Hecla Mining Company (HL) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $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.

• Adjusted EBITDA reached $670 million, reflecting strong operational performance and disciplined execution.

• Strategic divestment of Casa Berardi gold mine for up to $593 million to sharpen silver focus and strengthen the balance sheet.

• Positioned as North America's premier silver producer, with operations in top jurisdictions and a robust project pipeline.

• All operating mines generated positive free cash flow, supporting a robust balance sheet and future growth.

Financial highlights

• Free cash flow surged from $4 million in 2024 to $310 million in 2025, with operating cash flow of $563 million and cash balance rising to $242 million.

• Q4 2025 revenue was $439 million, with silver accounting for 59% of the total and a realized silver margin of 74%.

• Gross profit increased to $622 million, a three-fold rise over the prior year, while capital investment totaled $252 million.

• Return on invested capital tripled from 4% to 12% year-over-year.

• 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 silver production guidance is 15.1–16.5 million ounces, with a credible pathway to 20 million ounces over the medium term.

• Gold production guidance for 2026 is 51–72 thousand ounces; exploration and pre-development spending to nearly double to $55 million.

• Silver cash cost guidance (after by-product credits) at ($1.50)–($1.25)/oz; AISC at $15.00–$16.25/oz.

• Casa Berardi included in 2026 guidance for Q1 only due to pending sale.

• Capital investment guidance for 2026 is $204–$238 million.