Coeur Mining
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Coeur Mining (CDE) investor relations material

Coeur Mining Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved record annual and quarterly gold and silver production, with full-year output up 23% and 57% year-over-year, respectively, driven by operational improvements, acquisitions, and strong performance at all five mines.

  • 2025 revenue nearly doubled to $2.1 billion, net income rose to a record $586 million, and adjusted EBITDA more than tripled to $1.03 billion.

  • Free cash flow reached $666 million, reversing a prior year loss, and cash increased over tenfold to $554 million, resulting in a robust net cash position.

  • The acquisition of New Gold Inc. was approved and is expected to close in the first half of 2026, positioning the company as a leading North American precious metals producer.

  • Integration of Las Chispas and exploration success extended mine lives and increased reserves and resources.

Financial highlights

  • 2025 revenue rose 96% year-over-year to $2.07 billion; net income surged 895% to $586 million; adjusted EBITDA up 202% to $1.03 billion.

  • Free cash flow for the year totaled $666 million, with Q4 free cash flow at $313 million; cash flow from operations up 410% to $889 million.

  • Adjusted EBITDA margin reached 50% in 2025, up from 32% in 2024.

  • Cash and equivalents rose to $554 million, while total debt decreased 42% to $341 million at year-end; net leverage ratio improved to (0.2x).

  • Realized gold and silver prices rose 48% and 43% year-over-year to $3,184/oz and $40.01/oz, respectively.

Outlook and guidance

  • 2026 production guidance: 390,000–460,000 ounces of gold and 18.2–21.3 million ounces of silver from current assets.

  • 2026 cost guidance: gold CAS $750–$1,950/oz, silver CAS $12.50–$25.00/oz depending on site.

  • Capital expenditures for 2026 expected at $207–$239 million (sustaining) and $98–$125 million (development); exploration investment $120–$136 million.

  • Combined with New Gold, expected to generate ~$3 billion EBITDA and $2 billion free cash flow from seven operations.

  • Guidance does not yet include New Gold assets; updated guidance will follow transaction close.

2026 cash tax increase drivers
New Gold acquisition: 2026 combined outlook
Las Chispas 2026 silver CAS increase drivers
Unique aspects of combined Coeur-New Gold entity?
Palmarejo non-Franco-Nevada ore development?
Rochester silver recovery improvement drivers?
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35th BMO Global Metals, Mining & Critical Minerals Conference24 Feb, 2026
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35th BMO Global Metals, Mining & Critical Minerals Conference24 Feb, 2026

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Frequently asked questions

Coeur Mining Inc is a precious metals mining company engaged in the exploration, development, and operation of silver and gold properties. The company operates mines in the United States, Canada, and Mexico. It focuses on sustainable practices and long-life assets. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.

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