Kinross Gold achieved significant operational leverage, with gross margins expanding to 57.8% in 2026Q1 compared to 22.7% in 2023Q4.
| 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 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 7.94B | 7.17B | 5.15B | 4.24B | 3.46B | 2.6B | 4.21B | 3.5B | 3.21B | 3.3B | 3.47B | 3.05B | 3.47B | 3.78B | 4.31B | 3.84B | 3.01B | 2.41B | 1.62B | 1.09B | 905.6M | 725.5M | 666.8M | 571.9M | 275.2M | 282.9M | 271M | 303.99M | 269.19M | 173.2M | 204.75M |
| Revenue Growth % | 42.67% | 39.34% | 21.44% | 22.71% | 32.91% | -38.3% | 20.48% | 8.86% | -2.74% | -4.87% | 13.75% | -11.95% | -8.29% | -12.25% | 12.1% | 27.65% | 24.79% | 49.17% | 47.94% | 20.69% | 24.82% | 8.8% | 16.59% | 107.81% | -2.72% | 4.39% | -10.85% | 12.93% | 55.42% | -15.41% | 53.6% |
| Cost of Goods Sold | 3.75B | 3.77B | 3.27B | 3.08B | 2.94B | 2.06B | 1.92B | 2.15B | 2.63B | 2.6B | 2.98B | 3.43B | 4.1B | 6B | 6.06B | 5.05B | 1.8B | 1.51B | 1.07B | 667.2M | 547.1M | 545M | 448.6M | 402.8M | 186.4M | 188.6M | 201M | 220.56M | 206.66M | 141.86M | 141.85M |
| COGS % of Revenue | - | 52.55% | 63.52% | 72.65% | 85.08% | 79.19% | 45.5% | 61.43% | 81.96% | 78.66% | 85.78% | 112.43% | 118.2% | 158.83% | 140.64% | 131.37% | 59.82% | 62.75% | 66% | 61.04% | 60.41% | 75.12% | 67.28% | 70.43% | 67.73% | 66.67% | 74.17% | 72.56% | 76.77% | 81.91% | 69.28% |
| Gross Profit | 4.19B | 3.4B | 1.88B | 1.16B | 515.4M | 541.1M | 2.3B | 1.35B | 579.7M | 704.7M | 493.6M | -379.3M | -631M | -2.22B | -1.75B | -1.21B | 1.21B | 898.4M | 549.7M | 425.8M | 358.5M | 180.5M | 218.2M | 169.1M | 88.8M | 94.3M | 70M | 83.43M | 62.53M | 31.34M | 62.9M |
| Gross Margin % | 52.8% | 47.45% | 36.48% | 27.35% | 14.92% | 20.81% | 54.5% | 38.57% | 18.04% | 21.34% | 14.22% | -12.43% | -18.2% | -58.83% | -40.64% | -31.37% | 40.18% | 37.25% | 34% | 38.96% | 39.59% | 24.88% | 32.72% | 29.57% | 32.27% | 33.33% | 25.83% | 27.44% | 23.23% | 18.09% | 30.72% |
| Gross Profit Growth % | - | 81.25% | 61.98% | 124.99% | -4.75% | -76.44% | 70.23% | 132.69% | -17.74% | 42.77% | 230.13% | 39.89% | 71.62% | -27.02% | -45.23% | -199.64% | 34.64% | 63.43% | 29.1% | 18.77% | 98.61% | -17.28% | 29.04% | 90.43% | -5.83% | 34.71% | -16.1% | 33.41% | 99.55% | -50.18% | - |
| Operating Expenses | 361.36M | 305.66M | 338M | 358.2M | 397.7M | 469M | 396.9M | 357.8M | 379.2M | 368.2M | 447.3M | 363.6M | 396.2M | 411.9M | 491.5M | 370.2M | 560.7M | 252.5M | 1.16B | 198.9M | 157M | 391.7M | 206.5M | 197.7M | 104.3M | 95.9M | 188.8M | 311.59M | 308.34M | 126.26M | 40.72M |
| OpEx % of Revenue | - | 4.26% | 6.56% | 8.45% | 11.51% | 18.04% | 9.42% | 10.23% | 11.8% | 11.15% | 12.88% | 11.91% | 11.43% | 10.9% | 11.41% | 9.63% | 18.63% | 10.47% | 71.82% | 18.2% | 17.34% | 53.99% | 30.97% | 34.57% | 37.9% | 33.9% | 69.67% | 102.5% | 114.54% | 72.9% | 19.89% |
