Revenue growth accelerated to 89.2% in 2025Q4, supported by a substantial expansion in gross margins to 69.1% compared to 11.8% in 2024Q1.
| 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 | 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 |
|---|
| Sales/Revenue | 1.48B | 924.5M | 786.5M | 604.4M | 745.5M | 643.4M | 630.6M | 604.5M | 604.4M | 683.8M | 712.9M | 726M | 779.7M | 791.3M | 695.94M | 530.45M | 323.78M | 218.13M | 0 | 0 | 420.09K | 470.01K | 83.66K | 72.58K | 0 | 1 | 1 | 1 | 1 |
| Revenue Growth % | 59.66% | 17.55% | 30.13% | -18.93% | 15.87% | 2.03% | 4.32% | 0.02% | -11.61% | -4.08% | -1.8% | -6.89% | -1.47% | 13.7% | 31.2% | 63.83% | 48.43% | - | - | -100% | -10.62% | 461.84% | 15.26% | - | -100% | 93.18% | 6.24% | -7% | - |
| Cost of Goods Sold | 691.4M | 683.8M | 684.6M | 578.1M | 573M | 533M | 612.5M | 565.3M | 541.3M | 621.2M | 660.3M | 628.7M | 612.9M | 460.7M | 380.71M | 327.35M | 241.57M | 202.66M | 0 | 0 | 0 | 0 | 23.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 46.84% | 73.96% | 87.04% | 95.65% | 76.86% | 82.84% | 97.13% | 93.52% | 89.56% | 90.85% | 92.62% | 86.6% | 78.61% | 58.22% | 54.7% | 61.71% | 74.61% | 92.9% | - | - | - | - | 28.53% | - | - | - | - | - | - |
| Gross Profit | 784.7M | 240.7M | 101.9M | 26.3M | 172.5M | 110.4M | 18.1M | 39.2M | 63.1M | 62.6M | 52.6M | 97.3M | 166.8M | 330.6M | 315.23M | 203.1M | 82.21M | 15.48M | 0 | 0 | 420.09K | 470.01K | 59.79K | 72.58K | 0 | 1 | 1 | 1 | 1 |
| Gross Margin % | 53.16% | 26.04% | 12.96% | 4.35% | 23.14% | 17.16% | 2.87% | 6.48% | 10.44% | 9.15% | 7.38% | 13.4% | 21.39% | 41.78% | 45.3% | 38.29% | 25.39% | 7.1% | - | - | 100% | 100% | 71.47% | 100% | - | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 226.01% | 136.21% | 287.45% | -84.75% | 56.25% | 509.94% | -53.83% | -37.88% | 0.8% | 19.01% | -45.94% | -41.67% | -49.55% | 4.88% | 55.21% | 147.05% | 431.07% | - | - | -100% | -10.62% | 686.07% | -17.62% | - | -100% | 93.18% | 6.24% | -7% | - |
| Operating Expenses | 129.7M | 58.4M | 40.1M | 42M | 35.2M | 29M | 26M | 29.9M | 35.2M | 43M | 37.2M | 44.7M | 69.3M | 56.7M | 47.43M | 45.46M | 31.27M | 31.52M | 7.19M | 5.86M | 3.4M | 1.47M | 379.92K | 301.16K | 120.52K | 97.1K | 63.37K | 67.26K | 71.99K |
| OpEx % of Revenue | 8.79% | 6.32% | 5.1% | 6.95% | 4.72% | 4.51% | 4.12% | 4.95% | 5.82% | 6.29% | 5.22% | 6.16% | 8.89% | 7.17% | 6.82% | 8.57% | 9.66% | 14.45% | - | - | 809.18% | 312.88% | 454.15% | 414.96% | - | 7280372% | 9177782.61% | 10349762.04% | 10302198.59% |
| Selling, General & Admin | 88.6M | 38.6M | 29.9M | 23.9M | 24M | 23.2M | 19.3M | 23.9M | 28.8M | 31.2M | 27.7M | 32.9M | 35.2M | 36.1M | 37.41M | 32.62M | 31.27M | 23.03M | 7.16M | 5.74M | 3.32M | 1.44M | 370.25K | 293.5K | 113.59K | 89.64K | 56.62K | 60.97K | 66K |
| SG&A % of Revenue | 6% | 4.18% | 3.8% | 3.95% | 3.22% | 3.61% | 3.06% | 3.95% | 4.77% | 4.56% | 3.89% | 4.53% | 4.51% | 4.56% | 5.38% | 6.15% | 9.66% | 10.56% | - | - | 789.61% | 305.71% | 442.59% | 404.4% | - | 6720383.75% | 8200304.15% | 9380842.25% | 9445029.56% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.02M | 12.83M | 0 | 8.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.44% | 2.42% | - | 3.89% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 41.1M | 19.8M | 10.2M | 18.1M | 11.2M | 5.8M | 6.7M | 1.3M | 39.2M | 400K | -266.5M | -40.7M | -1.5M | -1.9M | 0 | 0 | 0 | 0 | 32.31K | 119.25K | 82.22K | 33.7K | 9.67K | 7.67K | 6.93K | 7.47K | 6.75K | 6.3K | 5.99K |
