Kinross Gold Financials

KGC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Kinross Gold (KGC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI KGC FY2025 2026-04-22

Cash generation is outpacing reinvestment, letting profit gains turn into balance-sheet strength instead of being absorbed by the asset base.

Between FY2024 and FY2025, operating cash flow climbed from $2.45B to $3.76B while capital spending changed little, so the surge in earnings was backed by cash rather than trapped in working capital or heavier upkeep. With free cash flow margin reaching 36.4%, a much larger share of sales remained available after reinvestment.

The balance sheet became more self-funded: cash rose to $1.74B while long-term debt fell to $738M, indicating FY2025 operations generated enough internal cash to improve liquidity and reduce reliance on borrowings at the same time. That matters because the stronger balance sheet came from cash creation, not from shrinking the business.

Working capital looks driven more by stock on hand than by customer collection, because inventory was still $1.37B even as receivables dropped to just $31M. Receivables are simply too small to be the main cash bottleneck here, so cash timing depends more on moving production through the system than on getting paid.

Financial Health Signals

Financial Profile 63/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Kinross Gold's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Kinross Gold's revenue surged 36.9% year-over-year to $7.1B, reflecting rapid business expansion. This strong growth earns a score of 82/100.

Leverage

100

Kinross Gold carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Kinross Gold's current ratio of 2.35 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Kinross Gold converts 36.4% of revenue into free cash flow ($2.6B). This strong cash generation earns a score of 96/100.

Returns

Kinross Gold's ROE of 28.4% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 14.2% the prior year.

Piotroski F-Score Strong

8/9

Kinross Gold passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.52x

For every $1 of reported earnings, Kinross Gold generates $1.52 in operating cash flow ($3.8B OCF vs $2.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.1B

YoY+36.9%

5Y CAGR+10.8%

Kinross Gold generated $7.1B in revenue in fiscal year 2025. This represents an increase of 36.9% from the prior year.

EBITDA

N/A

Net Income

$2.5B

YoY+148.5%

5Y CAGR+12.7%

Kinross Gold reported $2.5B in net income in fiscal year 2025. This represents an increase of 148.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.6B

YoY+87.2%

5Y CAGR+19.8%

Kinross Gold generated $2.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 87.2% from the prior year.

Cash & Debt

$1.7B

YoY+184.9%

5Y CAGR+7.5%

Kinross Gold held $1.7B in cash against $738.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.20B

YoY-2.4%

5Y CAGR-0.9%

Kinross Gold had 1.20B shares outstanding in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

35.0%

YoY+15.7pp

5Y CAGR+2.8pp

Kinross Gold's net profit margin was 35.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.7 percentage points from the prior year.

Return on Equity

28.4%

YoY+14.2pp

5Y CAGR+8.0pp

Kinross Gold's ROE was 28.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$1.2B

YoY+11.0%

5Y CAGR+5.4%

Kinross Gold invested $1.2B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 11.0% from the prior year.

