Revenue growth accelerated to 71.8% in 2025Q4, while gross margins expanded to 56.7%, reflecting improved operational efficiency and favorable gold price realizations.
| Metric | 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 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Sales/Revenue | 8.78B | 5.2B | 4.5B | 4.29B | 4.2B | 3.89B | 2.97B | 2.58B | 2.76B | 2.67B | 2.45B | 2.87B | 2.91B | 5.55B | 5.8B | 5B | 4.16B | 3.23B | 3.21B | 2.74B | 2.28B | 1.89B | 1.71B | 1.53B | 1.23B | 1.01B | 1.11B | 949.7M | 383.9M | 547.9M |
| Revenue Growth % | 68.77% | 15.57% | 4.99% | 2.18% | 7.79% | 31.18% | 15.1% | -6.66% | 3.58% | 8.65% | -14.46% | -1.29% | -47.65% | -4.28% | 15.9% | 20.18% | 28.99% | 0.69% | 17.22% | 19.86% | 20.54% | 10.95% | 11.39% | 24.58% | 21.66% | -9.31% | 17.34% | 147.38% | -29.93% | 1.16% |
| Cost of Goods Sold | 3.91B | 2.99B | 2.86B | 2.72B | 2.49B | 2.26B | 2.11B | 2.11B | 2.17B | 2.08B | 2.07B | 2.42B | 2.42B | 3.34B | 2.95B | 300K | 2.54B | 2.42B | 2.04B | 1.76B | 1.66B | 1.5B | 1.55B | 1.01B | 759.9M | 766.1M | 883.7M | 709.5M | 310.9M | 378.8M |
| COGS % of Revenue | 44.57% | 57.51% | 63.62% | 63.41% | 59.29% | 57.95% | 71.02% | 81.68% | 78.47% | 77.99% | 84.36% | 84.37% | 83.13% | 60.19% | 50.84% | 0.01% | 61.09% | 74.83% | 63.5% | 64.17% | 72.78% | 79.27% | 90.84% | 65.88% | 61.81% | 75.81% | 79.3% | 74.71% | 80.98% | 69.14% |
| Gross Profit | 4.84B | 2.21B | 1.64B | 1.57B | 1.71B | 1.64B | 859.9M | 472.3M | 594.7M | 586.8M | 383.7M | 448.3M | 490.3M | 2.21B | 2.85B | 4.16B | 1.62B | 812.6M | 1.17B | 980.1M | 621.1M | 392.5M | 156.3M | 522.6M | 469.6M | 244.5M | 230.7M | 240.2M | 73M | 169.1M |
| Gross Margin % | 55.12% | 42.49% | 36.38% | 36.59% | 40.71% | 42.05% | 28.98% | 18.32% | 21.53% | 22.01% | 15.64% | 15.63% | 16.87% | 39.81% | 49.16% | 83.2% | 38.91% | 25.17% | 36.5% | 35.83% | 27.22% | 20.73% | 9.16% | 34.12% | 38.19% | 24.19% | 20.7% | 25.29% | 19.02% | 30.86% |
| Gross Profit Growth % | 118.92% | 34.99% | 4.38% | -8.16% | 4.35% | 90.34% | 82.07% | -20.58% | 1.35% | 52.93% | -14.41% | -8.57% | -77.82% | -22.49% | -31.52% | 156.99% | 99.4% | -30.56% | 19.41% | 57.8% | 58.24% | 151.12% | -70.09% | 11.29% | 92.07% | 5.98% | -3.96% | 229.04% | -56.83% | -16.08% |
| Operating Expenses | 366.4M | 117M | 411.7M | 371.4M | 341.2M | 353M | 427.7M | 816.5M | 379.6M | 170.3M | 309.9M | 233.2M | 1.04B | 1.06B | 1.08B | 770.99M | 835.1M | 128.5M | 461.5M | 440.4M | 311.2M | 343M | 0 | 211.1M | 96.1M | -209.4M | 100M | 6.5M | 0 | 0 |
| OpEx % of Revenue | 4.17% | 2.25% | 9.15% | 8.66% | 8.13% | 9.07% | 14.41% | 31.67% | 13.74% | 6.39% | 12.63% | 8.13% | 35.94% | 19.05% | 18.59% | 15.41% | 20.05% | 3.98% | 14.39% | 16.1% | 13.64% | 18.12% | - | 13.78% | 7.82% | -20.72% | 8.97% | 0.68% | - | - |
