Earnings review- Coeur mining(CDE) Q2 2026
Muffett Investments
Earnings Watch · Stock Analysis Division
Quarterly Scorecard
August 6, 2026
Basic Materials · Precious Metals Mining
Coeur Mining, Inc.
Report Period
Q2 2026
Reported: Aug 5, 2026
Headline Verdict:
Record $1.1B Revenue & $388M Free Cash Flow Beat
Key Performance Indicators
Revenue
$1.10B
+126% YoY
Adj. EBITDA
$478M
+96% YoY
Free Cash Flow
$388M
Record (+166%)
Gold Output
163.5k oz
+51% YoY
Adj. EPS
$0.12
PPA Non-Cash
Financial & Operational Metrics Breakdown
| Metric | Q2 2026 Actual | Q2 2025 Prior | YoY Change | Consensus Est. | Verdict |
|---|---|---|---|---|---|
| Revenue ($M) | $1,100.0M | $481.0M | +128.7% | $1,040.0M | BEAT |
| Adjusted EBITDA ($M) | $478.0M | $244.0M | +95.9% | $445.0M | BEAT |
| Operating Cash Flow ($M) | $513.0M | $207.0M | +147.8% | $450.0M | BEAT |
| Free Cash Flow ($M) | $388.0M | $146.0M | +165.8% | $320.0M | BEAT |
| ↳ Gold Production (oz) | 163,490 | 108,487 | +50.7% | 155,000 | BEAT |
| ↳ Silver Production (M oz) | 4.40M | 4.70M | -6.4% | 4.50M | IN-LINE |
| Diluted Adjusted EPS | $0.12 | $0.20 | -40.0% | $0.24 | MISS* |
Executive Insights & Signals
-
First Full Quarter of Rainy River & New Afton Integration Q2 2026 represents the operational turning point for Coeur, unlocking combined scale with record quarterly revenue ($1.1B) and free cash flow ($388M).
-
*Non-Cash Stockpile PPA Accounting Hit EPS "GAAP & Adjusted EPS of $0.12 included a $140M ($0.10/sh) non-cash purchase price allocation (PPA) inventory accounting adjustment on Rainy River stockpiles."
-
Rapid Deleveraging & Rochester Ramp With $388M in quarterly FCF, Coeur is aggressively paying down debt and expanding net margins above 43% as Rochester expansion reaches full run-rate.
Price Reaction & Valuation
Closing Price
$17.43
Post-Earnings Close
1-Day Move
+7.53%
+$1.22 per share
52-Wk Low
$3.10
Prior Year Level
52-Wk High
$18.50
52-Week Peak
Trading near 52-week highs following an extraordinary 126% YoY top-line expansion and operational cash generation.
ACCUMULATE · FAIR VALUE $24.50
Muffett Verdict: Coeur Mining's Q2 2026 performance demonstrates a classic operational inflection. While headline EPS missed consensus due to a $140M non-cash stockpile purchase accounting adjustment, the underlying cash engine generated an unprecedented $513M in operating cash flow and $388M in free cash flow. The integration of Rainy River and New Afton, alongside full-capacity throughput at Rochester, establishes CDE as one of the premier unhedged gold and silver free-cash-flow compounders in North America.
- Record Cash Generation: $388M FCF in a single quarter provides total flexibility for rapid balance sheet deleveraging.
- Gold Volume Inflection: Gold production rose +51% YoY to 163.5k oz, capitalizing directly on historic precious metal prices.
- Accounting Noise Clear: The $0.10/sh EPS miss is strictly non-cash inventory PPA accounting and does not impact cash flow thesis.
