Kinross delivered a standout quarter with record cash generation, driven by surging gold prices and cost discipline. The stock is likely to react positively. Watch the Q2 2026 gold price trajectory and progress at Great Bear and Lobo-Marte for sustained upside. The 40% free cash flow return policy provides a strong floor for shareholder returns.
Price Chart
Executive Summary
Kinross Gold reported exceptional Q1 2026 results with record free cash flow of $837.5M, revenue up 61% YoY to $2,407.7M, and net earnings more than doubling to $843M ($0.70 per share). Margins expanded 92% to a record $3,476/oz, outpacing gold price gains. Production was slightly lower at 492,563 oz (down 4% as planned), and the company maintained full-year guidance while returning $350M to shareholders year-to-date.
Key Facts
- Revenue $2,407.7M vs $1,497.5M in Q1 2025 (+61%)
- Net earnings $843.0M vs $368.0M (+129%)
- Record attributable free cash flow $837.5M vs $380.8M (+120%)
- Operating cash flow $1,139.5M vs $607.1M (+88%)
- Average realized gold price $4,873/oz vs $2,857/oz (+71%)
- Attributable production 492,563 Au eq. oz. vs 512,088 oz (-4%)
- Attributable AISC $1,732/oz vs $1,355/oz (+28%)
- Cash and equivalents $2.2B; total liquidity ~$3.9B
- Returned ~$350M to shareholders YTD via buybacks and dividends
- Full-year 2026 guidance reaffirmed: 2.0M Au eq. oz. at AISC ~$1,730/oz
Financial Impact
Revenue increased $910M YoY; net earnings increased $475M; operating cash flow increased $532M; attributable free cash flow more than doubled by $457M.
Risk Factors
- Gold price correction would directly impact revenue and margins
- Cost inflation, particularly fuel and currency, could pressure AISC above guidance
- Development project delays or permitting setbacks at Great Bear or Lobo-Marte
- Higher-than-expected tax outflows from cash repatriation (noted $91M withholding tax)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-002835 |
| Document: f6k_042926.htm | 0001171843-26-002835 |
| Document: 0001171843-26-002835-index-headers.html | 0001171843-26-002835 |
| Document: 0001171843-26-002835-index.html | 0001171843-26-002835 |
| Document: 0001171843-26-002835.txt | 0001171843-26-002835 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 1, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 26, 2026 21w ago | 6-K | $1.33 | awaiting T+20 | — | — |
Apr 30, 2026 25w ago | 6-K | — | awaiting T+20 | — | — |
Apr 29, 2026 25w ago | 6-K | — | awaiting T+20 | — | — |
Apr 1, 2026 29w ago | 6-K | — | awaiting T+20 | — | — |
Mar 30, 2026 30w ago | 6-K | — | awaiting T+20 | — | — |
Mar 30, 2026 30w ago | 6-K | — | awaiting T+20 | — | — |
Mar 26, 2026 30w ago | 6-K | — | awaiting T+20 | — | — |
US Market Status
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