Kinross Gold Net Earnings Rise 129% on Higher Gold Prices
The gold miner reported net earnings attributable to common shareholders of $843.0 million for the first quarter of 2026
Kinross Gold Corporation (KGC), a gold mining company operating in Canada, the United States, Brazil, Chile, Mauritania and Finland, reported net earnings attributable to common shareholders of $843.0 million for the three months ended March 31, 2026. This represents a 129% increase from the $368.0 million reported in the same period in 2025.
The growth in profitability was driven by a significant increase in the market price of gold. Kinross realized an average gold price of $4,873 per ounce during the first quarter of 2026, compared to $2,857 per ounce in the first quarter of 2025. The company attributed the price movement to inflation concerns, a volatile U.S. dollar, shifting interest rate expectations and geopolitical events in the Middle East.
Metal sales rose 61% to $2,407.7 million, up from $1,497.5 million in the prior-year period. This revenue growth occurred despite a decline in production volumes. Attributable gold equivalent ounces produced fell 4% to 492,563 ounces, while gold ounces sold dropped 7% to 482,472 ounces.
Operating costs also increased during the period. Production cost of sales rose 26% to $690.5 million. On a per-unit basis, the attributable production cost of sales per equivalent ounce sold rose 33% to $1,380.
Cash flow from operations grew 88% to $1,139.5 million. Attributable free cash flow rose 120% to $837.5 million. Total cash and cash equivalents increased by $442.7 million during the quarter to reach $2.2 billion.
The company returned $298.0 million to shareholders in the first quarter of 2026. This total included $250.1 million in share repurchases under a normal course issuer bid and $47.9 million in dividends paid to common shareholders.