Kinross Gold (K) Q1 2026 earnings summary

Executive summary

• Achieved record free cash flow for the fourth consecutive quarter, totaling $837.5 million, and reported net earnings of $843 million, more than doubling year-over-year.

• Returned approximately $350 million to shareholders in Q1 2026 through dividends and share repurchases, with 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.

Financial highlights

• 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; attributable all-in sustaining cost rose to $1,732 from $1,355.

• Operating cash flow was $1,139.5 million, up from $607.1 million in Q1 2025.

• Adjusted net earnings were $854.1 million ($0.71/share), up from $364.0 million ($0.30/share) in Q1 2025.

• Cash and cash equivalents increased to $2.2 billion, with total liquidity of $3.9 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.

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