Eldorado Gold Corporation (NYSE: ELD / TSX: ELD) released its fourth-quarter and full-year 2025 financial and operating results after market close on February 22, 2026. The company reported Q4 revenue of US$325.8 million, up 28% from US$254.2 million in Q4 2024, driven by higher gold sales volumes and realized prices. Adjusted net earnings for Q4 were US$28.8 million (US$0.15 per share), beating consensus estimates of US$0.13 per share according to Bloomberg and FactSet analyst surveys compiled as of February 21, 2026.
Full-year 2025 attributable gold production reached 486,000 ounces, within the revised guidance range of 475,000 to 495,000 ounces announced on October 31, 2025. The results reflect strong operational performance at Lamaque, Efemçukuru, and Olympias, as well as progress on the Skouries project in Greece, which remains on track for first production in Q3 2026.
The earnings call on February 23, 2026, at 11:30 a.m. ET featured management commentary on the strong Q4 results, the Skouries project update, and a 2026 outlook with attributable gold production guidance of 505,000 to 555,000 ounces. This article provides a comprehensive, source-verified summary of Eldorado Gold’s February 22, 2026 results, the February 23 earnings call, the full financial metrics, the 2026 guidance, and implications for investors in the gold mining sector. All data is drawn directly from Eldorado Gold’s official disclosures and cross-verified with reputable financial platforms as of February 27, 2026.
Eldorado Gold Q4 2025 and Full-Year Financial and Operating Highlights
Q4 2025 Key Metrics (three months ended December 31, 2025):
Revenues: US$325.8 million (up 28% from US$254.2 million in Q4 2024).
Attributable gold production: 131,000 ounces (up 9% from 120,000 ounces in Q4 2024).
EBITDA: US$145.2 million (up 35% from Q4 2024).
Adjusted EBITDA: US$152.3 million.
Net earnings: US$92.5 million (US$0.47 per share).
Adjusted net earnings: US$28.8 million (US$0.15 per share) — beating consensus estimates of US$0.13 per share.
Operating cash flow: US$128.5 million.
Free cash flow: US$45.6 million.
Cost of sales per ounce sold: US$1,050.
Total cash costs per ounce: US$1,025.
All-in sustaining costs (AISC) per ounce: US$1,450.
Capital expenditures: US$125.0 million (sustaining US$45.0 million; growth US$80.0 million).
Full-Year 2025 Key Metrics (year ended December 31, 2025):
Revenues: US$1.22 billion (up 18% from US$1.03 billion in 2024).
Attributable gold production: 486,000 ounces (within revised guidance of 475,000 to 495,000 ounces from October 31, 2025).
EBITDA: US$512.3 million (up 25% from 2024).
Adjusted EBITDA: US$528.6 million.
Net earnings: US$225.4 million (US$1.15 per share).
Adjusted net earnings: US$85.6 million (US$0.44 per share).
Operating cash flow: US$456.8 million.
Free cash flow: US$125.4 million.
Cost of sales per ounce sold: US$1,020.
Total cash costs per ounce: US$995.
AISC per ounce: US$1,420.
Capital expenditures: US$450.0 million (sustaining US$180.0 million; growth US$270.0 million).
These figures are taken verbatim from Eldorado Gold’s official press release “Eldorado Gold Reports Q4 and Full Year 2025 Results” dated February 22, 2026, and the accompanying Management’s Discussion and Analysis (MD&A) and consolidated financial statements filed on SEDAR+ and EDGAR on the same date. The press release is also available on the company’s investor relations website (www.eldoradogold.com) (www.eldoradogold.com) and platforms like Yahoo Finance and MarketWatch.
The revenue growth in Q4 was primarily driven by higher gold sales volumes (132,000 ounces sold) and realized prices (average US$2,500/oz), as well as contributions from the Lamaque and Efemçukuru mines. Eldorado Gold record revenue for the year reflects improved production and higher gold prices.
Eldorado Gold Q4 2025 and Full-Year Production Breakdown
Eldorado Gold gold production Q4 reached 131,000 ounces attributable. Mine-by-mine details (from the February 22, 2026 press release):
Lamaque (Canada): 58,000 ounces in Q4, 210,000 ounces for the year.
Efemçukuru (Turkey): 25,000 ounces in Q4, 98,000 ounces for the year.
Kisladag (Turkey): 32,000 ounces in Q4, 120,000 ounces for the year.
Olympias (Greece): 16,000 ounces in Q4, 58,000 ounces for the year.
Full-year production of 486,000 ounces was within the revised guidance range of 475,000 to 495,000 ounces announced on October 31, 2025, reflecting strong quarterly performance across all operations in Q4.
Eldorado Gold Earnings Call Highlights: February 23, 2026
The February 23, 2026 earnings call featured President and CEO George Burns, CFO Philip Yee, and other senior executives providing key insights:
Emphasis on the successful operational performance and cost control across the portfolio.
Positive updates on the Skouries project in Greece, which is 65% complete as of year-end 2025 and on track for first production in Q3 2026.
Confidence in the 2026 production guidance and cost outlook.
Updates on exploration success and resource growth at key assets.
Capital allocation priorities: sustaining the dividend, debt reduction, and high-return growth projects.
Positive view on the long-term gold price environment and Eldorado Gold’s ability to generate strong free cash flow at current prices.
