Revenue growth accelerated to 61.8% in 2026Q1 as gross margins expanded to 40.8%, reflecting improved operational efficiency following the resumption of key mining activities.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 1.54B | 1.33B | 1.21B | 1.09B | 850.19M | 900.14M | 721.26M | 1.38B | 1.13B | 1.2B | 760.76M | 623.95M | 763.35M | 944.37M | 660.74M | 1.02B | 846.47M | 685.49M | 635.97M | 373.48M | 365.44M | 338.59M | 247.06M | 82.04M |
| Revenue Growth % | 27.85% | 9.47% | 10.92% | 28.78% | -5.55% | 24.8% | -47.56% | 21.78% | -5.81% | 57.61% | 21.93% | -18.26% | -19.17% | 42.93% | -35.24% | 20.54% | 23.48% | 7.79% | 70.28% | 2.2% | 7.93% | 37.05% | 201.14% | - |
| Cost of Goods Sold | 1.01B | 1B | 732.52M | 830.89M | 671.67M | 608.18M | 505.78M | 925.24M | 772.22M | 688.49M | 414.9M | 390.14M | 504.96M | 559.24M | 452.94M | 403.83M | 265.18M | 295.94M | 332.03M | 226.72M | 236.93M | 186.18M | 109.92M | 47.1M |
| COGS % of Revenue | - | 75.47% | 60.31% | 75.89% | 79% | 67.57% | 70.12% | 67.27% | 68.38% | 57.42% | 54.54% | 62.53% | 66.15% | 59.22% | 68.55% | 39.58% | 31.33% | 43.17% | 52.21% | 60.71% | 64.83% | 54.99% | 44.49% | 57.41% |
| Gross Profit | 539.48M | 326.1M | 481.98M | 264M | 178.52M | 291.96M | 215.49M | 450.08M | 357.12M | 510.53M | 345.86M | 233.81M | 258.38M | 385.14M | 207.8M | 616.51M | 581.3M | 389.55M | 303.94M | 146.76M | 128.51M | 152.41M | 137.14M | 34.94M |
| Gross Margin % | 34.93% | 24.53% | 39.69% | 24.11% | 21% | 32.43% | 29.88% | 32.73% | 31.62% | 42.58% | 45.46% | 37.47% | 33.85% | 40.78% | 31.45% | 60.42% | 68.67% | 56.83% | 47.79% | 39.29% | 35.17% | 45.01% | 55.51% | 42.59% |
| Gross Profit Growth % | - | -32.34% | 82.57% | 47.89% | -38.86% | 35.49% | -52.12% | 26.03% | -30.05% | 47.61% | 47.92% | -9.51% | -32.91% | 85.34% | -66.29% | 6.06% | 49.22% | 28.17% | 107.11% | 14.2% | -15.68% | 11.13% | 292.51% | - |
| Operating Expenses | -77.32M | 88.76M | 405.47M | 246.16M | 215.31M | -41.95M | 171.57M | 535.78M | 257.44M | 199.75M | 169.5M | 163.53M | 182.67M | 203.9M | 188.56M | 235.02M | 286.24M | 250.71M | 172.8M | 85.12M | 68.97M | 102.99M | 72.73M | 25.63M |
| OpEx % of Revenue | - | 6.68% | 33.39% | 22.48% | 25.32% | -4.66% | 23.79% | 38.96% | 22.8% | 16.66% | 22.28% | 26.21% | 23.93% | 21.59% | 28.54% | 23.03% | 33.82% | 36.57% | 27.17% | 22.79% | 18.87% | 30.42% | 29.44% | 31.24% |
| Selling, General & Admin | 85.73M | 71.56M | 48.57M | 57.09M | 60.14M | 38.47M | 55.76M | 55.88M | 50.29M | 62.78M | 42.98M | 54.39M | 60.54M | 54.04M | 47.84M | 44.44M | 78.19M | 62.66M | 46.26M | 26.33M | 27.22M | 17.93M | 11.54M | 3.86M |
| SG&A % of Revenue | - | 5.38% | 4% | 5.21% | 7.07% | 4.27% | 7.73% | 4.06% | 4.45% | 5.24% | 5.65% | 8.72% | 7.93% | 5.72% | 7.24% | 4.36% | 9.24% | 9.14% | 7.27% | 7.05% | 7.45% | 5.3% | 4.67% | 4.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.01M | 12.43M | 4.79M | 11.15M | 13.25M | 6.02M | 6.38M | 592K | 42.89M | 0 | 25.83M | 0 | 0 | 0 | 0 | 0 | 6.57M |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.22% | 1.1% | 0.4% | 1.47% | 2.12% | 0.79% | 0.68% | 0.09% | 4.2% | - | 3.77% | - | - | - | - | - | 8.01% |
