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Hecla Mining Company
Hecla Mining Company (HL) investor relations material
Hecla Mining Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record 2025 revenue of over $1.4 billion and net income of $321 million ($0.49/share), with all mines generating positive free cash flow and substantial deleveraging to a gross debt/Adjusted EBITDA ratio of 0.4x.
Portfolio optimization included the pending sale of Casa Berardi for up to $593 million, sharpening the focus on core silver assets and enhancing financial flexibility.
Positioned as North America's premier silver producer, with operations in top jurisdictions and a robust project pipeline.
Operational excellence, investment discipline, and organic growth were emphasized, with all operations generating positive free cash flow.
Net leverage ratio improved to 0.1x from 1.6x, with net debt reduced by over 93% to $34 million.
Financial highlights
Record adjusted EBITDA of $670 million, operating cash flow of $563 million, and free cash flow of $310 million, an 82x increase year-over-year.
Cash on hand increased from $27 million to $242 million year-over-year, with no draws on the revolving credit facility.
Gross debt reduced to $276 million; gross debt to Adjusted EBITDA ratio at 0.4x.
Gross profit increased to $622 million, a three-fold rise over the prior year, benefiting from higher prices and volumes.
Quarterly cash dividend of $0.00375 per share declared for common stock; $0.875 per share for Series B preferred stock.
Outlook and guidance
2026 consolidated silver production guidance: 15.1–16.5 million ounces; gold: 51–72 thousand ounces.
Silver cash cost guidance (after by-product credits) at ($1.50)–($1.25)/oz; AISC at $15.00–$16.25/oz.
Capital investment guidance for 2026 is $204–$238 million, with exploration and pre-development spending nearly doubling to $55 million.
Casa Berardi included in 2026 guidance for Q1 only due to pending sale, expected to close in Q1 2026.
Path to debt-free status in 2026 at current prices, with projected free cash flow of ~$850 million at $100/oz silver and $5,500/oz gold.
What drives the increased Nevada exploration budget?
Keno Hill: Path to full commercial production status
Mitigate future Q4 working capital fluctuations
Midas restart: resource target and timeline
External silver growth strategy beyond M&A
Lucky Friday cooling project: long-term impact
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Next Hecla Mining Company earnings date
Q1 20261 May, 2026
Hecla Mining Company
Next Hecla Mining Company earnings date
Q1 20261 May, 2026
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Frequently asked questions
Hecla Mining Company, together with its subsidiaries, provides precious and base metal mining services in the United States and internationally. The company primarily produces silver, gold, zinc, and lead; and tungsten. It also explores for silver, gold, copper, lead, molybdenum, and mica.
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