Coeur Reports Third Quarter 2026 Results

Coeur Mining, Inc. (CDE) reported third-quarter 2026 financial results on Tuesday, posting revenue of $983.6 million, which rounded to $1.0 billion. The company recorded GAAP net income of $109.4 million, or $0.11 per share, and adjusted net income of $97.8 million, or $0.10 per share. Adjusted EBITDA came in at $448.0 million, while free cash flow totaled $240.2 million.

Year-over-year, revenue increased 77%, adjusted EBITDA rose 69%, and free cash flow grew 27%. The company ended the quarter with $1.17 billion in cash and returned $111 million of third-quarter free cash flow through share buybacks and a $0.02 per share dividend.

Despite the strong annual comparisons, quarterly performance showed declines. Third-quarter adjusted EBITDA fell 6.3% compared to the second quarter, and free cash flow dropped 38.0%. Production volumes also decreased sequentially: gold output was 161,400 ounces compared to 163,490 ounces in Q2, silver production was 4.2 million ounces versus 4.4 million ounces, and copper production was 10.0 million pounds compared to 11.4 million pounds.

Management now targets full-year production at approximately 630,000 ounces of gold, 18.7 million ounces of silver, and 40.0 million pounds of copper, a figure described as the low end of guidance. The release’s full-year table outlines a range of 630,000 to 750,000 ounces of gold and 40 to 50 million pounds of copper. These figures are below the prior March guidance range of 680,000 to 815,000 ounces of gold and 50 to 65 million pounds of copper.

Looking ahead, management guided to record adjusted EBITDA of over $2 billion and free cash flow exceeding $1.3 billion at current prices. This outlook is below the target of roughly $2.3 billion in EBITDA and $1.5 billion in free cash flow previously stated in the second-quarter earnings transcript.

Operational challenges were distributed across the company’s portfolio. Issues included a conveyor failure at New Afton, heavy rain and lower grades at Rainy River, rain-related backfill constraints at Palmarejo, and slower silver recovery at Rochester. While management characterized these events as short-term, three producing mines missed planned operating conditions during the quarter.

Coeur Mining, Inc. (CDE) issued a release that establishes a lower full-year earnings and free-cash-flow base than management projected one quarter earlier. The company’s Q2 transcript had set guidance for roughly $2.3 billion in EBITDA and $1.5 billion in free cash flow, whereas the Q3 release now sets targets of “over $2 billion” and “exceeding $1.3 billion,” respectively.

The production guidance represents a cut rather than a conservative estimate. The disclosed full-year gold range of 630,000-750,000 oz is below the prior March range of 680,000-815,000 oz, and copper guidance of 40-50 Mlb is below the previous 50-65 Mlb range.

The reduction in guidance is not primarily driven by metal prices. Q3 realized silver was $62.22/oz versus the $55/oz full-year assumption, copper was $6.65/lb versus $6.25/lb, and gold was $3,979/oz, close to the $4,000/oz assumption. The shortfall is attributed to operational issues at New Afton throughput, Rainy River grades and rain, Palmarejo backfill, and Rochester silver recovery.

Shares of Coeur Mining, Inc. had already declined before the release, falling from $30.76 on 2026-08-27 to $18.30 on 2026-10-30, a 40.5% drawdown. This pre-print weakness reflected revealed expectations of trouble, but the explicit guide reduction and Q4 burden constitute new, material information.

To hit the low end of the guidance, Coeur Mining, Inc. needs to produce approximately 208,700 oz of gold in Q4, representing a 29% increase versus Q3. The company also requires 5.7 moz of silver, a 36% increase, and 17.3 Mlb of copper, a 73% increase. This presents a steep execution ask following a quarter marked by multiple disruptions.

Coeur Mining, Inc. (CDE) is a North American precious-metals producer operating seven assets: New Afton and Rainy River in Canada; Las Chispas and Palmarejo in Mexico; and Rochester, Kensington and Wharf in the United States. The company also owns the development-stage Silvertip silver-zinc-lead project in British Columbia.

In the third quarter, revenue was comprised of 66% gold, 27% silver and 6% copper. By geography, the U.S. accounted for 34% of revenue, Canada 36% and Mexico 30%. The investor presentation’s 2026 estimate projects a mix of 65% gold, 30% silver and 5% copper, with 36% from the U.S., 33% from Canada and 31% from Mexico.

The portfolio is now meaningfully larger following the New Gold acquisition, but also more complex, comprising seven mines, two Canadian ramps, two Mexican underground operations, three U.S. operations and a development project. Integration and operating consistency are the central execution issues.

Management is led by Chairman, President and CEO Mitchell J. Krebs; Thomas S. Whelan is CFO; Michael “Mick” Routledge is COO; and Aoife McGrath is EVP Exploration.