| Operating Income | 655M | 182.3M | 61.8M | -15.7M | 137.3M | 81.4M | -7.9M | -1.05B | -244.7M | 14.9M | -4.7M | -343.2M | -175M | 273.9M | 267.79M | 141.91M | -141.16M | -181.29M | -549.33K | -3.5M | -2.98M | -1M | -320.13K | -233.83K | -181.05K | -124.92K | -75.52K | -72.64K | -69.97K |
| Operating Margin % | 44.37% | 19.72% | 7.86% | -2.6% | 18.42% | 12.65% | -1.25% | -173.13% | -40.49% | 2.18% | -0.66% | -47.27% | -22.44% | 34.61% | 38.48% | 26.75% | -43.6% | -83.11% | - | - | -709.18% | -212.88% | -382.67% | -322.18% | - | -9366199.48% | -10937106.03% | -11176904.57% | -10012200.28% |
| Operating Income Growth % | 259.3% | 194.98% | 493.63% | -111.43% | 68.67% | 1130.38% | 99.25% | -327.71% | -1742.28% | 417.02% | 98.63% | -96.11% | -163.89% | 2.28% | 88.7% | 200.53% | 22.13% | -32902.11% | 84.31% | -17.55% | -197.76% | -212.55% | -36.91% | -29.15% | -44.93% | -65.43% | -3.96% | -3.82% | - |
| EBITDA | 892.2M | 422.96M | 306M | 180.2M | 334.1M | 267.4M | 233.8M | -815.8M | -77.5M | 213.98M | 236.7M | -125.1M | 3.6M | 390.1M | 344.04M | 218.22M | -81.69M | -148.33M | -517.01K | -3.38M | -2.9M | -966.85K | -310.46K | -226.16K | -174.12K | -117.45K | -68.77K | -66.34K | -63.98K |
| EBITDA Margin % | 60.44% | 45.75% | 38.91% | 29.81% | 44.82% | 41.56% | 37.08% | -134.95% | -12.82% | 31.29% | 33.2% | -17.23% | 0.46% | 49.3% | 49.43% | 41.14% | -25.23% | -68% | - | - | -689.61% | -205.71% | -371.12% | -311.61% | - | -8806199.51% | -9959605.49% | -10207904.17% | -9155000.26% |
| EBITDA Growth % | 110.94% | 38.22% | 69.81% | -46.06% | 24.94% | 14.37% | 128.66% | -952.71% | -136.22% | -9.6% | 289.21% | -3575% | -99.08% | 13.39% | 57.66% | 367.13% | 44.93% | -28589.47% | 84.72% | -16.77% | -199.63% | -211.43% | -37.27% | -29.88% | -48.25% | -70.8% | -3.66% | -3.7% | - |
| D&A (Non-Cash Add-back) | 237.2M | 240.66M | 244.2M | 195.9M | 196.8M | 186M | 241.7M | 230.8M | 167.2M | 199.08M | 241.4M | 218.1M | 178.6M | 116.2M | 76.24M | 76.31M | 59.47M | 32.96M | 32.31K | 119.25K | 82.22K | 33.7K | 9.67K | 7.67K | 6.93K | 7.47K | 6.75K | 6.3K | 5.99K |
| EBIT | 954.3M | 91M | -51.63M | -43.3M | 188.6M | 64.3M | -20M | -1.03B | -233.6M | -5.5M | -249.59M | -387M | -154.8M | 290.5M | 261.1M | 77.73M | -167.09M | 69.12M | 15.42M | -245.62K | -1.28M | -1.44M | -262.79K | -228.59K | 0 | -97.1K | -63.37K | -67.26K | -71.99K |
| Net Interest Income | -30.5M | -10.2M | -5.7M | -14.6M | -30.33M | -53.17M | -59.04M | -62.16M | -14.5M | -7.01M | -38.3M | -22.69M | -35.01M | -13.75M | -1.5M | 887K | 2.72M | 3.87M | -15.7M | 0 | 0 | 466.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.4M | 1.6M | 1.3M | 3.65M | 297.36K | 1.16M | 2.25M | 1.42M | 1.14M | 1.38M | 1.4M | 1.05M | 2.62M | 1.41M | 3.59M | 3.26M | 4.9M | 5.37M | 6.64M | 2.36M | 0 | 466.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.9M | 11.8M | 7M | 18.25M | 30.63M | 54.33M | 61.29M | 63.58M | 15.64M | 8.4M | 38.5M | 23.74M | 37.63M | 15.16M | 26.9M | 947K | 3.14M | 3M | 22.34M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 263.4M | -99.1M | -121M | -49.7M | 23M | -156.4M | -66M | -49.4M | 26.18M | -16.2M | -303.6M | -66.3M | -16.6M | 4.9M | -9.4M | -69.37M | -231.1M | 72.69M | -72.89M | 7.24K | 1.53M | 814.65K | -57.78K | -278 | 158.83K | -11.49K | -27.62K | 13.63K | 18.42K |
| Pretax Income | 918.4M | 83.2M | -59.2M | -65.4M | 160.3M | -75M | -73.9M | -1.1B | -217.6M | 2M | -308.3M | -409.5M | -191.6M | 278.8M | 258.39M | 176.04M | -168.53M | -109.7M | -73.44M | -3.51M | -2.98M | -1M | -320.57K | -234.1K | -22.23K | -136.41K | -103.14K | -59.01K | -51.54K |
