Revenue growth has accelerated to $1.1 billion in 2026Q1, with gross margins recovering to 52.6% from the 30.1% trough observed in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 3.67B | 3.06B | 1.9B | 1.93B | 1.73B | 1.76B | 1.79B | 1.16B | 1.23B | 638.68M | 683.29M | 553.66M | 486.62M | 544.27M | 259.05M | 225.35M | 127.52M | 20.64M | 0 | 0 |
| Revenue Growth % | 86.13% | 60.95% | -1.67% | 11.64% | -1.68% | -1.49% | 54.8% | -5.67% | 91.81% | -6.53% | 23.41% | 13.77% | -10.59% | 110.1% | 14.95% | 76.72% | 517.89% | - | - | - |
| Cost of Goods Sold | 1.78B | 1.53B | 1.2B | 1.15B | 1.13B | 993.71M | 830.64M | 705.18M | 860.4M | 488.39M | 473.22M | 466.63M | 392.76M | 397.33M | 132.03M | 88.15M | 62.76M | 18.22M | 2.3M | 1.79M |
| COGS % of Revenue | - | 49.99% | 62.87% | 59.67% | 65.12% | 56.39% | 46.43% | 61.02% | 70.23% | 76.47% | 69.26% | 84.28% | 80.71% | 73% | 50.97% | 39.12% | 49.22% | 88.29% | - | - |
| Gross Profit | 1.89B | 1.53B | 706.2M | 780M | 604.24M | 768.55M | 958.29M | 450.46M | 364.66M | 150.28M | 210.08M | 87.03M | 93.87M | 146.95M | 127.02M | 137.2M | 64.76M | 2.42M | -2.3M | -1.79M |
| Gross Margin % | 51.59% | 50.01% | 37.13% | 40.33% | 34.88% | 43.61% | 53.57% | 38.98% | 29.77% | 23.53% | 30.74% | 15.72% | 19.29% | 27% | 49.03% | 60.88% | 50.78% | 11.71% | - | - |
| Gross Profit Growth % | - | 116.76% | -9.46% | 29.09% | -21.38% | -19.8% | 112.74% | 23.53% | 142.64% | -28.46% | 141.39% | -7.29% | -36.12% | 15.69% | -7.42% | 111.87% | 2579.31% | 204.87% | -28.81% | - |
| Operating Expenses | 123.23M | 126.2M | 111.39M | 105.36M | 101.85M | 54.96M | -94.65M | -57.55M | 94.61M | 63.63M | 83.82M | 181.8M | 835.17M | 30.75M | 46.18M | 50.27M | 42.26M | 14.31M | 10.65M | 2.86M |
| OpEx % of Revenue | - | 4.12% | 5.86% | 5.45% | 5.88% | 3.12% | -5.29% | -4.98% | 7.72% | 9.96% | 12.27% | 32.84% | 171.62% | 5.65% | 17.83% | 22.31% | 33.14% | 69.36% | - | - |
| Selling, General & Admin | 99.28M | 92.04M | 84.16M | 83.28M | 79.32M | 72.76M | 69.22M | 74.92M | 73.82M | 67.25M | 59.62M | 56.29M | 61.61M | 58.28M | 41.08M | 22.82M | 16.46M | 11.32M | 10.56M | 4.23M |
| SG&A % of Revenue | - | 3.01% | 4.42% | 4.31% | 4.58% | 4.13% | 3.87% | 6.48% | 6.03% | 10.53% | 8.73% | 10.17% | 12.66% | 10.71% | 15.86% | 10.13% | 12.91% | 54.84% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 34.16M | 27.23M | 22.08M | 22.52M | -17.8M | -163.87M | -132.47M | 20.79M | -3.62M | 24.2M | 125.51M | 773.55M | -27.53M | 11.93M | 27.44M | 25.8M | 3M | 88.82K | -1.37M |
| Operating Income | 1.77B | 1.4B | 594.8M | 674.64M | 502.4M | 713.59M | 1.05B | 508.01M | 286.11M | 86.65M | 126.26M | -94.77M | -741.3M | 116.2M | 84.14M | 85.69M | 22.5M | -11.9M | -9.21M | -4.65M |
| Operating Margin % | 48.24% | 45.88% | 31.27% | 34.88% | 29% | 40.49% | 58.86% | 43.96% | 23.36% | 13.57% | 18.48% | -17.12% | -152.33% | 21.35% | 32.48% | 38.03% | 17.64% | -57.65% | - | - |
| Operating Income Growth % | - | 136.14% | -11.83% | 34.28% | -29.6% | -32.23% | 107.27% | 77.55% | 230.2% | -31.37% | 233.22% | 87.22% | -737.96% | 38.11% | -1.82% | 280.9% | 289.11% | -29.19% | -97.87% | - |
| EBITDA | 2.28B | 1.85B | 962.21M | 1.08B | 886.25M | 1.09B | 1.35B | 759.31M | 521.65M | 252.89M | 296.51M | 49.52M | -628.74M | 202.05M | 119.11M | 111.87M | 39.01M | -9.62M | -9.12M | -4.61M |
| EBITDA Margin % | 62.13% | 60.28% | 50.59% | 55.68% | 51.15% | 61.99% | 75.71% | 65.71% | 42.58% | 39.6% | 43.39% | 8.94% | -129.2% | 37.12% | 45.98% | 49.64% | 30.59% | -46.59% | - | - |
| EBITDA Growth % | 1174.94% | 91.79% | -10.66% | 21.52% | -18.88% | -19.34% | 78.37% | 45.56% | 106.28% | -14.71% | 498.76% | 107.88% | -411.18% | 69.63% | 6.47% | 186.75% | 505.7% | -5.44% | -97.95% | - |
| D&A (Non-Cash Add-back) | 510.28M | 440.83M | 367.41M | 402.37M | 383.85M | 378.89M | 301.49M | 251.31M | 235.54M | 166.24M | 170.25M | 144.29M | 112.56M | 85.86M | 34.97M | 26.18M | 16.51M | 2.28M | 88.82K | 46.74K |
