Kinross earnings: guidance and next results
Kinross’s next results are expected on October 28, 2026. Watch whether La Coipa’s recovery and Round Mountain’s mining rate improve.
What has Kinross guided for 2026 and 2027?
On September 23, Kinross cut expected attributable production to 1.84–1.86 million gold-equivalent ounces in each of 2026 and 2027. Gold-equivalent ounces convert silver into an equivalent amount of gold using market prices. “Attributable” means Kinross counts only its ownership share, so it counts 70% of production from Manh Choh.
The revised 2026 production-cost range is $1,420–1,460 per ounce sold, while all-in sustaining cost is $1,850–1,900. The second measure includes spending needed to keep existing mines operating, so fewer saleable ounces spread those costs more thinly.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Attributable production, gold (million Au eq. oz.), 2026 | Year to Dec 2026 | 1.84 | 1.86 | Sep 23, 2026 |
| Attributable production, gold (million Au eq. oz.), 2027 | Year to Dec 2027 | 1.84 | 1.86 | Sep 23, 2026 |
| Third-quarter attributable production, gold (Au eq. oz.) | Quarter to Sep 2026 | 425,000 | 425,000 | Sep 23, 2026 |
| Attributable production cost of sales (US$/Au eq. oz. sold) | Year to Dec 2026 | 1,420 | 1,460 | Sep 23, 2026 |
| Attributable all-in sustaining cost (US$/Au eq. oz. sold) | Year to Dec 2026 | 1,850 | 1,900 | Sep 23, 2026 |
| Return of capital target (% of free cash flow) | Year to Dec 2026 | 50.0% | 50.0% | Sep 23, 2026 |
Did Kinross keep its past cash-return promises?
Cash-return promises have stronger evidence. In July 2025, management targeted at least US$500 million of buybacks within at least US$650 million of shareholder returns. It ultimately delivered US$600.3 million of buybacks and US$752 million of total returns. In September 2026, the target rose from 40% to 50% of free cash flow, though the newer target remains a promise.
What is Kinross’s revenue and profit trend?
The sequential picture was less impressive. Revenue fell from $2,407.7 million in March to $2,238.1 million in June, and operating income declined from $1,338.1 million to $1,186.4 million. Net income stayed almost unchanged because taxes, financing and share count can steady earnings even when mine-level results weaken.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,238.1 | 2,407.7 | 2,023.0 | 1,802.1 | 1,728.5 | 1,497.5 | 1,415.8 | 1,432.0 |
| Gross margin | 57.5% | 59.9% | 61.2% | 50.9% | 51.9% | 44.2% | 38.6% | 45.1% |
| Operating income | 1,186.4 | 1,338.1 | 1,122.3 | 810.1 | 774.8 | 570.4 | 501.1 | 547.7 |
| Net income | 844.2 | 843.0 | 906.5 | 584.9 | 530.7 | 368.0 | 275.6 | 355.3 |
| EPS, diluted | 0.71 | 0.70 | 0.75 | 0.48 | 0.43 | 0.30 | 0.22 | 0.29 |
What this means. The figures are for individual three-month periods, even though some row descriptions say “year,” so each column shows one quarter rather than a full year.
What should I watch in Kinross’s next results?
Kinross’s next scheduled operating report is October 28, 2026, followed by a call on October 29. Third-quarter production should be compared with the 425,000-ounce guidance, but the explanations matter more: La Coipa’s recovery and Round Mountain’s mining rate could improve even if the company-wide total does not.