| Selling, General & Admin | 68.6M | 18.9M | 64.9M | 130.5M | 80.5M | 127.6M | 84M | 107.4M | 92.5M | 72M | 41.2M | 85.1M | 106.4M | 14.1M | 187.6M | 0 | 54.8M | 33.7M | 61M | 52.2M | 42M | 68.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 0.78% | 0.36% | 1.44% | 3.04% | 1.92% | 3.28% | 2.83% | 4.17% | 3.35% | 2.7% | 1.68% | 2.97% | 3.66% | 0.25% | 3.23% | - | 1.32% | 1.04% | 1.9% | 1.91% | 1.84% | 3.62% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 297.8M | 0 | 0 | -15.3M | -49.2M | 23.9M | -123.5M | 0 | 0 | 0 | 0 | 0 | 0 | -77.4M | 890.7M | 770.99M | -31.9M | 505.2M | 400.5M | 388.2M | 269.2M | 274.5M | 0 | 211.1M | 96.1M | -209.4M | 100M | 6.5M | 0 | 0 |
| Operating Income | 4.25B | 2.09B | 1.42B | 1.4B | 1.55B | 1.46B | 684.7M | 271.1M | 464.3M | 362.2M | 240.2M | 272.8M | 383.9M | 1.13B | 1.8B | 606.16M | 905.2M | 676.8M | 653.6M | 535.8M | 328.1M | 303.9M | 156.3M | 147.3M | 316.5M | 1.03B | 209.1M | 241.8M | 73M | 169.1M |
| Operating Margin % | 48.41% | 40.24% | 31.59% | 32.71% | 36.93% | 37.55% | 23.08% | 10.52% | 16.81% | 13.58% | 9.79% | 9.51% | 13.21% | 20.39% | 31.01% | 12.11% | 21.74% | 20.96% | 20.39% | 19.59% | 14.38% | 16.05% | 9.16% | 9.62% | 25.74% | 101.6% | 18.76% | 25.46% | 19.02% | 30.86% |
| Operating Income Growth % | 103.01% | 47.22% | 1.41% | -9.49% | 6.01% | 113.42% | 152.56% | -41.61% | 28.19% | 50.79% | -11.95% | -28.94% | -66.09% | -37.06% | 196.72% | -33.04% | 33.75% | 3.55% | 21.99% | 63.3% | 7.96% | 94.43% | 6.11% | -53.46% | -69.18% | 391.06% | -13.52% | 231.23% | -56.83% | -16.08% |
| EBITDA | 5.17B | 2.72B | 2.22B | 2.17B | 2.29B | 2.15B | 1.32B | 979.1M | 1.21B | 1.14B | 903.3M | 942.2M | 943.24M | 1.86B | 2.54B | 1.36B | 1.54B | 1.14B | 1.05B | 924M | 597.3M | 578.4M | 186M | 295.1M | 412.6M | 1.11B | 309.1M | 248.3M | 167M | 73M |
| EBITDA Margin % | 58.89% | 52.3% | 49.26% | 50.71% | 54.67% | 55.22% | 44.65% | 37.98% | 43.96% | 42.9% | 36.81% | 32.84% | 32.45% | 33.54% | 43.86% | 27.27% | 36.89% | 35.2% | 32.88% | 33.78% | 26.17% | 30.55% | 10.9% | 19.27% | 33.56% | 109.6% | 27.74% | 26.15% | 43.5% | 13.32% |
| EBITDA Growth % | 90.03% | 22.71% | 1.99% | -5.22% | 6.71% | 62.25% | 35.3% | -19.35% | 6.14% | 26.62% | -4.13% | -0.11% | -49.34% | -26.81% | 86.37% | -11.15% | 35.18% | 7.82% | 14.08% | 54.7% | 3.27% | 210.97% | -36.97% | -28.48% | -62.75% | 258.33% | 24.49% | 48.68% | 128.77% | -56.83% |
| D&A (Non-Cash Add-back) | 920.4M | 627.4M | 795.3M | 771.7M | 744.5M | 688M | 640M | 708M | 749.7M | 781.6M | 663.1M | 669.4M | 559.34M | 729.9M | 745.3M | 758.83M | 631.1M | 459.7M | 400.5M | 388.2M | 269.2M | 274.5M | 29.7M | 147.8M | 96.1M | 80.8M | 100M | 6.5M | 0 | 0 |
| EBIT | 4.39B | 2.03B | 1.27B | 1.22B | 1.38B | 1.3B | 452.5M | -323.3M | 233.7M | 435.5M | 91.8M | 237.7M | -90.1M | 768.3M | 1.06B | 543.37M | 543.37M | 916.6M | 625.1M | 941.2M | 539.7M | 356.6M | 27.8M | 86.8M | 311.5M | 373.5M | 453.9M | 130.7M | 167M | 73M |
| Net Interest Income | -45.04M | 3.7M | -38.3M | -59.3M | -92.7M | -118.4M | -94.9M | -80.6M | -75.7M | -69.8M | -76.6M | -95.1M | -63.9M | -39.3M | -40.5M | -36.71M | -25M | -25M | -49M | -69.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 46.24M | 21.8M | 24.6M | 13.2M | 8.2M | 8.3M | 7.3M | 7.4M | 5.6M | 8.3M | 6.3M | 4.1M | 8.5M | 29.2M | 25.4M | 25.12M | 40.2M | 24.9M | 24.9M | 26.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 91.28M | 18.1M | 62.9M | 72.5M | 100.9M | 126.7M | 102.2M | 88M | 81.3M | 78.1M | 82.9M | 99.2M | 72.4M | 70.1M | 54.3M | 61.83M | 65.2M | 67.7M | 73.9M | 80.4M | 92.3M | 610.5M | 36.3M | 0 | 0 | 1.15B | 112.5M | 3M | 0 | 0 |
