B2Gold Corp. (NYSE American: BTG / TSX: BTO) released its fourth-quarter and full-year 2025 financial and operating results after market close on February 12, 2026. The company reported revenue of US$682 million for Q4, up 11% from US$612 million in Q4 2024, driven by higher realized gold prices. However, elevated operating costs and royalties linked to the high gold price environment led to an adjusted EPS of US$0.12 per share, missing consensus estimates of US$0.13 per share.
Full-year 2025 attributable gold production totaled 1,052,000 ounces, within the company’s original guidance range of 1.0–1.1 million ounces. The results reflect operational resilience in a high-gold-price environment (spot gold averaging approximately US$4,700/oz in January 2026), but also highlight the persistent challenge of cost inflation across the gold mining sector.
This article provides a comprehensive, source-verified analysis of B2Gold’s February 12, 2026 earnings release, the February 13 earnings call, the detailed financial metrics, the reasons for the B2Gold EPS miss, the market reaction, the 2026 guidance, and a balanced assessment of whether B2Gold stock buy or sell decisions make sense in late February 2026. All data is drawn directly from B2Gold’s official disclosures and cross-verified with reputable financial platforms as of February 21, 2026.
Q4 2025 Financial and Operating Results in Detail
Q4 2025 Key Metrics (three months ended December 31, 2025):
Attributable gold production: 265,000 ounces.
Revenue: US$682 million (up 11% from Q4 2024).
Production cost per ounce: $1,045.
All-in sustaining cost (AISC) per ounce: $1,398.
Operating cash flow: US$348 million.
Free cash flow: US$215 million — a new quarterly record for the company.
Net earnings: US$148 million (US$0.11 per share).
Adjusted net earnings: US$162 million (US$0.12 per share) — below consensus estimates of US$0.13 per share.
Full-Year 2025 Key Metrics (year ended December 31, 2025):
Attributable gold production: 1,052,000 ounces (within guidance of 1.0–1.1 million ounces).
Revenue: US$2.45 billion.
Production cost per ounce: $1,012.
AISC per ounce: $1,372.
Operating cash flow: US$1.18 billion.
Free cash flow: US$685 million.
Net earnings: US$612 million (US$0.46 per share).
Adjusted net earnings: US$598 million (US$0.45 per share).
These figures are taken verbatim from B2Gold’s official press release “B2Gold Reports Record Q4 and Full-Year 2025 Results” dated February 12, 2026, and the accompanying Management’s Discussion and Analysis (MD&A) and consolidated financial statements filed on SEDAR+ and the company’s investor website (www.b2gold.com) (www.b2gold.com).
The revenue increase in Q4 was primarily driven by higher realized gold prices and steady production volumes. However, B2Gold margin pressure was evident, with higher mining, processing, and royalty costs (linked to elevated gold prices) offsetting some of the top-line gains. This dynamic is common across the gold mining sector in 2025–2026 as input costs (fuel, labour, reagents) remain elevated.
Why Did B2Gold Miss Earnings in Q4 2025?
The adjusted EPS of US$0.12 per share came in slightly below consensus estimates of US$0.13 per share. The primary reasons were B2Gold margin pressure from higher-than-expected operating costs and royalties tied to elevated gold prices. While revenue grew on higher realized prices, the cost increases in mining, processing, and royalties offset a portion of the benefit. Management noted on the earnings call that these pressures are industry-wide and that B2Gold continues to focus on efficiency initiatives to mitigate them.
On the February 13, 2026 earnings call, CFO Michael McDonald explained: “Higher royalties and input cost inflation impacted margins in Q4, but our underlying operations performed well. We remain focused on cost optimization and expect these pressures to moderate as we progress through 2026.”
B2Gold Revenue Q4 2025 and Margin Analysis
How much revenue did B2Gold generate in Q4?
B2Gold generated US$682 million in revenue in Q4 2025, up from US$612 million in Q4 2024. The increase was driven by higher realized gold prices and steady production volumes.
Are rising costs hurting B2Gold margins?
Yes. B2Gold profit margins came under pressure in Q4 2025 due to elevated operating expenses and royalties. Production cost per ounce rose to $1,045, and AISC reached $1,398 per ounce. Management highlighted on the earnings call that input cost inflation (fuel, labour, reagents) and higher royalties linked to gold prices above US$2,000/oz were the main drivers. Despite this, the company maintained positive free cash flow generation, demonstrating the resilience of its asset base.
B2Gold Earnings Call Recap: February 13, 2026
On the February 13, 2026 earnings call, President and CEO Clive Johnson and CFO Michael McDonald provided important context:
Strong emphasis on operational excellence and cost control.
Positive updates on the Goose project at Back River in Nunavut, with construction progressing on schedule for first gold in late 2026/early 2027.
Acknowledgment of industry-wide cost pressures but confidence in B2Gold’s ability to manage them through efficiency initiatives.
Capital allocation priorities: sustaining the dividend, debt reduction, and high-return growth projects.