| Selling, General & Admin | 199.68M | 210.11M | 126.2M | 108.7M | 129.8M | 114.4M | 117.9M | 135.8M | 133M | 132.6M | 143.7M | 179.4M | 178.8M | 176.6M | 179.1M | 173.6M | 144M | 117.7M | 100.8M | 69.6M | 52.1M | 45.3M | 36.4M | 25M | 11.3M | 10.1M | 10.4M | 11.2M | 7.3M | 5.95M | 5.4M |
| SG&A % of Revenue | - | 2.93% | 2.45% | 2.56% | 3.76% | 4.4% | 2.8% | 3.88% | 4.14% | 4.01% | 4.14% | 5.88% | 5.16% | 4.67% | 4.16% | 4.52% | 4.78% | 4.88% | 6.23% | 6.37% | 5.75% | 6.24% | 5.46% | 4.37% | 4.11% | 3.57% | 3.84% | 3.68% | 2.71% | 3.43% | 2.64% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 95.54M | 211.8M | 249.5M | 267.9M | 354.6M | 279M | 222M | 246.2M | 235.6M | 303.6M | 184.2M | 217.4M | 235.3M | 312.4M | 196.6M | 416.7M | 134.8M | 1.06B | 129.3M | 104.9M | 346.4M | 170.1M | 172.7M | 93M | 85.8M | 178.4M | 300.39M | 301.04M | 120.31M | 35.32M |
| Operating Income | 3.83B | 3.1B | 1.54B | 801.4M | 117.7M | 72.1M | 1.9B | 991.1M | 200.5M | 336.5M | 46.3M | -742.9M | -1.03B | -2.64B | -2.24B | -1.58B | 648.9M | 645.9M | -611.6M | 226.9M | 201.5M | -211.2M | 11.7M | -28.6M | -15.5M | -1.6M | -118.8M | -228.16M | -245.8M | -94.92M | 22.18M |
| Operating Margin % | 48.25% | 43.19% | 29.92% | 18.9% | 3.41% | 2.77% | 45.08% | 28.34% | 6.24% | 10.19% | 1.33% | -24.34% | -29.63% | -69.72% | -52.05% | -41% | 21.56% | 26.78% | -37.82% | 20.76% | 22.25% | -29.11% | 1.75% | -5% | -5.63% | -0.57% | -43.84% | -75.06% | -91.31% | -54.81% | 10.83% |
| Operating Income Growth % | - | 101.18% | 92.2% | 580.88% | 63.25% | -96.2% | 91.65% | 394.31% | -40.42% | 626.78% | 106.23% | 27.68% | 61.02% | -17.54% | -42.3% | -342.8% | 0.46% | 205.61% | -369.55% | 12.61% | 195.41% | -1905.13% | 140.91% | -84.52% | -868.75% | 98.65% | 47.93% | 7.18% | -158.95% | -527.93% | -83.36% |
| EBITDA | 4.96B | 4.27B | 2.69B | 1.79B | 901.7M | 767.8M | 2.74B | 1.72B | 972.9M | 1.16B | 901.3M | 154.8M | -152.5M | -1.81B | -1.56B | -1.01B | 1.24B | 1.09B | -337.8M | 356.2M | 309.8M | -43.5M | 181.8M | 144.1M | 69.8M | 84.2M | -25.6M | -117.3M | -164.79M | -62.4M | 52.25M |
| EBITDA Margin % | 62.42% | 59.56% | 52.2% | 42.18% | 26.1% | 29.54% | 65.07% | 49.25% | 30.28% | 35% | 25.96% | 5.07% | -4.4% | -47.79% | -36.24% | -26.32% | 41.31% | 45.32% | -20.89% | 32.59% | 34.21% | -6% | 27.26% | 25.2% | 25.36% | 29.76% | -9.45% | -38.59% | -61.22% | -36.03% | 25.52% |
| EBITDA Growth % | 60.76% | 58.99% | 50.31% | 98.31% | 17.44% | -72% | 59.18% | 77.04% | -15.83% | 28.25% | 482.24% | 201.51% | 91.56% | -15.72% | -54.34% | -181.34% | 13.74% | 423.62% | -194.83% | 14.98% | 812.18% | -123.93% | 26.16% | 106.45% | -17.1% | 428.91% | 78.17% | 28.82% | -164.11% | -219.43% | -65.64% |
| D&A (Non-Cash Add-back) | 1.13B | 1.17B | 1.15B | 986.8M | 784M | 695.7M | 842.3M | 731.3M | 772.4M | 819.4M | 855M | 897.7M | 874.7M | 828.8M | 680.9M | 564.1M | 594.5M | 447.3M | 273.8M | 129.3M | 108.3M | 167.7M | 170.1M | 172.7M | 85.3M | 85.8M | 93.2M | 110.87M | 81.01M | 32.53M | 30.06M |
