Equinox Gold (EQX) Q4 2025 earnings summary

Executive summary

• Completed a transformational merger with Calibre Mining, creating a tier one North American gold producer and expanding portfolio diversification.

• Achieved record annual gold production of 922,827 ounces and record revenue of $2.71 billion for 2025, with strong contributions from new and existing assets.

• Reduced net debt from $1.4 billion in June 2025 to $75 million by January 2026, following asset sales and strong cash flow.

• Announced inaugural quarterly cash dividend of $0.015/share and a share buyback program, marking a shift to disciplined capital returns.

• Portfolio transformation included the sale of Brazilian assets, Pan Mine, and ramp-up of Greenstone and Valentine mines, with a significant new gold discovery near Valentine.

Financial highlights

• Q4 2025 gold production reached 247,024 ounces; full year production was 922,827 ounces.

• Q4 revenue was $987.8 million; full year revenue was $2.71 billion.

• Q4 adjusted EBITDA was $579 million; full year adjusted EBITDA was $1,339.6 million.

• Q4 adjusted net income was $272.9 million ($0.35/share); full year adjusted net income was $420.5 million ($0.67/share).

• Ended 2025 with $407.4 million in cash and equivalents and net debt of $75 million at January 31, 2026.

Outlook and guidance

• 2026 gold production guidance: 700,000–800,000 ounces; Greenstone 250,000–300,000 ounces; Valentine 150,000–200,000 ounces.

• 2026 consolidated cash costs forecast: $1,425–$1,525/oz; AISC: $1,775–$1,875/oz.

• Growth capital for 2026 projected at $325–$375 million; exploration spend of $70–$80 million.

• Greenstone and Valentine expected to reach full capacity by mid-2026, with Valentine production H2-weighted.

• Plans to self-fund 400,000–500,000 ounces of potential annual organic growth over the next five years.