Watch the conference call for commentary on silver price trends and shipment timing normalization. The lowered cost guidance and debt-free balance sheet provide a floor, but the revenue miss and narrowed production outlook may cap near-term upside. Monitor metals prices and Greens Creek concentrate shipment catch-up in Q3.
Price Chart
Executive Summary
Hecla reported Q2 2026 revenue of $334M, an 11% miss vs $375.5M consensus, and EPS of $0.18 (basic, in-line) or $0.17 (diluted, a slight miss), reflecting lower realized precious metals prices and timing of shipments. However, free cash flow remained strong at $136M, Lucky Friday set a production record, and the company ended the quarter debt-free after redeeming its $263M Senior Notes. Guidance was mixed: silver production upper end trimmed, but cash cost and AISC guidance were lowered on better-than-planned first-half performance. The balance sheet strength and operational momentum partially offset the top-line disappointment.
Key Financial Metrics
Key Facts
- Revenue $333.9M vs consensus $375.5M (miss of ~11%)
- Basic EPS $0.18 in-line with consensus; diluted EPS $0.17 vs $0.18 consensus (miss of ~5.6%)
- Free cash flow from continuing ops $136M (second-best quarter)
- Lucky Friday set quarterly silver production record of 1.53M ounces (up 24% QoQ)
- Company debt-free post redemption of $263M 7.25% Senior Notes; cash $483M
- FY2026 silver production guidance narrowed to 15.1-16.1M oz from 15.1-16.5M oz
- FY2026 silver cash cost guidance lowered to ($4.00)-($3.75)/oz from ($2.00)-($1.50)/oz prior
- FY2026 total capital investment guidance lower end raised to $208M from $204M
- Greens Creek pyrite circuit targeting first production Q4 2027–H1 2028
Financial Impact
Revenue miss of ~$41.6M vs consensus; EPS in-line to slight miss; cash flow strong at $136M FCF
Risk Factors
- Silver and gold price volatility (realized silver price down 24% QoQ to $63.06/oz)
- Keno Hill production guidance cut to 2.2-2.6M oz from 2.9-3.2M oz, with permitting and infrastructure delays
- Higher sustaining capital investment at Lucky Friday and Greens Creek (FY guidance raised to $208-223M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-333077 |
| Document: hl-20260804.htm | 0001193125-26-333077 |
| Document: 0001193125-26-333077-index-headers.html | 0001193125-26-333077 |
| Document: 0001193125-26-333077-index.html | 0001193125-26-333077 |
| Document: 0001193125-26-333077.txt | 0001193125-26-333077 |
| 8-K Data (Synthetic) | 0001193125-26-333077 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Institutional Cluster | $15.14 $14.11 | ▼ −6.80% | ▼ −5.62% | $14.62 (−3.43%) |
Aug 4, 2026 12w ago | 8-K | $16.54 $15.86 | ▼ −4.11% | ▼ −3.95% | $14.62 (−11.61%) |
Jun 23, 2026 18w ago | Institutional Cluster | $15.07 $14.52 | ▼ −3.65% | ▼ −3.60% | $14.62 (−2.99%) |
May 22, 2026 22w ago | 8-K | $67.30 $67.26 | ▼ −0.06% | ▼ −0.65% | $14.62 (−78.28%) |
May 5, 2026 25w ago | 8-K | $65.07 $68.08 | ▲ +4.63% | ▲ +4.96% | $14.62 (−77.53%) |
Apr 10, 2026 28w ago | DEFA14A | $72.11 $72.11 | · 0.00% | ▼ −1.21% | $14.62 (−79.73%) |
US Market Status
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