| EBIT | 3.89B | 3.1B | 1.53B | 777.6M | 174.9M | 155.9M | 1.89B | 1.04B | 185.3M | 505.5M | 40.9M | -779.5M | -1.27B | -2.91B | -2.27B | -1.49B | 1.25B | 590.7M | -579.7M | 226.9M | 201.5M | -211.2M | 11.7M | -28.6M | -7.8M | -1.6M | -33.6M | -38.64M | -25.77M | -7.14M | 27.44M |
| Net Interest Income | 17.31M | -8.95M | -32.3M | -28.5M | -49.9M | -60.8M | -85.3M | -69M | -61.1M | -73M | -92.9M | -59.9M | -40.8M | -17.5M | -19.5M | -38.3M | -56.4M | -9.9M | -52.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 83.73M | 74.28M | 18.2M | 40.5M | 18.3M | 10.8M | 4.3M | 7.9M | 11M | 13.5M | 7.5M | 8.3M | 11.2M | 7.6M | 5.3M | 6.9M | 8.3M | 9.2M | 21.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 66.42M | 83.23M | 50.5M | 69M | 68.2M | 71.6M | 89.6M | 76.9M | 72.1M | 86.5M | 100.4M | 68.2M | 52M | 25.1M | 24.8M | 44.5M | 48.5M | 19.1M | 74.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 148.55M | 151.91M | -58.9M | -92.8M | -11M | 12.2M | -100.9M | -27.3M | -87.3M | 82.5M | -105.8M | -104.8M | -290.2M | -304.6M | -49.7M | 39.5M | 556M | -74.3M | -42.7M | 189.6M | -9.3M | -17M | -85.8M | -379.9M | -7.4M | -32.4M | 500K | -209K | 8.72M | 351K | 1.75M |
| Pretax Income | 3.98B | 3.25B | 1.48B | 708.6M | 106.7M | 84.3M | 1.8B | 963.8M | 113.2M | 419M | -59.5M | -847.7M | -1.32B | -2.94B | -2.29B | -1.54B | 1.2B | 571.6M | -654.3M | 416.5M | 192.2M | -228.2M | -74.1M | -408.5M | -22.9M | -34M | -118.3M | -228.37M | -237.08M | -94.57M | 23.93M |
| Pretax Margin % | 50.12% | 45.31% | 28.77% | 16.71% | 3.09% | 3.24% | 42.69% | 27.56% | 3.52% | 12.69% | -1.71% | -27.77% | -38.01% | -77.78% | -53.2% | -39.97% | 40.03% | 23.7% | -40.46% | 38.11% | 21.22% | -31.45% | -11.11% | -71.43% | -8.32% | -12.02% | -43.65% | -75.13% | -88.07% | -54.6% | 11.69% |
| Income Tax | 1.05B | 737.39M | 487.4M | 293.2M | 76.1M | 115M | 439.8M | 246.7M | 138.8M | -23.2M | 49.6M | 141.7M | 109.7M | 72.4M | 259.4M | 496.8M | 332.8M | 150.8M | 101.1M | 73.8M | 25.9M | -12.9M | -11.5M | 1.5M | 6.5M | 2.9M | 900K | 2.9M | 4.26M | -10.84M | 13.5M |
| Effective Tax Rate % | 26.31% | 22.68% | 32.9% | 41.38% | 71.32% | 136.42% | 24.45% | 25.6% | 122.61% | -5.54% | -83.36% | -16.72% | -8.33% | -2.46% | -11.32% | -32.34% | 27.62% | 26.38% | -15.45% | 17.72% | 13.48% | 5.65% | 15.52% | -0.37% | -28.38% | -8.53% | -0.76% | -1.27% | -1.8% | 11.46% | 56.4% |
| Net Income | 2.86B | 2.43B | 948.8M | 416.3M | -605.2M | 221.2M | 1.34B | 718.6M | -23.6M | 445.4M | -104M | -984.5M | -1.17B | -3.74B | -2.5B | -2.07B | 771.6M | 309.9M | -807.2M | 334.8M | 165.8M | -215.2M | -55.3M | 10.5M | -29.4M | -36.9M | -119.2M | -231.28M | -241.35M | -83.73M | 10.44M |
| Net Margin % | 36.04% | 33.9% | 18.43% | 9.82% | -17.52% | 8.51% | 31.86% | 20.55% | -0.73% | 13.48% | -3% | -32.26% | -33.65% | -99.03% | -58.15% | -53.96% | 25.63% | 12.85% | -49.92% | 30.63% | 18.31% | -29.66% | -8.29% | 1.84% | -10.68% | -13.04% | -43.99% | -76.08% | -89.66% | -48.34% | 5.1% |
