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Dec 31, 2025
Equinox Gold Q4 2025 Earnings Report
Equinox Gold Q4 2025 Earnings Report
Key Takeaways
Equinox Gold delivered record Q4 production and revenue following its merger with Calibre and the ramp-up of the Greenstone and Valentine mines. The company significantly transformed its balance sheet with over $1.1 billion in debt reduction and initiated its first-ever quarterly dividend.
Achieved record Q4 gold production of 247,024 ounces and revenue of $987.8 million.
Successfully declared commercial production at the Valentine mine in November 2025.
Reduced total debt by more than $1.1 billion since Q2 2025, reaching a net debt of approximately $75 million by January 2026.
Initiated an inaugural quarterly cash dividend of $0.015 per share and a share buyback program.
Revenue by Segment
Forward Guidance
Equinox Gold expects 2026 to be a year of strong cash flow generation aimed at eliminating remaining debt while funding organic growth projects.
Positive Outlook
- 2026 production guidance of 700,000 to 800,000 ounces of gold.
- Expected cash flow to eliminate remaining debt in 2026.
- Self-funding potential for 400,000 to 500,000 ounces of organic growth over five years.
- Phase 2 expansion at Valentine and Castle Mountain expansion projects.
- Strong gold price environment supporting increased margins.
Challenges Ahead
- AISC guidance remains elevated at $1,775 to $1,875 per ounce.
- Growth capital expenditures estimated between $325 to $375 million.
- Exploration spending planned at $70 to $80 million.
- Corporate G&A expenses expected between $80 to $90 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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