Coverage ended 5 updates · Last at 5:19pm ET

Live Blog: Kinross Gold Reports Earnings After the Bell

By Eric Bleeker · Updated Feb 18, 5:19pm ET · Published Feb 18, 4:02pm ET

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Kinross Earnings Call at 8 a.m. ET Tomorrow - Here's What to Watch

What to Watch on the Conference Call

With Q4 adjusted EPS of $0.67 crushing expectations, investors will focus on forward guidance and capital allocation. Key topics analysts will probe:

Top Questions Likely

  • 2026 production guidance: Will Kinross maintain the ~2.0 million ounce target given Q4’s strong performance?
  • Cost inflation outlook: With AISC at the higher end of guidance, how will rising royalties impact 2026 margins?
  • Project economics updates: Management promised Q1 2026 updates on Round Mountain Phase X, Redbird Phase 2, and Curlew—are those still on track?
  • Capital return framework: The 40% free cash flow target for shareholder returns—how flexible is this across gold price scenarios?
  • Great Bear timeline: Any regulatory progress or construction milestones to share?

Red Flags to Monitor

Watch for hedging language on cost pressures, permitting delays at Great Bear, or vague 2026 production guidance.

Shares Moving North

It looks like the market agrees with our first blush analysis on Kinross, shares are up 1.3% after-hours as earnings came in better than expected.

Kinross Q4 Earnings Are Out - Here are the Key Figures to Watch

Here’s the release if you want to review it.

Here are the main highlights:

Record Q4 and full-year highlights: 

  • Margins4 of $2,847 per Au eq. oz. sold in Q4 2025, and $2,283 for 2025.
  • Operating cash flow5 of $1,146.9 million in Q4 2025, and $3,760.5 million in 2025.
  • Attributable free cash flow1 of $769.4 million in Q4 2025 and $2,473.5 million in 2025.
  • Reported net earnings6 of $906.5 million in Q4 2025, or $0.75 per share, and $2,390.1 million, or $1.96 per share, in 2025.
  • Adjusted net earnings7,8 of $809.3 million, or $0.67 per share in Q4 2025, and $2,243.9 million, or $1.84 per share, in 2025.
  • In 2025, Kinross returned $752.4 million to shareholders through its share buyback program and dividend. This included repurchasing $600.3 million in shares, and a 17% increase to its dividend during the year. In 2026, Kinross is targeting 40% of free cash flow to return of capital through both share buybacks and dividends.
  • Kinross’ Board of Directors has approved an additional 14% increase to its quarterly dividend to $0.04 per common share, which would amount to $0.16 per common share on an annualized basis. This represents a total increase of 33% since Q3 2025.
  • The Company continued to prioritize debt reduction and repaid $700 million in 2025. Kinross had net cash9 of $1,004.1 million, with $1,742.3 million of cash and cash equivalents and total liquidity10 of $3.5 billion as at December 31, 2025.

Earnings appear to be significantly ahead of Wall Street’s expectations, we’ll continue adding commentary as we can review the earnings. 

Earning Expected in 5 Minutes

We’re about 5 minutes away from the expected release of Kinross Gold’s earnings.

Kinross Closes the Day Up 2.5%

It was a generally good day for mining stocks and Kinross was no exception. Shares closed up 2.5% today and we’ll await earnings that are expected at 5 p.m. ET.

Live coverage has ended. The full story is below.

Full Coverage

The story so far

Kinross Gold (NYSE: KGC | KGC Price Prediction) reports Q4 2025 earnings today after the market close. With gold prices near record highs and the company coming off three consecutive quarters of margin expansion, this report could confirm whether operational momentum is sustainable or if investors are pricing in perfection.

What Wall Street Expects

Here are the key figures to watch (in USD) based on Wall Street’s expectations:

  • Normalized EPS: $.55
  • GAAP EPS: $.54
  • Revenue: $2.06 Billion
  • EBITDA: $1.31 billion
  • Gross Margin: 55.6%

Management expects Q4 production slightly below 500,000 ounces, which would bring full-year output to around 2.0 million gold equivalent ounces. All-in sustaining costs are tracking toward the higher end of the $1,500/oz guidance range due to royalties tied to elevated gold prices.

The real question is whether margins can hold up. In Q3, Kinross delivered margins of $2,310 per ounce sold, up 54% year-over-year. That performance came despite an 11% production decline, proving the operational leverage story. If gold prices stayed elevated through Q4, similar margin strength would be expected even with slightly lower volumes.

Last Quarter’s Beat and Stock Surge

Q3 results crushed expectations. The company reported adjusted EPS of $0.44, beating the $0.39 consensus. Revenue hit $1.802 billion, up 26% year-over-year, driven by a $3,460/oz average realized gold price. Free cash flow reached a record $687 million in the quarter alone.

The stock responded accordingly. Shares traded at $22.65 at the time of the Q3 filing and have since surged 54% to $34.90 as of today. That’s not just gold price momentum. The company’s balance sheet moved to a net cash position of roughly $485 million, and management raised the buyback target by 20% to $600 million while hiking the dividend 17%.

What I’m Watching Tonight

First, 2026 production guidance. Management has signaled stable output around 2.0 million ounces for both 2026 and 2027, but investors want specifics on mine-by-mine contributions and whether projects like Round Mountain Phase X or Redbird Phase 2 can add incremental ounces.

Second, cost trajectory. The Q3 call revealed extensive cost management efforts around contractor partnerships, labor productivity, and maintenance optimization. If AISC comes in at the lower end of guidance despite higher royalties, that’s a signal the operational improvements are real.

Third, capital allocation. The company promised project economics updates in Q1 2026 for Phase X, Redbird, and Curlew. Any early commentary tonight on capex plans or M&A appetite would matter. With $1.721 billion in cash and a net cash position, Kinross has firepower.

Finally, tone on gold prices. CEO Paul Rollinson noted on the last call that the company uses $1,600 for reserves and $2,000 for resources, well below spot. If management sounds more constructive on structural gold demand or adjusts reserve pricing assumptions, that’s a tell on their confidence.

Contact [email protected] for any questions or corrections.

Eric Bleeker

Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.

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