Kinross Gold Corporation Q3 2026 Earnings Recap

Kinross fell 12.5% after earnings, despite reaffirming its updated production outlook. Investors may have focused on the weaker quarter’s free cash flow: attributable adjusted free cash flow was $391 million excluding working-capital outflows, while the company reported $831 million in adjusted operating cash flow.

Key Takeaways

• Q3 production was 425,000 ounces; sales were 410,000 ounces. Cost of sales was $1,490 per ounce and all-in sustaining cost was $1,950 per ounce.
• Kinross reaffirmed updated full-year production guidance of 1.84 million–1.86 million ounces, saying La Coipa and Round Mountain had stabilized.
• Adjusted earnings were $0.50 per share. Adjusted operating cash flow was $831 million for the quarter and more than $3 billion through the first nine months.
• Quarter-end cash was $2.6 billion and net cash was $1.9 billion. The company raised its planned shareholder returns to 50% of full-year free cash flow and said it had returned more than $950 million year to date.
• Working-capital outflows, mainly tied to higher short-term stockpiles at Manh Choh and lower payables and higher prepaids, weighed on free cash flow; Kinross described these items as timing-related.