Kinross Earnings Steady as Cash Flow and Output Fall

Kinross earnings were nearly unchanged in the third quarter of 2026, even as production and operating cash flow fell from a year earlier. The gold miner also raised its full-year shareholder return commitment to 50% of free cash flow from 40%.

Key Takeaways

• Reported net earnings were $583.2 million, while adjusted net earnings increased to $591.3 million.
• Lower production and higher development spending weighed on cash flow, according to Kinross.
• The company declared a $0.04-per-share quarterly dividend and said it remained on track for updated guidance.

Kinross earnings and third-quarter cash flow

For the quarter ended September 30, reported net earnings were $0.49 per share, compared with $584.9 million, or $0.48 per share, a year earlier. Adjusted net earnings rose from $529.6 million to $591.3 million, or $0.50 per share.

The company's third-quarter results showed lower revenue and operating cash flow despite a higher realized gold price. Kinross said attributable free cash flow was affected by the timing of sales and higher capital expenditure.

Capital spending increased to $439.6 million from $312.2 million a year earlier. Kinross attributed the increase primarily to a ramp-up of development work at Curlew, Bald Mountain Redbird, Great Bear and Round Mountain Phase X, partly offset by lower spending at Manh Choh.

Production declines as costs rise

Kinross said the year-over-year production decline reflected planned lower output at Fort Knox and Bald Mountain and reduced production at La Coipa and Round Mountain. Paracatu and Tasiast remained stable and together accounted for more than half of third-quarter production.

The average realized gold price rose to $4,249 per ounce from $3,460 a year earlier. Attributable production cost of sales increased to $1,485 per gold equivalent ounce sold from $1,145. Kinross attributed the cost increase primarily to higher energy, contractor and reagent costs, lower production and higher royalties associated with gold prices.

Management said operations at La Coipa had stabilized as weather improved, while higher mill grades and recoveries helped Round Mountain increase production from the preceding quarter. Kinross said it remained on track for its updated guidance.

Shareholder returns and project updates

Kinross repurchased $710 million of shares in the first nine months of 2026 and another $100 million through October 28. Including dividends, it returned more than $950 million to shareholders in 2026 through that date. Since April 2025, repurchases have represented approximately 5% of shares outstanding.

The board declared a quarterly dividend of $0.04 per common share, payable December 3 to shareholders of record on November 19. The higher 50% return commitment is a full-year target, not a completed payout.

Kinross said first gold was poured at Bald Mountain Redbird 1 in early October. At Great Bear, the North and South exploration declines had reached more than 500 metres combined by late October. Round Mountain Phase X remains scheduled for first production in 2028.

Next milestone

Kinross has scheduled its third-quarter results conference call and webcast for October 29, 2026.

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