| Pretax Margin % | 62.22% | 9% | -7.53% | -10.82% | 21.5% | -11.66% | -11.72% | -181.31% | -36% | 0.29% | -43.25% | -56.41% | -24.57% | 35.23% | 37.13% | 33.19% | -52.05% | -50.29% | - | - | -709.79% | -212.88% | -383.2% | -322.56% | - | -10227599.43% | -14937908.24% | -9079403.71% | -7375600.21% |
| Income Tax | 60.5M | -19.4M | 5.3M | 1.4M | 19.7M | 4.3M | -400K | -25.2M | -115.9M | -700K | -106.9M | 67.6M | -400K | 79.8M | 79.36M | 41.11M | 14.91M | -7.02M | -11.39M | -503.6K | -54.82K | 38.88K | 618.98K | -116.02K | 49.89K | -118.14K | 509 | -33.06K | -29.92K |
| Effective Tax Rate % | 6.59% | -23.32% | -8.95% | -2.14% | 12.29% | -5.73% | 0.54% | 2.3% | 53.26% | -35% | 34.67% | -16.51% | 0.21% | 28.62% | 30.71% | 23.35% | -8.84% | 6.4% | 15.51% | 14.35% | 1.84% | -3.89% | -193.09% | 49.56% | -224.47% | 86.6% | -0.49% | 56.02% | 58.05% |
| Net Income | 857.9M | 102.6M | -64.5M | -66.8M | 140.6M | -79.3M | -73.5M | -1.23B | -108M | 2.7M | -201.4M | -477.1M | -191.2M | 199M | 179.03M | 176.95M | -194.32M | -102.68M | -62.05M | -3.01M | -2.93M | -1.04M | -939.54K | -118.09K | -72.12K | -6.79K | -76.02K | -39.58K | -40.05K |
| Net Margin % | 58.12% | 11.1% | -8.2% | -11.05% | 18.86% | -12.33% | -11.66% | -202.76% | -17.87% | 0.39% | -28.25% | -65.72% | -24.52% | 25.15% | 25.72% | 33.36% | -60.01% | -47.07% | - | - | -696.74% | -221.15% | -1123.12% | -162.71% | - | -509049.97% | -11010806.07% | -6090502.49% | -5730400.16% |
| Net Income Growth % | 736.16% | 259.07% | 3.44% | -147.51% | 277.3% | -7.89% | 94% | -1034.91% | -4100% | 101.34% | 57.79% | -149.53% | -196.08% | 11.16% | 1.17% | 191.07% | -89.25% | -65.48% | -1964.08% | -2.71% | -181.59% | -10.63% | -695.63% | -63.74% | -962.17% | 91.07% | -92.07% | 1.16% | - |
| Net Income (Continuing) | 857.9M | 102.6M | -64.5M | -66.8M | 140.6M | -79.3M | -73.5M | -1.09B | -158M | -8.5M | -201.4M | -477.1M | -191.2M | 199M | 179M | 57.35M | -183.43M | 70.88M | 14.67M | -245.62K | -1.44M | -1M | -939.54K | -118.09K | -72.12K | -6.79K | -76.02K | -39.58K | -40.05K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 1.6M | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.08 | 0.14 | -0.09 | -0.10 | 0.20 | -0.12 | -0.12 | -2.12 | -0.19 | 0.01 | -0.40 | -0.95 | -0.39 | 0.42 | 0.40 | 0.12 | -0.63 | -0.69 | -2.02 | -0.13 | -0.20 | -0.08 | -0.09 | -0.01 | -0.01 | -0.00 | -0.02 | -0.01 | -0.01 |
| EPS Growth % | 671.43% | 248.46% | 3.78% | -149% | 266.67% | 0% | 94.34% | -1015.79% | -2000% | 102.5% | 57.89% | -143.59% | -192.86% | 5% | 233.33% | 119.05% | 8.7% | 65.84% | -1453.85% | 35% | -157.73% | 15.65% | -586.57% | - | - | 95.17% | -59.23% | 7.14% | - |
| EPS (Basic) | 1.08 | 0.14 | -0.09 | -0.10 | 0.20 | -0.12 | -0.12 | -2.12 | -0.19 | 0.01 | -0.40 | -0.95 | -0.39 | 0.43 | 0.42 | 0.12 | -0.63 | -0.69 | -2.02 | -0.13 | -0.20 | -0.08 | -0.10 | -0.01 | -0.01 | -0.00 | -0.02 | -0.01 | -0.01 |
| Diluted Shares Outstanding | 793.8M | 752.2M | 684M | 681.9M | 682.4M | 676.3M | 611.1M | 578.7M | 564.7M | 513.8M | 509M | 503.9M | 488M | 468.4M | 441M | 395.23M | 306.29M | 148.62M | 30.72M | 22.69M | 14.44M | 13.39M | 10.22M | 8.83M | 8.28M | 6.68M | 3.67M | 3.05M | 2.87M |
| Basic Shares Outstanding | 791.5M | 752.2M | 684M | 681.9M | 680.8M | 676.3M | 611.1M | 577.45M | 564.29M | 511.8M | 503.5M | 502.21M | 488M | 463.4M | 429.6M | 390.88M | 306.29M | 148.13M | 30.72M | 22.69M | 14.44M | 13.39M | 9.75M | 8.83M | 8.28M | 6.68M | 3.67M | 3.05M | 2.87M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Two-mine asset concentration
