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Coeur Mining

Coeur Mining (CDE) Q1 2026 Earnings

Reported May 6, 2026 at 4:40 PM ET · SEC Source

Q1 26 EPS

$0.36

BEAT +0.33%

Est. $0.36

Q1 26 Revenue

$856.2M

BEAT +9.22%

Est. $783.9M

Did CDE Beat Earnings? Q1 2026 Results

Coeur Mining posted a blowout first quarter of 2026, reporting adjusted earnings of $0.36 per share on revenue of $856.19 million, as sharply higher realized metal prices transformed the silver and gold miner's financial profile almost beyond recogni… Read more Coeur Mining posted a blowout first quarter of 2026, reporting adjusted earnings of $0.36 per share on revenue of $856.19 million, as sharply higher realized metal prices transformed the silver and gold miner's financial profile almost beyond recognition from a year ago. Gold averaging $4,383 per ounce and silver averaging $82.85 per ounce, versus $2,635 and $32.05 respectively a year ago, drove revenue nearly 2.4 times higher year-over-year and powered adjusted EBITDA of $474.90 million at an 86% margin. GAAP net income reached $246.80 million, or $0.35 per diluted share, compared to $33.40 million a year ago, while free cash flow hit $266.80 million despite more than $200.00 million in one-time first-quarter outflows. The March 20 close of the New Gold transaction added New Afton and Rainy River to the portfolio, with full contributions expected beginning in Q2. Coeur reaffirmed its full-year 2026 guidance of 680,000 to 815,000 gold ounces and introduced a $750.00 million share repurchase program alongside an inaugural semiannual dividend.

Key Takeaways

  • • Sharply higher realized gold and silver prices (gold $4,383/oz vs $2,635 YoY; silver $82.85/oz vs $32.05 YoY)
  • • 11% YoY increase in gold production and 18% YoY increase in silver production
  • • Operating strength across all seven mines in the portfolio
  • • Completion of New Gold acquisition adding New Afton and Rainy River
  • • Net cash position achieved with net debt of negative $81.8 million and leverage ratio of -0.1x

CDE Forward Guidance & Outlook

Coeur reaffirmed full-year 2026 guidance across all metrics. Production is expected to reach 680,000–815,000 ounces of gold, 18.7–21.9 million ounces of silver, and 50–65 million pounds of copper. The company expects capital expenditures of $437–$526 million (sustaining $291–$337M, development $146–$189M), exploration investment of $147–$169 million, G&A of $90–$100 million, and cash income/mining taxes of $475–$600 million. Guidance assumes gold at $4,550/oz, silver at $77.50/oz, and copper at $5.00/lb. Q1 is expected to be the softest quarter, with full contribution from New Afton and Rainy River starting in Q2. New Afton throughput is expected to ramp up to 15,000 tonnes per day during H1 2026. A K-Zone feasibility study is expected to commence in H2 2026. Rainy River's mine life was extended to 2035. Full-year 2026 adjusted CAS guidance by mine: New Afton gold $1,000–$1,200/oz, copper $1.20–$1.35/lb; Rainy River gold $2,150–$2,350/oz; Las Chispas gold $750–$950/oz, silver $12.50–$14.50/oz; Palmarejo gold $700–$900/oz, silver $21.50–$23.50/oz; Rochester gold $1,350–$1,550/oz, silver $23.00–$23.50/oz; Kensington gold $1,750–$1,950/oz; Wharf gold $1,400–$1,600/oz.

24/7 Wall St

CDE YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

CDE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Coeur delivered a strong start to what is expected to be a record year, with every mine in the portfolio contributing to record first quarter results. Adjusted EBITDA reached a new quarterly record and free cash flow remained robust, leading to a quarter-end cash balance of over $840 million — nearly an eleven-fold year-over-year increase. Our recently updated financial policy is designed to maintain flexible liquidity levels while also returning capital to stockholders through prudent share repurchases and the initiation of a sustainable dividend policy. Our results were especially impressive given the quarter was our softest of the year as expected, with several first quarter-specific outflows totaling over $200 million, and only eleven days of contribution from New Afton and Rainy River following the close of the New Gold transaction on March 20th.”

— Mitchell J. Krebs, Q1 2026 Earnings Press Release

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