B2Gold Q4 Earnings Miss Estimates, Revenues Surge Y/Y on Higher Output

B2Gold Corp. BTG reported adjusted earnings per share (EPS) of 11 cents for fourth-quarter 2025, missing the Zacks Consensus Estimate of 20 cents. The bottom line marked a significant improvement from 1 cent in the year-ago quarter. 

Including one-time items, the company reported earnings of 13 cents per share against the prior-year quarter’s loss of 1 cent.

B2Gold Corp Price, Consensus and EPS Surprise

 

B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote

B2Gold generated revenues of $1.54 billion in fourth-quarter 2025, reflecting a year-over-year surge of 110.9%. The upside was driven by a 39.7% increase in average realized gold prices and a 51% improvement in gold ounces sold in the quarter. In the December-end quarter,

B2Gold recorded a consolidated gold production of 303,029 ounces, up 62.9% year over year.

In the fourth quarter, the Fekola, Masbate and Otjikoto mines surpassed production expectations. The Goose mine achieved commercial production in October 2025 and produced 38,616 ounces by the end of December.

BTG’s Q4 Gross Margin Rises Y/Y

The company reported consolidated cash operating costs of $736 per ounce in the reported quarter, down 24% year over year. The consolidated all-in-sustaining costs of $1,754 per ounce rose 5.2% from the prior-year quarter.

For the October-December quarter, the total cost of sales was $503 million, up 54.3% year over year. The gross profit increased 216.9% year over year to $551 million. The gross margin increased to 52.3% in the reported quarter from the prior-year quarter’s 34.8%.

The operating income in the reported quarter was $511 million compared with the prior-year quarter’s $128 million.

B2Gold’s Q4 Cash Flow & Balance Sheet Update

BTG’s cash and cash equivalents were $381 million at the end of 2025 compared with $337 million at the end of 2024. The company generated $896 million in cash from operating activities in 2025 compared with $878 million in 2024. Its long-term debt was $564 million at the end of 2025, up from $421 million at the end of 2024.

BTG’s 2025 Performance

B2Gold reported an adjusted EPS of 46 cents in 2025 compared with 16 cents in the prior year. Earnings missed the Zacks Consensus Estimate of 52 cents. Including one-time items, the company posted earnings of 30 cents against a loss of 48 cents in 2024. 

Sales grew 60.9% year over year to a record $3.06 billion. The top line missed the Zacks Consensus Estimate of $3.11 billion.

B2Gold’s 2026 Outlook

The company expects 2026 total gold production between 820,000 and 970,000 ounces, marking a decrease from 979,604 ounces produced in 2025. The downside is likely to be driven by a step down in production at the Otjikoto Mine and lower production at the Fekola Complex. This will be partially offset by the Goose mine ramp-up.

BTG Stock’s Price Performance & Zacks Rank

The company’s shares have jumped 93.3% in the past year compared with the industry’s surge of 151.2%.

BTG currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Mining-Gold Stocks in Q4

Agnico Eagle Mines Limited AEM reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. Agnico Eagle Mines’s bottom line topped the Zacks Consensus Estimate of $2.56.

Agnico Eagle Mines generated revenues of $3.56 billion, surging 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.

Kinross Gold Corporation KGC reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. Kinross Gold’s bottom line topped the Zacks Consensus Estimate of 55 cents.

Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.

Royal Gold, Inc. RGLD reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. Royal Gold’s bottom line increased 18% year over year.

Royal Gold generated record revenues of $375 million, soaring 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, growing 42.2% year over year.

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