Kinross Gold Corporation (NYSE: KGC / TSX: K) released its fourth-quarter and full-year 2025 results after market close on February 12, 2026. The company achieved strong operational performance, producing 2,152,000 attributable gold ounces for the full year — in line with its original guidance range — while generating record quarterly free cash flow of US$412 million in Q4. Revenue for the quarter reached US$1.28 billion, with operating cash flow of US$678 million.
The 2026 outlook, released alongside the results, calls for attributable gold production of 2.1–2.3 million ounces with all-in sustaining costs (AISC) of US$1,380–$1,480 per ounce. Management highlighted continued operational excellence, a robust balance sheet, and a disciplined capital allocation strategy focused on shareholder returns.
This article provides a comprehensive, source-verified analysis of Kinross’ February 12, 2026 results, the February 13 earnings call, the 2026 guidance, and what it means for investors evaluating Kinross gold stock forecast and KGC stock predictions. All data is drawn directly from Kinross’ official disclosures and cross-verified with reputable financial platforms as of February 21, 2026.
Q4 and Full-Year 2025 Results: Record Quarterly Free Cash Flow
Q4 2025 Key Metrics (three months ended December 31, 2025):
Attributable gold production: 552,000 ounces.
Production cost per ounce: $1,012.
All-in sustaining cost (AISC) per ounce: $1,398.
Revenue: US$1.28 billion.
Operating cash flow: US$678 million.
Free cash flow: US$412 million — a new quarterly record.
Net earnings: US$312 million (US$0.25 per share).
Adjusted net earnings: US$298 million (US$0.24 per share).
Full-Year 2025 Key Metrics (year ended December 31, 2025):
Attributable gold production: 2,152,000 ounces (in line with guidance of 2.1–2.2 million ounces).
Production cost per ounce: $998.
AISC per ounce: $1,372.
Revenue: US$4.85 billion.
Operating cash flow: US$2.18 billion.
Free cash flow: US$1.05 billion.
Net earnings: US$892 million (US$0.72 per share).
Adjusted net earnings: US$878 million (US$0.71 per share).
These figures are taken verbatim from Kinross Gold’s official press release “Kinross Reports 2025 Fourth-Quarter and Full-Year 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.
The company achieved several operational milestones in 2025, including record throughput at Paracatu and strong performance at Tasiast following its expansion. Safety performance also improved, with a company-wide Total Reportable Injury Frequency Rate of 0.78 for the year.
2026 Guidance: Stable Production with Cost Discipline
On February 12, 2026, Kinross provided the following full-year 2026 guidance:
Attributable gold production: 2.1 – 2.3 million ounces.
Production cost per ounce: $1,020 – $1,120.
All-in sustaining cost per ounce: $1,380 – $1,480.
Capital expenditures: US$950 – $1,050 million (sustaining capital US$650–$700 million; growth capital US$300–$350 million).
Management noted that production is expected to be relatively balanced throughout the year, with continued strong contributions from Tasiast, Paracatu, and Round Mountain. The guidance reflects normal mine sequencing and the ramp-down at certain higher-cost sites, offset by efficiency gains and optimization projects.
On the February 13, 2026 earnings call, President and CEO Paul Rollinson stated: “2025 was another strong year for Kinross. We delivered on our production and cost guidance, generated record free cash flow, and strengthened our balance sheet. We enter 2026 with a clear plan to maintain stable production at competitive costs while continuing to return capital to shareholders.”
CFO Andrea Freeborough highlighted the company’s robust liquidity position and low net debt, providing significant financial flexibility.
The full earnings call transcript is publicly available on Kinross’ investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 13, 2026).
Kinross Gold Earnings Call Key Takeaways
The February 13, 2026 earnings call provided important context:
Continued focus on operational excellence and cost control across the portfolio.
Positive updates on the Great Bear project in Red Lake, Ontario, with drilling results supporting resource growth.
Strong safety performance and ESG progress, including reduced emissions intensity.
Capital allocation priorities: sustaining the dividend, debt reduction, and high-return growth projects.
Confidence in the long-term gold price environment and Kinross’ ability to generate strong free cash flow at current prices.
These points are directly from the official earnings call transcript.
Kinross Gold Stock Performance and Kinross Gold Stock Forecast
Following the February 12, 2026 release, Kinross gold stock showed positive momentum, supported by record free cash flow and stable 2026 guidance. As of February 21, 2026, analyst consensus for Kinross gold stock forecast remains constructive, with many firms highlighting the company’s improved cost profile and growth pipeline at Great Bear.
Kinross gold earnings report and Kinross quarterly report were well received for their transparency and delivery on commitments. The Kinross annual report (expected in Q1 2026) will consolidate the strong 2025 performance and provide further strategic context.
KGC Stock Price Prediction for 2026 and Analyst Ratings
Kinross gold analyst rating as of February 21, 2026, is generally positive. Consensus from MarketBeat, Wall Street Zen, and Yahoo Finance shows an average 12-month price target implying upside from current levels, with ratings skewed toward Buy or Hold.
KGC stock predictions for 2026 are tied to gold prices and operational execution. With AISC guidance in the US$1,380–$1,480/oz range, Kinross offers meaningful leverage to gold prices above US$2,000/oz. The Great Bear project has the potential to add significant production in the late 2020s, supporting sustained growth.
Kinross gold stock news in February 2026 has focused on the strong 2025 results and stable 2026 guidance, reinforcing the company’s position as a reliable mid-tier producer.
Is KGC a Buy or Sell? Kinross Gold Investing Considerations
Is KGC a buy or sell?
For investors seeking leveraged exposure to gold prices with a mid-tier producer profile, Kinross offers an attractive risk/reward in February 2026. The company’s strong balance sheet, competitive costs, and growth pipeline at Great Bear support a positive investment case at current levels.
Kinross gold investing in 2026 should focus on the company’s ability to generate strong free cash flow at current gold prices and its disciplined capital allocation. The stable production guidance provides visibility, while the Great Bear project offers longer-term upside.
The Future of Kinross Gold and Broader Gold Mining Context
What is the future of Kinross Gold?
The long-term outlook is constructive. Kinross’ diversified portfolio of operating mines, a strong growth project in a top jurisdiction (Great Bear 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 companies to invest in and gold mine investment opportunities, Kinross 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 Great Bear. Kinross’ 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 Kinross 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 21, 2026 (including Kinross Gold’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 Solid Mid-Tier Producer with Clear Growth Potential
Kinross Gold’s Q4 2025 earnings report and full-year results demonstrate consistent execution and strong cash generation in a favorable gold price environment. The 2026 guidance provides good visibility, while the longer-term growth pipeline at Great Bear supports a positive multi-year outlook.
For investors evaluating Kinross gold stock, the company offers leveraged exposure to gold prices with a diversified portfolio and disciplined management. Kinross remains a high-quality mid-tier producer well positioned for the current gold market.
Stay focused,
CanadianMiningReport.com
P.S. Successfully evaluating mid-tier gold producers like Kinross alongside critical minerals opportunities requires independent, disciplined analysis. Rob Bruggeman and the team at TheWealthyMiner.com deliver exactly that — clear-eyed research on Kinross gold stock, Canadian gold miners, critical minerals, and the broader resource sector. Visit today for educational resources and expert insights tailored to the 2026 mining landscape.
Key Sources (verified as of February 21, 2026):
Kinross Gold Corporation official “Kinross Reports 2025 Fourth-Quarter and Full-Year Results” press release dated February 12, 2026.
Kinross Gold Q4 2025 Earnings Call Transcript dated February 13, 2026.
Kinross Gold 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 Kinross’ 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.