Kinross Gold (K) Q1 2026 earnings summary

Executive summary

• Achieved record free cash flow for the fourth consecutive quarter, totaling up to $840 million in Q1 2026, with margins up 92% year-over-year and 22% sequentially, driven by strong gold prices and operational excellence.

• Returned approximately $350 million to shareholders in Q1 2026 through dividends and share repurchases, reducing share count by over 3% since April 2025 and over $1 billion returned since Q1 2025.

• Advanced major development projects, including Great Bear, Lobo-Marte, Round Mountain Phase X, Curlew, and Bald Mountain Redbird, with significant permitting and engineering milestones achieved.

• Maintained strong financial discipline, returning capital to shareholders via buybacks and dividends, and focusing on sustainability with the 18th annual report highlighting 2025 progress and 2026 goals.

Financial highlights

• Q1 2026 attributable production: 492,563 gold equivalent ounces, down 4% year-over-year as planned.

• Revenue rose 61% year-over-year to $2,407.7 million, driven by a higher average realized gold price of $4,873/oz.

• Production cost of sales per Au eq. oz. sold increased to $1,397 (from $1,043 in Q1 2025); all-in sustaining cost at $1,732/oz (from $1,355/oz).

• Adjusted net earnings were $854.1 million ($0.71/share), with operating cash flow at $1,140 million and attributable free cash flow up to $838 million.

• Cash and cash equivalents increased to $2.2 billion, with total liquidity of $3.9 billion and net cash of $1.4 billion as of March 31, 2026.

Outlook and guidance

• On track to meet 2026 guidance: 2.0 million Au eq. oz. (+/-5%) at a production cost of $1,360/oz and all-in sustaining cost of $1,730/oz.

• Capital expenditures forecast at $1,500 million (+/-5%) for 2026, consistent through 2028.

• Q2 production expected to be in line with Q1; second half production to be slightly higher, with stable operating costs.

• Plans to return 40% of free cash flow to shareholders in 2026, assuming stable gold prices and operations.

• Ongoing hedging programs are mitigating cost impacts from rising oil prices; cost guidance remains unchanged.