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Dec 31, 2025
Kinross Gold Q4 2025 Earnings Report
Kinross Gold Corporation reported strong financial and operating results for Q4 2025, with record margins and free cash flow, and increased shareholder returns.
Key Takeaways
Kinross Gold Corporation delivered an excellent Q4 2025, meeting all key guidance metrics and achieving record financial performance. The company reported robust margins and record free cash flow, significantly increasing returns to shareholders through share buybacks and dividends. Strategic investments in U.S.-based projects and continued exploration success position Kinross for sustained production and growth.
Record margins of $2,847 per Au eq. oz. sold in Q4 2025, an 82% increase year-over-year.
Attributable free cash flow reached a record $769.4 million in Q4 2025.
Returned $752.4 million to shareholders in 2025 through share buybacks and dividends, including a 17% increase to the dividend during the year.
Approved an additional 14% increase to the quarterly dividend to $0.04 per common share, representing a 33% increase since Q3 2025.
Revenue by Geographic Location
Forward Guidance
Kinross forecasts stable production guidance of approximately 2.0 million attributable Au eq. oz. (+/- 5%) for 2027 and 2028. The company is targeting 40% of free cash flow in return of capital to shareholders in 2026.
Positive Outlook
- Stable production guidance of 2.0 million attributable Au eq. oz. (+/- 5%) for 2026, 2027, and 2028.
- Targeting 40% of free cash flow in return of capital to shareholders in 2026 through share buybacks and dividends.
- Proceeding with construction at three U.S.-based projects (Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2) expected to contribute 3 million ounces of production.
- Great Bear and Lobo-Marte projects are expected to contribute to the Company's grade enhancement strategy in the early 2030s.
- Exploration expenditure guidance of $185 million (+/-5%) for 2026, focusing on new discoveries and extending mine life.
Challenges Ahead
- Attributable production cost of sales expected to increase to $1,360 per Au eq. oz. (+/- 5%) in 2026, primarily due to higher gold prices impacting royalty costs and inflationary impacts.
- Attributable all-in sustaining cost expected to increase to $1,730 per Au eq. oz. (+/- 5%) in 2026, mainly due to higher gold prices impacting royalty costs and inflationary impacts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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