Companies /Basic Materials

Coeur Mining Inc

NYSE: CDE Gold
$22.21
â–² $0.77 (+3.59%) today
Markets closed · 4:50am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 4:34pm ET · SEC source
$0.23
Miss −2.13%
EPS · est. $0.24
$554.6M
Beat +0.93%
Revenue · est. $549.5M
−6.8%
Trailing market
CDE vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−6%−3%0+3%Oct 29Oct 30report 4:34pm ETearnings−0.4%−1.4%
−6%−3%0+3%Oct 29Oct 30earnings−0.4%−1.4%
CDE −1.4%S&P 500 −0.4%
−6%−3%0+3%Oct 29Oct 30report 4:34pm ETearnings−0.3%−1.4%
−6%−3%0+3%Oct 29Oct 30earnings−0.3%−1.4%
CDE −1.4%NASDAQ −0.3%
−18%−9%0+9%Oct 28Nov 6report 4:34pm ETearnings−2.1%−18.5%
−18%−9%0+9%Oct 28Nov 6earnings−2.1%−18.5%
CDE −18.5%S&P 500 −2.1%
−18%−9%0+9%Oct 28Nov 6report 4:34pm ETearnings−3.4%−18.5%
−18%−9%0+9%Oct 28Nov 6earnings−3.4%−18.5%
CDE −18.5%NASDAQ −3.4%
−3.01%
Day of report
−2.99%
Next session
−18.42%
One week
−6.50%
30 days

S&P 500 over the same 30 days: +0.25%.

Did CDE Beat Earnings? Q3 2025 Results

Coeur Mining delivered a record-breaking third quarter for fiscal 2025, with adjusted earnings of $0.23 per share and revenue of $554.57 million, up 77% year-over-year, as higher precious metals prices and peak production volumes across all five North American mines converged in a single quarter. The single most consequential financial event was a $216.00 million non-cash tax benefit tied to the release of a valuation allowance on U.S. deferred tax assets, a milestone reflecting three consecutive years of cumulative net income from U.S. operations, which pushed GAAP net income to a record $266.80 million. Even stripping that benefit out, adjusted EBITDA of $299.10 million represented a 54% margin, underscoring genuine operational momentum. Free cash flow reached a record $188.70 million, enabling Coeur to repay more than $228.00 million in debt year-to-date and drive its net leverage ratio down to just 0.1x. Management now targets full-year 2025 adjusted EBITDA above $1.00 billion and free cash flow exceeding $550.00 million, with a net cash position expected by year-end, setting the stage for what the company projects will be record results in 2026.

Key Takeaways
  • Record quarterly gold and silver production driven by contributions from all five operations
  • Higher average realized gold ($3,148/oz) and silver ($38.93/oz) prices, up 36% and 30% YoY respectively
  • Las Chispas contributing significantly in just its second full quarter post-acquisition
  • $216 million non-cash tax benefit from U.S. deferred tax asset valuation allowance release
  • Strong cost control with adjusted CAS per gold ounce declining quarter-over-quarter

“Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver operations along with overall strong cost control. Las Chispas experienced a particularly strong quarter, with the team continuing to exceed expectations in just its second full quarter of operations with the Company.”

Coeur Mining CEO, on the earnings call

Forward Guidance & Outlook

Coeur refined its full-year 2025 guidance, raising the gold production midpoint by 1% to 415,250 ounces and lowering the silver production midpoint by 2% to 18.1 million ounces. Updated total gold production guidance is 392,500 - 438,000 ounces and silver is 17,100 - 19,150 thousand ounces. Cost guidance was lowered at three of five operations. Management expects full-year 2025 adjusted EBITDA to exceed $1 billion and free cash flow to exceed $550 million. The Company expects to be in a net cash position by year-end. Updated assumptions use $3,411/oz gold and $37.82/oz silver. The effective tax rate is guided at 27%-33% with cash taxes of $165-$195 million. Capital expenditures guidance of $142-$156 million sustaining and $55-$69 million development is unchanged. G&A expense guidance was increased to $50-$55 million due to non-cash incentive compensation.

CDE YoY Financials

Revenue$554.6M
Operating Income$177.1M
Net Income$266.8M

CDE Revenue by Segment

Gold Sales
Silver Sales
Las Chispas$126.1M
Palmarejo$121.2M
Rochester$112.5M
Kensington$98.9M
Wharf$95.9M

Figures from SEC filings and company reports. Not investment advice.