | $98 | $71.94 | +44.7% | Jul 14, 2026 |
| Goldman Sachs | Analyst unavailable | $100 | $83.42 | +47.7% | Jun 2, 2026 |
| Scotiabank | Ben Isaacson | $105 | $84.18 | +55.1% | May 28, 2026 |
| Deutsche Bank | Analyst unavailable | $106 | $89.75 | +56.5% | May 5, 2026 |
| Berenberg Bank | Analyst unavailable | $53 | $71.86 | -21.7% | Feb 23, 2026 |
| Deutsche Bank | Corinne Blanchard | $91 | $81.88 | +34.4% | Jan 21, 2026 |
| Deutsche Bank | Analyst unavailable | $88 | $77.76 | +29.9% | Jan 12, 2026 |
| Scotiabank | Analyst unavailable | $90 | $77.71 | +32.9% | Jan 12, 2026 |
| UBS | Analyst unavailable | $79 | $64.17 | +16.7% | Dec 17, 2025 |
| Goldman Sachs | Analyst unavailable | $63 | $63.06 | -7.0% | Dec 4, 2025 |
| Scotiabank | Ben Isaacson | $80 | $58.26 | +18.1% | Nov 24, 2025 |
| BMO Capital | Analyst unavailable | $77 | $62.62 | +13.7% | Nov 20, 2025 |
| Deutsche Bank | Corinne Blanchard | $46 | $44.44 | -32.1% | Oct 17, 2025 |
| Jefferies | Alejandro Anibal Demichelis | $50 | $43.11 | -26.2% | Oct 6, 2025 |
| BMO Capital | Joel Jackson | $55 | $37.12 | -18.8% | Aug 28, 2024 |
| Jefferies | Alejandro Demichelis | $55 | $38.64 | -18.8% | Aug 26, 2024 |
| Bank of America Securities | Isabella Simonato | $38 | $37.7 | -43.9% | Aug 21, 2024 |
| Goldman Sachs | Marcio Farid | $46.5 | $35.98 | -31.3% | Aug 9, 2024 |
| Berenberg Bank | Andres Castanos-Mollor | $35 | $37.73 | -48.3% | Jul 31, 2024 |
| BMO Capital | Joel Jackson | $65 | $46.52 | -4.0% | Jun 3, 2024 |
| Deutsche Bank | Corinne Blanchard | $45 | $49.84 | -33.5% | May 28, 2024 |
| Deutsche Bank | Corinne Blanchard | $42 | $49.72 | -38.0% | May 23, 2024 |
| Jefferies | Alejandro Demichelis | $62.8 | $47.61 | -7.3% | Apr 8, 2024 |
| Deutsche Bank | Corinne Blanchard | $115 | $90.07 | +69.8% | Aug 22, 2022 |
Track every rating change on SQM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSociedad 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.…
Basic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the SQM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-20T16:19:17.192114+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T12:00:50.781500+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T12:00:50.778600+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 . For educational purposes only; not investment advice.