Coeur Mining Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did CDE Beat Earnings? Q2 2025 Results
Coeur Mining turned in a record-breaking second quarter for 2025, beating Wall Street on both the top and bottom lines as the first full contribution from its Las Chispas acquisition transformed the company's financial profile. The silver and gold miner posted adjusted earnings of $0.20 per diluted share, ahead of the $0.18 consensus by 9.35%, while revenue climbed to $480.65 million, a 116.5% year-over-year increase that edged past the $475.30 million analyst estimate by 1.13%. The single biggest driver was Las Chispas, which delivered $102.70 million in metal sales and $49.40 million in free cash flow in its first full quarter under Coeur's ownership, complementing broad-based production gains across all five North American operations. Record adjusted EBITDA of $243.48 million and free cash flow of $146.14 million allowed the company to fully retire its revolving credit facility balance and launch a $75.00 million buyback program. Looking ahead, management reaffirmed full-year production guidance and projects over $800.00 million in adjusted EBITDA and more than $400.00 million in free cash flow for 2025.
- First full quarter of production from recently acquired Las Chispas mine
- Higher average realized gold and silver prices (gold up 51% YoY, silver up 29% YoY)
- Gold production increased 38% year-over-year to 108,487 ounces
- Silver production increased 79% year-over-year to 4.7 million ounces
- Rochester crushed ore rates increased 24% quarter-over-quarter to 6.7 million tons
- Adjusted costs applicable to sales per gold and silver ounce declined approximately 6% quarter-over-quarter
- All five operations generated positive free cash flow
“Coeur's record second quarter reflects strong contributions from all five of our North American gold and silver operations, including the first full quarter from the recently acquired Las Chispas mine. Together with the benefit of higher gold and silver prices, we saw a step change in our financial results in the quarter, including an impressive $146 million of free cash flow, while we eliminated the remaining balance on our RCF and began buying back shares.”
Coeur Mining CEO, on the earnings call
Forward Guidance & Outlook
Coeur reaffirmed full-year 2025 production guidance of 380,000-440,000 gold ounces and 16.7-20.3 million silver ounces, representing expected year-over-year increases of approximately 20% and 62% at the midpoint. Full-year CAS guidance was also reaffirmed. Management expects even higher gold and silver production levels in the second half of the year. The company projects over $800 million of full-year 2025 adjusted EBITDA and over $400 million of full-year 2025 free cash flow. Updated capital guidance increased sustaining capex to $142-$156 million (from $132-$156 million) as $10 million of sustaining capital will be funded with cash instead of previously planned capital leases. G&A expense guidance was raised to $48-$52 million from $44-$48 million due to non-cash incentive compensation tied to strong share price performance. Guidance assumes $2,700/oz gold and $30.00/oz silver prices.
CDE YoY Financials
CDE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.