| Other Operating Expenses | 2M | 17.2M | 356.89M | 189.07M | 155.17M | -80.42M | 115.81M | 476.89M | 2.45M | -59.91M | 115.37M | 93.68M | 116.1M | -61K | 119K | 147.68M | 208.04M | 162.22M | 126.53M | 58.79M | 41.75M | 85.06M | 61.18M | 15.2M |
| Operating Income | 616.8M | 237.34M | 76.52M | 17.84M | -36.79M | 333.92M | 43.91M | -85.7M | 98.61M | 208.58M | 167.05M | 49.88M | -35.39M | 179.39M | -168.47M | 381.5M | 295.39M | 138.84M | 131.14M | 61.63M | 59.54M | 49.42M | 64.42M | 8.36M |
| Operating Margin % | 39.93% | 17.85% | 6.3% | 1.63% | -4.33% | 37.1% | 6.09% | -6.23% | 8.73% | 17.4% | 21.96% | 7.99% | -4.64% | 19% | -25.5% | 37.39% | 34.9% | 20.25% | 20.62% | 16.5% | 16.29% | 14.6% | 26.07% | 10.19% |
| Operating Income Growth % | - | 210.19% | 328.79% | 148.5% | -111.02% | 660.38% | 151.24% | -186.9% | -52.72% | 24.86% | 234.92% | 240.96% | -119.73% | 206.48% | -144.16% | 29.15% | 112.75% | 5.87% | 112.79% | 3.51% | 20.48% | -23.28% | 670.73% | - |
| EBITDA | 737.52M | 366.41M | 397.68M | 147.54M | 66.64M | 460.29M | 145.96M | 160.05M | 330.74M | 417.62M | 371.61M | 255.27M | 248.9M | 488.77M | -15.6M | 480.34M | 372.39M | 242.59M | 209.47M | 105.79M | 99.21M | 109.32M | 118.18M | 23.55M |
| EBITDA Margin % | 47.75% | 27.56% | 32.74% | 13.48% | 7.84% | 51.14% | 20.24% | 11.64% | 29.29% | 34.83% | 48.85% | 40.91% | 32.61% | 51.76% | -2.36% | 47.08% | 43.99% | 35.39% | 32.94% | 28.33% | 27.15% | 32.29% | 47.83% | 28.71% |
| EBITDA Growth % | 112.52% | -7.86% | 169.54% | 121.41% | -85.52% | 215.35% | -8.8% | -51.61% | -20.8% | 12.38% | 45.58% | 2.56% | -49.08% | 3233.37% | -103.25% | 28.99% | 53.51% | 15.81% | 98% | 6.64% | -9.25% | -7.5% | 401.76% | - |
| D&A (Non-Cash Add-back) | 120.71M | 129.07M | 321.16M | 129.69M | 103.43M | 126.37M | 102.05M | 245.75M | 232.13M | 209.04M | 204.56M | 205.39M | 284.28M | 309.39M | 152.87M | 98.84M | 77M | 103.75M | 78.33M | 44.16M | 39.66M | 59.9M | 53.76M | 15.2M |
| EBIT | 828.28M | 237.34M | 71.94M | 14.29M | -43.75M | 403.65M | 28.38M | -93.65M | 119.21M | 268.19M | 163.16M | 44.54M | -38.65M | 173.8M | -129.92M | 380.08M | 328.19M | 137.13M | 149.98M | 61.63M | 59.54M | 49.42M | 247.06M | 9.31M |
| Net Interest Income | -1.52M | 17.24M | 25.68M | 13.39M | 5.29M | -3.11M | -11.57M | -12.23M | 22.27M | -26.87M | -6.61M | -1.48M | -2.22M | -3.46M | -2.57M | -745K | -1.47M | 0 | 0 | 0 | 8.52M | 4.77M | 0 | 0 |
| Interest Income | 14.44M | 21.16M | 30.05M | 19.89M | 9.05M | 0 | 4.53M | 0 | 22.27M | 3.03M | 2.46M | 1.43M | 982.16K | 542.11K | 730.89K | 1.18M | 0 | 0 | 0 | 0 | 9.76M | 4.77M | 0 | 0 |
| Interest Expense | 15.96M | 3.92M | 4.37M | 6.49M | 3.75M | 3.11M | 4.53M | 12.23M | 0 | 20.36M | 9.07M | 2.84M | 3.2M | 4M | 3.3M | 3.54M | 1.47M | 0 | 0 | 0 | 1.24M | 0 | 0 | 0 |
| Other Income/Expense | 195.51M | 506.46M | 97.54M | -4.21M | -7.64M | 69.02M | -20.07M | -14.89M | -11.71M | -87.65M | -11.01M | -7.8M | -117.87M | -7.63M | -213.64M | -2.49M | 32.81M | -49.33M | 37.71M | -131.64M | -1.22M | 0 | -13.94M | 0 |
| Pretax Income | 812.32M | 743.8M | 174.06M | 13.63M | -44.43M | 402.93M | 23.85M | -100.58M | 98.82M | 191.33M | 156.04M | 42.08M | -41.53M | 170.83M | -172.31M | 379.01M | 330.25M | 89.51M | 168.85M | -70.01M | 59.84M | 49.42M | 50.48M | 8.36M |
| Pretax Margin % | 52.59% | 55.95% | 14.33% | 1.25% | -5.23% | 44.76% | 3.31% | -7.31% | 8.75% | 15.96% | 20.51% | 6.74% | -5.44% | 18.09% | -26.08% | 37.15% | 39.02% | 13.06% | 26.55% | -18.75% | 16.37% | 14.6% | 20.43% | 10.19% |
