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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.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.
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