Hecla Mining (HL) FY2025 results: revenue $1.4 billion, up 53.0% on the year
Hecla Mining Co. (HL) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 53.0% on the year before. Net income was $322 million, up 798.6%, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 5 lowered, 1 new, 12 kept.
- Record revenue and net income: Sales were $1,423,019 thousand, up from $929,925 thousand. Net income applicable to common stockholders was $321,160 thousand, or $0.49 per diluted share, against $35,250 thousand a year earlier.
- Adjusted EBITDA nearly doubled: Adjusted EBITDA was $670,004 thousand against $337,909 thousand in 2024, a rise of about 98%, per the company's non-GAAP reconciliation.
- Lucky Friday set silver record: Lucky Friday produced 5,260,686 ounces of silver, above its 5.1 million ounce top-end guidance. Total cost of sales was $174 million, with cash cost of $8.66 and AISC of $21.98 per ounce after by-product credits.
- Silver cash cost moved below zero: Silver cash cost after by-product credits was ($1.75) per ounce against $2.72 in 2024, and AISC was $11.28 against $13.06. Production costs, mainly at Lucky Friday, and higher G&A partly offset the gains.
- Operating cash flow reached $563 million: Cash from operations was $562,638 thousand against $218,277 thousand in 2024. Free cash flow was $310,249 thousand against $3,785 thousand, and all operations generated positive free cash flow.
From this 10-K
Hecla Mining has produced precious and base metals since 1891. It discovers, acquires and develops mines and produces concentrates containing silver, gold, lead, zinc and copper, carbon material containing silver and gold, and unrefined doré. Its concentrates and carbon material are sold to custom smelters, metal traders and third-party processors, and its doré to refiners. It is a Delaware corporation with principal executive offices in Coeur d'Alene, Idaho. In 2025 it produced 17.0 million ounces of silver and 150,509 ounces of gold.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,423 | 930 | 720 | +53.0% | |
| Cost of revenue | 801 | 732 | 607 | +9.4% | |
| Gross profit | 622 | 198 | 113 | +213.9% | |
| Gross margin | 43.7% | 21.3% | 15.7% | ||
| Operating income | 515 | 106 | -44.7 | +384.4% | |
| Operating margin | 36.2% | 11.4% | -6.2% | ||
| Interest expense | -41.6 | -49.8 | -43.3 | ||
| Pre-tax income | 479 | 66.2 | -83.0 | +623.7% | |
| Income tax | 157 | 30.4 | 1.2 | +417.7% | |
| Effective tax rate | 32.9% | 45.9% | n/a | ||
| Net income | 322 | 35.8 | -84.2 | +798.6% | |
| Net margin | 22.6% | 3.8% | -11.7% | ||
| Diluted EPS | $0.49 | $0.06 | -$0.14 | +716.7% |
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Free 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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 563 | 218 | 75.5 | +157.8% | |
| Capital expenditure | 252 | 214 | 224 | +17.7% | |
| Free cash flow | 310 | 3.8 | -148 | +8,096.8% | |
| Free cash flow margin | 21.8% | 0.4% | -20.6% | ||
| Cash from investing | -270 | -213 | -231 | ||
| Cash from financing | -78.0 | -83.8 | 156 | ||
| Depreciation and amortisation | 166 | 190 | 164 | -13.1% | |
| Share-based compensation | 10.9 | 8.7 | 6.6 | +26.1% | |
| Buybacks | 0.9 | 1.2 | 2.0 | -26.1% | |
| Dividends paid | 10.4 | 25.3 | 15.7 | -59.0% | |
| Dividend per share | $0.01 | $0.04 | $0.04 | -75.0% | |
| Diluted shares, weighted | 656m | 623m | 606m | +5.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,592 | 2,040 | 1,968 | +27.1% | |
| Debt | 269 | 543 | 653 | -50.5% | |
| Operating lease liabilities | 8.2 | 7.1 | 7.8 | +15.5% | |
| Finance lease liabilities | 6.7 | 13.7 | 17.0 | -51.1% | |
| Other liabilities | 685 | 378 | 365 | +81.2% | |
| Total liabilities and equity | 3,561 | 2,981 | 3,011 | +19.4% | |
| Fixed assets | 2,841 | 2,694 | 2,666 | +5.4% | |
| Investments | 107 | 33.9 | 33.7 | +217.1% | |
| Cash and equivalents | 242 | 26.9 | 106 | +799.1% | |
| Receivables | 170 | 31.5 | 19.4 | +440.2% | |
| Inventory | 38.1 | 35.0 | 28.8 | +9.1% | |
| Other assets | 162 | 160 | 157 | +1.7% | |
| Total assets | 3,561 | 2,981 | 3,011 | +19.4% |
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.