Coeur Reports Second Quarter 2026 Results
Coeur slashed its full-year EBITDA guidance to $2.3 billion, breaking a previous promise of more than $3 billion in earnings.
Coeur Mining, Inc. (CDE) reported second-quarter 2026 revenue of $1.1 billion, a record high that represents a 27% quarter-over-quarter increase. The company posted record adjusted EBITDA of $478 million and GAAP net income of $122 million, or $0.12 per share. Free cash flow for the period reached $388 million.
Production figures for the quarter included 163,490 ounces of gold, a record that marks a 51% year-over-year increase, alongside 4.4 million ounces of silver and 11.4 million pounds of copper. Sales volumes totaled 167,877 ounces of gold and 4.5 million ounces of silver.
The company’s cash balance doubled since year-end to reach $1.1 billion. During the quarter, Coeur Mining repurchased $121 million of stock, comprising 6.7 million shares through July 31, and paid an inaugural semiannual dividend of $0.02 per share.
For the full year 2026, Coeur Mining provided guidance for production of approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper. Financial projections include record adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion. Capital expenditure guidance was raised to $520–$605 million, up from the previous range of $437–$526 million.
Prorated nine-month guidance for the New Afton operation calls for 50,000–60,000 ounces of gold and 40–50 million pounds of copper, with cash operating costs (CAS) estimated at $1,300–$1,600 per ounce of gold and $2.00–$2.30 per pound of copper. Guidance for the Rainy River operation anticipates 190,000–230,000 ounces of gold with CAS of $2,700–$3,000 per ounce of gold.
Guidance for legacy operations remains unchanged. The company expects an effective tax rate between 34% and 38%.
Coeur Mining, Inc. (CDE) has abandoned the $3 billion EBITDA and $2 billion free cash flow narrative that previously underpinned its post-acquisition valuation case, while simultaneously raising capital spending. Production expectations have been trimmed to the bottom of, or below, prior ranges, with the copper guidance representing a 25% miss.
The company’s credibility regarding management guidance has been severely impaired. Shares had already been de-rated from approximately $26 to $22.81 ahead of the release, but the explicit abandonment of the $3 billion EBITDA floor constitutes new information that may trigger further valuation adjustments. On a forward price-to-free-cash-flow basis, the implied yield remains strong at approximately 6.4%, based on a $22.81 share price and $1.5 billion in free cash flow, though the trajectory has deteriorated significantly compared to prior expectations.
Coeur Mining, Inc. (CDE) is a North American precious metals producer operating seven mines. Its portfolio includes the New Afton gold and copper underground mine in British Columbia, Canada; the Rainy River gold and silver open pit and underground mine in Ontario, Canada; the Las Chispas high-grade silver and gold underground mine in Sonora, Mexico; the Palmarejo gold and silver underground mine in Chihuahua, Mexico, which is subject to a Franco-Nevada stream; the Rochester open pit and heap leach silver and gold mine in Nevada, USA; the Kensington underground gold mine in Alaska, USA; and the Wharf open pit and heap leach gold mine in South Dakota, USA.
The company also holds the Silvertip exploration project in British Columbia, Canada, which is an early-stage, silver-rich asset. Coeur Mining’s revenue mix consists of approximately 65% gold, 30% silver, and 5% copper.