Kinross delivered a massive earnings beat on gold price strength, with margins expanding sharply and guidance reaffirmed. The stock should trade higher on the 59% EPS beat, strong FCF generation, and continued capital returns. Monitor Great Bear permitting risk (Grassy Narrows challenge to AEX permits) and cost inflation trajectory, but the gold price tailwind dominates the near-term outlook.
Price Chart
Executive Summary
Kinross Gold reported Q2 2026 results with metal sales surging 29% YoY to $2,238.1M and net earnings up 59% to $844.2M ($0.71/share), driven by a 37% increase in the average realized gold price to $4,483/oz, partially offset by a 5% decline in production volumes. The company reaffirmed full-year guidance of 2.0M attributable gold equivalent ounces at $1,730/oz AISC and provided a positive update on its Lobo-Marte project. Operating cash flow reached $1,145.9M, funding $230M in share repurchases and a $0.04/share dividend, while cash and cash equivalents rose to $2.7B.
Key Facts
- Q2 2026 metal sales $2,238.1M vs $1,728.5M YoY (+29%), driven by 37% higher realized gold price of $4,483/oz
- Net earnings attributable to common shareholders $844.2M ($0.71/share) vs $530.7M ($0.43/share) YoY (+59%)
- Operating cash flow $1,145.9M vs $992.4M YoY (+15%); attributable free cash flow $726.8M vs $646.6M (+12%)
- Gold equivalent ounces produced 501,341 vs 530,077 YoY (-5%) on planned mine sequencing changes
- Attributable AISC per equivalent ounce sold $1,821 vs $1,493 YoY (+22%) due to higher input costs
- FY2026 guidance reaffirmed: 2.0M (+/-5%) attributable gold eq. oz., AISC $1,730/oz (+/-5%), capex $1,500M (+/-5%)
- Lobo-Marte project update: expected ~350,000 oz/year at ~$1,000/oz AISC; 6.7M oz proven & probable reserves
- Balance sheet: cash $2,656.4M, total debt $738.8M, net cash $1,917.6M; $1,708.1M available credit
- Capital return: $230M share repurchases in Q2, $480.1M YTD; $0.04/share dividend declared
- COO transition: Bernard Wessels appointed to succeed Claude Schimper (retiring later 2026)
Financial Impact
Q2 revenue $2,238.1M (+29% YoY), net earnings $844.2M (+59%), operating cash flow $1,145.9M (+15%), attributable free cash flow $726.8M (+12%)
Risk Factors
- Gold price volatility — a sustained decline from current ~$4,500/oz levels would compress margins significantly
- Cost inflation: AISC up 22% YoY due to fuel, labour, and royalty costs; further escalation could pressure margins
- Great Bear permitting delay: Grassy Narrows First Nation appeal of AEX water permits could affect development timeline
- Production decline: total gold eq. oz. down 5% YoY on planned mine sequencing; execution risk on new pits (Redbird, Phase X)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-088237 |
| Document: tm2621038d1_6k.htm | 0001104659-26-088237 |
| Document: tm2621038d1_ex99-3.htm | 0001104659-26-088237 |
| Document: tm2621038d1_ex99-2.htm | 0001104659-26-088237 |
| Document: 0001104659-26-088237-index-headers.html | 0001104659-26-088237 |
| Document: 0001104659-26-088237-index.html | 0001104659-26-088237 |
| Document: 0001104659-26-088237.txt | 0001104659-26-088237 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | 6-K | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 29, 2026 9w ago | Press Release | $23.62 $32.51 | ▲ +37.64% | ▲ +33.67% | $24.37 (+3.18%) |
Jul 2, 2026 13w ago | 6-K | $24.71 $23.62 | ▼ −4.41% | ▼ −4.00% | $24.37 (−1.38%) |
Jul 2, 2026 13w ago | Press Release | $24.71 $23.62 | ▼ −4.41% | ▼ −4.00% | $24.37 (−1.38%) |
Apr 30, 2026 22w ago | Press Release | $29.55 $29.14 | ▲ +1.39% | ▲ +6.67% | $24.37 (+17.53%) |
Apr 1, 2026 26w ago | Press Release | $31.51 $30.24 | ▼ −4.03% | ▼ −13.91% | $24.37 (−22.66%) |
US Market Status
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