Key Highlights

  • Net income under GAAP reached USD 109 million, or USD 0.11 per diluted share this quarter, compared with USD 122 million, or USD 0.12, in the preceding quarter.
  • Excluding special items, Net Income stood at USD 98 million, or USD 0.10 a share, and adjusted EBITDA came to USD 448 million from Revenue of USD 983.6 million.
  • Repurchases absorbed USD 111 million, about 46% of USD 240 million in free cash flow, alongside a declared Dividend of USD 0.02 per share.
  • Cash more than quadrupled since last year to USD 1.2 billion, and operating Cash Flow for nine months also hit USD 1.2 billion on revenue of USD 2.9 billion.

Lower Precious Metal Prices Weigh on Sales

Coeur Mining (NYSE:CDE) filed its report on November 4, 2026. Sales slid roughly 9% to USD 983.6 million from USD 1,085.6 million in the prior quarter, with realized gold averaging USD 3,979 an ounce, down from USD 4,140, and silver averaging USD 62.22, down from USD 71.18. Gold generated USD 653.8 million and silver USD 268.2 million, so silver made up about 27% of the top line. Management placed revenue 77% above the year-earlier level and adjusted EBITDA 69% higher, though the extract does not include the year-earlier quarter itself. Operating Cash Flow for the period reached USD 386 million.

Seven Operations, Falling Unit Costs and Copper Sales

The precious metals producer runs seven North American sites: New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Output totaled 161,400 ounces of gold and 4.2 million ounces of silver, while silver production dropped 12% over the year on poorer grades at Palmarejo. Per-ounce adjusted costs applicable to sales fell to USD 2,054 for gold from USD 2,442 in the prior quarter and to USD 22.73 for silver from USD 22.99. A non-cash purchase price allocation charge also fell to USD 40 million from USD 140 million. Copper deliveries reached 9.3 million pounds.

Buyback Pace, Dividend Declaration and Annual Output Goals

A USD 750 million repurchase authorization, begun in mid-May, has already retired USD 231 million of shares, or 12.6 million shares. A second dividend of USD 0.02 per share was declared, to be paid December 16, 2026 to holders of record on November 30. Full-year targets still call for roughly 630,000 ounces of gold, 18.7 million ounces of silver and 40.0 million pounds of copper, which Leadership calls the bottom of its guided ranges. Free cash flow was USD 240 million, down from USD 388 million in the prior quarter, so future repurchases hinge on metal prices.

Where Things Stand

The cash balance is substantial, though the quarter trailed the one before it. Coeur Mining (NYSE:CDE) holds USD 1.2 billion in cash, but net income eased to USD 109 million and free cash flow dropped to USD 240 million from USD 388 million as gold and silver prices softened. Buybacks of USD 111 million consumed nearly half of that free cash flow. Next checkpoints are the December 16 dividend, metal prices relative to the realized USD 3,979 gold and USD 62.22 silver levels, and whether output reaches the lower end of full-year ranges. The quarter's sequential sales decline was roughly 9%, and silver made up about 27% of revenue.