| Other Income/Expense | 1.06B | -105.6M | -211.5M | -251.3M | -265.3M | -283.4M | -334.4M | -744.7M | -270.5M | -4.8M | -231.3M | -134.3M | -358.7M | -115.7M | 430.9M | -181.1M | -423.66M | 53.1M | -79.7M | 163.5M | -58.1M | 5.2M | 29.74M | -5.17M | 159.4M | -604.9M | -581.7M | -34.1M | -427.1M | 18.5M |
| Pretax Income | 5.31B | 1.99B | 1.21B | 1.15B | 1.28B | 1.18B | 350.3M | -410.7M | 152.4M | 357.4M | 8.9M | 138.5M | -615.2M | 996.1M | 1.51B | 425.06M | 851.4M | 467M | 840.8M | 481.6M | 271.5M | -285.6M | 141.7M | 475.9M | 421.9M | -127.8M | 96.6M | 238.8M | 209.2M | 187.6M |
| Pretax Margin % | 60.5% | 38.21% | 26.89% | 26.85% | 30.6% | 30.26% | 11.81% | -15.93% | 5.52% | 13.4% | 0.36% | 4.83% | -21.17% | 17.94% | 26% | 8.49% | 20.45% | 14.47% | 26.22% | 17.61% | 11.9% | -15.09% | 8.3% | 31.07% | 34.31% | -12.65% | 8.67% | 25.14% | 54.49% | 34.24% |
| Income Tax | 1.65B | 697.1M | 465.1M | 442.1M | 424.9M | 432.5M | 175.6M | 65.9M | 173.2M | 189.5M | 248.5M | 118.1M | 20.1M | 291.9M | 552M | 325.86M | 358.4M | 261.2M | 271.2M | 209.3M | -97.3M | -100.4M | 8.7M | 150.3M | 120.4M | -8.6M | -6.1M | 29.3M | 3.4M | 21.5M |
| Effective Tax Rate % | 31.15% | 35.07% | 38.43% | 38.42% | 33.1% | 36.72% | 50.13% | -16.05% | 113.65% | 53.02% | 2792.13% | 85.27% | -3.27% | 29.3% | 36.61% | 76.66% | 42.1% | 55.93% | 32.25% | 43.46% | -35.84% | 35.15% | 6.14% | 31.58% | 28.54% | 6.73% | -6.31% | 12.27% | 1.63% | 11.46% |
| Net Income | 3.58B | 1.25B | 703.3M | 711M | 789.3M | 723M | 161.6M | -348.2M | -31.8M | 157M | -239.1M | 12.8M | -583.6M | 654.3M | 881.5M | 1.21B | 391M | 170.5M | 452.5M | 246.1M | 138.5M | -206.2M | 111.3M | 325.6M | 301.5M | -119.2M | 102.7M | 209.5M | 205.8M | 166.1M |
| Net Margin % | 40.76% | 23.93% | 15.63% | 16.59% | 18.81% | 18.58% | 5.45% | -13.51% | -1.15% | 5.89% | -9.74% | 0.45% | -20.08% | 11.79% | 15.2% | 24.17% | 9.39% | 5.28% | 14.11% | 9% | 6.07% | -10.89% | 6.52% | 21.26% | 24.52% | -11.79% | 9.22% | 22.06% | 53.61% | 30.32% |
| Net Income Growth % | 187.43% | 77.02% | -1.08% | -9.92% | 9.17% | 347.4% | 146.41% | -994.97% | -120.25% | 165.66% | -1967.97% | 102.19% | -189.19% | -25.77% | -27.14% | 209.41% | 129.33% | -62.32% | 83.87% | 77.69% | 167.17% | -285.26% | -65.82% | 7.99% | 352.94% | -216.07% | -50.98% | 1.8% | 23.9% | -8.64% |
| Net Income (Continuing) | 3.66B | 1.29B | 777.8M | 711.6M | 858.9M | 748M | 171.6M | -331.7M | -20.8M | 170.2M | -239.6M | 22.8M | -619.61M | 397.2M | 1.07B | 99.2M | 155.67M | 470.3M | 221.19M | 646.5M | 367.8M | 161.7M | 41.22M | 133.34M | 325.6M | 301.5M | -119.2M | 102.7M | -123.5M | 205.8M |
