Kinross Gold (TSX: K) posts Q4 2025 sales rose of $2.02 billion, up from $1.42 billion in Q4 2024, while full-year sales increased to $7.05 billion from $5.15 billion, driven primarily by realized gold price upside.
Average realized gold price was $4,144 per ounce in Q4 versus $2,663 last year, and $3,423 per ounce for 2025 versus $2,393 in 2024.
Costs rose with price-linked royalties and slightly lower output: production cost of sales per gold equivalent ounce sold increased to $1,297 in Q4 from $1,098 last year, and to $1,140 for 2025 from $1,020.
Despite this, operating earnings doubled to $1.12 billion versus $501.1 million last year, and 2025 operating earnings were $3.28 billion versus $1.54 billion.
This trickled down to net earnings ending at $906.5 million in Q4 versus $275.6 million last year. On adjusted basis, net earnings were $809.3 million for the quarter versus $240.0 million, translating to $0.67 earnings per share. A key bridge item in Q4 was a $116.1 million impairment reversal. For full year, adjusted net earnings $2.24 billion versus $838.3 million in 2024.
Net cash flow provided from operating activities was $1.15 billion in Q4 versus $734.5 million. Capex was $368.2 million versus $280.7 million last year, leading to attributable free cash flow of $769.4 million versus $434.4 million.
Kinross ended 2025 with cash and cash equivalents of $1.74 billion versus $611.5 million at December 31, 2024, and reported net cash of $1.00 billion.
Attributable production was 483,582 gold equivalent ounces in Q4 versus 501,209, and 2.01 million ounces in 2025 versus 2.13 million last year. Despite lower production, margin per gold equivalent ounce sold expanded to $2,847 in Q4 from $1,565, and to $2,283 for 2025 from $1,373, outpacing realized-price gains.
Attributable AISC per gold equivalent ounce sold increased to $1,825 in Q4 from $1,510, and to $1,571 for 2025 from $1,388.
In 2025, Kinross returned $752.4 million to shareholders, including $600.3 million of buybacks at an average $19.58 per share that reduced share count by 2.5%, plus $152.1 million of dividends paid.
The board also approved another 14% dividend increase to $0.04 quarterly, a 33% total increase since Q3 2025.
For 2026, Kinross guided to 2.0 million attributable gold equivalent ounce, with attributable production cost of sales of $1,360 per ounce and attributable AISC of $1,730 per ounce, implying higher unit costs versus 2025.
Kinross Gold last traded at $47.36 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.
