KINROSS GOLD CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KINROSS GOLD CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		3,303	3,213	3,497	4,213	2,600	3,455	4,240	5,149	7,051
Cost of revenue	2,978	2,598	2,633	2,148	1,917	2,059	2,940	3,080	3,271	3,335
Gross profit	494	705	580	1,349	2,296	541	515	1,160	1,878	3,716
Selling, general and administrative	144	133	133	136	118	114	130	109	126	140
Operating income	46.3	337	201	991	1,899	72.1	118	801	1,540	3,278
Interest expense	135	118	101	108	113	82.2	93.7	106	91.4	131
Interest income	7.5	13.5	11	7.9	4.3	10.8	18.3	40.5	18.2	73
Pre-tax income	-59.5	419	113	964	1,799	84.3	107	709	1,481	3,195
Income tax	49.6	-23.2	139	247	440	115	76.1	293	487	725
Income from continuing operations						-30.7	30.6	415
Net income to minority interests	-5.1	-3.2	-2	-1.5	16.3	-2.5	-0.5	-0.9	45.2	79.9
Net income	-104	445	-23.6	719	1,342	221	-605	416	949	2,390
EBITDA	901	1,156	973	1,722	2,742	768	902	1,788	2,688	4,383
EPS, basic	-0.08	0.36	-0.02	0.57	1.07	0.18	-0.47	0.34	0.77	1.96
EPS, diluted	-0.08	0.35	-0.02	0.57	1.06	0.17	-0.47	0.34	0.77	1.95

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	827	1,026	349	575	1,211	532	418	352	612	1,742
Receivables	127	91.3	101	137	116	215	318	58.5	52.6	30.5
Inventory	987	1,094	1,052	1,054	1,073	1,151	1,072	1,153	1,243	1,370
Total current assets	2,081	2,284	1,598	1,825	2,450	1,949	1,853	1,802	2,127	3,289
Property, plant and equipment	4,918	4,887	5,519	6,340	7,654	7,618	7,741	7,963	7,969	8,289
Lease right-of-use assets				54.1	76.2	54.2	48.9	31.7	21	16.2
Goodwill	163	163	163	159	159	159
Total assets	7,979	8,157	8,064	9,076	10,933	10,428	10,396	10,543	10,866	12,411
Accounts payable	465	483	466	469	479	493	550	532	543	716
Total current liabilities	638	585	612	616	1,348	741	752	686	1,060	1,400
Lease liabilities				38.9	46.3	35.1	23.1	17.5
Total liabilities	3,795	3,538	3,537	3,743	4,270	3,779	4,514	4,358	3,865	3,717
Total debt	1,733	1,733	1,735	1,837	1,924	1,630	2,593	2,233	1,435	738
Retained earnings	-11,026	-10,581	-10,548	-9,829	-8,563	-8,492	-9,252	-8,983	-8,181	-5,943
Shareholders' equity	4,146	4,584	4,507	5,319	6,597	6,581	5,824	6,084	6,862	8,576
Minority interests	38.8	35.6	20.6	14.1	66.5	68.7	58.5	102	139	118
Total equity	4,184	4,619	4,527	5,333	6,663	6,650	5,882	6,186	7,001	8,694
Total liabilities and equity	7,979	8,157	8,064	9,076	10,933	10,428	10,396	10,543	10,866	12,411

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-109	442	-25.6	717	1,359	219	-606	415	994	2,470
Depreciation and amortization	855	819	772	731	842	696	784	987	1,148	1,105
Cash from operations	1,099	952	789	1,225	1,958	1,135		1,605	2,446	3,761
Capital expenditures	-634	-898	-1,043	-1,060	-916	-822	-764	-1,098	-1,076	-1,194
Cash from investing	-1,270	-687	-1,387	-1,027	-1,249	-1,193
Debt issued	175	495	80	300	950	200	1,298	588
Debt repaid	-425	-500	-80	-200	-850	-500	-340	-960	-800	-700
Stock issued	276
Share buybacks						-100	-301			-600
Cash from financing	-48.3	-69	-72.6	25.1	-67.7	-623		-549	-1,006	-1,628
Exchange rate effect	2.3	3.4	-5.9	2.7	-5	1.2		0.2	-1.5	1.7
Net change in cash	-217	199	-677	226	636	-679	-113	-65.7	259	1,131
Free cash flow	465	54	-255	165	1,042	314		507	1,371	2,566
Income taxes paid	126	189	127	115	106	158	141	137	178	418

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $24.16 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.7%	Gross profit / revenue.
Operating margin	46.5%	Operating income / revenue.
EBITDA margin	62.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	45.3%	Pre-tax income / revenue.
Net margin	33.9%	Net income / revenue.
FCF margin	36.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	53.3%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	20.5%	Net income / average total assets.
Return on invested capital (ROIC)	33.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.0%	Selling, general and administrative expense / revenue.
Capex / revenue	16.9%	Capital expenditures / revenue.
D&A / revenue	15.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	97.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	93.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	112.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	203.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	63.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	69.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	151.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	12.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	153.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	13.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	53.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	13.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	87.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	19.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.35x	Current assets / current liabilities.
Quick ratio	1.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.9%	Total debt / total assets.
Liabilities / assets	29.9%	Total liabilities / total assets.
Net debt	-$1.00B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	25.0x	Operating income / interest expense.
Working capital	$1.89B	Current assets - current liabilities.
Tangible book value	$8.58B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	0.87x	Revenue / average property, plant and equipment.
Inventory turnover	2.55x	Cost of revenue / average inventory.
Days inventory	143 days	365 x average inventory / cost of revenue.
Receivables turnover	170x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.96	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	23.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$28.85B	Share price x shares outstanding.
Enterprise value	$27.85B	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	4.09x	Market cap / revenue.
P/B	3.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.36x	Market cap / tangible book value, when positive.
P/FCF	11.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.67x	Market cap / cash from operations, when positive.
EV/Sales	3.95x	Enterprise value / revenue.
EV/EBIT	8.50x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.35x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.9%	Free cash flow / market cap.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was KINROSS GOLD CORP's revenue in fiscal 2025?

KINROSS GOLD CORP reported revenue of $7.05B for fiscal 2025, 36.9% higher than the year before.

Was KINROSS GOLD CORP profitable in fiscal 2025?

Yes. Net income was $2.39B, a net margin of 33.9%.

How much free cash flow did KINROSS GOLD CORP generate in fiscal 2025?

Cash from operations of $3.76B minus capital expenditures of $1.19B left free cash flow of $2.57B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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