According to recent financial disclosures, New Gold's revenue growth has accelerated significantly, reaching 89.2% in 2025Q4, a marked improvement from the 8.8% growth observed in 2025Q1, largely driven by the successful ramp-up of the New Afton C-Zone and favorable metal price realizations across core operations.
The sharp upward trajectory in top-line performance suggests that operational debottlenecking at Rainy River and the C-Zone integration are yielding tangible results. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary peak in commodity pricing cycles.
As reported in quarterly filings, the company achieved a gross margin of 69.1% in 2025Q4, representing a substantial expansion from the 11.8% margin recorded in 2024Q1, which indicates improved cost control and the benefits of higher-grade ore processing at the New Afton and Rainy River sites.
This margin expansion appears to be a structural shift rather than a transient event, likely supported by the copper byproduct credits that effectively lower the cost of gold production. However, the reliance on these credits makes the margin profile inherently sensitive to copper market volatility.
Based on the provided income statement data, operating income has scaled rapidly to $299.2M in 2025Q4, significantly outpacing the growth in SG&A expenses, which suggests that the company is successfully leveraging its fixed-cost base as production volumes increase across its primary Canadian mining assets.
The ability to maintain relatively flat SG&A while revenue surges implies high operational efficiency and disciplined overhead management. This leverage suggests that incremental revenue gains will likely continue to flow disproportionately to the bottom line, provided that production costs remain stable.
Financial statements reveal that the 2025Q4 net margin of 133.8% is likely inflated by non-cash adjustments, such as the fair value revaluation of the Ontario Teachers' Pension Plan interest, which warrants caution when interpreting the company's underlying operational profitability and true earnings power.
Analysts should adjust for these streaming-related accounting anomalies to derive a clearer picture of recurring cash flow. The discrepancy between operating income and net income suggests that headline EPS figures may not be representative of the company's core mining performance.
Despite recent operational successes, the company's reliance on only two primary assets, as noted in historical filings, creates a significant vulnerability where any localized geological or regulatory disruption could disproportionately impact the entire income statement and jeopardize the current positive earnings trajectory.
Short-term performance improvements may mask the long-term risk inherent in a two-mine portfolio. Investors should remain wary of the potential for capital expenditure spikes related to tailings management, which could quickly erode the current free cash flow strength.
Quick answers to the most common questions about buying NGD stock.
For fiscal year 2025, New Gold Inc. (NGD) reported total revenue of $1.48B. This represents a 147609999900.0% increase compared to $0.0M in 1997.
New Gold Inc. (NGD) is profitable, generating $857.9M in net income for the fiscal year ending 2025 with a net profit margin of 58.1%.
New Gold Inc. (NGD) reported an operating income of $655.0M, resulting in an operating profit margin of 44.4%. This margin reflects the operational efficiency of the business before interest and taxes.
New Gold Inc. (NGD) generated $784.7M in gross profit for the year, representing a gross profit margin of 53.2%. This demonstrates the company's core pricing power and production efficiency.