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Hecla Mining

Hecla Mining (HL) Q2 2026 Earnings

Reported Aug 4, 2026 at 5:04 PM ET · SEC Source

Q2 26 EPS

$0.18

BEAT +1.81%

Est. $0.18

Q2 26 Revenue

$333.9M

MISS 11.10%

Est. $375.5M

vs S&P Since Q2 26

+15.9%

BEATING MARKET

HL +16.2% vs S&P +0.3%

Market Reaction

Did HL Beat Earnings? Q2 2026 Results

Hecla Mining matched Wall Street's expectations in the second quarter of 2026, posting earnings of $0.18 per share in line with the consensus estimate, extending the company's streak of beating or meeting consensus EPS forecasts to five consecutive q… Read more Hecla Mining matched Wall Street's expectations in the second quarter of 2026, posting earnings of $0.18 per share in line with the consensus estimate, extending the company's streak of beating or meeting consensus EPS forecasts to five consecutive quarters, while revenue climbed 9.8% year over year to $333.85 million. The quarter represented an expected sequential pullback from a record prior period, with the decline driven primarily by lower realized silver and gold prices and shipment timing at Greens Creek, though adjusted EBITDA from continuing operations still more than doubled the $92.55 million recorded in Q2 2025. A standout operational moment came from Lucky Friday, where a sharp rise in milled grade pushed silver output to 1.5 million ounces for the quarter, though management noted that grade level is unlikely to hold. Perhaps more consequentially for investors, Hecla redeemed $263 million in senior notes during the period, leaving the company effectively debt-free and holding $483.48 million in cash. Looking ahead, full-year silver production guidance was tightened to 15.1 to 16.1 million ounces, with improved cost expectations of negative $4.00 to negative $3.75 per ounce on a cash cost basis.

Key Takeaways

  • • Lucky Friday achieved record quarterly silver production of 1.5 million ounces driven by 31% higher milled grade
  • • Cash flow from continuing operations up 61% year-over-year to $175 million
  • • Free cash flow more than doubled year-over-year to $136 million
  • • Revenue declined 19% sequentially due to lower realized silver and gold prices and timing of shipments
  • • Silver cash cost of ($8.10)/oz and AISC of $6.07/oz after by-product credits
  • • Redemption of $263 million Senior Notes leaving company debt-free excluding finance leases

HL Forward Guidance & Outlook

Consolidated silver production guidance revised to 15.1-16.1 million ounces (from 15.1-16.5 million). Greens Creek raised to 8.0-8.3 million ounces, Lucky Friday tightened to 4.9-5.2 million ounces, Keno Hill lowered to 2.2-2.6 million ounces. Total silver cash cost guidance improved to ($4.00)-($3.75)/oz and AISC to $12.50-$13.50/oz. Total capital investment guidance raised at the lower end to $208-$223 million. Exploration and pre-development expenditures remain at $55 million. Capital investment is expected to increase in Q3 and remain elevated in Q4 as projects advance through the warmer-weather construction season. Metal price assumptions for 2H26: gold $4,000/oz, silver $55.00/oz, zinc $1.40/lb, lead $0.85/lb, copper $4.00/lb.

24/7 Wall St

HL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

HL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 24 Q2 26

“Our second quarter results reflect the strength of the platform we have built. We ended the quarter with the strongest balance sheet in the Company's history, and Lucky Friday delivered record quarterly silver production, underscoring the quality of our silver portfolio. I'm also encouraged by our strong safety performance across the operations, which remains a foundation of everything we do. At the same time, our organic project pipeline continues to advance, demonstrating real potential for meaningful value creation and further solidify Hecla's position as North America's premier silver producer.”

— Rob Krcmarov, Q2 2026 Earnings Press Release

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