Kinross Gold generates record cash for fourth straight quarter

Kinross Gold (TSX: K, NYSE: KGC) has reported its fourth consecutive quarter of record cash flows, generating about $840 million for the January-March period, a large part of which it expects to return to shareholders.

The increase in cash flow was attributed to margins that continued to outpace gold prices, the company said in its results release late on Wednesday.

For the quarter, Kinross’ margins surged to a record $3,476/oz. gold equivalent — representing a 92% jump from last year and 22% over the previous quarter. Compared to the average realized gold price, the Q1 2026 margin was 20% higher year-over-year.

“Strong operational performance and disciplined cost management drove record margins that continue to outpace the rise in the gold price, which highlights our ability to continue to hold the line on costs,” CEO Paul Rollinson said.

Q1 earnings beat

The higher gold price led to a 61% surge in total revenues, from $1.5 billion last year to $2.4 billion. Earnings for the quarter came to $843 million (or $0.70 per share), while adjusted net earnings were almost identical at $854.1 million ($0.71 per share). Both figures were more than double that of Q1 2025.

Kinross’ shares rose as much as 5% on Thursday following the results release, as its adjusted earnings per share beat analysts’ expectations of $0.68. Trading at about $30.50 in New York, the company has a market capitalization of $36.5 billion.

Given these results, Kinross said it remains committed to returning the generated capital to shareholders. For 2026, it expects to return 40% of its free cash flow in the form of dividends and share buybacks. So far, it has already returned $350 million to shareholders, including $300 million from buying back 9.2 million shares.

“Over the past 12 months, we have returned over $1 billion to shareholders, and through our share buyback program, have reduced our outstanding float by over 3%,” Rollinson said.

On the operations side, the Canadian gold miner said it still expects to produce 2 million oz. of gold equivalent at an all-in sustaining cost of $1,730/oz.