IAMGOLD Corporation reported record revenue of $2.85 billion for the full year 2025, up 10 % from $2.58 billion in 2024. The company’s fourth‑quarter revenue of $1.09 billion also beat the consensus estimate of $1.05 billion, reflecting strong demand for gold and a favorable price environment.
Adjusted earnings per share rose to $0.70 in the fourth quarter, a 27 % beat over the consensus estimate of $0.55. The full‑year adjusted EPS of $1.23 represents a 600 % increase over the $0.23 reported in 2024, driven by higher gold output and disciplined cost management. The company’s adjusted EBITDA reached $1.55 billion for the year, up 15 % from $1.35 billion in 2024, with the fourth‑quarter figure of $710.1 million surpassing the $650 million expected by analysts.
Gold production climbed 20 % to 765,900 ounces attributable to the ramp‑up at Côté Gold and continued output at Essakane. The fourth‑quarter attributable production of 242,400 ounces was supported by strong performance at both mines, with Côté Gold operating at 90 % of its planned capacity and Essakane maintaining a steady output despite security challenges in Burkina Faso.
Management reiterated its 2026 guidance, maintaining a target of 720,000 to 820,000 ounces of attributable production and projecting cash costs of $1,100 to $1,250 per ounce. The company also confirmed its all‑in sustaining cost (AISC) guidance of $2,000 to $2,150 per ounce for 2026, signaling confidence in its Canadian‑focused growth strategy and the expected cost discipline at Côté Gold’s expansion.
"I would like to congratulate the teams across IAMGOLD for another year of strong and safe operating performance. The timing has been highly favourable for the Company, as we deliver record margins and cashflow while our mines move into robust production phases, further supported by strong gold market conditions," said President and Chief Executive Officer Renaud Adams.
"Looking ahead, 2026 will be very exciting for IAMGOLD, as we continue to grow the value of our assets while demonstrating a commitment to operational excellence and discipline. Our share buyback program will continue this year, with a direct link to the cashflows generated by Essakane as a base of the program. At Côté, operations will prioritize unit cost improvement through optimized mining, milling and maintenance practices to position the project for the upcoming expansion," added Adams.
Analysts noted that the earnings beat and revenue growth were largely driven by the ramp‑up at Côté Gold, which achieved higher throughput and lower operating costs, and by the sustained high gold price that supported revenue. The company’s guidance for 2026, which maintains production targets and cost ranges, reflects management’s confidence in the Canadian‑focused growth strategy and the expected cost discipline at its key assets.
The results also highlighted headwinds such as increased royalties linked to higher gold prices and security concerns at Essakane, which could pressure margins in the near term. Nonetheless, the company’s strong cash flow generation and disciplined cost management position it well to navigate these challenges while pursuing expansion opportunities.
The company repurchased approximately $100 million of its shares in the fourth quarter, funded in part by free cash flow from Essakane, and plans to continue buybacks as part of its capital allocation strategy.
IAMGOLD’s updated Mineral Reserves and Resources statement, released on the same day, showed a decrease in Proven and Probable Mineral Reserves but an increase in Measured and Indicated Mineral Resources, indicating a continued focus on resource development and long‑term growth.
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