| Discontinued Operations | 0 | 0 | -18.9M | 13M | 2.6M | 0 | 0 | 0 | 0 | 1.2M | 2.7M | 0 | 371.8M | -107M | -459M | 0 | 0 | 0 | 0 | 0 | -121.7M | 0 | 0 | -84.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 239.8M | 165.5M | 143.7M | 131.9M | 152.3M | 163.7M | 131.7M | 120.8M | 127.2M | 122.6M | 82.1M | 96.6M | 103.8M | 126.1M | 69.5M | 368.3M | 337.5M | 279.5M | 151.4M | 127.1M | 125.1M | 118.4M | 105.2M | 85.8M | 54.7M | 39.3M | 30M | 36.4M | 0 | 0 |
| EPS (Diluted) | 3.94 | 1.38 | 0.77 | 0.77 | 0.91 | 0.81 | 0.19 | -0.42 | -0.04 | 0.19 | -0.31 | 0.02 | -0.79 | 0.90 | 1.21 | -0.03 | 0.55 | 0.25 | 0.69 | 0.44 | 0.28 | -0.42 | 0.23 | 0.69 | 0.64 | -0.26 | 0.23 | 0.64 | 1.01 | 0.81 |
| EPS Growth % | 185.51% | 79.22% | 0% | -15.38% | 12.35% | 326.32% | 145.24% | -950% | -121.05% | 161.29% | -1967.47% | 102.1% | -187.78% | -25.62% | 4272.41% | -105.27% | 120% | -63.77% | 56.82% | 57.14% | 166.67% | -282.61% | -66.67% | 7.81% | 346.15% | -213.04% | -64.06% | -36.63% | 24.69% | -8.99% |
| EPS (Basic) | 4.00 | 1.39 | 0.77 | 0.78 | 0.92 | 0.82 | 0.20 | -0.42 | -0.04 | 0.19 | -0.31 | 0.02 | -0.79 | 0.90 | 1.22 | -0.03 | 0.55 | 0.25 | 0.69 | 0.44 | 0.28 | -0.42 | 0.23 | 0.69 | 0.65 | -0.26 | 0.23 | 0.64 | 1.01 | 0.81 |
| Diluted Shares Outstanding | 897.34M | 895.5M | 895.04M | 893.92M | 893.5M | 889.84M | 839.23M | 832.47M | 826.92M | 810.08M | 774.76M | 771.81M | 738.73M | 730.72M | 730.79M | 719.69M | 714.55M | 682M | 656.25M | 562.21M | 496.24M | 493.69M | 487.7M | 475.29M | 471.09M | 454.45M | 453.25M | 325M | 204M | 205.06M |
| Basic Shares Outstanding | 894.97M | 894.88M | 893.32M | 906.51M | 901.65M | 894.42M | 850.53M | 821.53M | 795M | 826.32M | 771.29M | 769.18M | 738.73M | 727.46M | 722.38M | 711.01M | 705.36M | 682M | 652.54M | 558.26M | 492.92M | 491.99M | 485.02M | 471.81M | 463.85M | 454.45M | 453.25M | 325M | 204M | 205.06M |
| Dividend Payout Ratio | 19.84% | 28.18% | 52.41% | 42.81% | 40.83% | 19.05% | 28.16% | - | - | 24.97% | - | 232.81% | - | 52.98% | 19.21% | - | 17.28% | 69.27% | 24.03% | 58.21% | 114.44% | - | 65.87% | 29.86% | - | - | 62.22% | 17.47% | - | 21.49% |
Geopolitical and Regulatory Volatility
According to the latest financial disclosures, Gold Fields achieved a 71.8% year-over-year revenue growth in 2025Q4, signaling a sharp acceleration in top-line performance that appears heavily influenced by favorable gold price realizations rather than purely organic volume expansion across its diversified global mining portfolio.
The dramatic revenue jump suggests that the company is successfully capturing the upside of current market conditions. Investors should monitor whether this growth trajectory remains sustainable if gold prices stabilize or if the company can maintain this momentum through increased production from its newer, lower-cost assets.
As reported in recent income statements, GFI’s gross margin expanded to 56.7% in 2025Q4, reflecting a significant recovery from the volatility observed in 2023, which suggests that the company's shift toward mechanized, lower-cost jurisdictions is effectively insulating its profitability from traditional deep-level mining cost pressures.
