Kinross Gold (K) Q2 2025 earnings summary

Executive summary

• Achieved record free cash flow of $646.6 million in Q2 2025, up 87% year-over-year, driven by robust margins and higher gold prices, with production of 512,574–513,000 ounces and strong performances at Paracatu, Tasiast, and Bald Mountain.

• Revenue rose 42% year-over-year to $1,728.5 million, reflecting a 40% increase in average realized gold price to $3,284/oz.

• Net earnings more than doubled to $530.7 million ($0.43/share), with adjusted net earnings at $541.0 million ($0.44/share).

• On track to return at least $650 million to shareholders in 2025, including $225 million in share buybacks and $300 million in total capital returned year-to-date.

• Development and exploration projects, including Great Bear, Round Mountain Phase X, Curlew, and Lobo-Marte, are advancing on schedule.

Financial highlights

• Operating cash flow increased to $992.4 million from $604.0 million in Q2 2024; attributable free cash flow was $646.6–$647 million, up from $345.9 million.

• Attributable all-in sustaining cost per equivalent ounce sold was $1,493, up from $1,387 in Q2 2024; production cost of sales per ounce was $1,074–$1,080.

• Margins per gold equivalent ounce sold surged 68% year-over-year to $2,204.

• Cash and cash equivalents rose to $1.1–$1.14 billion, with total liquidity of $2.8 billion and net debt of ~$100 million.

• Adjusted earnings per share of $0.44 in Q2 2025.

Outlook and guidance

• On track to meet 2025 guidance: 2.0 million attributable gold equivalent ounces (+/-5%) at a production cost of $1,120/oz (+/-5%) and all-in sustaining cost of $1,500/oz (+/-5%).

• Production in H2 expected to be about 500,000 ounces per quarter; operating costs to rise due to mine sequencing, inflation, and cost reclassification.

• Total attributable capital expenditures for 2025 forecast at $1,150 million (+/-5%), with a higher weighting toward sustaining capital in H2.

• Committed to repaying $500 million in 2027 notes and maintaining a minimum cash balance of $500 million.

• Strong multi-year production and cash flow outlook, with stable dividends and increased share repurchases planned.