IAMGOLD Corporation (NYSE: IAG / TSX: IMG) released its fourth-quarter and full-year 2025 results on February 15, 2026, reporting Q4 revenue of US$297.6 million and full-year revenue of US$987.1 million, both records for the company. However, the adjusted EPS of US$0.06 per share missed consensus estimates of US$0.08 per share, primarily due to higher operating costs and royalties tied to elevated gold prices. The stock experienced a modest sell-off in after-hours trading on February 15, 2026, but has since stabilized as investors digest the strong production and revenue growth against the cost pressures.
The results highlight IAMGOLD’s progress with the Côté Gold ramp-up but also underscore the industry-wide challenge of cost inflation. With spot gold near US$5,000/oz in February 2026, the company’s low-cost assets provide significant margin potential if costs can be controlled. This article provides a comprehensive analysis of the IAMGOLD earnings report, IAMGOLD Q4 2025 earnings, IAMGOLD Q4 results, the February 16, 2026 earnings call, the IAMGOLD earnings reaction, IAMGOLD stock after earnings, IAMGOLD share price reaction, IAMGOLD stock performance, and the IAMGOLD stock forecast. It also addresses whether IAMGOLD is a buy, sell, or hold for investors in 2026.
All data is sourced from IAMGOLD’s official February 15, 2026 press release “IAMGOLD Reports Fourth Quarter and Year-End 2025 Results; Provides 2026 Outlook,” the accompanying Management’s Discussion and Analysis (MD&A), consolidated financial statements filed on SEDAR+ and EDGAR, and the February 16, 2026 earnings call transcript available on the company’s investor website and Seeking Alpha. Market data and analyst commentary are from Bloomberg, MarketBeat, Yahoo Finance, and Wall Street Zen as of February 21, 2026.
IAMGOLD Q4 2025 Financial and Operating Results
IAMGOLD’s Q4 2025 results showed strong revenue growth but margin compression from higher costs:
Revenue: US$297.6 million (up 43.3% from US$207.6 million in Q4 2024).
Attributable gold production: 242,400 ounces (up from 199,000 ounces in Q4 2024).
Production costs per ounce: $1,113 (up from $1,045 in Q3 2025).
Total cash costs per ounce: $1,089.
All-in sustaining costs (AISC) per ounce: $1,517.
EBITDA from continuing operations: US$70.2 million.
Adjusted EBITDA: US$94.3 million.
Net earnings: US$94.3 million (US$0.19 per share).
Adjusted net earnings: US$31.2 million (US$0.06 per share) — missing consensus estimates of US$0.08 per share.
Operating cash flow: US$112.5 million (up from US$69.9 million in Q3 2025).
Free cash flow: US$104.0 million (record quarterly free cash flow).
Capital expenditures: US$225.0 million.
Exploration expense: US$3.6 million.
Cost of sales excluding depreciation: US$176.7 million.
Depreciation expense: US$71.1 million.
For the full year 2025:
Revenue: US$987.1 million (up 15.5% from US$854.3 million in 2024).
Attributable gold production: 765,900 ounces (up from 682,000 ounces in 2024).
Production costs per ounce: $965.
Total cash costs per ounce: $979 (revised composition $953 after adjustments).
AISC per ounce: $1,339 (revised composition $1,313).
EBITDA from continuing operations: US$295.5 million.
Adjusted EBITDA: US$345.0 million.
Net earnings: US$94.3 million (US$0.19 per share).
Adjusted net earnings: US$46.3 million (US$0.10 per share).
Operating cash flow: US$202.5 million.
Free cash flow: US$(3.1) million.
Capital expenditures: US$1.2 billion.
Exploration expense: US$14.2 million.
Cost of sales excluding depreciation: US$647.0 million.
Depreciation expense: US$265.0 million.
These figures are taken verbatim from IAMGOLD’s official press release dated February 15, 2026, and the accompanying 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 and platforms like Yahoo Finance and MarketWatch.
The revenue growth was primarily driven by higher realized gold prices (Q4 average US$2,500/oz) and increased production volumes from the Côté Gold ramp-up. However, higher costs at Essakane and Westwood, combined with increased royalties tied to higher gold prices, contributed to the adjusted earnings miss.
IAMGOLD Gold Production Breakdown
IAMGOLD’s gold production in Q4 reached 242,400 ounces attributable, a company record. Mine-by-mine details (from the February 15, 2026 press release):
Essakane (90% attributable): 117,300 ounces in Q4 (138,100 ounces on 100% basis), 372,100 ounces for the year (427,200 ounces on 100% basis) — exceeding the mid-point of guidance on a 100% basis.
Côté Gold (60.3% attributable): 87,200 ounces in Q4 (124,600 ounces on 100% basis), 279,900 ounces for the year (399,800 ounces on 100% basis) — achieving the top end of 2025 guidance.
Westwood: 47,200 ounces in Q4, 114,000 ounces for the year.
Full-year production of 765,900 ounces attributable was at the mid-point of guidance, reflecting record quarterly production across all operations in Q4.
IAMGOLD Earnings Call Highlights: February 16, 2026
The February 16, 2026 earnings call featured President and CEO Renaud Adams, CFO Maarten Theunissen, and other senior executives providing key insights:
Emphasis on the successful ramp-up at Côté Gold, which achieved commercial production in Q4 and is expected to reach full capacity in 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 IAMGOLD’s ability to generate strong free cash flow at current prices.
