Revenue growth accelerated to 103.3% in 2026Q1, though gross margins remain erratic, fluctuating between a low of 2.6% in 2025Q4 and a peak of 50.9% in 2026Q1.
| 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 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 |
|---|
| Sales/Revenue | 2.29B | 1.85B | 1.51B | 1.09B | 952.2M | 1.08B | 845.39M | 281.7M | 30.16M | 15.47M | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 34.8% | 22.12% | 39.14% | 14.28% | -12.02% | 28.02% | 200.11% | 834.04% | 94.98% | 1346.96% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.42B | 1.39B | 1.21B | 979.21M | 867.23M | 851.7M | 555.21M | 197.84M | 22.13M | 27.65M | 2.29M | 4K | 3.5K | 2K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 75.01% | 79.92% | 89.98% | 91.08% | 78.69% | 65.67% | 70.23% | 73.36% | 178.78% | 214.5% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 866.94M | 462.16M | 304.05M | 108.98M | 84.97M | 230.59M | 290.18M | 83.85M | 8.03M | -12.19M | -1.22M | -4K | -3.5K | -2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 37.91% | 24.99% | 20.08% | 10.02% | 8.92% | 21.31% | 34.33% | 29.77% | 26.64% | -78.78% | -114.5% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 52% | 178.98% | 28.26% | -63.15% | -20.54% | 246.06% | 943.74% | 165.93% | -895.59% | -30500% | -14.29% | -75% | - | - | - | - | - | - | - |
| Operating Expenses | 41.05M | 22.25M | 66.08M | 59.36M | 74.58M | 84.12M | 117.23M | 28.73M | 28.69M | 19.03M | 2.17M | 5.34M | 3.62M | 1.47M | 225.51K | 87.94K | 312.4K | 54.44K | 47.91K | 9.03K |
| OpEx % of Revenue | - | 1.2% | 4.36% | 5.46% | 7.83% | 7.77% | 13.87% | 10.2% | 95.14% | 123.01% | 203.27% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.69M | 16.06M | 50.91M | 45.17M | 45.65M | 51.35M | 39.7M | 19.49M | 16.38M | 10.44M | 1.14M | 1.15M | 1.94M | 774.6K | 153.94K | 76.89K | 67.99K | 54.44K | 47.91K | 9.03K |
| SG&A % of Revenue | - | 0.87% | 3.36% | 4.15% | 4.79% | 4.74% | 4.7% | 6.92% | 54.33% | 67.46% | 106.36% | - | - | - | - | - | - | - | - | - |
| 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 | 6.19M | 15.18M | 14.19M | 28.93M | 32.77M | 77.53M | 9.24M | -2.99M | -19K | 185K | 45K | 1.68M | 694.6K | 311 | -8.24K | 244.41K | 0 | 0 | 0 |
| Operating Income | 825.88M | 439.91M | 237.96M | 49.62M | 10.39M | 146.47M | 172.96M | 55.12M | -33.94M | -31.21M | -3.4M | -5.27M | -3.6M | -1.47M | -225.15K | -94.91K | -307.84K | -51.41K | -47.91K | -9.03K |
| Operating Margin % | 36.11% | 23.79% | 15.72% | 4.56% | 1.09% | 13.53% | 20.46% | 19.57% | -112.54% | -201.79% | -317.77% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 84.86% | 379.57% | 377.48% | -92.91% | -15.31% | 213.76% | 262.41% | -8.74% | -818.84% | 35.5% | -46.42% | -144.51% | -553.44% | -137.23% | 69.17% | -498.81% | -7.29% | -430.41% | - |
| EBITDA | 1.37B | 966.48M | 460.58M | 265.74M | 199.23M | 344.61M | 325.14M | 94.25M | -29.88M | -30.89M | -3.25M | -5.26M | -3.59M | -1.47M | -225.51K | -87.94K | -312.4K | -54.44K | -47.91K | -9.03K |
| EBITDA Margin % | 59.95% | 52.27% | 30.42% | 24.42% | 20.92% | 31.84% | 38.46% | 33.46% | -99.08% | -199.69% | -304.28% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 165.8% | 109.84% | 73.32% | 33.38% | -42.19% | 5.99% | 244.97% | 415.42% | 3.26% | -849.62% | 38.2% | -46.45% | -144.6% | -551.5% | -156.45% | 71.85% | -473.88% | -13.61% | -430.41% | - |
| D&A (Non-Cash Add-back) | 545.11M | 526.58M | 222.62M | 216.12M | 188.84M | 198.13M | 152.19M | 39.13M | 4.06M | 324.26K | 144.24K | 4K | 3.5K | 2K | -363 | 6.97K | -4.56K | -3.03K | 0 | 0 |
