The price of lithium has doubled in a year, and it now shows in the accounts of both companies and the Chilean state. Albemarle, one of the two companies that extract lithium in the Salar de Atacama, reported on November 4, 2026 that its third-quarter adjusted EBITDA reached US$645.5 million, up 186.1% from US$225.6 million in the same quarter of 2025, according to its earnings release filed with the US SEC.
At the same time, lithium payments to Corfo, the state agency that owns the Salar de Atacama concessions, exceeded US$1.1 billion between January and September 2026, according to figures published by REDIMIN on November 4. That is more than three times what Corfo received in all of 2025 (US$339 million).
View the data as a table
| Adjusted EBITDA | US$645.5 M |
| Realized lithium price | US$20.02/kg |
| Net sales | US$1,553.1 M |
| Lithium payments to Corfo, Jan-Sep 2026 | +US$1,100 M |
Albemarle's third-quarter results
Albemarle posted net sales of US$1,553.1 million between July and September, 18.8% more than a year earlier. Net income attributable to shareholders was US$296.8 million (US$2.15 per diluted share), compared with a loss of US$160.7 million in the third quarter of 2025. Chairman and CEO Kent Masters said the company delivered "another solid quarter" thanks to disciplined execution.
The engine was the Energy Storage segment, which sells lithium for batteries. Its sales rose 57.9% to US$1,118.8 million, and its adjusted EBITDA went from US$124.1 million to US$559.8 million, a jump of 351%. The reason is price: Albemarle realized an average of US$20.02 per kilo of lithium carbonate equivalent (LCE), 94.7% more than the US$10.28 of the third quarter of 2025.
| Indicator (third quarter) | 2025 | 2026 | Change |
|---|---|---|---|
| Net sales | US$1,307 M | US$1,553.1 M | +18.8% |
| Adjusted EBITDA | US$225.6 M | US$645.5 M | +186.1% |
| Net income attributable | −US$160.7 M | US$296.8 M | — |
| Energy Storage sales | US$708 M | US$1,118.8 M | +57.9% |
| Energy Storage EBITDA | US$124.1 M | US$559.8 M | +351% |
| Volume sold (kt LCE) | 69 | 56 | −18.8% |
| Realized price (US$/kg LCE) | 10.28 | 20.02 | +94.7% |
Source: Albemarle, third-quarter 2026 results (November 4). The 2025 sales figures for the total and for Energy Storage were derived from the changes reported by the company. Volume fell 18.8% to 56,000 tonnes, which the company attributes to timing events in the prior-year period. In other words, the whole jump in earnings came from price.
The release mentions Chile in one place: higher Chilean commissions, as Albemarle calls its payments to Corfo, partly offset the EBITDA gain. It is the other side of the same coin: when lithium rises, the Corfo contract takes a larger share of each tonne, because its percentages increase by price brackets.
Lithium payments to Corfo, quarter by quarter
Lithium payments to Corfo have accelerated every quarter. In the first quarter of 2026 they reached US$343 million, with US$290 million from Novandino Litio and US$53 million from Albemarle: in three months they already exceeded everything collected in 2025, as Corfo reported and REDIMIN covered. In the first half they totaled US$791 million, five times the US$150 million of the first half of 2025, according to La Tercera.
With more than US$1.1 billion through September, the third quarter would have contributed more than US$309 million. The full-year budget projection cited by REDIMIN is US$1,231 million, so about 89% would already have been collected by September. Chile's Budget Office had said in August that the full-year payment would exceed US$1.2 billion.
| Period | Payments to Corfo | Comment |
|---|---|---|
| Full year 2024 | US$472 M | — |
| Full year 2025 | US$339 M | Drop on low prices |
| First half 2025 | US$150 M | — |
| First quarter 2026 | US$343 M | Already above all of 2025 |
| First half 2026 | US$791 M | 5.3 times 2025 |
| January-September 2026 | Over US$1,100 M | About 89% of the budget |
Sources: Corfo via REDIMIN and La Tercera. The year 2025 was bad for the Treasury: the Budget Law expected a transfer of US$737 million from Corfo, but the fall in lithium left collections at about US$349 million, 47% of the estimate, as Diario Financiero reported in February. The 2025 figures vary slightly by source.
