Loading...
•
Dec 31, 2025
Hecla Q4 2025 Earnings Report
Hecla reported strong financial and operational results for the fourth quarter and full year 2025, achieving record revenue and profitability, significant deleveraging, and continued strong cash flow generation.
Key Takeaways
Hecla Mining Company delivered a transformational year in 2025, marked by record revenue of over $1.4 billion and net income of $321 million. The company significantly strengthened its balance sheet, reducing total debt by 50% and improving its net leverage ratio to 0.1x. Operational performance was robust, with consolidated silver production exceeding 2024 levels and all three silver mines contributing to the annual increase.
Record revenue of over $1.4 billion, a 53% increase over the prior year, driven by higher realized precious metals and zinc prices and increased sales volumes.
Record net income of $321 million, or $0.49 per share, representing a nine-fold increase over the prior year.
Total debt reduced by 50% to $276 million, with net debt at $34 million, significantly improving the net leverage ratio to 0.1x from 1.6x a year ago.
Consolidated silver production of 17.0 million ounces, exceeding 2024 production by over 5% and at the top end of guidance, with all three silver mines contributing to the increase.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hecla's 2026 guidance projects consolidated silver production of 15.1-16.5 million ounces and gold production of 65.0-72.0 thousand ounces. The company plans to nearly double exploration and pre-development spending to $55 million, focusing on its high-quality silver portfolio and strategic initiatives.
Positive Outlook
- Consolidated silver production expected to be 15.1-16.5 million ounces, with all silver mines remaining unchanged in guidance.
- Consolidated gold production expected to be 65.0-72.0 thousand ounces, including 14.0-17.0 thousand ounces from Casa Berardi in Q1 2026.
- Total silver cash cost guidance of ($1.50)-($1.25)/oz and AISC guidance of $15.00-$16.25/oz, incorporating Greens Creek and Lucky Friday.
- Exploration and pre-development investments expected to nearly double to $55 million, with a focus on Greens Creek, Keno Hill, Lucky Friday, and Nevada.
- Planned sale of Casa Berardi for up to $593 million, positioning Hecla as North America's premier silver company.
Challenges Ahead
- Casa Berardi's gold production guidance is revised due to its planned sale in Q1 2026.
- Keno Hill is excluded from total silver cash cost and AISC guidance as it does not yet meet the definition of commercial production.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...