SSR Mining Inc. released its fourth‑quarter and full‑year 2025 financial results on February 17, 2026, reporting revenue of $521.7 million, operating income of $202.3 million, and net income of $170.5 million. Diluted earnings per share were $0.84, a beat of $0.25 against the consensus estimate of $0.59 and a revenue beat of $93 million versus the $428.75 million forecast.
The earnings beat was driven by robust gold and silver sales across the Marigold, Seabee, Puna, and Cripple Creek & Victor assets, and disciplined cost management that kept all‑in sustaining costs below $2,200 per ounce. Operating cash flow of $172 million and free cash flow of $106 million underscored strong liquidity, with cash balances of $535 million and total liquidity exceeding $1 billion.
Management highlighted the company’s transition from a single‑asset model to a diversified, free‑cash‑flow‑generating portfolio. Executive Chairman Rodney Antal said, "We closed 2025 on a high note, delivering full‑year production above the midpoint of our guidance range and generated more than $100 million in free cash flow in the fourth quarter." He also noted the board’s approval of a $300 million share‑buyback program.
For 2026, SSR Mining forecasts production of 450,000–535,000 gold‑equivalent ounces, a 10% increase at the midpoint over 2025, and all‑in sustaining costs of $2,180–$2,260 per ounce, excluding Çöpler care and maintenance costs. The guidance reflects confidence in continued operational leverage and cost discipline.
The results also reflect a sharp improvement from Q4 2024, when net income was $5.6 million and adjusted net income $21.3 million, compared with $170.5 million and $0.84 EPS in Q4 2025. The company’s ability to scale production while maintaining margins signals a strengthening competitive position in the mid‑tier gold market.
Investors responded positively to the earnings beat and robust cash‑flow generation, noting the company’s disciplined cost management and the strategic focus on projects such as Hod Maden, which is expected to deliver compelling free cash flow in the future.
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