Kinross Gold (TSX: K) posted its Q2 2025 financials, with quarterly revenue jumping 42% YoY to $1.73 billion from $1.22 billion in Q2 2024.
The surge is powered by a 40% lift in the realized gold price to an all-time high of $3,284 per ounce. Production cost of sales edged up just 6% YoY to $568 million while gross profit more than doubled to $897 million. This also led to operating earnings rising 160% YoY to $775 million.
Margin per gold equivalent ounce jumped 68% YoY to $2,204, outpacing inflation in AISC, which climbed 8% YoY to $1,493 per ounce. “The 21% margin expansion… outpacing the 15% increase in gold prices,” CEO J. Paul Rollinson noted.
Net income also soared 152% YoY to $558 million or $0.43 per share from last year’s $209 million or $0.17 per share. Adjusted earnings of $541 million (or $0.44 per share) were more than triple compared to $175 million (or $0.14 per share) last year.
Operating cash flow leapt 64% YoY to $992 million, translating into a record free cash flow of $647 million—up 87% YoY—even after a sequential step-up in capital spending to $302 million as Great Bear and Redbird ramped. Shareholder returns absorbed $207 million (buybacks plus dividends) in the quarter, part of a planned $650 million for the year.
This led to cash balance rising 64% QoQ to $1.14 billion, while liquidity hit $2.8 billion, and net debt shrank to roughly $100 million.
Attributable output slipped 4% YoY to 512,574 ounces, with Tasiast’s planned grade decline offsetting gains at Paracatu and Fort Knox. Meanwhile, production cost of sales per ounce rose 4% YoY to $1,074, while La Coipa’s cost specifically spiked 51% YoY to $1,397 per ounce on weaker grades and higher royalties.
Management reaffirmed 2025 guidance of 2.0 million ounces at $1,120 per ounce cost of sales and $1,500 per ounce AISC.
Kinross Gold last traded at $21.36 on the TSX.
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