Novandino provides 85% of lithium payments to Corfo
Most of the money comes from Novandino Litio, the Codelco-SQM joint venture that has operated in the Salar de Atacama since 2026. In the first half it paid US$670 million to Corfo, against US$93 million from SQM in the same period of 2025, and sold 152,000 tonnes of LCE, 37% more than the 111,000 of the previous year, according to REDIMIN. Albemarle paid US$121 million (US$56 million in 2025) on about 28,000 tonnes, a volume similar to 2025.
View the data as a table
| Novandino (SQM in 2025) | Albemarle | |
|---|---|---|
| H1 2025 | US$93 M | US$56 M |
| H1 2026 | US$670 M | US$121 M |
The difference between the two companies shows the two drivers of the increase: at Novandino, both volume and price rose; at Albemarle, only price. The average lithium carbonate price used by Corfo went from about US$10,365 per tonne in 2025 to about US$18,733 in the first half of 2026. That is still far from the 2022 record, when it averaged about US$72,000 and Corfo received close to US$4 billion in the year.
| Company | Payments to Corfo H1 2025 | Payments to Corfo H1 2026 | Sales H1 2026 (t LCE) |
|---|---|---|---|
| Novandino Litio (Codelco-SQM) | US$93 M | US$670 M | 152,000 |
| Albemarle | US$56 M | US$121 M | ~28,000 |
| Total | US$149 M | US$791 M | ~180,000 |
Source: Corfo, via REDIMIN and La Tercera. La Tercera reports a 2025 total of US$150 million; the difference with the table is rounding. Exports reflect the same trend: between January and September they approached US$4,745 million, almost triple a year earlier, as we detailed in our story on Chile's 2026 lithium exports.
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See advertising optionsWhat comes next for Chilean lithium
Albemarle presents its full-year outlook in price scenarios. With lithium near US$20 per kilo, the company expects net sales of US$5.7 to 6.0 billion and adjusted EBITDA of US$2.4 to 2.6 billion in 2026. It also cut its capital spending for the year to US$300-350 million, from about US$500 million. The analyst call is scheduled for November 6.
Two large projects are in the pipeline for the salt flat, both still subject to review and permits: Novandino's Salar Futuro, with an estimated investment of US$3 billion and capacity of up to 470,000 tonnes per year of LCE in its highest scenario, and an Albemarle direct lithium extraction initiative of about US$3.1 billion. Chile is the world's second-largest producer, behind Australia, as our ranking of the largest lithium producers shows.
For the Treasury, the lesson of 2025 still applies: lithium is a volatile revenue source. That is why the Finance Ministry treats only part of what comes from Codelco and Corfo as structural revenue. If prices hold, 2026 could rank among the three best years on record for lithium revenue, although payments for October to December are still pending. The Salar de Atacama hosts the operations behind these figures, as we explained in the largest lithium mine in the world.
Frequently asked questions
How much did Albemarle earn in the third quarter of 2026?
US$296.8 million, on net sales of US$1,553.1 million and adjusted EBITDA of US$645.5 million (+186.1%).
At what price did Albemarle sell lithium?
At an average of US$20.02 per kilo of lithium carbonate equivalent, almost double the US$10.28 of a year earlier.
How much has Corfo received from lithium in 2026?
Over US$1.1 billion between January and September, according to REDIMIN. In all of 2025 it received US$339 million.
Who pays Corfo the most?
Novandino Litio, the Codelco-SQM venture: US$670 million in the first half, about 85% of the total.
Why do payments rise so much if volume barely changes?
Because the Corfo contracts charge percentages that increase by price bracket: when lithium rises, the state takes a larger share of each tonne.
