NYSE$BTG
B2Gold Corp · Q4 2025 earnings
Q4 2025 earnings · · Investor relations
Briefing
B2Gold Q4 2025 Earnings Report: The company achieved record annual revenue and strong Q4 production across its core mines, while successfully reaching commercial production at the Goose Mine.
B2Gold reported a strong finish to 2025, with Q4 consolidated gold production of 303,029 ounces exceeding expectations. The company achieved record annual revenue of over $3 billion. While Q4 AISC was higher than expected at $1,754 per ounce due to timing of shipments and higher royalties, the company maintained a robust liquidity position with $380 million in cash and declared a Q1 2026 dividend of $0.02 per share.
- Achieved record annual revenue of $3.06 billion for the full year 2025.
- Goose Mine reached commercial production on October 2, 2025, contributing 38,616 ounces in Q4.
- Q4 consolidated gold production of 303,029 ounces exceeded internal expectations.
- Maintained strong liquidity with $380 million in cash and $650 million available on the revolving credit facility at year-end.
Headline financials
Revenue & EPS history
B2Gold · Revenue · Quarterly
$1.05B
Forward guidance
For 2026, B2Gold expects consolidated gold production between 820,000 and 970,000 ounces, with costs significantly impacted by a $5,000/oz gold price assumption for royalty calculations.
Tailwinds
- Anticipated ramp up of Goose Mine to 3,200 tpd in the second half of 2026.
- Fekola Regional exploitation permit expected in Q1 2026.
- Exploration budget of $73 million to support organic growth.
- Antelope underground deposit development approved to extend Otjikoto life.
- Gramalote Project feasibility study shows positive economics.
Headwinds
- Step down in production at Otjikoto following completion of open pit mining.
- Lower production at Fekola due to Phase 8 stripping.
- Consolidated AISC guidance high at $2,400 - $2,580 per ounce.
- Royalties and production taxes estimated at $525 per ounce sold.
- Goose Mine production heavily weighted to the second half of the year (65%).
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 Q4 2025
-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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro