Coeur Mining Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
Did CDE Beat Earnings? Q4 2025 Results
Coeur Mining closed out a transformational fiscal year with a Q4 earnings beat that underscored just how dramatically the company's scale has shifted following its SilverCrest acquisition. The silver and gold miner posted adjusted EPS of $0.35 for the quarter, clearing the $0.30 consensus estimate by 16.67%, even as revenue of $674.70 million came in fractionally light of the $681.39 million Wall Street expected, a -0.98% miss. Still, that topline figure represented a staggering 120.9% increase year-over-year, powered by record average realized prices of $3,818 per gold ounce and $54.30 per silver ounce. The newly integrated Las Chispas asset proved a standout contributor, generating $286.00 million in free cash flow since its mid-February acquisition close, while Rochester set records in ore crushing and placement. <a href="https://247wallst.com/investing/2026/02/18/live-coeur-mining-reports-earnings-tonight-after-203-surge/">Following a dramatic run-up</a> in the stock, analysts remain divided on valuation, with at least one firm downgrading to Hold despite the strong results. Looking ahead, Coeur's 2026 guidance targets 390,000 to 460,000 gold ounces and calls for a combined seven-mine platform following the expected close of the New Gold acquisition in H1 2026.
- Record average realized gold price of $3,818/oz and silver price of $54.30/oz in Q4 2025
- Record full-year gold production of 419,046 ounces (up 23% YoY) and silver production of 17.9 million ounces (up 57% YoY)
- SilverCrest acquisition added Las Chispas mine contributing $286 million of free cash flow since February 2025
- Rochester achieved record ore tonnes crushed (6.4 million) and placed (9.3 million) in Q4
- Kensington delivered one of its strongest quarters ever following multi-year underground development program
- Disciplined cost management with adjusted CAS per gold ounce of $1,207 and silver ounce of $17.29 in Q4
“Coeur finished 2025 on a high note, achieving a third consecutive quarter of record-setting financial results, driven by higher realized prices, strong production and disciplined cost management. Each of the Company's five operations delivered solid results and record free cash flow. Rochester's fourth quarter results were especially noteworthy, with ore crushing and placement rates reaching record levels. Since closing the SilverCrest acquisition in mid-February, Las Chispas contributed $286 million of free cash flow to the Company, while Kensington delivered one of its strongest quarters ever on the back of its recently completed multi-year underground development and drilling program.”
Coeur Mining CEO, on the earnings call
Forward Guidance & Outlook
Coeur's 2026 guidance from its existing portfolio calls for gold production of 390,000–460,000 ounces and silver production of 18.2–21.3 million ounces. 2026 guidance assumes estimated prices of $4,550/oz gold and $77.50/oz silver. Sustaining capital expenditures are expected at $207–$239 million and development capital at $98–$125 million. Cash income and mining taxes are guided at $400–$500 million, with an effective tax rate of 29%–35%. Exploration investment is expected at $120–$136 million. G&A expenses are expected at $63–$67 million. Following the expected close of the New Gold acquisition in H1 2026, combined EBITDA is expected at approximately $3 billion and free cash flow at approximately $2 billion from seven North American operations. Wharf production is expected to progressively increase throughout 2026 as permanent crushing capacity is restored following a fire incident.
CDE YoY Financials
CDE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.