| EBIT | 1.45B | 1.01B | -274.38M | 334.26M | 541.46M | 738.02M | 1.05B | 508.94M | 282.38M | 81.8M | 77.77M | -127.34M | -745.75M | 92.7M | 77.46M | 78.82M | 34.74M | -27.83M | -26.02M | -4.66M |
| Net Interest Income | -37.8M | -25.25M | -14.11M | 4.59M | 1.12M | -8.81M | -15.8M | -26.55M | -30.64M | -12.91M | -10.18M | -16.1M | -5.7M | -5.6M | -193K | -611K | -4.88M | -518.92K | 2.06M | 182.62K |
| Interest Income | 12.33M | 12.45M | 20.73M | 18.52M | 11.96M | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 262K | 2.23M | 584.35K |
| Interest Expense | 50.12M | 37.7M | 34.85M | 13.93M | 10.84M | 11.8M | 15.8M | 26.55M | 30.64M | 12.91M | 10.18M | 16.1M | 5.7M | 5.6M | 193K | 611K | 4.7M | 803.94K | 170.7K | 401.73K |
| Other Income/Expense | -432.07M | -427.79M | -904.03M | -354.3M | 28.22M | 12.63M | -18.51M | -25.62M | -18.99M | -17.75M | -57.73M | -48.67M | -10.15M | -29.09M | -6.87M | -5.18M | 6.31M | -16.67M | -16.99M | 0 |
| Pretax Income | 1.34B | 976.8M | -309.22M | 320.33M | 530.62M | 726.23M | 1.03B | 482.39M | 267.13M | 68.9M | 68.53M | -143.44M | -751.45M | 87.11M | 77.27M | 80.51M | 28.81M | -28.57M | -26.19M | -5.06M |
| Pretax Margin % | 36.47% | 31.91% | -16.26% | 16.56% | 30.63% | 41.21% | 57.82% | 41.74% | 21.81% | 10.79% | 10.03% | -25.91% | -154.42% | 16% | 29.83% | 35.73% | 22.59% | -138.43% | - | - |
| Income Tax | 772.21M | 550.1M | 317.43M | 278.75M | 243.89M | 265.4M | 362.01M | 173.53M | 132.36M | 7.33M | 29.93M | 1.67M | -85.06M | 19.8M | 25.36M | 24.21M | 9.1M | -782K | -307.79K | -457.61K |
| Effective Tax Rate % | 57.67% | 56.32% | -102.65% | 87.02% | 45.96% | 36.55% | 35% | 35.97% | 49.55% | 10.64% | 43.67% | -1.16% | 11.32% | 22.73% | 32.82% | 30.07% | 31.59% | 2.74% | 1.17% | 9.04% |
| Net Income | 541.49M | 401.91M | -629.89M | 10.1M | 252.87M | 420.06M | 628.06M | 293.38M | 28.94M | 56.85M | 39.13M | -149.95M | -665.27M | 67.3M | 51.91M | 56.3M | 20.03M | -27.79M | -29.99M | -4.2M |
| Net Margin % | 14.75% | 13.13% | -33.12% | 0.52% | 14.6% | 23.84% | 35.11% | 25.39% | 2.36% | 8.9% | 5.73% | -27.08% | -136.71% | 12.37% | 20.04% | 24.98% | 15.71% | -134.64% | - | - |
| Net Income Growth % | 188.47% | 163.81% | -6338.4% | -96.01% | -39.8% | -33.12% | 114.08% | 913.83% | -49.1% | 45.29% | 126.1% | 77.46% | -1088.47% | 29.66% | -7.8% | 181.06% | 172.09% | 7.36% | -614.87% | - |
| Net Income (Continuing) | 566.84M | 426.7M | -626.65M | 41.59M | 286.72M | 460.82M | 672.41M | 308.86M | 134.77M | 61.57M | 38.6M | -145.11M | -666.38M | 67.3M | 51.91M | 56.3M | 20.76M | -27.79M | -25.93M | -4.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 42.69M | 47.86M | 52.6M | 99.09M | 103.62M | 100.58M | 88.57M | 61.41M | 41.91M | 14.29M | 9.57M | 8.86M | 55.25M | 7.72M | 6.37M | 3.94M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.36 | 0.28 | -0.48 | 0.01 | 0.24 | 0.40 | 0.59 | 0.29 | 0.10 | 0.06 | 0.04 | -0.16 | -0.90 | 0.07 | 0.13 | 0.16 | 0.06 | -0.12 | -0.18 | -0.14 |
| EPS Growth % | 177.51% | 158.33% | - | -96.58% | -40% | -32.2% | 103.45% | 190% | 71.82% | 43.7% | 125.31% | 82.22% | -1385.71% | -46.15% | -18.75% | 166.67% | 150% | 33.33% | -28.57% | - |
| EPS (Basic) | - | 0.31 | -0.48 | 0.01 | 0.24 | 0.40 | 0.60 | 0.29 | 0.03 | 0.06 | 0.04 | -0.16 | -0.90 | 0.10 | 0.14 | 0.17 | 0.07 | -0.12 | -0.18 | -0.14 |
| Diluted Shares Outstanding | 1.5B | 1.48B | 1.31B | 1.24B | 1.07B | 1.06B | 1.06B | 1.02B | 1.05B | 991.41M | 955.14M | 922.11M | 741.1M | 663.78M | 391.94M | 344.81M | 333.85M | 237.09M | 145.81M | 32.38M |
| Basic Shares Outstanding | 1.34B | 1.33B | 1.31B | 1.23B | 1.06B | 1.05B | 1.04B | 1.01B | 1.05B | 976.37M | 941.74M | 922.11M | 739.19M | 636.13M | 384.73M | 338.54M | 307.07M | 237.09M | 145.81M | 32.38M |
| Dividend Payout Ratio | - | 26.19% | - | 1883.22% | 64.8% | 39.73% | 19.32% | 3.58% | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical concentration in Mali
