WS Investor
19 Feb 2026, 21:14
Equinox Gold (TSX: EQX, NYSE American: EQX) reported a transformational 2025, marked by its merger with Calibre Mining, record production, significant debt reduction and the launch of its first dividend.
Full-year gold production reached a record 922,827 ounces, with 856,908 ounces within guidance. The company generated $1.82 billion in revenue, $915 million in operating cash flow (before working capital changes) and $1.34 billion in adjusted EBITDA. Net income totaled $221.5 million, while adjusted net income was $420.5 million. Since Q2 2025, debt has been reduced by more than $1.1 billion, with net debt declining to approximately $75 million as of January 31, 2026.
In Q4, production hit a record 247,024 ounces, generating $987.8 million in revenue and $579 million in adjusted EBITDA. Greenstone and Valentine contributed strong operational gains, with Valentine achieving commercial production ahead of schedule.
The company declared an inaugural quarterly dividend of $0.015 per share and plans to implement a share buyback program, subject to TSX approval. For 2026, Equinox expects production of 700,000 to 800,000 ounces at cash costs of $1,425–$1,525 per ounce.
Source: Company release.
Full-year gold production reached a record 922,827 ounces, with 856,908 ounces within guidance. The company generated $1.82 billion in revenue, $915 million in operating cash flow (before working capital changes) and $1.34 billion in adjusted EBITDA. Net income totaled $221.5 million, while adjusted net income was $420.5 million. Since Q2 2025, debt has been reduced by more than $1.1 billion, with net debt declining to approximately $75 million as of January 31, 2026.
In Q4, production hit a record 247,024 ounces, generating $987.8 million in revenue and $579 million in adjusted EBITDA. Greenstone and Valentine contributed strong operational gains, with Valentine achieving commercial production ahead of schedule.
The company declared an inaugural quarterly dividend of $0.015 per share and plans to implement a share buyback program, subject to TSX approval. For 2026, Equinox expects production of 700,000 to 800,000 ounces at cash costs of $1,425–$1,525 per ounce.
Source: Company release.
