Kinross posts $2.5 billion free cash flow, boosts dividend 14% to $0.16 annually
Kinross generated 2025 free cash flow of $2.5 billion, returned $1.5 billion to holders and ended with $1 billion net cash, reaffirming 2026 production guidance of 2.0 million gold equivalent ounces. Board approved 14% dividend increase to $0.04 ($0.16 annualized), a 33% rise since Q3 2025, targeting 40% of free cash flow returns.
1. Fiscal 2025 Results
Kinross reported operating cash flow of $3.76 billion and free cash flow of $2.47 billion in 2025, delivered net earnings of $2.39 billion ($1.96 per share) and adjusted earnings of $2.24 billion ($1.84 per share), repaid $700 million of debt, returned $752 million to shareholders via buybacks and dividends, and closed the year with $1.0 billion net cash and $3.5 billion of total liquidity.
2. Dividend Increase and Capital Return Policy
The Board approved a 14% rise to the quarterly dividend to $0.04 per share ($0.16 annualized), marking a 33% increase since Q3 2025. Kinross plans to allocate 40% of its free cash flow to shareholder returns in 2026 through a combination of dividends and share repurchases.
3. Production Guidance and Development Projects
Kinross reaffirmed 2026 production guidance of 2.0 million attributable gold equivalent ounces (±5%) and forecasts similar output in 2027–2028. U.S. pipeline projects Phase X, Kettle River-Curlew and Redbird are advancing to construction, Great Bear’s AEX program is 80% complete, and Lobo-Marte’s Environmental Impact Assessment submission is scheduled by Q2 2026.