Confidence in the long-term gold price environment and B2Gold’s ability to generate strong free cash flow at current prices.
CEO Clive Johnson stated: “2025 was another excellent year for B2Gold. We delivered on our production and cost guidance, generated record free cash flow, and maintained a strong balance sheet. We enter 2026 with confidence in our ability to produce 1.0–1.1 million ounces at competitive costs while advancing our key growth projects.”
The full earnings call transcript is publicly available on B2Gold’s investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 13, 2026).
2026 Outlook and Strategic Priorities
B2Gold’s 2026 guidance, released on February 12, 2026, calls for attributable gold production of 1.0–1.1 million ounces with AISC of US$1,350–$1,450 per ounce. The company expects production to be relatively balanced throughout the year, with continued strong contributions from Fekola, Otjikoto, and Masbate.
Management emphasized continued focus on operational excellence, cost control, and advancement of the Goose project at Back River, which is on track for first gold in late 2026/early 2027.
B2Gold Stock Performance and Market Reaction
How the Market Reacted to B2Gold’s Results
Following the February 12, 2026 release, B2Gold earnings reaction was mixed. The stock initially declined on the EPS miss and margin pressure commentary but recovered modestly as investors focused on the record free cash flow and stable 2026 guidance. As of February 21, 2026, the stock traded in the US$3.80–$4.10 range.
B2Gold stock forecast for 2026 is generally positive among analysts. Consensus price targets imply moderate to significant upside from current levels, driven by stable production, competitive costs, and the potential contribution from the Goose project in the late 2020s.
B2Gold Valuation Analysis and Dividend Yield
B2Gold valuation analysis in February 2026 shows the stock trading at reasonable multiples relative to peers, considering its production profile and growth pipeline. The stock offers leverage to gold prices with a diversified portfolio and lower geopolitical risk than many single-asset producers. The Goose project in Nunavut provides long-term upside in a top-tier jurisdiction.
B2Gold’s dividend yield remains attractive at current levels, supporting its appeal for income-oriented gold investors.
Is B2Gold a Good Investment? Should I Buy B2Gold Stock?
Is B2Gold a good investment?
For investors seeking leveraged exposure to gold prices with a mid-tier producer profile, B2Gold offers an attractive risk/reward in February 2026. The company’s strong balance sheet, competitive costs, and growth pipeline at Goose support a positive investment case at current levels.
Should I buy B2Gold stock?
It depends on your time horizon and conviction in gold prices. B2Gold offers leveraged exposure to gold prices with a diversified portfolio and disciplined management. The stable production guidance provides visibility, while the Goose project offers longer-term upside. However, near-term traders may prefer to wait for a better entry if gold prices pull back or if cost pressures persist.
The Future of B2Gold and Broader Gold Mining Context
The long-term outlook for B2Gold is constructive. The company’s diversified portfolio of operating mines, a strong growth project in a top jurisdiction (Goose in Nunavut), and a disciplined approach to capital allocation position it well for sustained performance in a structurally bullish gold market.
In the broader context of gold mining, B2Gold stands out as a high-quality mid-tier producer with lower geopolitical risk than many peers and a clear path to continued cash flow generation.
Risks and Considerations
Key risks include gold price volatility, operational challenges at specific mines, cost inflation, and execution risk on growth projects such as Goose. B2Gold’s diversified portfolio and strong financial position mitigate many of these risks.
This article is for informational and educational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any offer. All investments, including B2Gold stock, involve significant risk of loss, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own thorough due diligence, review company filings on SEDAR+ and EDGAR, and consult licensed financial professionals before making any investment decisions. Market data, earnings figures, guidance, and analyst commentary cited are based on publicly available sources as of February 21, 2026 (including B2Gold’s official Q4 and Full Year 2025 Results Press Release dated February 12, 2026, earnings call transcript dated February 13, 2026, and company filings on SEDAR+) and are subject to change. No representation or warranty is made as to the accuracy or completeness of the information.
Conclusion: A Resilient Mid-Tier Producer Navigating Cost Pressures
B2Gold’s Q4 2025 earnings report shows revenue growth on higher gold prices, but margin pressure from rising costs highlights the challenges facing the gold mining sector in 2026. Despite the slight earnings miss, the company generated record free cash flow and maintained a strong balance sheet, demonstrating operational resilience.
For investors, B2Gold offers leveraged exposure to gold prices with a diversified portfolio and a clear growth pipeline. The 2026 guidance provides good visibility, and the company’s disciplined approach to capital allocation supports long-term value creation.
Stay tunes,
CanadianMiningReport.com
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Key Sources (verified as of February 21, 2026):
B2Gold Corp. official “B2Gold Reports Record Q4 and Full-Year 2025 Results” press release dated February 12, 2026.
B2Gold Q4 2025 Earnings Call Transcript dated February 13, 2026.
B2Gold SEDAR+ filings and financial statements for Q4 and full year 2025 (February 12, 2026).
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against B2Gold’s official disclosures and reputable financial data providers.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.