Q1 26 EPS
$0.25
BEAT +10.62%
Est. $0.23
Q1 26 Revenue
$411.4M
MISS 4.86%
Est. $432.4M
vs S&P Since Q1 26
-10.2%
TRAILING MARKET
HL -7.7% vs S&P +2.4%
Market Reaction
Did HL Beat Earnings? Q1 2026 Results
Hecla Mining delivered a mixed but fundamentally strong first quarter for fiscal 2026, beating earnings expectations while falling short on revenue, as surging precious metals prices turbocharged profitability even as a strategic asset sale reshaped … Read more Hecla Mining delivered a mixed but fundamentally strong first quarter for fiscal 2026, beating earnings expectations while falling short on revenue, as surging precious metals prices turbocharged profitability even as a strategic asset sale reshaped the top line. The Coeur d'Alene-based silver miner posted earnings of $0.25 per share from continuing operations, clearing the $0.23 consensus estimate by 10.62%, while revenue of $411.43 million trailed the $432.44 million Wall Street forecast by 4.86%, though it still reflected a robust 57.4% year-over-year gain. The standout driver was price realization, with silver averaging $82.70 per ounce versus $33.59 a year ago and gold fetching $4,899 per ounce, propelling free cash flow to a quarterly record of $143.66 million and pushing Hecla's cash balance to $587.55 million. The company subsequently redeemed its remaining $263 million in senior notes, arriving at a debt-free position with an undrawn $225 million credit facility. Management reiterated full-year production and cost guidance, with Keno Hill silver grades expected to improve in Q2 as mine sequencing advances, and shares rose roughly 5.9% on the debt-free news.
Key Takeaways
- • Significantly higher realized silver prices ($82.70/oz vs $33.59/oz in Q1 2025) and gold prices ($4,899/oz vs $2,940/oz in Q1 2025)
- • Greens Creek AISC dramatically improved to ($8.39)/oz from ($0.03)/oz year-over-year, driven by higher gold by-product credits
- • Consolidated silver production up 3% sequentially to 3.9 million ounces
- • Record underground backfill placement at Greens Creek of nearly 164,000 tons, 16% above 2025 quarterly average
- • Casa Berardi sale completed March 25, generating cash proceeds and enabling debt redemption
HL Forward Guidance & Outlook
Hecla reiterated its 2026 production and cost guidance. Capital investment is expected to ramp up in Q2 with warmer construction months and remain elevated in Q3 as projects advance across the portfolio. Lucky Friday's surface cooling project is 81% complete and on track for completion by mid-2026. Keno Hill silver grades are expected to increase in Q2 as mine sequencing improves and high-grade stopes develop, with achieving 440 tons per day permitted capacity remaining the medium-term objective. Exploration activity is planned to ramp from 13 to 19 core drills in Q2/Q3. The company allocated $16 million for Nevada exploration in 2026, more than 3x the 2025 investment, with Hollister drilling scheduled to begin late Q2. Post quarter-end, the company redeemed its remaining $263 million Senior Notes, leaving it debt-free. Greens Creek pyrite concentrate circuit update expected late 2026 or early 2027, and Phase 3 metallurgical test work on the tailings reprocessing project is scheduled for completion mid-2026.
HL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
HL Revenue by Segment
With YoY comparisons, source: SEC Filings
“The first quarter demonstrates the strength of the platform we have built. The closing of the Casa Berardi sale sharpened our focus on silver and enabled us to redeem our Senior Notes in April, leaving Hecla debt-free with a $225 million undrawn revolver and the strongest balance sheet in the Company's recent history. What further excites me is the quality of the organic growth initiatives advancing across our portfolio — from the Greens Creek pyrite concentrate circuit and potential Midas restart to our near-doubling of exploration investment in 2026. These opportunities, backed by a debt-free balance sheet and world-class operations, position Hecla to deliver compelling long-term value with best-in-class silver exposure.”
— Rob Krcmarov, Q1 2026 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 | — | — | — | — | — |