Kinross Gold (K) Q3 2025 earnings summary

Executive summary

• Achieved record free cash flow of $686.7 million in Q3 2025 and reached a net cash position of $485 million, with total liquidity of $3.4 billion.

• Revenue rose 26% year-over-year to $1,802.1 million, driven by a 40% increase in average realized gold price to $3,460/oz.

• Net earnings increased 65% to $584.9 million ($0.48/share), with adjusted net earnings up 77% to $529.6 million ($0.44/share).

• Increased 2025 share buyback target by 20% to $600 million and raised the quarterly dividend by 17% to $0.035/share, with $515 million returned to shareholders YTD.

• On track to meet annual guidance for production, costs, and capital expenditures, with all major sites performing as planned.

Financial highlights

• Produced 503,862 gold equivalent ounces in Q3 2025, down from 564,106 in Q3 2024 due to planned lower output at Tasiast and Fort Knox.

• Production cost of sales per equivalent ounce sold was $1,150, up from $976 in Q3 2024, mainly due to higher royalties.

• Attributable all-in sustaining cost per equivalent ounce sold was $1,622, up from $1,350 year-over-year.

• Operating cash flow rose to $1,024.1 million from $733.5 million in Q3 2024.

• Margin per gold equivalent ounce sold increased 54% year-over-year to $2,310.

Outlook and guidance

• Expecting to be slightly above the midpoint of 2025 production guidance (2.0 million Au eq. oz. +/- 5%), with stable annual production through 2027.

• Tracking toward the higher end of all-in sustaining cost guidance ($1,500/oz. +/- 5%) due to higher royalties.

• Attributable capital expenditures on track for $1,150 million (+/- 5%) with higher Q4 spending planned.

• Strong cash flow outlook and strengthened balance sheet support increased share repurchases and dividends.