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Coeur Mining (CDE) FY2025 results: revenue $2.1 billion, up 96.4% on the year

Coeur Mining, Inc. (CDE) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 96.4% on the year before. Net income was $586 million, up 894.7%, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$2.1 billion
+96.4% on the year
FY2018FY2025
Operating margin
34.2%
15.6% a year earlier
FY2018FY2025
Net income
$586 million
+894.7% on the year
FY2018FY2025
Diluted EPS
$0.95
+533.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 35 kept.

  • Record fourth quarter financial results: The company reported fourth quarter revenue of $675 million and GAAP net income of $215 million, with record quarterly figures for both.
  • Rochester output and placement rose: Silver and gold output at Rochester rose quarter over quarter and year over year, and crushing and placement rates set records in the quarter.
  • Wharf output fell after crusher fire: Wharf gold output decreased 12% quarter over quarter, and ore tonnes placed were 51% lower than the third quarter.
  • Realized prices rose sharply: Realized gold and silver prices increased 21% and 39% from the third quarter, to $3,818 and $54.30 per ounce.
  • Free cash flow reached a record: Fourth quarter free cash flow was $313 million, up 66% from the third quarter; full-year free cash flow totaled $666 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Coeur Mining is a precious metals producer with mines in the United States and Mexico and an exploration project in Canada. It was founded in 1928. It produces and sells gold and silver from five operating mines, each reported as its own segment. In 2025 it produced 419,046 ounces of gold and 17.9 million ounces of silver, which the company reports as records, up 23% and 57% from the year before.

Coeur Mining, Inc., the 10-K for 2025

Coeur Mining is a precious metals producer with mines in the United States and Mexico and an exploration project in Canada. It was founded in 1928. It produces and sells gold and silver from five operating mines, each reported as its own segment. In 2025 it produced 419,046 ounces of gold and 17.9 million ounces of silver, which the company reports as records, up 23% and 57% from the year before.

The mines

Las Chispas is an underground silver-gold mine in the State of Sonora in northern Mexico. It began operations in 2022 and came to Coeur with the acquisition of SilverCrest on February 14, 2025. After the acquisition it produced 54,705 ounces of gold and 5,145,771 ounces of silver in 2025.

Palmarejo is a silver-gold complex in the State of Chihuahua in northern Mexico, in operation since 2009. In 2025 it milled 1,749,318 tonnes and produced 100,768 ounces of gold and 6,501,308 ounces of silver.

Rochester is an open pit heap leach silver-gold mine in northwestern Nevada, in operation since 1986. Its expansion, including a new three-stage crushing circuit, was completed on March 7, 2024. In 2025 it placed 30,272,766 tonnes of ore on its leach pads, up from 21,345,895 tonnes in 2024, and produced 60,178 ounces of gold and 6,131,881 ounces of silver.

Kensington is an underground gold mine north of Juneau, Alaska, which began operations in 2010. In 2025 it milled 692,178 tonnes and produced 106,068 ounces of gold.

Wharf is an open pit heap leach gold mine near Lead, South Dakota, which began operations in 1982. In 2025 it produced 97,327 ounces of gold.

The company also holds the Silvertip underground silver-zinc-lead exploration project in northern British Columbia, acquired in 2017.

From mine to market

The mines produce gold and silver doré and gold concentrate. Doré from Las Chispas, Palmarejo and Rochester, and the electrolytic sludge from Wharf, is refined by third-party refiners into bullion to London Bullion Market Association standards. The bullion is then sold to multi-national banks, bullion trading houses and refiners. The company's results depend heavily on gold and silver prices, and it has at times used derivative contracts to protect the selling price of some expected production.

The New Gold acquisition

On November 2, 2025 Coeur agreed to acquire New Gold, with New Gold shareholders receiving 0.4959 Coeur common shares for each New Gold share. New Gold's two assets are the New Afton and Rainy River mines. The filing states that the deal is anticipated to close in the first half of 2026, subject to regulatory approvals and closing conditions.

People

At December 31, 2025 the company had approximately 2,620 employees, 1,289 in the U.S., 1,235 in Mexico and 96 in Canada. Over 2,093 contractors also worked in support of its operations.

From Coeur Mining's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,0701,054821+96.4%
Operating income707164-38.7+330.6%
Operating margin34.2%15.6%-4.7%
Interest expense30.951.329.1-39.7%
Pre-tax income683126-68.5+440.2%
Income tax96.767.535.2+43.3%
Effective tax rate14.2%53.4%n/a
Net income58658.9-104+894.7%
Net margin28.3%5.6%-12.6%
Diluted EPS$0.95$0.15-$0.30+533.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow88717467.3+409.0%
Capital expenditure221183365+20.7%
Free cash flow666-9.0-297
Free cash flow margin32.2%-0.8%-36.2%
Cash from investing-128-194-304
Cash from financing-26113.9236
Depreciation and amortisation25112599.8+100.9%
Share-based compensation19.212.011.4+59.8%
Diluted shares, weighted615m397m343m+54.7%
Shares outstanding at period end642m399m386m+60.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,3131,1231,024+195.0%
Debt341590545-42.3%
Operating lease liabilities6.514.86.3-56.3%
Finance lease liabilities32.773.652.6-55.5%
Other liabilities1,003500453+100.6%
Total liabilities and equity4,6962,3022,081+104.0%
Fixed assets2,7451,8181,688+51.0%
Goodwill6260.0n/a
Investmentsn/an/a0.0
Cash and equivalents55455.161.6+905.0%
Receivables69.229.931.0+131.1%
Inventory16378.676.7+107.8%
Other assets539320223+68.1%
Total assets4,6962,3022,081+104.0%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.