KGC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.1B+36.9%	$5.1B+21.4%	$4.2B+22.7%	$3.5B+32.9%	$2.6B-38.3%	$4.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$724.7M+48.7%	$487.4M+66.2%	$293.2M+285.3%	$76.1M-33.8%	$115.0M-73.9%	$439.8M
Net Income	$2.5B+148.5%	$994.0M+139.3%	$415.4M+168.6%	-$605.7M-377.0%	$218.7M-83.9%	$1.4B
EPS (Diluted)	N/A	N/A	$0.34+1600.0%	$0.02+200.0%	$-0.02	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KGC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.4B+14.2%	$10.9B+3.1%	$10.5B+1.4%	$10.4B-0.3%	$10.4B-4.6%	$10.9B
Current Assets	$3.3B+54.6%	$2.1B+18.0%	$1.8B-2.7%	$1.9B-4.9%	$1.9B-20.4%	$2.4B
Cash & Equivalents	$1.7B+184.9%	$611.5M+73.5%	$352.4M-15.7%	$418.1M-21.3%	$531.5M-56.1%	$1.2B
Inventory	$1.4B+10.2%	$1.2B+7.8%	$1.2B+7.5%	$1.1B-6.9%	$1.2B+7.3%	$1.1B
Accounts Receivable	$30.5M-42.0%	$52.6M-10.1%	$58.5M-81.6%	$318.2M+48.3%	$214.5M+85.2%	$115.8M
Goodwill	N/A	N/A	N/A	N/A	$158.8M0.0%	$158.8M
Total Liabilities	$3.7B-3.8%	$3.9B-11.3%	$4.4B-3.5%	$4.5B+19.5%	$3.8B-11.5%	$4.3B
Current Liabilities	$1.4B+32.0%	$1.1B+54.6%	$685.5M-8.8%	$751.5M+1.4%	$741.4M-45.0%	$1.3B
Long-Term Debt	$738.2M-48.6%	$1.4B+8102.3%	$17.5M-24.2%	$23.1M-34.2%	$35.1M-24.2%	$46.3M
Total Equity	$8.7B+24.2%	$7.0B+13.2%	$6.2B+5.2%	$5.9B-11.5%	$6.6B-0.2%	$6.7B
Retained Earnings	-$5.9B+27.4%	-$8.2B+8.9%	-$9.0B+2.9%	-$9.3B-8.9%	-$8.5B+0.8%	-$8.6B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$12.4B+14.2%	$10.9B+3.1%	$10.5B+1.4%	$10.4B-0.3%	$10.4B-4.6%	$10.9B+20.5%	$9.1B+12.6%	$8.1B
Current Assets	$3.3B+54.6%	$2.1B+18.0%	$1.8B-2.7%	$1.9B-4.9%	$1.9B-20.4%	$2.4B+34.3%	$1.8B+14.2%	$1.6B
Cash & Equivalents	$1.7B+184.9%	$611.5M+73.5%	$352.4M-15.7%	$418.1M-21.3%	$531.5M-56.1%	$1.2B+110.6%	$575.1M+64.8%	$349.0M
Inventory	$1.4B+10.2%	$1.2B+7.8%	$1.2B+7.5%	$1.1B-6.9%	$1.2B+7.3%	$1.1B+1.8%	$1.1B+0.2%	$1.1B
Accounts Receivable	$30.5M-42.0%	$52.6M-10.1%	$58.5M-81.6%	$318.2M+48.3%	$214.5M+85.2%	$115.8M-15.7%	$137.4M+35.5%	$101.4M
Goodwill	N/A	N/A	N/A	N/A	$158.8M0.0%	$158.8M0.0%	$158.8M-2.4%	$162.7M
Total Liabilities	$3.7B-3.8%	$3.9B-11.3%	$4.4B-3.5%	$4.5B+19.5%	$3.8B-11.5%	$4.3B+14.1%	$3.7B+5.9%	$3.5B
Current Liabilities	$1.4B+32.0%	$1.1B+54.6%	$685.5M-8.8%	$751.5M+1.4%	$741.4M-45.0%	$1.3B+119.1%	$615.5M+0.5%	$612.4M
Long-Term Debt	$738.2M-48.6%	$1.4B+8102.3%	$17.5M-24.2%	$23.1M-34.2%	$35.1M-24.2%	$46.3M+19.0%	$38.9M+9.3%	$35.6M
Total Equity	$8.7B+24.2%	$7.0B+13.2%	$6.2B+5.2%	$5.9B-11.5%	$6.6B-0.2%	$6.7B+24.9%	$5.3B+17.8%	$4.5B
Retained Earnings	-$5.9B+27.4%	-$8.2B+8.9%	-$9.0B+2.9%	-$9.3B-8.9%	-$8.5B+0.8%	-$8.6B+12.9%	-$9.8B+6.8%	-$10.5B

