IAMGOLD
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IAMGOLD (IAG) investor relations material

IAMGOLD 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 summary18 Feb, 2026

Executive summary

  • Achieved record financial and operational performance in 2025, with adjusted EBITDA of $1.55 billion, net earnings of $664.4 million, and strong cash flow, enabling significant debt reduction and $100 million in share buybacks.

  • Attributable gold production reached 765,900 ounces, meeting guidance, with record quarterly output at all operations and Côté Gold achieving nameplate throughput ahead of schedule.

  • Strategic acquisitions consolidated the Nelligan Complex, expanding the Canadian resource base and forming one of the largest pre-production gold camps in Canada.

Financial highlights

  • Revenues for 2025 were $2,852.8 million, up 75% year-over-year, with Q4 revenues at $1,088.1 million and average realized gold price of $3,482/oz.

  • Adjusted EBITDA for 2025 was $1,550.5 million, with Q4 at $710.1 million; net earnings attributable to equity holders were $664.4 million.

  • Adjusted net earnings per share were $1.23 for 2025.

  • Record mine-site free cash flow of $1,199.0 million for the year, with $626.6 million in Q4.

  • Net debt reduced by $514.9 million to $344.4 million at year-end; available liquidity at year-end was $868.6 million, including $421.9 million in cash.

Outlook and guidance

  • 2026 attributable gold production guidance is 720,000–820,000 ounces, with Côté Gold to focus on cost optimization and expansion planning.

  • Consolidated cash costs (excluding royalties) expected at $1,100–$1,250/oz; AISC forecasted at $2,000–$2,150/oz.

  • Sustaining capital expenditures for 2026 guided at $380 million; expansion capital at $120 million; exploration spend at $54 million, focused on Nelligan.

  • Ongoing share buyback program for up to 10% of outstanding shares, funded by free cash flow, especially from Essakane.

  • Cash taxes for 2026 expected at $205–$215 million; depreciation at $480 million.

Côté expansion: Key de-risking steps?
Essakane: Mitigating royalty/security costs?
Share buyback strategy beyond 2026?
Cote Gold expansion capital cost and timing
Essakane license extension engagement status
Cote Gold mining cost improvement expectations
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Frequently asked questions

IAMGOLD Corporation is a mining company engaged in the exploration, development, and production of gold. The company operates mines in North America, South America, and West Africa, with a focus on sustainable and responsible mining practices. IAMGOLD’s portfolio includes operating mines, development projects, and exploration properties. The company is headquartered in Toronto, Canada, and its shares are listed on the NYSE.

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