NYSE$EQX
Equinox Gold Corp · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Equinox Gold Q4 2025 Earnings Report
Equinox Gold delivered record Q4 production and revenue following its merger with Calibre and the ramp-up of the Greenstone and Valentine mines. The company significantly transformed its balance sheet with over $1.1 billion in debt reduction and initiated its first-ever quarterly dividend.
- Achieved record Q4 gold production of 247,024 ounces and revenue of $987.8 million.
- Successfully declared commercial production at the Valentine mine in November 2025.
- Reduced total debt by more than $1.1 billion since Q2 2025, reaching a net debt of approximately $75 million by January 2026.
- Initiated an inaugural quarterly cash dividend of $0.015 per share and a share buyback program.
Headline financials
Revenue & EPS history
Equinox Gold · Revenue · Quarterly
$988M
Forward guidance
Equinox Gold expects 2026 to be a year of strong cash flow generation aimed at eliminating remaining debt while funding organic growth projects.
Tailwinds
- 2026 production guidance of 700,000 to 800,000 ounces of gold.
- Expected cash flow to eliminate remaining debt in 2026.
- Self-funding potential for 400,000 to 500,000 ounces of organic growth over five years.
- Phase 2 expansion at Valentine and Castle Mountain expansion projects.
- Strong gold price environment supporting increased margins.
Headwinds
- AISC guidance remains elevated at $1,775 to $1,875 per ounce.
- Growth capital expenditures estimated between $325 to $375 million.
- Exploration spending planned at $70 to $80 million.
- Corporate G&A expenses expected between $80 to $90 million.
- Operations at Los Filos remain indefinitely suspended.
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
-1.9%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+4.8%
Avg return
30 days after
38%
10 / 26 earnings
Positive
+11.1%
Q4 2019
Best reaction
-21.2%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +8.4% | +18.5% | -23.4% | |
| Q3 2025 | +7.6% | +17.0% | +31.3% | |
| Q1 2025 | -9.3% | -11.0% | +0.6% | |
| Q4 2024 | +2.3% | -2.9% | -2.3% | |
| Q2 2024 | -7.9% | +5.7% | +7.0% | |
| Q4 2023 | -1.2% | -4.3% | +28.4% | |
| Q3 2023 | +0.9% | +8.7% | +22.0% | |
| Q2 2023 | -0.8% | -1.8% | -1.0% | |
| Q4 2022 | -1.4% | -6.8% | +26.8% | |
| Q3 2022 | -21.2% | -5.0% | +19.9% | |
| Q2 2022 | -3.2% | -6.1% | -22.7% | |
| Q1 2022 | -12.7% | -18.0% | -10.2% | |
| Q4 2021 | +3.6% | +14.8% | +31.0% | |
| Q3 2021 | +0.9% | +5.8% | -9.2% | |
| Q2 2021 | -7.0% | -12.2% | +7.2% | |
| Q1 2021 | +5.2% | +8.4% | +10.9% | |
| Q4 2020 | -3.4% | -2.5% | +1.5% | |
| Q3 2020 | -13.6% | -9.5% | -12.3% | |
| Q2 2020 | -4.9% | -0.2% | -3.7% | |
| Q1 2020 | +0.8% | +7.8% | +18.4% | |
| Q4 2019 | +11.1% | +19.9% | -4.1% | |
| Q3 2019 | -0.9% | +4.8% | +22.2% | |
| Q2 2019 | -0.9% | -1.2% | -10.0% | |
| Q1 2019 | +1.4% | -1.9% | -13.6% | |
| Q4 2018 | -1.2% | — | — | |
| Q3 2018 | -1.1% | — | — | |
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