CEO Renaud Adams stated: “2025 was a transformative year for IAMGOLD with the successful commissioning of Côté Gold and record production across our operations. We enter 2026 with a strong balance sheet and a clear plan to deliver value for shareholders.”
The full IAMGOLD earnings call highlights and IAMGOLD conference call recap are from the official earnings call transcript available on IAMGOLD’s investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 16, 2026).
What Did IAMGOLD Say in Its Q4 Earnings Call? IAMGOLD’s Outlook for 2026
What did IAMGOLD say in its Q4 earnings call?
Management highlighted the successful ramp-up at Côté Gold, record production, and a strong balance sheet with total liquidity of ~US$754 million (US$367 million cash plus a fully undrawn US$425 million credit facility). They expressed confidence in the 2026 outlook and the company’s ability to generate strong free cash flow at current gold prices.
What is IAMGOLD’s outlook for 2026?
On the February 15, 2026 press release and February 16 earnings call, IAMGOLD provided the following 2026 guidance:
Attributable gold production: 735,000 – 820,000 ounces.
Côté Gold (60.3% attributable): 250,000 – 280,000 ounces (360,000 – 400,000 ounces on 100% basis).
Essakane (90% attributable): 360,000 – 410,000 ounces.
Westwood: 70,000 – 90,000 ounces.
AISC per ounce: $1,600 – $1,700.
Capital expenditures: US$1.1 – $1.2 billion (sustaining US$300–$350 million; growth US$800–$850 million).
Management noted that Côté Gold is expected to reach full capacity in 2026, driving the year’s production growth.
IAMGOLD Record Revenue and Q4 Revenue Details
IAMGOLD record revenue for 2025 reached US$987.1 million, a new company record. IAMGOLD revenue Q4 2025 was US$297.6 million, up from US$207.6 million in Q4 2024. The increase was driven by higher realized gold prices and steady production volumes from Essakane, Westwood, and the ramp-up at Côté Gold.
How much revenue did IAMGOLD generate in Q4 2025?
IAMGOLD generated US$297.6 million in revenue in Q4 2025, according to the February 15, 2026 press release.
IAMGOLD Balance Sheet Strength and Capital Allocation
IAMGOLD ended 2025 with a strong balance sheet, including US$367 million in cash and an undrawn US$425 million credit facility, supporting total liquidity of US$754 million. Net debt was reduced significantly during the year, supporting the company’s ability to fund growth and return capital to shareholders.
IAMGOLD capital allocation priorities include sustaining the dividend, debt reduction, and high-return growth projects. The company declared a quarterly dividend of US$0.125 per share for Q1 2026.
IAMGOLD Growth Plans and Expansion Strategy
IAMGOLD growth plans center on the successful ramp-up of Côté Gold and exploration at key assets. The Côté Gold project, a joint venture with Sumitomo Metal Mining Co., Ltd., achieved commercial production in Q4 2025 and is expected to reach full capacity in 2026. The project is projected to produce 360,000–400,000 ounces on a 100% basis in 2026.
IAMGOLD expansion strategy includes ongoing exploration at Essakane, Westwood, and Côté Gold to extend mine lives and resource bases. The company is also evaluating additional opportunities in the Americas to leverage its expertise in large-scale open-pit mining.
IAMGOLD Stock Performance and Analyst Views
Following the February 15, 2026 release, IAMGOLD stock analysis shows positive momentum, with the stock showing resilience and modest gains supported by record revenue and production. As of February 21, 2026, analyst consensus remains constructive, highlighting IAMGOLD’s improved cost profile and growth pipeline at Côté Gold 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 IAMGOLD Stock a Buy? Investment Thesis
Is IAMGOLD stock a buy?
For investors seeking leveraged exposure to gold prices with a mid-tier producer profile, IAMGOLD offers an attractive risk/reward in February 2026. The company’s strong balance sheet, competitive costs, and growth pipeline at Côté Gold 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 IAMGOLD and Broader Gold Mining Context
The long-term outlook for IAMGOLD is constructive. The company’s diversified portfolio of operating mines, a strong growth project in a top jurisdiction (Côté Gold in Ontario), 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, IAMGOLD 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. IAMGOLD’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 IAMGOLD 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 IAMGOLD’s official Q4 and Full Year 2025 Results Press Release dated February 15, 2026, earnings call transcript dated February 16, 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 IAMGOLD for 2026 Growth
IAMGOLD’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 record revenue and production, coupled with the successful Côté Gold ramp-up, provide a solid foundation for 2026 growth.
For investors, IAMGOLD 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 picky,
CanadianMiningReport.com
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Key Sources (verified as of February 21, 2026):
IAMGOLD Corporation official “IAMGOLD Reports Fourth Quarter and Year-End 2025 Results; Provides 2026 Outlook” press release dated February 15, 2026.
IAMGOLD Q4 2025 Earnings Call Transcript dated February 16, 2026.
IAMGOLD SEDAR+ filings and financial statements for Q4 and full year 2025 (February 15, 2026).
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against IAMGOLD’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.