NYSE$EGO
Eldorado Gold Corp · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Eldorado Gold Q1 2026: $532M revenue on record gold prices, $136M net income
Eldorado Gold reported Q1 2026 revenue of $532.4 million, up 50% year over year, driven by a 67% increase in average realized gold price to $4,891 per ounce despite 13% lower production and sales volumes. Net earnings attributable to shareholders rose to $136.4 million ($0.69 basic EPS) from $72.0 million ($0.35) in Q1 2025, while adjusted net earnings reached $188.2 million ($0.95 per share). Gold production totaled 100,358 ounces versus 115,893 ounces a year ago, with lower output at Kisladag and Efemcukuru partially offset by gains at Lamaque and Olympias. Total cash costs averaged $1,470 per ounce sold and AISC was $1,942 per ounce, both up on higher royalties tied to elevated gold prices. Free cash flow was negative $129.1 million due to Skouries construction spending, though free cash flow excluding Skouries was positive $62.9 million.
- Revenue rose 50% to $532.4M as average realized gold price jumped 67% to $4,891/oz, more than offsetting a 13% decline in gold sold to 100,619 ounces.
- Reported net earnings were $136.4M ($0.69 basic EPS) versus $72.0M ($0.35) in Q1 2025; adjusted net earnings were $188.2M ($0.95 per share).
- Total cash costs increased to $1,470/oz and AISC to $1,942/oz, primarily from higher royalty expense linked to record gold prices and revised Turkish royalty bands.
- Lamaque led mine revenue at $219.6M on higher grades including Ormaque ore; Kisladag revenue was $145.7M despite 36% lower production from planned lower stacking.
- Management maintained 2026 guidance of 490,000–590,000 oz gold production with Skouries first concentrate expected in Q3 2026 and commercial production in Q4 2026.
Headline financials
Revenue & EPS history
Eldorado Gold · Revenue · Quarterly
$532M
Revenue by segment
Eldorado Gold · $532M total across 4 segments · Q1 2026
- Lamaque$220M—41.2%
- Kisladag$146M—27.4%
- Olympias$88.5M—16.6%
- Efemcukuru$78.6M—14.8%
Forward guidance
Eldorado maintained 2026 annual gold production guidance of 490,000 to 590,000 ounces with total cash costs of $1,220–$1,420/oz and AISC of $1,670–$1,870/oz, weighted to the second half. Skouries is expected to produce first concentrate in Q3 2026 and reach commercial production in Q4, with 2026 gold output of 60,000–100,000 oz and copper of 20–40M lb.
Tailwinds
- Record gold price environment supports revenue growth despite lower volumes.
- Skouries on track for first concentrate in Q3 and commercial production in Q4 2026.
- New quarterly dividend of $0.075 per share declared; free cash flow excluding Skouries was positive $62.9M.
Headwinds
- Quarter-to-quarter production expected to fluctuate with weighting to H2 2026.
- Higher royalties and cash costs per ounce driven by elevated gold prices and Turkish rate changes.
- Free cash flow was negative $129.1M due to Skouries capital spending.
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
-1.3%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-1.4%
Avg return
30 days after
45%
29 / 65 earnings
Positive
+31.2%
Q4 2019
Best reaction
-16.8%
Q1 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.0% | +1.8% | +8.8% | |
| Q4 2025 | -9.7% | +12.3% | +0.3% | |
| Q3 2025 | +1.0% | +3.8% | +22.7% | |
| Q2 2025 | +2.2% | +13.7% | +20.9% | |
| Q1 2025 | -1.9% | +7.3% | +7.9% | |
| Q4 2024 | -8.6% | -1.5% | +6.6% | |
| Q3 2024 | -9.0% | -8.6% | -10.9% | |
| Q2 2024 | -1.8% | +1.9% | +8.8% | |
| Q1 2024 | +6.0% | -0.6% | +8.7% | |
| Q4 2023 | -6.9% | -9.1% | +17.9% | |
| Q3 2023 | +5.7% | +6.0% | +17.4% | |
| Q2 2023 | -11.3% | -10.8% | -17.5% | |
| Q1 2023 | +5.6% | +10.8% | -2.6% | |
| Q4 2022 | +5.5% | +10.4% | +16.5% | |
| Q3 2022 | -6.8% | -3.2% | +20.7% | |
| Q2 2022 | +6.8% | +2.9% | +1.0% | |
| Q1 2022 | -5.8% | -7.3% | -20.9% | |
| Q4 2021 | +0.5% | +2.0% | +4.2% | |
| Q3 2021 | -9.4% | -6.5% | -6.1% | |
| Q2 2021 | -2.9% | -4.0% | -8.1% | |
| Q1 2021 | -9.8% | -4.9% | +8.6% | |
| Q4 2020 | -15.5% | -11.6% | -12.0% | |
| Q3 2020 | +4.6% | +9.0% | -0.2% | |
| Q2 2020 | +3.7% | +4.3% | -6.5% | |
| Q1 2020 | -4.7% | -2.1% | -13.8% | |
| Q4 2019 | +31.2% | +44.3% | -32.0% | |
| Q3 2019 | +9.8% | +9.0% | -4.3% | |
| Q2 2019 | +6.0% | +11.3% | +19.4% | |
| Q1 2019 | -16.8% | -14.6% | -9.5% | |
| Q4 2018 | +0.9% | -1.1% | +6.2% | |
| Q3 2018 | -10.5% | -19.8% | -29.1% | |
| Q2 2018 | -6.1% | -4.4% | -10.5% | |
| Q1 2018 | +0.0% | -2.1% | +18.9% | |
| Q4 2017 | -10.7% | -15.5% | -4.9% | |
| Q3 2017 | -0.8% | -3.8% | -5.4% | |
| Q2 2017 | -8.5% | -15.8% | -20.6% | |
| Q1 2017 | +4.6% | -1.1% | -4.3% | |
| Q4 2016 | -11.8% | -16.2% | -14.0% | |
| Q3 2016 | -2.3% | -3.2% | -22.0% | |
| Q2 2016 | -4.7% | -3.7% | -17.0% | |
| Q1 2016 | +3.7% | — | — | |
| Q4 2015 | -9.5% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | +4.6% | — | — | |
| Q1 2015 | -1.0% | — | — | |
| Q4 2014 | -1.9% | — | — | |
| Q3 2014 | -10.4% | — | — | |
| Q2 2014 | +2.7% | — | — | |
| Q1 2014 | +1.2% | — | — | |
| Q4 2013 | +8.0% | — | — | |
| Q3 2013 | +2.5% | — | — | |
| Q2 2013 | -4.7% | — | — | |
| Q4 2012 | +7.9% | — | — | |
| Q1 2013 | +7.9% | — | — | |
| Q3 2012 | +4.4% | — | — | |
| Q2 2012 | -11.5% | — | — | |
| Q1 2012 | +3.0% | — | — | |
| Q4 2011 | +3.0% | — | — | |
| Q3 2011 | -2.8% | — | — | |
| Q2 2011 | -2.2% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q4 2010 | +4.0% | — | — | |
| Q1 2010 | -5.8% | — | — | |
| Q2 2010 | -1.8% | — | — | |
| Q3 2010 | -1.8% | — | — |
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