According to quarterly financial disclosures, B2Gold achieved a significant revenue acceleration, with top-line figures reaching $1.1 billion in 2026Q1, representing a substantial year-over-year increase compared to the $461.4 million reported in 2024Q1, driven by higher realized gold prices and expanded production volumes across core assets.
The sharp revenue trajectory suggests that the company is successfully capturing the upside of current gold market conditions while scaling its operational footprint. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the specific grade profiles of the Fekola mine, which has historically served as the primary engine for such rapid expansion.
As reported in recent income statements, the company's gross margin has expanded to 52.6% in 2026Q1, a notable recovery from the 30.1% trough observed in 2024Q3, indicating improved operational efficiency and a favorable pricing environment for the firm's primary gold output.
This margin recovery appears to reflect the company's ability to manage input cost pressures effectively, even as global inflationary trends persist. The expansion suggests that the firm's high-grade assets are providing a robust buffer, though the sustainability of these margins may depend on the company's ability to maintain low all-in sustaining costs as it integrates new projects.
Based on the provided financial data, operating income has scaled significantly to $572.5 million in 2026Q1, demonstrating strong operating leverage as the company's revenue growth has outpaced the incremental costs associated with its expanded production and administrative requirements.
The ability to convert revenue growth into operating income at this rate suggests that the company's fixed-cost base is being managed with discipline. This trend warrants further investigation into whether future capital expenditures for the Goose Project will introduce new fixed-cost burdens that could temporarily dampen this operating leverage.
Analysis of the income statement reveals that net income has experienced significant quarterly fluctuations, ranging from a $633.8 million loss in 2024Q3 to a $197.2 million profit in 2026Q1, largely due to non-operating items and periodic asset-related charges that obscure underlying operational performance.
Investors should be cautious when interpreting these bottom-line figures, as they appear heavily influenced by non-cash adjustments and potential impairment charges. The absence of significant stock-based compensation in recent quarters suggests that management is not currently diluting shareholders to fund operations, which is a positive indicator for earnings quality.
While current financial performance is strong, the company's heavy reliance on the Fekola mine in Mali, as noted in regulatory filings, presents a significant risk factor that could lead to sudden margin compression or operational disruption if regional mining codes or political stability shift unexpectedly.
Short-term financial success may mask the long-term vulnerability inherent in geographic concentration. Any regulatory change in Mali could force a rapid re-evaluation of the company's asset base, potentially impacting the net present value of its most productive mine and challenging the current valuation premium.
Quick answers to the most common questions about buying BTG stock.
For fiscal year 2025, B2Gold Corp. (BTG) reported total revenue of $3.06B.
B2Gold Corp. (BTG) is profitable, generating $401.9M in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
B2Gold Corp. (BTG) reported an operating income of $1.40B, resulting in an operating profit margin of 45.9%. This margin reflects the operational efficiency of the business before interest and taxes.
B2Gold Corp. (BTG) generated $1.53B in gross profit for the year, representing a gross profit margin of 50.0%. This demonstrates the company's core pricing power and production efficiency.