KGC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.8B+53.7%	$2.4B+52.4%	$1.6B	N/A	$1.1B-42.0%	$2.0B
Capital Expenditures	$1.2B+11.0%	$1.1B-2.1%	$1.1B+43.7%	$764.2M-7.0%	$821.7M-10.3%	$916.1M
Free Cash Flow	$2.6B+87.2%	$1.4B+170.4%	$507.0M	N/A	$313.5M-69.9%	$1.0B
Investing Cash Flow	N/A	N/A	N/A	N/A	-$1.2B+4.5%	-$1.2B
Financing Cash Flow	-$1.6B-61.8%	-$1.0B-83.2%	-$549.0M	N/A	-$623.2M-820.5%	-$67.7M
Dividends Paid	$152.1M+3.1%	$147.5M+0.1%	$147.3M-4.4%	$154.0M+1.9%	$151.1M+100.1%	$75.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KGC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	35.0%+15.7pp	19.3%+9.5pp	9.8%+27.3pp	-17.5%-25.9pp	8.4%-23.8pp	32.3%
Return on Equity	28.4%+14.2pp	14.2%+7.5pp	6.7%+17.0pp	-10.3%-13.6pp	3.3%-17.1pp	20.4%
Return on Assets	19.9%+10.8pp	9.2%+5.2pp	3.9%+9.8pp	-5.8%-7.9pp	2.1%-10.3pp	12.4%
Current Ratio	2.35+0.3	2.01-0.6	2.63+0.2	2.47-0.2	2.63+0.8	1.82
Debt-to-Equity	0.08-0.1	0.20+0.2	0.000.0	0.000.0	0.010.0	0.01
FCF Margin	36.4%+9.8pp	26.6%+14.7pp	12.0%	N/A	12.1%-12.7pp	24.7%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.35+0.3	2.01-0.6	2.63+0.2	2.47-0.2	2.63+0.8	1.82-1.1	2.96+0.4	2.61
Debt-to-Equity	0.08-0.1	0.20+0.2	0.000.0	0.000.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Kinross Gold's annual revenue?

Kinross Gold (KGC) reported $7.1B in total revenue for fiscal year 2025. This represents a 36.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Kinross Gold's revenue growing?

Kinross Gold (KGC) revenue grew by 36.9% year-over-year, from $5.1B to $7.1B in fiscal year 2025.

Is Kinross Gold profitable?

Yes, Kinross Gold (KGC) reported a net income of $2.5B in fiscal year 2025, with a net profit margin of 35.0%.

How much debt does Kinross Gold have?

As of fiscal year 2025, Kinross Gold (KGC) had $1.7B in cash and equivalents against $738.2M in long-term debt.

What is Kinross Gold's net profit margin?

Kinross Gold (KGC) had a net profit margin of 35.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Kinross Gold's return on equity (ROE)?

Kinross Gold (KGC) has a return on equity of 28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kinross Gold's free cash flow?

Kinross Gold (KGC) generated $2.6B in free cash flow during fiscal year 2025. This represents a 87.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kinross Gold's operating cash flow?

Kinross Gold (KGC) generated $3.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kinross Gold's total assets?

Kinross Gold (KGC) had $12.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kinross Gold's capital expenditures?

Kinross Gold (KGC) invested $1.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Kinross Gold have outstanding?

Kinross Gold (KGC) had 1.20B shares outstanding as of fiscal year 2025.

What is Kinross Gold's current ratio?

Kinross Gold (KGC) had a current ratio of 2.35 as of fiscal year 2025, which is generally considered healthy.

What is Kinross Gold's debt-to-equity ratio?

Kinross Gold (KGC) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kinross Gold's return on assets (ROA)?

Kinross Gold (KGC) had a return on assets of 19.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kinross Gold's Piotroski F-Score?

Kinross Gold (KGC) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kinross Gold's earnings high quality?

Kinross Gold (KGC) has an earnings quality ratio of 1.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Kinross Gold?

Kinross Gold (KGC) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.