Kinross Gold (K) Q4 2025 earnings summary

Executive summary

• Achieved all key 2025 guidance metrics, producing just over 2 million ounces and record free cash flow of $2.5 billion, with a margin increase of 66% and net cash of $1 billion at year-end.

• Returned $1.5 billion to debt and equity holders, including $752.4 million to shareholders via buybacks and dividends, with a 17% dividend increase in 2025 and a further 14% increase approved for 2026.

• Advanced key projects, including construction of three U.S. growth projects expected to add over 3 million ounces of production and over $4 billion in net asset value, and progress at Great Bear and Lobo-Marte.

• Maintained a stable multi-year production outlook of 2 million ounces annually through 2028, with new higher-grade projects expected to offset cost inflation.

• Continued leadership in sustainability, achieving a 1.5% reduction in GHG emissions and top governance rankings.

Financial highlights

• Full-year 2025 attributable production: 2,012,106 Au eq. oz.; Q4: 484,000 ounces, both in line with guidance.

• Revenue rose 37% year-over-year to $7.05 billion, driven by a 43% increase in average realized gold price to $3,423/oz.

• Q4 cost of sales: $1,289/oz; full year: $1,135/oz; all-in sustaining cost (AISC): $1,571/oz.

• Q4 adjusted EPS: $0.67; full year adjusted EPS: $1.84; net earnings for 2025: $2.39B ($1.96/share).

• Operating cash flow reached $3.76B, and attributable free cash flow was $2.47B, both record highs.

Outlook and guidance

• Production guidance for 2026–2028: 2 million ounces per year, with quarterly production expected to be flat at 490–510k ounces.

• 2026 cost of sales guidance: $1,360/oz; AISC: $1,730/oz, up 10% from 2025 due to higher royalties, inflation, and mine sequencing.

• 2026 capital expenditure guidance: $1.5 billion, with $1.05 billion non-sustaining and $450 million sustaining.

• Targeting to return 40% of free cash flow to shareholders in 2026 via dividends and buybacks.

• Dividend increased by 14% for 2026, totaling a 33% increase since Q3 2025.