The margin improvement indicates that management's focus on high-margin ounces is yielding tangible results. This structural shift appears to provide a robust buffer against potential inflationary headwinds, though the sustainability of these margins remains contingent on the successful integration of newer projects like Salares Norte.
Based on the provided quarterly data, GFI’s operating income reached $2.7 billion in 2025Q4, demonstrating significant operating leverage as the company scales production while keeping SG&A expenses relatively contained, which suggests a disciplined approach to overhead management during periods of rapid revenue growth and market expansion.
The ability to grow operating income faster than gross profit highlights the efficiency of the company's current operational footprint. This trend suggests that the firm is successfully leveraging its fixed-cost base, though analysts should watch for any future spikes in SG&A that could signal a departure from this discipline.
As indicated by the 2025Q4 net income of $2.5 billion, GFI’s earnings quality appears strong, particularly given the absence of significant stock-based compensation and the company's ability to convert top-line revenue into substantial bottom-line profit without relying on non-operating items or accounting anomalies.
The lack of stock-based compensation in recent periods suggests a shareholder-friendly capital structure that avoids dilution. This performance warrants further investigation into whether the current tax rate and amortization schedules are reflective of long-term operational realities or if they are benefiting from temporary, non-recurring accounting tailwinds.
While current figures show strong profitability, a critical analysis of the income statement suggests that the 71.8% revenue growth may be masking underlying risks, as the company remains a price-taker vulnerable to sudden shifts in global gold prices and potential regulatory changes in key jurisdictions.
Short-term margin expansion may be unsustainable if input costs for energy and labor begin to outpace realized gold prices. Investors should remain cautious, as the company's reliance on specific geographic regions introduces idiosyncratic risks that could rapidly compress margins if local fiscal or regulatory environments deteriorate.
Quick answers to the most common questions about buying GFI stock.
For fiscal year 2025, Gold Fields Limited (GFI) reported total revenue of $8.78B. This represents a 1502.2% increase compared to $547.9M in 1996.
Gold Fields Limited (GFI) is profitable, generating $3.58B in net income for the fiscal year ending 2025 with a net profit margin of 40.8%.
Gold Fields Limited (GFI) reported an operating income of $4.25B, resulting in an operating profit margin of 48.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Gold Fields Limited (GFI) generated $4.84B in gross profit for the year, representing a gross profit margin of 55.1%. This demonstrates the company's core pricing power and production efficiency.