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 from US$612 million in Q4 2024, driven by higher realized gold prices and solid production. However, elevated operating costs and industry-wide inflation led to margin pressure, with adjusted net earnings of US$162 million (US$0.12 per share) falling slightly short of consensus estimates.
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 B2Gold’s continued 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, margin pressure dynamics, and what the results mean for investors. 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) — slightly 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.
B2Gold Earnings Call Highlights: 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).
Why Did B2Gold Earnings Miss Estimates?
The adjusted EPS of US$0.12 per share came in slightly below consensus estimates of US$0.13 per share. The primary reason was 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 call that these pressures are industry-wide and that B2Gold continues to focus on efficiency initiatives to mitigate them.
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 Valuation Analysis
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 Great Bear project in Ontario provides long-term upside in a top-tier jurisdiction.
Analysts generally view B2Gold as fairly valued to slightly undervalued at current levels, with potential for re-rating if gold prices remain elevated and the Goose project advances on schedule.
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.
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 thrifty,
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.