Coeur Mining Q3 2026: A $40M Charge Derails an Otherwise Strong Quarter
As seen on the 24/7 Wall St. homepage on November 4, 2026.
A $40 million non-cash inventory charge at Rainy River pushed that mine's adjusted gold cost to $2,883 an ounce and knocked earnings well below consensus. Management is steering full-year production to the low end of guidance with costs at the upper end, even while promising record adjusted EBITDA above $2 billion. Keep an eye on the stock after hours.
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Coeur Mining posted adjusted earnings per share of $0.10 for Q3 2026, missing the consensus estimate of roughly $0.16. Revenue came in at $983.6 million, missing the $1.01 billion expectation, though that top line still surged 77% year over year as the company absorbed a full quarter of contributions from mines acquired through the New Gold deal.
The single biggest culprit behind the earnings shortfall was a $40 million non-cash purchase price allocation charge tied to Rainy River's stockpile inventory. That charge inflated Rainy River's adjusted gold cost to $2,883 per ounce, far above the company's consolidated adjusted cost of $2,054 per ounce for gold. It was an accounting consequence of the acquisition, and it was large enough to knock reported results well below what analysts had modeled.
Operational headaches piled on top of the accounting drag. A conveyor belt failure at New Afton in late August lowered mining and milling rates there, while heavy rainfall at both Rainy River and Palmarejo curbed open-pit production and reduced grades. Those disruptions, combined with sequentially softer realized gold and silver prices, compressed adjusted EBITDA to $448 million from $478 million in Q2 2026, even as that figure still more than doubled the $265.6 million posted in Q3 2025.
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Looking ahead, management guided full-year 2026 production toward the low end of its previously announced range, with costs expected at the upper end. At the same time, the company reaffirmed its outlook for record adjusted EBITDA above $2 billion and free cash flow exceeding $1.3 billion at current prices. CEO Mitchell J. Krebs pointed to an expected strong fourth quarter and noted $70 million of Wharf insurance proceeds anticipated in Q4 2026 as additional tailwinds.
The capital return story remained active despite the earnings miss. Coeur repurchased $111 million worth of shares in the quarter, representing roughly 46% of quarterly free cash flow, as part of an enhanced $750 million buyback program launched in mid-May 2026. The company also declared a dividend of $0.02 per share, payable December 16, 2026, to stockholders of record as of November 30, 2026.