| Net Income Growth % | 136.47% | 156.32% | 127.91% | 168.79% | -373.6% | -83.52% | 86.81% | 3144.92% | -105.3% | 528.27% | 89.44% | 15.6% | 68.83% | -49.42% | -20.8% | -368.74% | 148.98% | 138.39% | -341.1% | 101.93% | 177.04% | -289.15% | -626.67% | 135.71% | 20.33% | 69.04% | 48.46% | 4.17% | -188.24% | -902.4% | -18.48% |
| Net Income (Continuing) | 2.93B | 2.51B | 994M | 415.4M | 30.6M | -30.7M | 1.36B | 717.1M | -25.6M | 442.2M | -109.1M | -989.4M | -1.43B | -2.92B | -2.55B | -2.03B | 872.1M | 457.78M | -764.1M | 334.8M | 165.8M | -216M | -63.1M | -410.2M | -29.4M | -36.9M | -119.2M | -231.28M | -241.35M | -83.73M | 10.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -636.3M | 249.4M | 0 | 0 | 0 | 0 | 0 | 0 | 233.5M | -730.1M | 41.3M | 19.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 123M | 117.89M | 138.92M | 101.48M | 58.47M | 68.61M | 66.5M | 14.1M | 20.6M | 35.6M | 38.8M | 43.9M | 48.8M | 75.9M | 75.5M | 80.3M | 262.2M | 132.9M | 56.3M | 14M | 0 | 300K | 400K | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.38 | 1.99 | 0.77 | 0.34 | -0.47 | 0.17 | 1.11 | 0.58 | -0.02 | 0.35 | -0.08 | -0.86 | -1.02 | -3.28 | -2.20 | -1.83 | 0.92 | 0.44 | -1.28 | 0.59 | 0.47 | -0.62 | -0.16 | -1.30 | -0.25 | -0.33 | -1.20 | -2.40 | -3.18 | -2.14 | 0.24 |
| EPS Growth % | 139.8% | 158.44% | 126.47% | 172.34% | -376.47% | -84.68% | 91.38% | 3168.78% | -105.4% | 512.74% | 90.14% | 15.69% | 68.9% | -49.09% | -20.22% | -298.91% | 109.09% | 134.38% | -316.95% | 25.53% | 175.81% | -287.5% | 87.69% | -420% | 24.24% | 72.5% | 50% | 24.53% | -48.6% | -991.67% | -33.33% |
| EPS (Basic) | - | 1.99 | 0.77 | 0.34 | -0.47 | 0.17 | 1.12 | 0.59 | -0.02 | 0.36 | -0.08 | -0.86 | -1.02 | -3.28 | -2.20 | -1.83 | 0.92 | 0.45 | -1.28 | 0.60 | 0.47 | -0.62 | -0.16 | -1.30 | -0.54 | -0.35 | -1.20 | -2.40 | -3.18 | -2.14 | 0.26 |
| Diluted Shares Outstanding | 1.2B | 1.22B | 1.23B | 1.24B | 1.28B | 1.27B | 1.27B | 1.26B | 1.25B | 1.26B | 1.23B | 1.15B | 1.14B | 1.14B | 1.14B | 1.14B | 829.2M | 696.5M | 628.6M | 566.1M | 353.2M | 345.2M | 346M | 338.4M | 118.17M | 111.34M | 99.37M | 96.53M | 75.81M | 39.12M | 42.12M |
| Basic Shares Outstanding | 1.2B | 1.22B | 1.23B | 1.23B | 1.28B | 1.26B | 1.26B | 1.25B | 1.25B | 1.25B | 1.23B | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B | 824.5M | 691.5M | 628.6M | 557.4M | 352.1M | 345.2M | 346M | 308.6M | 118.17M | 104.47M | 99.37M | 96.53M | 75.81M | 39.12M | 38.61M |
| Dividend Payout Ratio | - | 6.36% | 15.55% | 35.38% | - | 68.31% | 5.62% | - | - | - | - | - | - | - | - | - | 9.15% | 20.14% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and commodity volatility
As reported in recent financial statements, Kinross Gold achieved a significant revenue growth rate of 58.6% in 2026Q1, reflecting a sustained upward trajectory that appears to be heavily influenced by favorable gold spot pricing rather than purely organic volume increases across its core mining assets.
