Ero Copper (ERO) financial statements
Ero Copper reported revenue of $786M in fiscal 2025, up 19.4% a year over 5 years.
Net income was $264M and the operating margin 34.4%, against 46.6% in 2020.
Free cash flow was $132M.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ero Copper's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $324M | $490M | $426M | $427M | $470M | $786M |
| Cost of revenue | $136M | $171M | $239M | $271M | $290M | $441M |
| Gross profit | $188M | $319M | $187M | $157M | $181M | $345M |
| Selling, general and admin | $7M | $6M | $9M | $9M | $10M | $10M |
| Operating income | $151M | $272M | $130M | $95M | $109M | $271M |
| Interest expense | $15M | $12M | $33M | $26M | $17M | $33M |
| Pre-tax income | $61M | $237M | $126M | $112M | -$75M | $331M |
| Income tax | $9M | $34M | $23M | $18M | -$8M | $64M |
| Net income | $52M | $201M | $102M | $93M | -$68M | $264M |
| EPS (diluted) | $0.56 | $2.21 | $1.10 | $0.98 | -$0.66 | $2.53 |
| Diluted shares | 92M | 91M | 92M | 95M | 103M | 104M |
| Gross margin | 58.1% | 65.1% | 43.9% | 36.7% | 38.4% | 43.9% |
| Operating margin | 46.6% | 55.6% | 30.4% | 22.3% | 23.2% | 34.4% |
| Net margin | 15.9% | 41.0% | 23.9% | 21.7% | -14.6% | 33.6% |
Balance sheet
Fiscal years, from Ero Copper's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $63M | $130M | $317M | $112M | $50M | $105M |
| Receivables | $20M | $31M | $10M | $6M | $18M | $41M |
| Inventory | $25M | $26M | $31M | $42M | $42M | $107M |
| Total current assets | $128M | $209M | $392M | $199M | $142M | $276M |
| Property, plant and equipment | $334M | $445M | $755M | $1.3B | $1.3B | $1.6B |
| Total assets | $497M | $690M | $1.2B | $1.5B | $1.5B | $1.9B |
| Total current liabilities | $92M | $123M | $129M | $174M | $212M | $261M |
| Long-term debt | $156M | $55M | $402M | $406M | $556M | $551M |
| Total liabilities | $283M | $294M | $646M | $702M | $867M | $986M |
| Shareholders' equity | $213M | $393M | $539M | $804M | $587M | $936M |
| Net debt | $106M | -$71M | $240M | $314M | $552M | $502M |
Cash flow
Fiscal years, from Ero Copper's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $163M | $365M | $143M | $163M | $145M | $395M |
| Capital spending | $118M | $169M | $283M | $447M | $329M | $263M |
| Free cash flow | $45M | $195M | -$139M | -$284M | -$184M | $132M |
| Stock-based compensation | $9M | $8M | $8M | $9M | $10M | $25M |
| Net borrowing | $12M | -$108M | $346M | $7M | -$40M | -$55M |
| Free cash flow margin | 14.0% | 39.9% | -32.7% | -66.5% | -39.0% | 16.8% |
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Open ERO in InvestinglyQuestions
What was Ero Copper's revenue in 2025?
$786M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ero Copper generate?
$132M in fiscal 2025 (operating cash flow minus capital spending).
From Ero Copper's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.