Why Is Kinross Gold (KGC) Down 3.1% Since Last Earnings Report?

A month has gone by since the last earnings report for Kinross Gold (KGC). Shares have lost about 3.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Kinross Gold due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

Kinross’ Q1 Earnings and Sales Beat on Higher Gold Prices

Kinross reported a profit of $843 million or 70 cents per share for the first quarter of 2026. The figure increased from a profit of $368 million or 30 cents per share recorded in the year-ago quarter. 

Kinross reported adjusted earnings of 71 cents per share, up from the prior-year quarter’s figure of 30 cents. The bottom line beat the Zacks Consensus Estimate of 68 cents. 

Revenues rose roughly 61% year over year to $2,407.7 million in the first quarter. The figure beat the Zacks Consensus Estimate of $2,174 million. The rise is attributed to a higher average realized gold price.  

Operational Performance

The company produced attributable 492,563 gold equivalent ounces in the reported quarter, down around 4% year over year. Consolidated production was 500,941 ounces. The attributable production figure missed our estimate of 513,649. 

Average realized gold prices were $4,873 per ounce in the quarter, up around 71% from the year-ago quarter’s tally. The figure beat our estimate of $4,239 per ounce. 

The production cost of sales per gold equivalent ounce was $1,397, up 34% from the prior-year quarter’s levels. This was above our estimate of $1,244. All-in sustaining cost per gold-equivalent ounce sold rose nearly 28% year over year to $1,732. This was above our estimate of $1,586. 

Margin per gold equivalent ounce sold was $3,476 in the quarter, up from the prior-year quarter’s $1,814, representing growth of roughly 92%.  

Financials

Cash and cash equivalents were $2,185 million at the end of the quarter, up from $1,742.3 million at the end of the prior quarter. Long-term debt was $738.5 million at the end of the quarter, unchanged from $738.2 million at the end of 2025.  

Outlook

Kinross remains on track to meet its 2026 annual guidance. The company expects to produce 2 million gold equivalent ounces (+/- 5%) on an attributable basis in 2026, with a production cost of sales per gold equivalent ounce sold of $1,360 (+/- 5%) and an all-in sustaining cost of $1,730 (+/- 5%) per ounce sold. Total attributable capital expenditures are forecast to be $1,500 million (+/- 5%).  

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 5.93% due to these changes.

VGM Scores

Currently, Kinross Gold has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Kinross Gold has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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This article originally published on Zacks Investment Research (zacks.com).

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