Coeur Mining, Inc. (CDE): Results of Operations and Financial Condition
Coeur Mining, Inc. (CDE) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS RELEASE Coeur Reports Second Quarter 2026 Results Record results driven by the first full quarter with New Afton and Rainy River; cash more than doubles since year-end to $1.1 billion; initiated enhanced capital return program; 2026 guidance updated to reflect lower prices a
How this was made
The 30-second read
Why it matters
Provides a complete decision set for traders: quarterly performance, liquidity and capital return actions, and refined full-year production and financial targets with explicit assumptions about lower metals prices and ramp-up timing at newly acquired Canadian operations.
Market read
Record cash generation and an enhanced capital return program, alongside updated full-year targets, are likely to drive repricing of CDE’s 2026 free cash flow outlook.
What to watch
The Rainy River stockpile purchase price allocation created a large non-cash accounting impact; traders may focus on whether operating cash flow durability persists through the back-weighted 2H ramp.
Record results driven by the first full quarter with New Afton and Rainy River; cash more than doubles since year-end to $1.1 billion; initiated enhanced capital return program; 2026 guidance updated to reflect lower prices and adjustments to New Afton and Rainy River
Record revenue, adjusted EBITDA, operating cash flow and free cash flow were supported by first full-quarter contributions from New Afton and Rainy River, while the Company substantially increased cash and began repurchases and dividends. The Company updated partial-year guidance at its new Canadian operations for slower ramp-up timetables.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gold Salesother | $ 695.0 | – | – |
| Silver Salesother | $ 321.6 | – | – |
| Copper Salesother | $ 69.0 | – | – |
| Consolidated Revenueother | $ 1,085.6 | 27% | 126% |
| Costs Applicable to Salesother | $ 549.7 | – | – |
| General and Administrative Expensesother | $ 22.7 | 5% | – |
| Net IncomeGAAP | $ 121.9 | – | – |
| Net Income Per ShareGAAP | $ 0.12 | – | – |
| Adjusted Net Incomenon-GAAP | $ 122.6 | – | – |
| Adjusted Net Income Per Sharenon-GAAP | $ 0.12 | – | – |
| Weighted Average Shares Outstandingother | 1,034.4 | – | – |
| EBITDAnon-GAAP | $ 482.1 | – | – |
| Adjusted EBITDAnon-GAAP | $ 478.3 | slightly higher | 124% |
| Cash Flow from Operating Activitiesother | $ 513.2 | – | – |
| Capital Expendituresother | $ 125.7 | – | – |
| Free Cash Flownon-GAAP | $ 387.5 | 45% | 165% |
| Cash Income and Mining Taxesother | $ 106.2 | – | – |
| Cash, Equivalents & Short-Term Investmentsother | $ 1,052.3 | – | – |
| Total Debtother | $ 705.3 | – | – |
| Average Realized Price Per Ounce – Goldother | $ 4,140 | declined 6% | – |
| Average Realized Price Per Ounce – Silverother | $ 71.18 | declined 14% | – |
| Average Realized Price Per Pound – Copperother | $ 6.11 | – | – |
| Gold Ounces Producedother | 163,490 | 69% | 51% |
| Silver Ounces Producedother | 4.4 | flat | down 7% |
| Copper Pounds Producedother | 11.4 | – | – |
| Gold Ounces Soldother | 167,877 | – | – |
| Silver Ounces Soldother | 4.5 | – | – |
| Copper Pounds Soldother | 11.3 | – | – |
| Adjusted CAS per AuOznon-GAAP | $ 2,442 | – | – |
| Adjusted CAS per AgOznon-GAAP | $ 22.99 | – | – |
| Adjusted CAS per CuLbnon-GAAP | $ 2.33 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| New Afton, CanadaThe operation contributed for its first full quarter following the acquisition of New Gold; tonnes milled were 1,101,408, gold ounces produced were 14,059, and copper pounds produced were 11,377 (000’s). | $ 133.3 | – | – |
2026 outlook
- Noteapproximately 690,000 ounces of gold
- Note20 million ounces of silver
- Note45 million pounds of copper
- Noterecord full-year adjusted EBITDA of $2.3 billion
- Notefree cash flow of $1.5 billion
- Noteyear-end cash balance approaching $2.0 billion
- NoteFive legacy operations remain on track to achieve their prior stated full-year guidance.
- NotePartial-year guidance updates at New Afton and Rainy River reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026.
Capital returns
- Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31.
- Issued payment of an inaugural $0.02 per share semi-annual dividend in June.
- Eliminated $39 million of capital leases in the quarter.
What drove it
- The first full quarter of contributions from recently acquired New Afton and Rainy River operations.
- Wharf’s gold production nearly doubled from the prior quarter.
- Rochester achieved a 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes.
- Gold, silver and copper sales represented 64%, 30% and 6% of quarterly revenue, respectively.
- The Company’s U.S. and Canadian operations accounted for approximately 68% of second quarter revenue.
- Quarterly operating cash flow increased primarily due to a full quarter of contributions from New Afton and Rainy River, partially offset by lower realized metal prices.
Concerns
- Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce.
- Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce.
- Silver production was down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo.
- Adjusted CAS per AuOz includes a non-cash impact of $140 million related to purchase price allocation ascribed to inventory, which added $834 per ounce to gold CAS.
- Partial-year 2026 guidance was updated at New Afton and Rainy River to reflect more achievable ramp-up timetables for underground mining activities at Rainy River and development of the C-Zone at New Afton.
What to watch
- Sharp increases in production levels and free cash flow expected in the second half of the back-weighted year.
- Ramp-up progress at New Afton’s C-Zone and Rainy River’s underground operations.
- Realized gold and silver prices, following June prices described as the lowest of the year.
