Coeur Mining (CDE) Earnings Date & Reports

Key Takeaways

• Third quarter 2026 revenue rose 77% year over year to $983.6 million, but came in below the roughly $1.24 billion consensus estimate.
• Adjusted net income was $97.8 million, or $0.10 per share, missing the consensus estimate of about $0.20 per share.
• GAAP (Generally Accepted Accounting Principles) net income reached $109.4 million, or $0.11 per share, with adjusted EBITDA of $448 million, up 69% year over year.
• Free cash flow climbed 27% year over year to $240 million, and the cash balance surged more than fourfold to roughly $1.2 billion.
• Gold production totaled 161,400 ounces, silver production was 4.2 million ounces, and copper production was 10.0 million pounds for the quarter.
• The company declared its second dividend of $0.02 per share and has repurchased $231 million of stock since mid-May.
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Earnings Context and Why It Matters

Coeur Mining, Inc. (NYSE: CDE) entered the third quarter as a transformed company. Its acquisition of New Gold, completed in March 2026, added the New Afton and Rainy River mines in Canada, expanding the portfolio to seven North American operations across gold, silver, and copper. That deal reshaped the company's scale, revenue mix, and cost profile, making this quarter an important test of how well the newly integrated assets are performing. The report also matters because precious metals prices, particularly gold and silver, eased from prior-quarter highs, pressuring realized revenue. Investors were watching whether strong production growth and cost discipline could offset softer metal prices, while management's full-year guidance and capital-return decisions carried added weight given the company's rapidly growing cash balance.

Reported Results

Coeur Mining reported third quarter 2026 revenue of $983.6 million, a 77% increase from $554.6 million in the same period a year earlier, but below the consensus estimate of approximately $1.24 billion. GAAP net income was $109.4 million, or $0.11 per share. On an adjusted basis, net income was $97.8 million, or $0.10 per share, missing the consensus estimate of about $0.20 per share.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 69% year over year to $448 million, while free cash flow increased 27% to $240 million. Production totaled 161,400 ounces of gold, 4.2 million ounces of silver, and 10.0 million pounds of copper. Average realized prices declined to $3,979 per ounce of gold and $62.22 per ounce of silver, down from $4,140 and $71.18 in the prior quarter. Adjusted costs applicable to sales per gold ounce fell 16% sequentially to $2,054, while silver costs held steady near $22.73 per ounce.

Results were tempered by short-term operational disruptions, including a conveyor belt failure at New Afton and unusually heavy rainfall at Rainy River and Palmarejo. The company declared a second dividend of $0.02 per share, payable December 16, 2026.

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Market Reaction and Investor Sentiment

Sentiment heading into the print was cautious, with analysts projecting strong year-over-year growth from the expanded asset base but trimming expectations following a second-quarter miss. The third-quarter results again came in below consensus on both revenue and adjusted earnings per share, primarily reflecting lower realized metal prices and the temporary operational setbacks at New Afton and Rainy River. At the same time, the company highlighted record-level cash generation, a sharply higher cash balance, and continued shareholder returns, which may cushion the reaction to the headline miss. Investors are likely to weigh the durability of free cash flow and the trajectory of Canadian mine ramp-ups against softer near-term prices as they reassess the stock following the report.

Forward Outlook and Key Factors to Monitor

Looking ahead, Coeur Mining reiterated its target of achieving record full-year production near the low end of its guidance ranges, pointing to approximately 630,000 ounces of gold, 18.7 million ounces of silver, and 40.0 million pounds of copper. Management also signaled expectations for record full-year adjusted EBITDA of more than $2 billion and free cash flow exceeding $1.3 billion at prevailing prices.

Several factors will shape the coming quarters. The ramp-up of underground mining at New Afton and Rainy River remains a central variable, given that both operations faced weather and equipment disruptions during the quarter. Cost control will be equally important, with adjusted costs per gold ounce improving sequentially but still influenced by non-cash purchase price allocation charges tied to the New Gold acquisition.

Metal price trends for gold, silver, and copper will continue to drive revenue and margins, while capital allocation decisions, including the pace of share repurchases and any further dividend actions, will signal management's confidence. Investors should also monitor exploration results and any guidance updates as the company moves toward a full year of contributions from its Canadian operations in 2027.

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