| Income Tax | 176.39M | 149.59M | 93.66M | 94.91M | 32.78M | -44.02M | 7.71M | -7.07M | -14.65M | -18.2M | 4.5M | 449K | 2.58M | 13.15M | 11.68M | 8.13M | 7.62M | 29.2M | 34.09M | 19.32M | -5.77M | 4.57M | -155.85K | -1.45M |
| Effective Tax Rate % | 21.71% | 20.11% | 53.81% | 696.14% | -73.76% | -10.92% | 32.32% | 7.03% | -14.82% | -9.51% | 2.89% | 1.07% | -6.2% | 7.7% | -6.78% | 2.15% | 2.31% | 32.62% | 20.19% | -27.6% | -9.64% | 9.25% | -0.31% | -17.37% |
| Net Income | 635.93M | 594.21M | 80.39M | -82.77M | -77.21M | -381.77M | 408.54M | -93.51M | 107.53M | 209.53M | 151.54M | 41.63M | -44.11M | 157.68M | -184M | 370.88M | 322.64M | 60.31M | 134.76M | -92.55M | 60.6M | 42.44M | 50.64M | 9.06M |
| Net Margin % | 41.17% | 44.69% | 6.62% | -7.56% | -9.08% | -42.41% | 56.64% | -6.8% | 9.52% | 17.48% | 19.92% | 6.67% | -5.78% | 16.7% | -27.85% | 36.35% | 38.12% | 8.8% | 21.19% | -24.78% | 16.58% | 12.53% | 20.49% | 11.05% |
| Net Income Growth % | 1331.69% | 639.12% | 197.13% | -7.2% | 79.78% | -193.45% | 536.88% | -186.97% | -48.68% | 38.27% | 264.02% | 194.38% | -127.97% | 185.69% | -149.61% | 14.95% | 434.94% | -55.25% | 245.61% | -252.72% | 42.81% | -16.19% | 458.64% | - |
| Net Income (Continuing) | 635.93M | 594.21M | 80.39M | -81.28M | -77.21M | 446.95M | 16.14M | -93.51M | 113.47M | 251.8M | 151.54M | 41.63M | -44.11M | 157.68M | -143.73M | 370.88M | 322.29M | 60.31M | 134.76M | -97.15M | 63.94M | 46.52M | 50.64M | 11.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -828.72M | 392.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6M | -3.34M | -4.08M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.83M | 4.82M | 2.41M | 8.77M |
| EPS (Diluted) | 3.16 | 2.89 | 0.35 | -0.38 | -0.29 | 1.51 | 1.45 | -0.32 | 0.37 | 0.72 | 0.60 | 0.18 | -0.19 | 0.64 | -0.78 | 1.57 | 1.37 | 0.27 | 0.62 | -0.43 | 0.28 | -0.23 | -0.36 | 0.04 |
| EPS Growth % | 1510.53% | 725.71% | 192.11% | -31.03% | -119.21% | 4.14% | 553.13% | -186.49% | -48.61% | 20% | 233.33% | 194.74% | -129.69% | 182.05% | -149.68% | 14.6% | 407.41% | -56.45% | 244.19% | -253.57% | 221.74% | 36.11% | -959.19% | - |
| EPS (Basic) | - | 2.90 | 0.36 | -0.38 | -0.29 | 1.51 | 1.46 | -0.32 | 0.37 | 0.72 | 0.60 | 0.18 | -0.19 | 0.67 | -0.78 | 1.57 | 1.37 | 0.27 | 0.62 | -0.43 | 0.28 | -0.23 | -0.36 | 0.04 |
| Diluted Shares Outstanding | 201.49M | 205.59M | 216.28M | 218.41M | 265.09M | 296.63M | 297.41M | 292.95M | 292.68M | 292.22M | 252.08M | 236.95M | 236.4M | 236.66M | 236.37M | 236.35M | 235.86M | 226.8M | 216.32M | 215.24M | 216.44M | 216.53M | 216.24M | 216.24M |
| Basic Shares Outstanding | 199.61M | 204.66M | 213.49M | 217.25M | 265.09M | 296.63M | 294.72M | 292.95M | 291.89M | 291.41M | 251.46M | 236.59M | 232.15M | 236.38M | 235.62M | 236.09M | 235.49M | 226.7M | 216.32M | 215.24M | 216.44M | 216.46M | 216.24M | 216.24M |
| Dividend Payout Ratio | - | 7.04% | 54.12% | - | - | - | 10.25% | - | - | - | 15.14% | 77.65% | - | 19.71% | - | 26.78% | 4.38% | - | - | - | - | - | - | - |
Geopolitical and Jurisdictional Exposure
