Revenue surged 39.3% year-over-year in Q2 2026, with gross margin expanding to 55.3% from 27.5% in Q1 2024, driving EPS growth of 60.5% year-over-year.
Kinross Gold Corporation (KGC) annual income statement — 30-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 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.39B | 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 % | 38.16% | 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 | 3.89B | 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 | 4.5B | 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 % | 53.62% | 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 | 299.78M | 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 | 201.66M | 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 | 4.2B | 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 % | 50.05% | 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 | 5.34B | 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 % | 63.67% | 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 % | 51.51% | 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) | 1.14B | 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 | 4.44B | 3.33B | 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 | 41.22M | -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 | 95.63M | 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 | 54.41M | 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 | 201.16M | 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 | 4.4B | 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 % | 52.45% | 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 | 1.2B | 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 % | 27.21% | 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 | 3.15B | 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 % | 37.57% | 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 % | 106.13% | 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) | 3.2B | 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 | 121.15M | 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) | 2.64 | 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 % | 110.48% | 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 | 1.19B | 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 | 1.19B | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cost inflation and gold price volatility
Revenue Momentum Accelerates Sharply
Kinross's revenue surged 39.3% year-over-year, with Q2 2026 revenue up 26.2% sequentially, driven by higher gold prices and record production, according to recent financial statements.
The revenue trajectory has steepened markedly over the past year, with quarterly growth rates accelerating from 11.6% in Q2 2024 to 58.6% in Q1 2026. This acceleration appears driven by a combination of elevated gold prices and increased sales volumes, particularly from the Paracatu and Tasiast operations. The durability of this growth hinges on sustained gold prices and the successful ramp-up of the Great Bear project, which could extend the growth runway.
Margins Expand on Gold Price Strength
Gross margin expanded from 27.5% in Q1 2024 to 55.3% in Q2 2026, reflecting a 1,000 basis point improvement year-over-year, as reported in the latest quarterly data.
The gross margin expansion is remarkable, with the latest quarter showing a 55.3% gross margin versus 31.8% in the year-ago quarter. This improvement is largely a function of gold prices outpacing cost inflation, but it also suggests operational efficiencies at Kinross's low-grade, high-throughput mines. However, investors should monitor whether this margin is sustainable if gold prices retreat or if input costs (energy, cyanide) continue to rise, as the company's high fixed-cost structure could amplify margin compression.
Operating Leverage Amplifies Profitability
Operating income grew 235% year-over-year in Q2 2026, with operating margin expanding to 52.5% from 24.5% a year earlier, based on reported figures.
The operating leverage is evident as SG&A costs have remained relatively flat (around $30-70 million per quarter) while revenue has nearly doubled. This has allowed operating income to scale disproportionately, with operating margin expanding from 17.9% in Q1 2024 to 52.5% in Q2 2026. The company's ability to control overhead while growing revenue suggests a scalable cost structure, though the fixed-cost nature of mining means that a downturn in gold prices could quickly reverse this leverage.
Earnings Quality Solid, SBC Minimal
Net income jumped 235% year-over-year in Q2 2026, with EPS of $0.69, while stock-based compensation remained negligible at $3.4 million, according to the income statement.
The quality of earnings appears high, as the EPS growth is driven by operational performance rather than one-time items or aggressive accounting. Stock-based compensation is minimal, representing less than 0.2% of revenue, which is a positive sign for shareholders. However, the effective tax rate and any potential impairments (historically a concern for Kinross) should be monitored, as the company has a history of write-downs on acquisitions.
COGS Rising but Marginally Below Revenue
COGS increased 17.4% year-over-year in Q2 2026, but as a percentage of revenue it fell to 44.7% from 68.2% a year earlier, based on reported data.
While COGS has risen in absolute terms due to higher production and input costs, it has grown at a slower pace than revenue, leading to margin expansion. This suggests that the company is benefiting from operating leverage and possibly from favorable currency movements (weaker Brazilian Real). However, the sustainability of this trend is uncertain, as inflationary pressures on diesel, electricity, and consumables could accelerate COGS growth in future quarters.
Margin Expansion May Be Cyclical
The 55.3% gross margin in Q2 2026 is heavily dependent on spot gold prices; a 10% decline in gold could compress margins to pre-2025 levels, as per sensitivity analysis.
Short-sellers might argue that the current margin expansion is not structural but cyclical, driven by an unprecedented gold price rally. Kinross's high fixed-cost base means that a drop in gold prices would disproportionately impact profitability, as seen in 2024 when gross margins were in the 30% range. Additionally, the company's exposure to jurisdictions like Mauritania and Brazil introduces political risk that could disrupt operations or increase costs. Investors should question whether the current earnings power is sustainable or a peak-cycle phenomenon.