Kinross Gold (K) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, meeting or exceeding all key guidance metrics, with just over 2 million ounces produced and a 66% margin increase, resulting in record free cash flow of $2.5 billion and $1 billion net cash at year-end.

• Returned $1.5 billion to debt and equity holders, including $700 million in debt repayments and $752 million to shareholders, ending with $3.5 billion in total liquidity.

• Advanced key projects, including construction of three U.S. growth projects, progress at Great Bear and Lobo-Marte, and major reserve additions at Paracatu, Bald Mountain, Tasiast, and Round Mountain.

• 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 ounces; Q4: 484,000 ounces, both in line with guidance.

• Cost of sales per ounce: $1,135 for 2025, $1,289 in Q4; all-in sustaining cost: $1,571 for 2025, $1,825 in Q4.

• Adjusted EPS: $1.84 for 2025, $0.67 in Q4; net earnings: $2.39 billion ($1.96/share).

• Operating cash flow: $3.76 billion; attributable free cash flow: $2.47 billion.

• Ended 2025 with $1.7 billion in cash, $1 billion net cash, and no near-term debt maturities.

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; all-in sustaining cost: $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 over two quarters.