Kinross Gold Corporation (KGC) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 17, 2027 — estimated from last year’s reporting date.

Consensus is $0.48 EPS for Dec 2026 across 5 estimates, ranging $0.40 to $0.64.

KGC Sep 2026

Reported Oct 28, 2026 · after the close

: 8.70%
: -6.01%

: $0.46
: $0.50
: —
: —

Highlights

Adjusted EPS: $0.50, 8.7% above the $0.46 consensus and up from $0.44 a year earlier; reported basic EPS was $0.49 versus $0.48.
Lower output, higher gold price: Attributable production fell 16% to 424,693 gold-equivalent ounces and sales fell 19% to 410,245 ounces, while realized gold price rose 23% to $4,249/oz. Metal sales were $1.775 billion, down 2%.
Operating disruptions: La Coipa production fell 50% amid severe winter weather and weaker sulphide-ore recovery; Round Mountain also faced Phase S mining challenges and lower-than-expected grades and recoveries.
Costs rose faster than production costs: Attributable all-in sustaining cost increased 20% to $1,947 per equivalent ounce; production cost of sales per equivalent ounce rose 31% to $1,502.
Cash flow and investment: Operating cash flow fell 30% year over year to $714 million and attributable free cash flow fell 59% to $281 million. Capital expenditures rose 41% to $440 million.
Quarter-on-quarter pullback: Net earnings attributable to shareholders were $583 million, versus $844 million in Q2 2026; metal sales were $1.775 billion, down from $2.238 billion.
Nine-month strength: Metal sales increased 28% to $6.421 billion and net earnings attributable to shareholders rose 53% to $2.270 billion, supported by a 42% increase in realized gold price to $4,549/oz.
Guidance maintained: Kinross said it remained on track for revised 2026 attributable production guidance of 1.84–1.86 million ounces, AISC of $1,850–$1,900/oz and capital expenditures of $1.5 billion, plus or minus 5%.

Analysis

Kinross delivered adjusted EPS of $0.50, beating the $0.46 consensus by 8.7% and exceeding the year-ago $0.44. The underlying quarter was weaker than the headline suggests: attributable gold-equivalent sales declined 19% to 410,245 ounces and metal sales slipped 2% to $1.775 billion, as a 23% increase in realized gold price to $4,249/oz offset much of the volume decline. Reported EPS was $0.49, versus $0.48 a year earlier, but down from $0.71 in Q2; net earnings attributable to shareholders fell to $583 million from $844 million in the prior quarter.

The defining pressure was operational and cost-related. Production was down 16% year over year, including a 50% decline at La Coipa following severe winter weather and lower sulphide-ore recoveries, while Round Mountain also produced less than expected. Attributable AISC increased 20% to $1,947 per equivalent ounce. Operating cash flow declined 30% to $714 million, and attributable free cash flow dropped to $281 million as working capital, higher taxes and increased investment weighed on cash. Over the first nine months, however, higher gold prices lifted sales 28% and attributable earnings 53%; management reaffirmed that the company was on track for revised full-year guidance.

Earnings and gold price

The higher gold price cushioned a substantial decline in ounces sold. Q3 metal sales were $1.775 billion, down 2% year over year, as the 23% rise in realized gold price to $4,249/oz was offset by a 19% decrease in gold-equivalent ounces sold. Adjusted net earnings increased 12% to $591 million, or $0.50 per share; the year-ago quarter included a $53 million gain from the Asante holdings sale. Net earnings attributable to common shareholders were nearly unchanged at $583 million, or $0.49 per share.

Sequentially lower: Metal sales fell from $2.238 billion in Q2 to $1.775 billion in Q3, while attributable net earnings declined from $844 million to $583 million and basic EPS from $0.71 to $0.49.
Nine-month comparison: Sales rose 28% to $6.421 billion and attributable net earnings increased 53% to $2.270 billion; adjusted EPS was $1.92 versus $1.17 in the first nine months of 2025.

Production shortfalls

Attributable production declined 16% to 424,693 gold-equivalent ounces, reflecting planned lower output at Fort Knox and Bald Mountain as well as weaker results at La Coipa and Round Mountain. La Coipa was the most acute disruption: winter weather reduced mining and processing, while higher-than-expected copper grades and weaker recoveries in some sulphide ore contributed to a 50% production decline. Management reported improved weather and plant performance late in the quarter. Round Mountain was affected by operational challenges in Phase S, where initial ore grades and recoveries were below expectations; the company deferred some higher-grade ore to later periods. Fort Knox production was also lower, reflecting mine sequencing, rainfall and fewer tonnes processed from Manh Choh.

Offsetting operations: Tasiast produced 120,232 ounces, broadly in line with the prior year, while Paracatu produced 146,428 ounces, down 3% year over year.
Nine-month output: Attributable production was 1.410 million ounces, down 8% from the first nine months of 2025.

Costs and cash generation

Operating costs rose even as volumes fell. Production cost of sales was $627 million, up 5%, while cost per equivalent ounce sold rose 31% to $1,502. Kinross attributed pressure to higher energy, contractor and reagent costs, lower production and higher royalties tied to gold prices. Attributable AISC increased 20% to $1,947 per equivalent ounce; all-in cost rose 42% to $2,862, reflecting higher non-sustaining investment as well as higher sustaining costs.

Cash flow: Operating cash flow was $714 million, down from $1.024 billion a year ago, with working-capital movements and higher taxes paid among the causes. Attributable adjusted operating cash flow, which excludes working-capital changes, fell 14% to $831 million.
Free cash flow and spending: Attributable free cash flow declined 59% to $281 million. Capital expenditures rose 41% to $440 million, with development spending increasing at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X.
Liquidity and returns: Cash was $2.638 billion at quarter-end, broadly unchanged from June 30. Q3 share repurchases and dividends totaled $257 million; cash and cash equivalents net of debt were $1.899 billion.

Guidance and projects

Kinross reaffirmed that it was on track to meet the revised 2026 guidance issued in September. The target implies a materially stronger fourth-quarter production contribution after 1.410 million attributable ounces in the first nine months. Capital investment is rising as the company advances projects intended to support future output.

Full-year targets: Attributable production of 1.84–1.86 million gold-equivalent ounces; production cost of sales of $1,420–$1,460 per equivalent ounce; AISC of $1,850–$1,900 per equivalent ounce; and attributable capital expenditures of $1.5 billion, plus or minus 5%.
Project progress: Redbird 1 at Bald Mountain poured first gold in early October. Round Mountain Phase X underground development exceeded 9,600 metres, about 8% ahead of plan, with production targeted for 2028. At Great Bear, the two underground declines had advanced more than 500 metres and main-project engineering was over 55% complete.
Great Bear permitting risk: An Ontario tribunal ordered an oral hearing on a First Nation’s applications for leave to appeal two AEX permits. If leave is granted, the permits would be suspended during the appeal; Kinross said the challenge does not prevent permitting work on the main project.

Kinross Gold Corporation

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