Eldorado Gold (TSX: ELD) posted quarterly revenue of $577.2 million in Q4 2025, a jump from $435.7 million in Q4 2024, taking full-year revenue to $1.82 billion from $1.32 billion in 2024.
Net earnings then came in at $240.8 million in Q4 versus $105.1 million a year ago, and $507.3 million for full-year 2025 versus $289.1 million in 2024.
Adjusted net earnings from continuing operations were $126.1 million (or $0.63 earnings per share) in Q4, essentially flat with $127.8 million in Q4 2024. Full-year adjusted net earnings rose to $354.9 million from $320.7 million in 2024.
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Adjusted EBITDA increased to $265.2 million in Q4 from $244.6 million last year, and to $836.2 million in 2025 from $679.7 million in 2024.
Net cash generated from operating activities was $283.7 million in Q4 versus $267.6 million a year ago. However, free cash flow was at an outflow of $54.5 million in Q4 versus $87.6 million in Q4 2024.
Total capex was $309.2 million in Q4 versus $174.5 million and $978.9 million in 2025 versus $620.3 million, including Skouries construction spend of $136.6 million in Q4 and $475.2 million in 2025. Excluding Skouries, free cash flow was $109.3 million in Q4 versus $189.2 million.
The company said first concentrate production timing at Skouries shifted to early Q3.
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The balance sheet ended 2025 with cash and cash equivalents of $869.4 million versus $856.8 million at year-end 2024.
Operationally, gold production was 123,416 ounces in Q4, down from 155,668 ounces in Q4 2024, while full-year production of 488,268 ounces also declined from 520,293 ounces in 2024. Gold sold was 126,923 ounces in Q4, also falling from 156,864 ounces a year ago, with 2025 gold sold of 491,204 ounces down from 517,926 ounces.
Average realized gold price was $4,251 per ounce in Q4 versus $2,625 a year ago, and $3,505 for 2025 versus $2,405 in 2024.
However, costs moved the other way with production costs rising to $203.0 million in Q4 from $172.1 million and to $677.6 million in 2025 from $564.2 million. Total cash costs increased to $1,295 per ounce sold in Q4 from $944 and to $1,176 in 2025 from $940, while AISC rose to $1,894 in Q4 from $1,226 and to $1,664 in 2025 from $1,285.
Eldorado last traded at $65.19 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