| EBIT | 678.32M | 439.91M | 725.46M | 74.97M | -58.05M | 576.59M | 82.85M | 4.35M | -30.37M | -6.79M | -2.3M | -4.82M | -3.74M | -5.72M | -398.08K | -224.75K | -95.46K | -311.6K | 0 | 0 |
| Net Interest Income | -152.54M | -171.29M | -87.32M | -48.51M | -34.74M | -38.73M | -37.93M | -15.59M | -2.26M | -6.4M | -409K | 25K | 14K | 5.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.24M | 11.14M | 7.67M | 11.69M | 5.61M | 2.82M | 1.82M | 1.95M | 4.44M | 771K | 0 | 31K | 23.4K | 9.4K | 52 | 634 | 2.28K | 3.03K | 0 | 0 |
| Interest Expense | 165.79M | 182.43M | 95.38M | 60.2M | 40.35M | 41.55M | 39.75M | 17.54M | 6.7M | 7.17M | 409K | 6K | 9.4K | 4K | 52 | 634 | 2.28K | 3.03K | 0 | -9.03K |
| Other Income/Expense | -313.35M | -306.24M | 392.12M | -34.85M | -108.8M | 388.56M | -129.86M | -68.31M | -5.02M | 18.18M | 686K | 107K | -330K | -4.26M | -172.93K | -129.85K | 212.38K | -260.19K | 0 | 0 |
| Pretax Income | 512.53M | 133.67M | 630.08M | 14.77M | -98.41M | 535.03M | 43.1M | -13.19M | -21.38M | -17.12M | -2.71M | -5.24M | -3.93M | -5.73M | -225.2K | -95.54K | -310.12K | 0 | 0 | 0 |
| Pretax Margin % | 22.41% | 7.23% | 41.61% | 1.36% | -10.33% | 49.44% | 5.1% | -4.68% | -70.9% | -110.69% | -253.6% | - | - | - | - | - | - | - | - | - |
| Income Tax | 269.07M | 152.86M | 290.79M | -14.12M | 7.62M | -19.85M | 20.81M | 7.14M | 2.33M | 308K | 0 | 85K | -85.2K | 0 | -415 | 6.97K | -49.05K | -6.05K | -4.13K | 9.03K |
| Effective Tax Rate % | 52.5% | 114.36% | 46.15% | -95.59% | -7.74% | -3.71% | 48.29% | -54.13% | -10.92% | -1.8% | 0% | -1.62% | 2.17% | 0% | 0.18% | -7.3% | 15.82% | - | - | - |
| Net Income | 610.94M | 225.35M | 339.29M | 28.88M | -106.03M | 554.89M | 22.29M | -18.36M | -49.85M | -16.73M | -2.4M | -5.32M | -3.84M | -5.73M | -225.15K | -95.54K | -261.07K | -51.41K | -43.79K | -9.03K |
| Net Margin % | 26.71% | 12.19% | 22.41% | 2.65% | -11.13% | 51.27% | 2.64% | -6.52% | -165.28% | -108.15% | -224.88% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 62.37% | -33.58% | 1074.65% | 127.24% | -119.11% | 2389.63% | 221.39% | 63.17% | -197.98% | -595.84% | 54.82% | -38.5% | 32.94% | -2444.55% | -135.66% | 63.4% | -407.83% | -17.4% | -384.73% | - |
| Net Income (Continuing) | 243.46M | -19.19M | 339.29M | 28.88M | -106.03M | 554.89M | 22.29M | -20.32M | -39.41M | -13.35M | -2.71M | -4.9M | -3.66M | -5.73M | -398.08K | -224.75K | -95.46K | -262.32K | -43.79K | -9.03K |
| Discontinued Operations | 2M | 244.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.52M | 8.13M | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.74 | 0.36 | 0.68 | 0.09 | -0.35 | 1.67 | 0.10 | -0.18 | -0.54 | -0.19 | -0.03 | -0.06 | -0.04 | -0.06 | -0.00 | -0.61 | -2.26 | -0.75 | -0.75 | -0.24 |
| EPS Growth % | 62.67% | -47.06% | 644.8% | 126.09% | -120.96% | 1570% | 155.56% | 66.67% | -184.21% | -595.97% | 54.8% | -40.47% | 33.02% | - | 99.57% | 73.01% | -201.33% | 0% | -212.5% | - |
| EPS (Basic) | - | 0.36 | 0.81 | 0.09 | -0.35 | 1.93 | 0.11 | -0.18 | -0.54 | -0.19 | -0.03 | -0.06 | -0.04 | -0.06 | -0.00 | -0.61 | -2.26 | -0.75 | -0.75 | -0.24 |
| Diluted Shares Outstanding | 825.75M | 630.31M | 473.55M | 316.3M | 304M | 333.73M | 218.41M | 112M | 92.34M | 89.23M | 88.15M | 88.15M | 89.26M | 89.26M | 88.15M | 155.89K | 115.5K | 68.87K | 58.6K | 37.83K |
