Revenue surged 53.5% year-over-year in 2026Q2 to $442.7M, with gross margin expanding to 35.9% from 30.3% a year earlier, reflecting operational leverage and higher gold prices.
Centerra Gold Inc. (CGAU) annual income statement — 23-year revenue, gross profit & net income history
| 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 | 1.7B | 1.38B | 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 % | 39.93% | 14% | 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 | 1.09B | 920.77M | 836.46M | 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 | - | 66.5% | 68.87% | 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 | 611.06M | 463.79M | 378.05M | 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 % | 35.97% | 33.5% | 31.13% | 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 % | - | 22.68% | 43.2% | 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 | 168.45M | 149.37M | 141.76M | 221.03M | 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 | - | 10.79% | 11.67% | 20.19% | 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 | 86.72M | 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 | - | 5.17% | 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 | 4M | 77.81M | 93.19M | 163.93M | 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 | 442.61M | 314.43M | 236.29M | 42.98M | -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 % | 26.05% | 22.71% | 19.46% | 3.93% | -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 % | - | 33.07% | 449.78% | 216.81% | -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 | 571.16M | 430.06M | 366.95M | 172.67M | 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 % | 33.62% | 31.06% | 30.21% | 15.77% | 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 % | 82.67% | 17.2% | 112.51% | 159.13% | -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) | 128.54M | 115.64M | 130.66M | 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 | 889.23M | 732.45M | 175.15M | 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 | 1.01M | 19.35M | 28.96M | 18.87M | 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 | 18.04M | 20.8M | 30.05M | 19.53M | 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 | 17.03M | 1.45M | 1.09M | 657K | 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 | 429.59M | 416.58M | -62.23M | -29.34M | -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 | 872.2M | 731.01M | 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 % | 51.34% | 52.8% | 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 | 232.73M | 147.02M | 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 % | 26.68% | 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 | 639.47M | 583.99M | 80.39M | -81.28M | -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 % | 37.64% | 42.18% | 6.62% | -7.42% | -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 % | 749% | 626.41% | 198.91% | -5.27% | 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) | 639.47M | 583.99M | 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) | 3.17 | 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 % | 836.36% | 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 | 201.95M | 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 | 197.54M | 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 | - | 7.16% | 54.12% | - | - | - | 10.25% | - | - | - | 15.14% | 77.65% | - | 19.71% | - | 26.78% | 4.38% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CGAU stock.
For fiscal year 2025, Centerra Gold Inc. (CGAU) reported total revenue of $1.38B. This represents a 1587.6% increase compared to $82.0M in 2003.
Centerra Gold Inc. (CGAU) is profitable, generating $584.0M in net income for the fiscal year ending 2025 with a net profit margin of 42.2%.
Centerra Gold Inc. (CGAU) reported an operating income of $314.4M, resulting in an operating profit margin of 22.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Centerra Gold Inc. (CGAU) generated $463.8M in gross profit for the year, representing a gross profit margin of 33.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Turkish jurisdictional exposure
Revenue Surge on Öksüt Restart
Revenue jumped 53.5% year-over-year in 2026Q2 to $442.7M, driven by the Öksüt mine's full resumption and higher gold prices, according to recent financial statements. This marks a clear acceleration from the prior quarter's 61.8% growth.
The revenue trajectory has shifted decisively upward, with 2026Q1 and Q2 both showing year-over-year growth above 50%, a stark contrast to the negative growth seen in early 2025. This inflection aligns with the full resumption of operations at Öksüt, which had been ramping up through 2025. The sustainability of this growth hinges on gold price stability and the ability to maintain production levels, but the current momentum appears robust.
Gross Margin Expansion Amid Cost Pressures
Gross margin improved to 35.9% in 2026Q2 from 30.3% a year earlier, as reported in the latest quarterly data. This expansion reflects higher gold prices and operational leverage from increased throughput at Mount Milligan.
The gross margin trend is positive, with sequential improvement from 25.6% in 2025Q1 to 40.8% in 2026Q1, before settling at 35.9% in Q2. This suggests that the company is benefiting from favorable commodity prices and the restart of Öksüt, which carries higher margins. However, the gross margin remains below peers like Eldorado Gold (44.9%), indicating that Mount Milligan's lower-grade ore and the Royal Gold stream may cap margin expansion. Investors should monitor AISC trends to assess whether margin gains are sustainable.
Operating Leverage Amplifies Earnings
Operating income grew 109.6% year-over-year in 2026Q2 to $118.4M, outpacing revenue growth of 53.5%, as per the income statement data. This demonstrates significant operating leverage, with SG&A remaining relatively flat.
The operating margin expanded to 26.7% in 2026Q2 from 19.6% in the prior year, driven by revenue scaling faster than fixed costs. SG&A expenses have been volatile, with a spike in 2026Q1 to $27.3M, but the overall trend shows discipline. The company's high fixed-cost structure means that incremental revenue flows through to operating income at a high rate, which is a key driver of the recent earnings surge. This leverage is a double-edged sword, as a downturn in gold prices could compress margins just as quickly.
Net Income Distorted by Non-Recurring Gains
Net margin of 52.0% in 2025Q4 and 73.9% in 2025Q3 far exceed gross margins, suggesting significant non-operating income, as per reported figures. These anomalies warrant careful adjustment when assessing recurring earnings power.
The gap between gross and net margins in late 2025 is striking, with net income of $195.7M and $292.2M in Q4 and Q3 respectively, despite operating income of only $84.9M and $92.0M. This implies substantial one-time gains, likely from the Kumtor settlement or tax adjustments. The 2026 quarters show more normalized net margins around 16%, but the volatility in earnings quality is a red flag. Investors should strip out non-recurring items to gauge underlying profitability, which appears more moderate than headline numbers suggest.
COGS Dominates Cost Structure
COGS accounted for 64.1% of revenue in 2026Q2, up from 69.7% a year earlier, as per the latest financials. This reduction reflects operational improvements and higher gold prices, but cost pressures remain a key risk.
The cost structure is heavily weighted toward COGS, which is typical for mining operations, with SG&A representing a small fraction of revenue. The decline in COGS as a percentage of revenue is encouraging, but it is partly due to revenue growth rather than absolute cost reduction. Input costs such as diesel, electricity, and grinding media are subject to inflationary pressures, and the company's AISC will be a critical metric to monitor. Management's ability to control costs at Mount Milligan, given its lower-grade ore, will be essential for sustaining margins.
Earnings Quality and Jurisdictional Risks
Despite strong growth, the elevated net margins in late 2025 and reliance on Turkish operations raise concerns, as per financial disclosures. Short-sellers may argue that earnings are inflated by one-offs and that geopolitical risks are underpriced.
The most compelling bear case centers on the sustainability of earnings. The 2025Q3 and Q4 net margins of 73.9% and 52.0% are clearly not recurring, and even the 2026 margins may be flattered by gold price tailwinds. Additionally, a significant portion of cash flow comes from Turkey, where regulatory and currency risks are elevated. The company's history with Kumtor demonstrates the potential for asset loss, and the market may still be applying a discount. If gold prices correct or Turkish operations face disruptions, the stock could re-rate sharply. Investors should demand a margin of safety given these uncertainties.