Coeur Mining, Inc. (CDE) · Nov 4, 2026 · Earnings
Miss — Adj. EPS $0.10 vs ~$0.14 consensus; revenue $983.6M vs ~$1.14B consensus
Coeur Mining earnings show rapid post-acquisition growth, but Q3 revenue and adjusted EPS missed expectations as costs and ramp-up issues persist.
Coeur is digesting its March 2026 New Gold acquisition, using New Afton and Rainy River to transform into a larger North American gold, silver and copper producer while those mines ramp up. The prior quarter had already lowered Rainy River expectations and incorporated slower ramp-up assumptions, so the direction of the operating challenge was known; the third-quarter evidence shows the integration is producing scale, but not yet clean execution.
The quarter missed the published bar despite strong year-over-year growth. Adjusted EPS was $0.10 versus a published consensus of roughly $0.14, while revenue was $983.6 million versus roughly $1.14 billion expected. The miss is not a collapse in the underlying business—revenue still rose 77% year over year—but the enlarged portfolio generated less quarterly revenue and profit than analysts had modeled. The filing says, “Third quarter 2026 revenue totaled $1.0 billion compared to $1.1 billion in the prior period and $555 million in the third quarter of 2025.”
| Metric | 3Q 2026 | 3Q 2025 | Consensus / prior guidance |
|---|---|---|---|
| Revenue (Financial Highlights) | $983.6M | $554.6M | ~$1.14B consensus |
| Adjusted EPS (Adjusted Net Income) | $0.10 | $0.19 | ~$0.14 consensus |
| Adjusted EBITDA (Financial Highlights) | $448.0M | $265.6M | — |
| Free cash flow (Free Cash Flow) | $240.2M | $188.7M | — |
| Cash balance (Financial Highlights) | $1,172.7M | $266.3M | — |
| 2026 gold production guidance (Guidance) | 630–750k oz; low-end target | — | Prior range unchanged |
The main negative is execution at the newly acquired Canadian mines. New Afton was hit by a conveyor failure, Rainy River by heavy rain and lower-grade stockpile processing, and Palmarejo by lower grades and weather. Management still expects record full-year production, but now explicitly targets the low end of guidance and expects costs at the upper end of their ranges. The filing states, “The Company expects full-year 2026 metal production at the low end of the respective guidance ranges.”
Cash generation and balance-sheet capacity remain genuine offsets. Free cash flow increased 27% year over year to $240 million, cash reached $1.17 billion, and the company repurchased $111 million of stock in the quarter while declaring a second $0.02 dividend. That means the miss does not undermine liquidity or the capital-return story; it mainly says the enlarged operating base is not yet delivering the earnings efficiency expected from it. The filing says, “Since the commencement of the enhanced $750 million share repurchase program in mid-May, Coeur has repurchased $231 million of common stock.”
The next quarter carries more weight than usual. Coeur is relying on a strong fourth quarter to reach record 2026 production, adjusted EBITDA above $2 billion and free cash flow above $1.3 billion at current prices. It also expects $70 million of Wharf insurance proceeds in the fourth quarter, creating a named cash catalyst but not fixing the operating miss itself.
Bottom line: Coeur is scaling rapidly and generating substantial cash, but Q3 shows the post-acquisition portfolio is still below the market’s earnings expectations. The story remains intact, yet the low-end production target and upper-end cost outlook make execution the immediate issue.**
Q4 results and $70M Wharf insurance proceeds, expected in Q4
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