| Basic Shares Outstanding | 788.6M | 630.31M | 400.11M | 312.77M | 304M | 284.93M | 212.49M | 112M | 92.34M | 89.23M | 88.15M | 88.15M | 89.26M | 89.26M | 88.15M | 155.89K | 115.5K | 68.87K | 58.6K | 37.83K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational volatility at Los Filos
As reported in recent financial statements, Equinox Gold achieved a significant revenue surge to $861.6 million in 2026Q1, representing a 103.3% year-over-year growth rate that appears to be driven by the successful ramp-up of the Greenstone project and favorable gold price environments.
The acceleration in top-line performance suggests that the company is successfully transitioning from a development-heavy phase to a production-oriented model. Investors should monitor whether this growth trajectory remains sustainable as the company moves past initial commissioning phases and faces potential production variability across its diverse asset base.
According to the provided income statement data, gross margins have demonstrated extreme volatility, ranging from a low of 2.6% in 2025Q4 to a peak of 50.9% in 2026Q1, indicating that the company's cost structure remains highly sensitive to operational disruptions and project-specific ramp-up costs.
The wide variance in margins suggests that Equinox Gold has yet to achieve the steady-state cost efficiency required to compete with senior producers. The recent expansion to 50.9% warrants further investigation to determine if this reflects permanent cost improvements at Greenstone or merely a temporary benefit from favorable gold spot prices.
Based on reported figures, operating income reached $390.2 million in 2026Q1, reflecting a significant improvement in operating leverage as the company scales production volumes across its multi-mine portfolio while maintaining relatively controlled SG&A expenses of $21.2 million for the same period.
The ability to grow operating income faster than gross profit suggests that the company is beginning to realize economies of scale. However, this trend appears fragile, as historical periods of low operating income indicate that the company's fixed-cost base remains a significant burden during periods of lower production output.
While recent revenue growth is impressive, the historical data reveals a pattern of erratic profitability, with net margins swinging from -17.8% in 2024Q1 to 140.7% in 2025Q4, suggesting that non-operating items and asset-specific issues may be masking the underlying operational performance of the core mining business.
Short-sellers may focus on the recurring volatility in net income, which appears to be influenced by non-cash items and potential accounting adjustments rather than pure operational cash generation. The discrepancy in reported debt levels compared to historical obligations warrants further investigation into the company's true financial health and leverage profile.
Quick answers to the most common questions about buying EQX stock.
For fiscal year 2025, Equinox Gold Corp. (EQX) reported total revenue of $1.85B.
Equinox Gold Corp. (EQX) is profitable, generating $225.3M in net income for the fiscal year ending 2025 with a net profit margin of 12.2%.
Equinox Gold Corp. (EQX) reported an operating income of $439.9M, resulting in an operating profit margin of 23.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Equinox Gold Corp. (EQX) generated $462.2M in gross profit for the year, representing a gross profit margin of 25.0%. This demonstrates the company's core pricing power and production efficiency.