According to recent financial disclosures, Centerra Gold achieved a 61.8% year-over-year revenue growth in 2026Q1, largely reflecting the successful operational restart and gold room activity at the Öksüt mine, which had previously faced significant regulatory and environmental hurdles that constrained production volumes throughout the prior fiscal year.
The sharp acceleration in top-line performance suggests that the company is successfully clearing stockpiled gold-in-circuit, providing a temporary but material boost to revenue. Investors should monitor whether this growth trajectory can be sustained through organic production increases or if it remains dependent on the liquidation of previously constrained inventory.
As reported in quarterly filings, the company's gross margin reached 40.8% in 2026Q1, a notable improvement from the 25.6% observed in 2025Q1, indicating that the high-throughput requirements at Mount Milligan are currently being offset by more favorable commodity price realizations and improved operational efficiency at the Turkish assets.
While the recent margin expansion appears positive, the historical data shows significant fluctuations that suggest a high sensitivity to input costs like diesel and electricity. The reliance on copper byproduct credits at Mount Milligan implies that margin stability is inherently tied to the copper-gold price ratio, which warrants ongoing caution.
Based on the provided income statement data, Centerra Gold's net income has exhibited extreme volatility, including a 73.9% net margin in 2025Q3, which appears to be driven by non-recurring gains rather than core operational performance, necessitating a careful adjustment for investors evaluating the company's true underlying profitability.
The wide variance between operating income and net income suggests that non-operating items, such as tax adjustments or divestiture-related gains, are frequently masking the core earnings power of the mining operations. Analysts should focus on operating margins to better gauge the sustainability of the company's current earnings profile.
Analysis of the income statement indicates that operating income scaled to $147.3 million in 2026Q1, demonstrating improved operating leverage as the company successfully managed its SG&A expenses, which remained relatively flat at $27.3 million despite the significant increase in total revenue during the same period.
The ability to grow operating income faster than gross profit suggests that management is maintaining disciplined control over overhead costs during this period of production ramp-up. This efficiency appears to be a critical factor in the company's ability to translate higher commodity prices into meaningful bottom-line results.
Quick answers to the most common questions about buying CGAU stock.
For fiscal year 2025, Centerra Gold Inc. (CGAU) reported total revenue of $1.33B. This represents a 1520.5% increase compared to $82.0M in 2003.
Centerra Gold Inc. (CGAU) is profitable, generating $594.2M in net income for the fiscal year ending 2025 with a net profit margin of 44.7%.
Centerra Gold Inc. (CGAU) reported an operating income of $237.3M, resulting in an operating profit margin of 17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Centerra Gold Inc. (CGAU) generated $326.1M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.