Coeur Mining (CDE) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with revenue of $1.1 billion, up 27% sequentially and 126% year-over-year, driven by the first full quarter of New Afton and Rainy River contributions.

• Net income was $122 million ($0.12/share), adjusted EBITDA reached $478 million, and free cash flow was $388 million, all record highs.

• Cash balance at quarter-end was $1.1 billion, nearly ten times higher year-over-year; liquidity exceeded $2 billion.

• Initiated a $750 million share repurchase program, repurchased $121 million in Q2, and paid inaugural $0.02 per share dividend.

• Updated guidance reflects lower metals prices and operational adjustments at New Afton and Rainy River.

Financial highlights

• Quarterly revenue: $1,085.6 million, up 27% sequentially and 126% year-over-year.

• Adjusted EBITDA: $478 million for the quarter, margin 44–52%; free cash flow: $388 million.

• Net income: $122 million for the quarter; operating cash flow: $513 million.

• Cash balance at $1.1 billion; total debt $705 million; net debt negative $347 million.

• Adjusted CAS per gold ounce: $2,442; per silver ounce: $22.99.

Outlook and guidance

• Full-year 2026 production guidance: 690,000 oz gold, 20 million oz silver, 45 million lbs copper.

• 2026 adjusted EBITDA forecast: $2.3 billion; free cash flow: $1.5 billion.

• Capital expenditure guidance raised to $520–$605 million, mainly for Rainy River and development.

• Guidance assumes lower metals prices: $4,000/oz gold, $60/oz silver, $6/lb copper.

• Cash income and mining tax guidance reduced to $350–$450 million; amortization guidance $1.1–$1.2 billion.