Equinox Gold (TSX: EQX) saw its Q4 2025 revenue jump to $681.4 million, up 89.6% YoY from $359.4 million, leveraging on higher price and record production.
Income from mine operations rose to $342.3 million, up from $95.8 million in Q4 2024. Further down, net income came in at $197.5 million, up from $28.3 million. On adjusted basis, the bottomline was $272.9 million versus $77.5 million, translating to adjusted EPS of $0.35 versus $0.17 last year.
It’s important to highlight that the bottomline was split into two: net income from continuing operations was $82.3 million, up from a $29.6 million loss last year while discontinued operations net income was $115.2 million, up from $57.9 million last year.
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Adjusted EBITDA also rose to $579.0 million, up from $223.2 million in Q4 2024.
For full-year, revenue was $1.82 billion, up 99.1% from $912.8 million in 2024, and net income was $221.5 million versus $339.3 million last year, reflecting a full-year continuing-operations loss of $18.9 million versus $260.3 million alongside discontinued-operations net income of $240.3 million versus $79.0 million.
Operating cash flow was $396.0 million in Q4, up from $212.7 million YoY. For 2025, it was $915.1 million, up from $430.2 million in 2024. Cash and equivalents ended Q4 at $407.4 million, up from $239.3 million last year.
On production, Q4 hit a record 247,024 ounces, up from 213,964 ounces in Q4 2024. Quarterly sales were 242,392 ounces, up from 217,678 ounces.
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Realized price climbed to $4,060 per gold ounce versus $2,636. Cash costs improved to $1,392 per ounce from $1,458, while AISC rose to $1,907 from $1,652.
For 2025, production was 779,544 ounces versus 621,893 ounces in 2024, with sales of 778,561 ounces versus 623,578 ounces. The realized price averaged $3,465 per gold ounce versus $2,423. Full-year cash costs were $1,494 per ounce versus $1,598, while AISC was $1,925 versus $1,870.
For 2026, Equinox guided 700,000 to 800,000 ounces at cash costs of $1,425 to $1,525 per ounce and AISC of $1,775 to $1,875 per ounce, excluding Brazil operations already sold January 2026.
The company declared an inaugural quarterly dividend of $0.015 per share payable March 26, 2026, targeting $0.06 per share annualized subject to quarterly approval, and announced an NCIB to repurchase up to 5% of outstanding shares.
Equinox Gold last traded at $21.44 on the TSX.
Information for this briefing was found via the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
