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Coeur Mining

Coeur Mining (CDE) Q2 2026 Earnings

Reported Aug 5, 2026 at 4:44 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.12

MISS 54.08%

Est. $0.26

Includes non-cash impact of $140 million ($0.10 per share) due to purchase price allocation accounting for Rainy River's stockpile inventory

Q2 26 Revenue

$1.09B

MISS 9.02%

Est. $1.19B

vs S&P Since Q2 26

+6.1%

BEATING MARKET

CDE +6.6% vs S&P +0.4%

Market Reaction

Did CDE Beat Earnings? Q2 2026 Results

Coeur Mining delivered a disappointing second quarter, missing Wall Street on both the top and bottom lines as a sizable non-cash accounting charge weighed heavily on reported results. The silver and gold miner posted adjusted EPS of $0.12, falling 5… Read more Coeur Mining delivered a disappointing second quarter, missing Wall Street on both the top and bottom lines as a sizable non-cash accounting charge weighed heavily on reported results. The silver and gold miner posted adjusted EPS of $0.12, falling 54.08% short of the $0.26 consensus estimate, while revenue of $1.09 billion trailed expectations by 9.02%, despite surging 125.9% year over year on the first full quarter of contributions from the newly acquired New Afton and Rainy River operations. The primary culprit was a $140 million non-cash purchase price allocation charge tied to Rainy River's stockpile inventory, which alone reduced EPS by $0.10 per share. Looking ahead, management trimmed full-year gold production guidance to 630,000 to 750,000 ounces and raised capital expenditure guidance to $520 to $605 million, largely reflecting slower underground ramp-ups at the Canadian assets, though full-year adjusted EBITDA is still projected near $2.30 billion, with a year-end cash balance approaching $2.00 billion. The company's record $158 million exploration budget signals confidence in longer-term growth even as integration challenges temper near-term output.

Key Takeaways

  • • First full quarter of contributions from newly acquired New Afton and Rainy River operations
  • • Rochester achieved 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes
  • • Wharf gold production nearly doubled from the prior quarter following recovery from November 2025 crusher fire
  • • Average realized gold price of $4,140/oz up 37% year over year despite 6% quarter-over-quarter decline
  • • Average realized silver price of $71.18/oz more than doubled year over year
  • • Non-cash purchase price allocation of $140 million for Rainy River inventory added $834/oz to gold CAS
  • • Net cash position of $347 million achieved vs. net debt of $269 million a year ago

CDE Forward Guidance & Outlook

Coeur updated 2026 guidance to reflect lower assumed metals prices ($4,000/oz gold, $60/oz silver, $6.00/lb copper) and slower ramp-ups at its two new Canadian operations. Total gold production is now expected at 630,000–750,000 ounces (from 680,000–815,000), silver at 18.7–21.9 million ounces (unchanged), and copper at 40–50 million pounds (from 50–65 million). All five legacy operations maintain unchanged guidance. Capital expenditures increased to $520–$605 million (from $437–$526 million) primarily due to capitalized stripping and underground development at Rainy River. Full-year adjusted EBITDA is expected to be approximately $2.3 billion and free cash flow approximately $1.5 billion, with a year-end cash balance approaching $2.0 billion. Cash income and mining taxes were reduced to $350–$450 million (from $475–$600 million). The second half is expected to be back-weighted with sharp increases in production and free cash flow.

24/7 Wall St

CDE YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CDE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we've built through a combination of disciplined investments in organic growth and two well-timed acquisitions. Results were largely driven by the first full quarter of contribution from the newly acquired, lower-cost New Afton and Rainy River operations along with steady performance from our five other North American assets despite lower grades at three of our legacy operations. Most notably, Rochester achieved a 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes, and Wharf nearly doubled its production. The second quarter also marked the launch of our enhanced capital return policy with $121 million of share repurchases made through the end of July and an inaugural dividend paid in June, all while significantly bolstering our cash levels to over $1.0 billion at quarter-end.”

— Mitchell J. Krebs, Q2 2026 Earnings Press Release

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