Short answer
Coeur Mining, Inc. (CDE) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $2.1B (+96.4% year over year) and net income of $586M.
- Top risk flagged: Regulatory risk: Section 382 of Internal Revenue Code limits $522.6M U.S. net operating loss carryforwards usage after ownership changes, potentially increasing future tax liabilities
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- +96.4% YoY
- Net income
- $586M
- +894.7% YoY
- Operating margin
- 34.2%
- +18.6 pp YoY
- EPS (diluted)
- $0.95
- +533.3% YoY
- ROE
- 17.7%
- +12.4 pp YoY
- Operating cash flow
- $887M
- +409.0% YoY
Source: XBRL data from the Coeur Mining, Inc. (CDE) FY2025 10-K on SEC EDGAR. USD.
Coeur Mining, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Precious metals producer with diversified assets in U.S., Canada, and Mexico focused on sustainable cash flow and growth
- New acquisition: Definitive agreement to acquire New Gold Inc., adding two Canadian mines, New Afton and Rainy River, expanding Canadian operations
- Recent asset additions: Las Chispas mine in Mexico acquired early 2025; Rochester mine completed significant expansion in 2024
- Employee or operational scale detail not disclosed; growth emphasized via acquisitions and mine expansions
- Noteworthy event: New Gold Transaction pending regulatory approval, expected to close first half 2026, altering geographic and asset footprint
Management Discussion & Analysis
- Revenue $2,070.1M in 2025, up 96% YoY from $1,054.0M driven by 24% gold and 59% silver ounces sold growth, and 45% and 43% increase in realized prices
- Net income $585.9M ($0.95/share) in 2025 vs $58.9M ($0.15/share) in 2024; adjusted EBITDA $1,025.8M vs $339.2M, operating margins not explicitly provided
- Best segment Rochester: 54% YoY gold and 40% silver production increase, Q4 free cash flow $78M vs $12M prior year quarter; Las Chispas contributed $421.4M post-acquisition sales
- Cash & equivalents $554M (10x prior year), total debt $341M (-42% YoY); full-year free cash flow $666M, Q4 free cash flow +66% QoQ; buybacks/dividends not detailed
- 2026 guidance: gold 390K-460K oz, silver 18.2M-21.3M oz from current assets; New Gold acquisition closing H1 2026 to add new mines; key risks include foreign exchange impacts and tax rate fluctuations
Risk Factors
- Regulatory risk: Section 382 of Internal Revenue Code limits $522.6M U.S. net operating loss carryforwards usage after ownership changes, potentially increasing future tax liabilities
- Macroeconomic threat: OECD Pillar Two global minimum tax effective 1/1/2024 may impact Coeur, with business expansions including SilverCrest deal bringing them in scope by 1/1/2025
- Operational risk: SilverCrest Transaction in Q1 2025 included $72.3M loan for bullion inventory sold for $72.0M, exposing timing and valuation risk in inventory monetization
- Competitive risk: No direct competitor named; next material risk is market volatility in metal prices impacting provisional metal sales contracts valued at $57.7M with embedded derivatives
- Financial risk: $290.8M 2029 Senior Notes fair valued at $289.2M present exposure to credit spreads and interest rates; unamortized debt issuance costs $2.3M pose structural leverage challenge
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