Coeur Mining (CDE) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with revenue of $1.1 billion, up 27% sequentially and 126% year-over-year, driven by the first full quarter of New Afton and Rainy River contributions.

• Net income was $122 million ($0.12 per share), adjusted EBITDA reached $478 million, and free cash flow was $388 million, all record highs.

• Cash balance at quarter-end was $1.1 billion, nearly ten times higher year-over-year; operating cash flow rose to $513 million.

• Initiated a $750 million share repurchase program, paid inaugural $0.02 per share dividend, and repurchased $121 million in stock.

• Updated guidance reflects lower metals prices and operational adjustments at New Afton and Rainy River.

Financial highlights

• Quarterly revenue was $1,085.6 million, up from $480.7 million year-over-year; adjusted EBITDA $478 million; free cash flow $388 million.

• Net income for Q2 was $122 million; operating cash flow $513 million; adjusted EBITDA margin 44–52%.

• Adjusted CAS per gold ounce was $2,442 and per silver ounce $22.99, both up due to non-cash inventory impacts.

• Net debt was negative $347 million, with a leverage ratio of -0.2x LTM adjusted EBITDA; total debt $705 million.

• Weighted average shares outstanding increased to 1,034 million from 643 million year-over-year.

Outlook and guidance

• Full-year 2026 production guidance: ~690,000 oz gold, 20 million oz silver, 45 million lbs copper.

• Full-year adjusted EBITDA forecasted at $2.3 billion and free cash flow at $1.5 billion.

• Capital expenditure guidance raised to $520–$605 million, mainly due to Rainy River development and reclassification of stripping costs.

• Cash income and mining tax guidance reduced to $350–$450 million; amortization guidance lowered to $1.1–$1.2 billion.

• Updated metals price assumptions: $4,000/oz gold, $60/oz silver, $6/lb copper for H2 2026.