Q3 25 EPS
$0.12
BEAT +26.45%
Est. $0.09
Q3 25 Revenue
$409.5M
BEAT +26.36%
Est. $324.1M
vs S&P Since Q3 25
+11.2%
BEATING MARKET
HL +23.4% vs S&P +12.2%
Market Reaction
Did HL Beat Earnings? Q3 2025 Results
Hecla Mining delivered a standout third quarter, posting adjusted EPS of $0.12 against a consensus estimate of $0.09, a beat of 26.45%, while revenue of $409.54 million cleared the $324.10 million estimate by 26.36% and surged 67.1% year over year. T… Read more Hecla Mining delivered a standout third quarter, posting adjusted EPS of $0.12 against a consensus estimate of $0.09, a beat of 26.45%, while revenue of $409.54 million cleared the $324.10 million estimate by 26.36% and surged 67.1% year over year. The primary engine behind those numbers was a powerful combination of higher realized metals prices and significantly expanded sales volumes, with payable silver ounces sold climbing 27% sequentially as realized silver prices averaged $42.58 per ounce and gold averaged $3,509 per ounce. All four of Hecla's mines contributed positive free cash flow for the second consecutive quarter, and the company used the resulting cash generation to aggressively reduce debt, cutting its net leverage ratio to 0.3x from 0.7x and fully retiring its revolving credit facility. Looking ahead, Hecla tightened its 2025 silver production guidance to 16.2 to 17.0 million ounces while reiterating silver cash cost guidance, and recent high-grade gold discoveries at its Midas Project in Nevada add a further exploration dimension to the growth narrative.
Key Takeaways
- • Higher realized prices across all metals: silver $42.58/oz (vs $34.82 prior quarter), gold $3,509/oz (vs $3,314 prior quarter)
- • Payable silver ounces sold increased 27% quarter-over-quarter
- • Payable gold ounces sold increased 10% quarter-over-quarter
- • Silver production up 2% sequentially to 4.6 million ounces
- • All four producing mines contributed positive free cash flow for second consecutive quarter
- • Keno Hill silver production increased 20% sequentially with higher mill throughput and grades
- • Positive fair value adjustments of $17.6 million from marketable securities portfolio
HL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
HL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third quarter results represent a defining moment for Hecla, with record-breaking performance across a number of key financial metrics. We achieved quarterly revenues of $410 million, net income of $101 million, and Adjusted EBITDA of $196 million, all records in the Company's 134 year history.”
— Rob Krcmarov, Q3 2025 Earnings Press Release
HL Earnings Trends
HL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HL EPS Trend
Earnings per share: estimate vs actual
HL Revenue Trend
Quarterly revenue: estimate vs actual
HL Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.23 | $0.25 | +10.62% | $411.4M | -4.86% |
| Q4 25 BEAT FY | $0.18 | $0.20 | +10.19% | $448.1M | +26.13% |
| FY Full Year | — | $0.49 | — | $1.42B | — |
| Q3 25 BEAT | $0.09 | $0.12 | +26.45% | $409.5M | +26.36% |
| Q2 25 BEAT | $0.05 | $0.08 | +48.70% | $304.0M | +17.99% |
| Q1 25 BEAT | $0.05 | $0.05 | +0.20% | $261.3M | +9.50% |
| Q4 24 MISS FY | $0.05 | $0.02 | -61.24% | $249.7M | +4.18% |
| FY Full Year | — | $0.06 | — | $929.9M | — |
| Q3 24 MISS | $0.05 | $0.03 | -40.00% | $245.1M | +6.84% |
| Q2 24 MISS | $0.04 | $0.02 | -50.00% | $245.7M | +12.07% |
| Q1 24 | — | — | — | — | — |
| Q4 23 | — | — | — | — | — |
| Q3 23 | — | — | — | — | — |
| Q2 23 | — | — | — | — | — |