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Kinross Gold's Q3 Earnings Beat Estimates on Higher Gold Prices
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Key Takeaways
KGC's Q3 EPS rose 13.6% to 50 cents, beating estimates, while revenues fell 1.5%.
Kinross' gold prices jumped 22.8%, while production declined 15.7%.
KGC raised its 2026 shareholder return commitment to 50% of free cash flow.
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 50 cents per share for the third quarter of 2026, up 13.6% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 46 cents by 8.7%.
Revenues declined 1.5% year over year to $1.77 billion, missing the consensus estimate of $2.08 billion by 14.7%. Lower gold sales volumes weighed on revenues despite higher realized gold prices. Attributable gold-equivalent production fell 15.7% year over year, reflecting reduced output across several operations.
Kinross Gold Corporation Price, Consensus and EPS Surprise
Kinross produced 424,693 attributable gold-equivalent ounces in the reported quarter, down from 503,862 ounces in the prior-year period. Consolidated production totaled 432,368 gold-equivalent ounces compared with 520,301 ounces a year ago. The attributable production figure lagged our estimate of 503,004. The decline reflected planned lower production at Fort Knox and Bald Mountain, alongside reduced output at La Coipa and Round Mountain.
The average realized gold price increased 22.8% year over year to $4,249 per ounce from $3,460. The figure topped our estimate of $4,138 per ounce. Stronger pricing helped offset the impact of lower sales volumes. Margin per gold-equivalent ounce sold rose 18.9% to $2,747 from $2,310 in the year-ago quarter.
Production cost of sales per gold-equivalent ounce sold increased 30.6% year over year to $1,502 from $1,150. This was above our estimate of $1,365. Higher energy, contractor and reagent expenses, lower production volumes and increased royalties associated with elevated gold prices contributed to the increase.
Attributable all-in sustaining cost per gold-equivalent ounce sold rose 20% to $1,947 from $1,622. This exceeded our estimate of $1,682. Total production cost of sales increased to $627.2 million from $598.6 million. Despite these cost pressures, operating earnings improved to $821 million from $810.1 million.
Kinross' Financial Position and Cash Flow
Kinross generated operating cash flow of $714.4 million during the quarter, down from $1.02 billion a year ago. Attributable adjusted operating cash flow was $830.9 million compared with $965.5 million in the prior-year period.
Attributable free cash flow declined to $281.3 million from $686.7 million, while attributable adjusted free cash flow decreased to $391.4 million from $657.9 million. These measures were affected by the timing of sales and increased capital spending.
Cash and cash equivalents totaled $2.64 billion as of Sept. 30, 2026. Long-term debt was $739.2 million, resulting in net cash of approximately $1.9 billion. Total liquidity was around $4.4 billion.
Capital expenditures increased 40.8% year over year to $439.6 million, reflecting higher development spending at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X.
Kinross' Outlook
Kinross remains on track to achieve its updated 2026 guidance, supported by operational improvements at Round Mountain and La Coipa. Management continues to focus on cost discipline, operational efficiency and development of its grade-enhancement projects.
The company increased its 2026 shareholder return commitment to 50% of full-year free cash flow from 40%. It returned more than $950 million to shareholders through dividends and repurchases year to date as of Oct. 28, 2026.
Kinross also declared a quarterly dividend of 4 cents per common share, payable Dec. 3, 2026, to shareholders of record on Nov. 19.
KGC’s Price Performance
Kinross’ shares have fallen 8.5% in the past year against a 10.5% rise in the industry.
Image Source: Zacks Investment Research
KGC’s Zacks Rank & Key Picks
KGC currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Element Solutions Inc. (ESI - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RSshares have gained 62.4% over the past year.
The Zacks Consensus Estimate for ESI’s 2026 earnings is pegged at $1.85 per share, indicating a year-over-year rise of 24.2%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 6%.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 75%.
View the Zacks #1 Rank List
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Kinross Gold's Q3 Earnings Beat Estimates on Higher Gold Prices
Key Takeaways
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 50 cents per share for the third quarter of 2026, up 13.6% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 46 cents by 8.7%.
Revenues declined 1.5% year over year to $1.77 billion, missing the consensus estimate of $2.08 billion by 14.7%. Lower gold sales volumes weighed on revenues despite higher realized gold prices. Attributable gold-equivalent production fell 15.7% year over year, reflecting reduced output across several operations.
Kinross Gold Corporation Price, Consensus and EPS Surprise
Kinross Gold Corporation price-consensus-eps-surprise-chart | Kinross Gold Corporation Quote
KGC's Operational Performance
Kinross produced 424,693 attributable gold-equivalent ounces in the reported quarter, down from 503,862 ounces in the prior-year period. Consolidated production totaled 432,368 gold-equivalent ounces compared with 520,301 ounces a year ago. The attributable production figure lagged our estimate of 503,004. The decline reflected planned lower production at Fort Knox and Bald Mountain, alongside reduced output at La Coipa and Round Mountain.
The average realized gold price increased 22.8% year over year to $4,249 per ounce from $3,460. The figure topped our estimate of $4,138 per ounce. Stronger pricing helped offset the impact of lower sales volumes. Margin per gold-equivalent ounce sold rose 18.9% to $2,747 from $2,310 in the year-ago quarter.
Production cost of sales per gold-equivalent ounce sold increased 30.6% year over year to $1,502 from $1,150. This was above our estimate of $1,365. Higher energy, contractor and reagent expenses, lower production volumes and increased royalties associated with elevated gold prices contributed to the increase.
Attributable all-in sustaining cost per gold-equivalent ounce sold rose 20% to $1,947 from $1,622. This exceeded our estimate of $1,682. Total production cost of sales increased to $627.2 million from $598.6 million. Despite these cost pressures, operating earnings improved to $821 million from $810.1 million.
Kinross' Financial Position and Cash Flow
Kinross generated operating cash flow of $714.4 million during the quarter, down from $1.02 billion a year ago. Attributable adjusted operating cash flow was $830.9 million compared with $965.5 million in the prior-year period.
Attributable free cash flow declined to $281.3 million from $686.7 million, while attributable adjusted free cash flow decreased to $391.4 million from $657.9 million. These measures were affected by the timing of sales and increased capital spending.
Cash and cash equivalents totaled $2.64 billion as of Sept. 30, 2026. Long-term debt was $739.2 million, resulting in net cash of approximately $1.9 billion. Total liquidity was around $4.4 billion.
Capital expenditures increased 40.8% year over year to $439.6 million, reflecting higher development spending at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X.
Kinross' Outlook
Kinross remains on track to achieve its updated 2026 guidance, supported by operational improvements at Round Mountain and La Coipa. Management continues to focus on cost discipline, operational efficiency and development of its grade-enhancement projects.
The company increased its 2026 shareholder return commitment to 50% of full-year free cash flow from 40%. It returned more than $950 million to shareholders through dividends and repurchases year to date as of Oct. 28, 2026.
Kinross also declared a quarterly dividend of 4 cents per common share, payable Dec. 3, 2026, to shareholders of record on Nov. 19.
KGC’s Price Performance
Kinross’ shares have fallen 8.5% in the past year against a 10.5% rise in the industry.
Image Source: Zacks Investment Research
KGC’s Zacks Rank & Key Picks
KGC currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Element Solutions Inc. (ESI - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
RS and ESI currently sport a Zacks Rank #1 (Strong Buy), while ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RSshares have gained 62.4% over the past year.
The Zacks Consensus Estimate for ESI’s 2026 earnings is pegged at $1.85 per share, indicating a year-over-year rise of 24.2%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 6%.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 75%.