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Hecla Mining

Hecla Mining (HL) Q2 2025 Earnings

Reported Aug 6, 2025 at 4:34 PM ET · SEC Source

Q2 25 EPS

$0.08

BEAT +48.70%

Est. $0.05

Q2 25 Revenue

$304.0M

BEAT +17.99%

Est. $257.7M

vs S&P Since Q2 25

+122.1%

BEATING MARKET

HL +141.0% vs S&P +18.9%

Market Reaction

Did HL Beat Earnings? Q2 2025 Results

Hecla Mining delivered a blowout second quarter for 2025, posting adjusted earnings of $0.08 per diluted share against a consensus estimate of $0.05, a beat of 48.70%, while revenue of $304.03 million topped expectations by 17.99% and grew 23.8% year… Read more Hecla Mining delivered a blowout second quarter for 2025, posting adjusted earnings of $0.08 per diluted share against a consensus estimate of $0.05, a beat of 48.70%, while revenue of $304.03 million topped expectations by 17.99% and grew 23.8% year over year. The standout driver was a powerful combination of higher realized precious metals prices and surging production volumes, with silver output up 10% and gold production climbing 34% sequentially to 45,895 ounces, the latter fueled heavily by Greens Creek, which alone generated $122.00 million in sales and $69.02 million in free cash flow. The balance sheet transformation was equally notable; net leverage collapsed to 0.7x from 1.5x in Q1, with cash surging to $296.56 million from just $23.67 million. Looking ahead, Hecla raised full-year gold production guidance to 126-137 koz and meaningfully cut silver all-in sustaining cost guidance to $11.50-$13.50 per ounce, while analysts note that share dilution of roughly 6.5% over the past year warrants monitoring alongside the otherwise compelling operational momentum.

Key Takeaways

  • • Higher realized precious metal prices across all metals except lead
  • • Silver production up 10% and gold production up 34% quarter-over-quarter
  • • Greens Creek silver and gold grade improvements of 14% and 11% respectively with 8% higher mill throughput
  • • Casa Berardi gold production up 37% sequentially from planned higher underground and surface ore grades
  • • Lucky Friday set new quarterly milling record of 114,475 tons, beating prior record by over 5%
  • • Positive fair value adjustments of $9.6 million from marketable securities and hedges
  • • Favorable working capital changes of $42.3 million
24/7 Wall St

HL YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

HL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26

“Our second quarter results demonstrate exceptional execution across all facets of the business. We generated record sales of $304 million, record free cash flow of $103.8 million, and record Adjusted EBITDA of $132.5 million, while dramatically improving our net leverage to 0.7x. Our mines delivered outstanding operational performance, with silver production up 10% and gold production up 34% quarter-over-quarter, and Lucky Friday achieving a new milling record. By putting $212 million raised through our ATM program toward Note redemption and fully repaying our CAD $50 million IQ notes from free cash flow, we've strengthened our balance sheet, which will free up $17.8 million annually in interest expense going forward, allowing us to refocus those funds towards strengthening our balance sheet while enabling strategic reinvestment into the highest return opportunities across our portfolio. These results reflect our commitment to operational excellence, disciplined capital allocation, and creating long-term shareholder value. With Casa Berardi's strategic review progressing and our portfolio optimization continuing, we're well-positioned to achieve our 2025 guidance and beyond.”

— Rob Krcmarov, Q2 2025 Earnings Press Release

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