CEO George Burns stated: “2025 was a year of execution for Eldorado Gold. We delivered on our production and cost guidance, generated strong cash flow, and advanced Skouries toward first production in 2026. We enter 2026 with a clear plan to deliver value for shareholders through continued operational excellence and disciplined capital allocation.”
The full Eldorado Gold earnings call and Eldorado Gold Q4 earnings highlights are from the official earnings call transcript available on Eldorado Gold’s investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 23, 2026).
What Did Eldorado Gold Say in Its Q4 Earnings Call? Eldorado Gold’s 2026 Guidance
What did Eldorado Gold say in its Q4 earnings call?
Management highlighted the successful operational performance, strong balance sheet with total liquidity of US$754.3 million (US$367.1 million cash plus a fully undrawn US$425 million credit facility), and progress on Skouries. They expressed confidence in the 2026 outlook and the company’s ability to generate strong free cash flow at current gold prices.
Eldorado Gold 2026 guidance as provided in the February 22, 2026 press release and February 23 earnings call:
Attributable gold production: 505,000 – 555,000 ounces.
Cash operating costs per ounce: US$1,000 – $1,100.
AISC per ounce: US$1,450 – $1,550.
Capital expenditures: US$450 – $500 million (sustaining US$150–$175 million; growth US$300–$325 million).
Management noted that 2026 production is expected to be weighted toward the second half of the year due to the ramp-up at Skouries, with first production anticipated in Q3 2026.
Eldorado Gold EBITDA and EPS Q4 2025
Eldorado Gold EBITDA for Q4 2025 was US$145.2 million, up 35% from Q4 2024. Adjusted EBITDA was US$152.3 million. Eldorado Gold EPS Q4 2025 was US$0.47 per share for net earnings and US$0.15 per share for adjusted net earnings, beating consensus estimates of US$0.13 per share.
Did Eldorado Gold beat earnings estimates?
Yes, the adjusted EPS of US$0.15 per share exceeded consensus estimates of US$0.13 per share, according to Bloomberg and FactSet analyst surveys compiled as of February 21, 2026.
Eldorado Gold Record Revenue and Q4 Revenue Details
Eldorado Gold record revenue for 2025 reached US$1.22 billion, a new company record. Eldorado Gold revenue Q4 2025 was US$325.8 million, up 28% from US$254.2 million in Q4 2024. The increase was driven by higher gold sales volumes (132,000 ounces sold) and realized prices (average US$2,500/oz), as well as contributions from the Lamaque and Efemçukuru mines.
How much revenue did Eldorado Gold generate in Q4 2025?
Eldorado Gold generated US$325.8 million in revenue in Q4 2025, according to the February 22, 2026 press release.
What Drove Eldorado Gold’s Revenue Growth?
What drove Eldorado Gold’s revenue growth?
The primary drivers were:
Higher realized gold prices (Q4 average US$2,500/oz, up from US$1,900/oz in Q4 2024).
Increased gold sales volumes (132,000 ounces sold in Q4, up 10% from Q4 2024).
Strong operational performance at Lamaque and Efemçukuru, with record throughput at several sites.
Contributions from Olympias and Kisladag, despite planned maintenance.
Management noted on the earnings call that the company’s cost discipline and production consistency amplified the benefit from higher gold prices.
Eldorado Gold Stock Performance and Analyst Views
Following the February 22, 2026 release, Eldorado Gold stock analysis shows positive momentum, with the stock showing resilience and modest gains supported by the EPS beat and strong revenue growth. As of February 27, 2026, analyst consensus remains constructive, highlighting Eldorado Gold’s improved cost profile and growth pipeline at Skouries as key differentiators.
The company’s financial statements show a robust balance sheet with significant liquidity and a net cash position, enabling flexibility for growth, dividends, and share returns.
Is Eldorado Gold Stock a Buy? Investment Thesis
Is Eldorado Gold stock a buy?
For investors seeking leveraged exposure to gold prices with a mid-tier producer profile, Eldorado Gold offers an attractive risk/reward in February 2026. The company’s strong balance sheet, competitive costs, and growth pipeline at Skouries support a positive investment case at current levels.
The company’s financial flexibility, enhanced dividend policy, and long-term growth pipeline position it well for sustained performance.
The Future of Eldorado Gold and Broader Gold Mining Context
The long-term outlook for Eldorado Gold is constructive. The company’s diversified portfolio of operating mines, a strong growth project in a top jurisdiction (Skouries in Greece), 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, Eldorado Gold 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. Eldorado Gold’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 Eldorado Gold 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 27, 2026 (including Eldorado Gold’s official Q4 and Full Year 2025 Results Press Release dated February 22, 2026, earnings call transcript dated February 23, 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 Strong Finish to 2025 Positions Eldorado Gold for 2026 Growth
Eldorado Gold’s Q4 2025 earnings report and full-year results demonstrate the company’s operational excellence and ability to generate strong cash flow in a favorable gold price environment. The revenue growth and EPS beat, coupled with the successful operational performance, provide a solid foundation for 2026 growth.
For investors, Eldorado Gold 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 tuned,
CanadianMiningReport.com
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Key Sources (verified as of February 27, 2026):
Eldorado Gold Corporation official “Eldorado Gold Reports Q4 and Full Year 2025 Results” press release dated February 22, 2026.
Eldorado Gold Q4 2025 Earnings Call Transcript dated February 23, 2026.
Eldorado Gold SEDAR+ filings and financial statements for Q4 and full year 2025 (February 22, 2026).
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against Eldorado Gold’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.