NYSE$BTG
B2Gold Corp · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
B2Gold Q1 2026: 237,763 oz produced, $1.16B gold revenue, adjusted EPS $0.19
B2Gold reported Q1 2026 results on May 6, 2026, with gold production of 237,763 ounces across Fekola, Goose, Masbate, and Otjikoto — beating plan at all sites. Gold revenue was $1.16 billion on 276,346 ounces sold at an average realized price of $4,193/oz, up 118% from Q1 2025 on higher prices and volumes including Goose Mine contributions. Net income was $206 million ($0.15 basic EPS attributable) versus $63 million prior year; adjusted net income was $260 million ($0.19 per share). Consolidated cash operating costs were $1,005/oz produced and all-in sustaining costs were $1,964/oz sold, both better than budget. Operating cash flow before working capital was $386 million and free cash flow was $362 million. The company ended Q1 with $479 million cash, repaid $75 million on its RCF, repurchased 16 million shares for $80 million, and declared a $0.02 quarterly dividend.
- Gold production totaled 237,763 ounces with consolidated revenue of $1.16 billion on 276,346 oz sold at $4,193/oz.
- Net income was $206 million ($0.15 EPS); adjusted net income was $260 million ($0.19 EPS).
- Cash operating costs were $1,005/oz produced; AISC was $1,964/oz sold, both ahead of budget.
- Free cash flow was $362 million; cash and equivalents ended at $479 million after $80M share repurchases.
- Board declared Q2 2026 dividend of $0.02/share; Mike Cinnamond to succeed Clive Johnson as CEO June 4.
Headline financials
Revenue & EPS history
B2Gold · Revenue · Quarterly
$1.16B
Forward guidance
2026 consolidated gold production guidance of 820,000–970,000 ounces; cash operating costs $1,155–$1,280/oz and AISC $2,400–$2,580/oz across operating mines.
Tailwinds
- All four mines exceeded Q1 production budget
- Strong free cash flow generation supports NCIB and balance sheet
Headwinds
- Higher cash taxes expected in Q2 2026 on 2025 settlements
- 2026 AISC guidance reflects deferred stripping at Fekola and Goose ramp-up
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
-0.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
-1.7%
Avg return
30 days after
44%
24 / 55 earnings
Positive
+12.2%
Q2 2019
Best reaction
-13.6%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +10.5% | +20.1% | -6.9% | |
| Q4 2025 | -4.7% | +13.2% | -27.1% | |
| Q3 2025 | -5.7% | +2.0% | +13.2% | |
| Q2 2025 | -2.3% | -4.5% | +18.8% | |
| Q4 2024 | +6.8% | +8.4% | +18.6% | |
| Q3 2024 | -7.0% | -14.3% | -20.4% | |
| Q1 2024 | +3.1% | +9.1% | +9.4% | |
| Q4 2023 | -2.8% | -3.6% | -1.2% | |
| Q3 2023 | -6.5% | -8.9% | -4.3% | |
| Q2 2023 | -5.0% | -7.4% | -8.6% | |
| Q1 2023 | +3.9% | +0.7% | -5.9% | |
| Q4 2022 | -0.9% | +3.7% | +15.9% | |
| Q3 2022 | -4.6% | +2.9% | +16.0% | |
| Q2 2022 | -0.3% | +2.0% | -9.0% | |
| Q1 2022 | +6.4% | +2.4% | +1.9% | |
| Q4 2021 | +1.5% | -0.7% | +12.2% | |
| Q3 2021 | +0.7% | +4.0% | -11.2% | |
| Q2 2021 | -6.0% | -9.4% | -4.3% | |
| Q1 2021 | -2.2% | +2.6% | -2.4% | |
| Q4 2020 | -3.6% | -13.8% | -11.4% | |
| Q3 2020 | -2.4% | +5.9% | -13.6% | |
| Q2 2020 | +0.8% | -3.9% | -10.5% | |
| Q1 2020 | +3.2% | +4.6% | -0.8% | |
| Q4 2019 | -13.6% | -7.1% | -28.8% | |
| Q3 2019 | +4.6% | -0.3% | +8.1% | |
| Q2 2019 | +12.2% | +6.4% | +0.9% | |
| Q1 2019 | +0.0% | +1.1% | +10.7% | |
| Q4 2018 | -2.9% | -2.9% | -10.4% | |
| Q3 2018 | -0.8% | -3.9% | +3.9% | |
| Q2 2018 | +2.1% | -4.1% | -6.6% | |
| Q1 2018 | +1.4% | -0.4% | -5.6% | |
| Q4 2017 | +1.7% | -5.2% | -0.3% | |
| Q3 2017 | +5.5% | +3.5% | +2.3% | |
| Q2 2017 | +4.5% | -1.6% | +11.7% | |
| Q1 2017 | -10.0% | -5.8% | +4.6% | |
| Q4 2016 | -2.9% | +0.6% | -6.5% | |
| Q3 2016 | +0.7% | -7.0% | -13.9% | |
| Q3 2014 | -5.4% | — | — | |
| Q2 2014 | +0.0% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | -2.6% | — | — | |
| Q2 2013 | -5.3% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | +9.3% | — | — | |
| Q3 2012 | +2.2% | — | — | |
| Q2 2012 | -2.3% | — | — | |
| Q1 2012 | +7.9% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q3 2011 | +4.7% | — | — | |
| Q2 2011 | +0.0% | — | — | |
| Q1 2011 | +3.4% | — | — | |
| Q4 2010 | -0.4% | — | — | |
| Q3 2010 | -1.0% | — | — | |
| Q2 2010 | -3.2% | — | — | |
| Q1 2010 | -2.3% | — | — |
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