- Performance at Rochester after record crusher throughput and at Wharf after nearly doubled production.
- Progress toward the stated year-end cash balance approaching $2.0 billion.
Balance sheet and cash flow
- Cash, Equivalents & Short-Term Investments were $ 1,052.3 at quarter end, compared with $ 843.2 in 1Q 2026 and $ 111.6 in 2Q 2025.
- Total Debt was $ 705.3 at quarter end, compared with $ 761.4 in 1Q 2026 and $ 380.7 in 2Q 2025.
- Cash Flow from Operating Activities was $ 513.2.
- Capital Expenditures were $ 125.7, including approximately $105 million of sustaining capital expenditures and $21 million of development capital expenditures.
- Free Cash Flow was $ 387.5.
- The Company recorded income tax expense of approximately $93 million during the second quarter.
- Cash income and mining taxes paid during the period totaled approximately $106 million, primarily reflecting income and mining tax payments in Mexico and the United States.
Analysis
Coeur reported record second-quarter revenue of $ 1,085.6, up 27% quarter over quarter and 126% year over year, alongside record adjusted EBITDA of $ 478.3 and free cash flow of $ 387.5. The results were driven principally by the first full quarter of New Afton and Rainy River contributions, as well as a near doubling of Wharf production. Gold production reached a record 163,490 ounces, while copper production was 11.4 million pounds. Silver production was 4.4 million ounces, flat sequentially and down 7% year over year.
Revenue mix reflected gold sales of $ 695.0, silver sales of $ 321.6 and copper sales of $ 69.0. Gold, silver and copper represented 64%, 30% and 6% of quarterly revenue, respectively. This performance came despite lower realized prices: gold and silver realized prices declined 6% and 14% quarter over quarter, respectively. June realized prices of $3,823 per gold ounce and $62.84 per silver ounce were described as the lowest of the year.
Cash generation was substantial, with cash flow from operating activities of $ 513.2 and free cash flow of $ 387.5. Capital expenditures were $ 125.7, consisting of approximately $105 million of sustaining investment and $21 million of development spending. Quarter-end cash, equivalents and short-term investments rose to $ 1,052.3, while total debt was $ 705.3. Coeur repurchased $121 million of common stock, or 6.7 million shares, through July 31 and paid its inaugural $0.02 per share semi-annual dividend in June.
Margins and reported earnings were affected by a non-cash $140 million purchase price allocation impact associated with Rainy River stockpile inventory, equal to $(0.10) per share. This impact added $834 per ounce to adjusted gold CAS, which was $ 2,442. GAAP net income was $ 121.9, or $ 0.12 per share, and adjusted net income was $ 122.6, or $ 0.12 per share.
For 2026, Coeur now expects approximately 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper, plus adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion, based on the mid-point of refined guidance ranges and updated metals price assumptions. The five legacy operations remain on their prior full-year guidance. The revisions are confined to partial-year guidance at New Afton and Rainy River, where the Company now assumes slower ramp-up rates for New Afton’s C-Zone and Rainy River’s underground operations.
Management, verbatim
Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions.
Mitchell J. Krebs, Chairman, President and Chief Executive Officer
After operating Rainy River and New Afton for a full quarter, we are refining our partial-year 2026 guidance ranges at both new Canadian operations to reflect more achievable ramp-up timetables for underground mining activities at Rainy River and the development of the new C-Zone at New Afton this year.
Mitchell J. Krebs, Chairman, President and Chief Executive Officer
As we look to the second half of our back-weighted year, we expect sharp increases in our production levels and free cash flow to drive record full-year 2026 results despite lower assumed metals prices relative to the first half of the year.
Mitchell J. Krebs, Chairman, President and Chief Executive Officer
Not in the filing
stated, not guessed- Period-end date was not provided in the supplied filing text.
- Gross margin was not reported in the supplied filing text.
- Operating income was not reported in the supplied filing text.
- Detailed 2026 guidance ranges, cost guidance and metals price assumptions were not provided in the supplied filing text.
- Prior outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Operating metrics and financial results for operations other than the partially supplied New Afton section were not provided in the supplied filing text.
- The supplied filing text was truncated during the New Afton operations table.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
SEC Form 8-K Item 2.02 with an attached earnings release (Ex-99.1) covering Q2 2026 results and updated 2026 guidance.
Ticker impact
Coeur Mining reported record Q2 2026 results and updated 2026 guidance, including $1.1B cash and a new enhanced capital return program.
Likely positive bias as record revenue, operating cash flow, and higher full-year adjusted EBITDA/free cash flow guidance outweigh lower realized metal prices and partial-year ramp adjustments.
The filing includes specific, decision-relevant datapoints: record Q2 revenue ($1.1B), operating cash flow ($513M), quarter-end cash ($1.1B), $121M buybacks plus inaugural dividend, and refined 2026 production and financial targets.
Market effects
Gold and silver miners may see read-across on how companies are managing realized-price pressure while sustaining cash returns.
Limited direct regional spillover beyond North American precious metals producers’ ramp-up execution.
Modest global relevance, as the update is company-specific rather than a sector-wide macro shock.
Counterpoint
Lower realized gold and silver prices and the need to refine partial-year ramp-up timetables at New Afton and Rainy River could signal execution risk despite record headline results.
Key entities
- companyCoeur Mining, Inc.
Subject of the 8-K, reporting Q2 2026 record results, $1.1B cash, and updated 2026 guidance plus enhanced capital returns.
- asset/operationNew Afton
New Canadian operation whose partial-year 2026 guidance range was refined for slower-than-previously-assumed ramp-up at the C-Zone.
- asset/operationRainy River
New Canadian operation with refined partial-year 2026 guidance for underground ramp-up timing; also referenced in non-cash purchase price allocation accounting.
