Why Is Kinross Gold (KGC) Up 12.7% Since Last Earnings Report?

It has been about a month since the last earnings report for Kinross Gold (KGC). Shares have added about 12.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Kinross Gold due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Kinross Gold Corporation before we dive into how investors and analysts have reacted as of late.

Kinross Gold’s Q3 Earnings Surpass Estimates as Gold Prices Rise Y/Y

Kinross reported a profit of $584.9 million or 48 cents per share in third-quarter 2025. The figure increased from a profit of $355.3 million or 29 cents per share recorded in the year-ago quarter.

The company reported adjusted earnings of 44 cents per share, up from the prior-year quarter’s figure of 24 cents. The bottom line beat the Zacks Consensus Estimate of 39 cents.

Revenues rose roughly 25.8% year over year to $1,802.1 million in the third quarter. The figure beat the Zacks Consensus Estimate of $1,530.4 million. The rise is attributed to a higher average realized gold price.

Operational Performance

The company produced (attributable) 503,862 gold equivalent ounces in the reported quarter, down 10.7% year over year, due to reduced production at Tasiast and Fort Knox. Consolidated production was 520,301 ounces. The figure beat our estimate of 476,618 gold equivalent ounces.

Average realized gold prices were $3,460 per ounce in the quarter, up 39.7% from the year-ago quarter’s tally. The figure beat our estimate of $3,230 per ounce.

The production cost of sales per gold equivalent ounce was $1,145, up 16.8% from the prior-year quarter’s levels. This was below our estimate of $1,182. All-in-sustaining cost per gold equivalent ounce sold rose nearly 20.2% year over year to $1,622. This was above our estimate of $1,515.

Margin per gold equivalent ounce sold was $2,310 in the quarter, up from the prior-year quarter’s $1,501.

Financials

Cash and cash equivalents were $1,721.7 million at the end of the quarter, up around 264% year over year. Long-term debt was $1,236.9 million at the end of the quarter, flat year over year.

Outlook

Kinross expects to produce slightly above the midpoint of 2 million gold equivalent ounces (+/- 5%) on an attributable basis, with a production cost of sales per gold equivalent ounces of $1,120 (+/- 5%) and AISC of $1,500 (+/- 5%) per ounce sold. The company is tracking toward the top end of its ASIC guidance. Total attributable capital expenditures are estimated to be $1,150 million (+/- 5%).

The fourth-quarter production is expected to be slightly lower than 500,000 Au eq. oz. The annual production is estimated to remain stable at 2 million attributable Au eq. oz. (+/- 5%) in 2026 and 2027.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 54.17% due to these changes.

VGM Scores

Currently, Kinross Gold has a great Growth Score of A, a score with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Kinross Gold has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Kinross Gold belongs to the Zacks Mining - Gold industry. Another stock from the same industry, Newmont Corporation (NEM), has gained 9.8% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Newmont reported revenues of $5.52 billion in the last reported quarter, representing a year-over-year change of +20%. EPS of $1.71 for the same period compares with $0.81 a year ago.

For the current quarter, Newmont is expected to post earnings of $1.51 per share, indicating a change of +7.9% from the year-ago quarter. The Zacks Consensus Estimate has changed +1.3% over the last 30 days.

Newmont has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

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This article originally published on Zacks Investment Research (zacks.com).

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