The acceleration in top-line performance suggests that the company is successfully capturing the benefits of the current commodity cycle. Investors should monitor whether this growth remains durable if gold prices stabilize or retreat, as the current revenue expansion appears highly sensitive to external market conditions.
Based on the provided income statement data, Kinross Gold's gross margin expanded to 57.8% in 2026Q1, marking a substantial improvement from the 22.7% level observed in 2023Q4, which suggests a significant enhancement in operational efficiency and realized pricing power over the recent ten-quarter period.
This margin expansion indicates that the company's industrial 'factory' model at sites like Paracatu is effectively leveraging higher gold prices against relatively stable production costs. However, the sustainability of these margins warrants further investigation, as inflationary pressures on consumables could potentially compress these gains in future quarters.
According to the company's quarterly filings, operating income has scaled aggressively to $1.3 billion in 2026Q1, demonstrating strong operating leverage as the company's fixed-cost structure allows for disproportionate profit growth when revenue increases, a trend that has become increasingly pronounced over the last two years.
The ability to convert revenue growth into operating income at this rate suggests that management has maintained disciplined control over overhead and site-level expenses. This operational efficiency appears to be a key driver of the company's current profitability, though it remains contingent on maintaining throughput levels at its primary mines.
As indicated by the income statement, Kinross Gold reported net income of $831.3 million in 2026Q1 with minimal stock-based compensation, suggesting that the reported earnings are largely free from significant non-cash dilution and reflect genuine operational cash generation rather than accounting-driven distortions or excessive management equity incentives.
The absence of significant stock-based compensation expenses in recent periods is a positive indicator for shareholders, as it suggests that earnings growth is not being artificially inflated or diluted. Investors should continue to monitor for any future non-operating items or impairment charges that have historically impacted the company's bottom line.
Quick answers to the most common questions about buying KGC stock.
For fiscal year 2025, Kinross Gold Corporation (KGC) reported total revenue of $7.17B. This represents a 3404.0% increase compared to $204.8M in 1996.
Kinross Gold Corporation (KGC) is profitable, generating $2.43B in net income for the fiscal year ending 2025 with a net profit margin of 33.9%.
Kinross Gold Corporation (KGC) reported an operating income of $3.10B, resulting in an operating profit margin of 43.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Kinross Gold Corporation (KGC) generated $3.40B in gross profit for the year, representing a gross profit margin of 47.5%. This demonstrates the company's core pricing power and production efficiency.