Short answer
HECLA MINING CO/DE/ (HL) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $1.4B (+53.0% year over year) and net income of $322M.
- Top risk flagged: Regulatory risk from credit risk exposure on commodity forward contracts with counterparties exceeding spot prices, impacting revenue volatility
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +53.0% YoY
- Net income
- $322M
- +798.6% YoY
- Operating margin
- 36.2%
- +24.7 pp YoY
- Gross margin
- 43.7%
- +22.4 pp YoY
- EPS (diluted)
- $0.49
- +716.7% YoY
- ROE
- 12.4%
- +10.7 pp YoY
- Operating cash flow
- $563M
- +157.8% YoY
Source: XBRL data from the HECLA MINING CO/DE/ (HL) FY2025 10-K on SEC EDGAR. USD.
HECLA MINING CO/DE/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Precious metals mining with primary revenue from concentrate sales of silver, gold, and other metals
- No new products or segments highlighted; emphasis on concentrate sales from Greens Creek, Lucky Friday, Keno Hill mines
- Strategic focus on improved concentrate revenue recognition estimates amid variable metal prices; adoption of forward pricing at shipment
- Revenue $1.423B in 2025, up 53% from $929.9M in 2024; net income $321.7M vs $35.8M prior year
- Unusual: Recognition of $1.046B concentrate revenue requires complex, subjective judgment on variable consideration and metal pricing adjustments
Management Discussion & Analysis
- Revenue exceeded $1.4B in 2025, record sales achieved; YoY comparison not explicitly stated
- Gross profit: Keno Hill $53.7M vs prior year loss; Casa Berardi $112.4M improvement YoY (exact prior year not specified)
- Best segment: Lucky Friday record production 5.3M ounces silver; worst not explicit, but Keno Hill newly profitable
- Operating cash flow $562.6M; capital expenditures $252.4M total including $54.6M Greens Creek, $72.9M Lucky Friday, $61.5M Casa Berardi, $58.2M Keno Hill; redeemed $212M Senior Notes; dividends $10.4M
- 2026 outlook: sale of Casa Berardi pending for up to $593M cash and equity to strengthen balance sheet, focus on silver assets, continued growth and exploration in US and Canada
Risk Factors
- Regulatory risk from credit risk exposure on commodity forward contracts with counterparties exceeding spot prices, impacting revenue volatility
- Geopolitical risk from CAD/USD exchange rate fluctuations with forecasted 2026 operating costs of CAD $95.2 million at Casa Berardi and Keno Hill combined
- Operational risk from high foreign exchange loss of $5.7 million in 2025 due to re-measurement of Canadian mining assets and liabilities
- Competitive risk from metal price volatility managed by collars and options causing $51.5 million net losses in 2025 on silver and gold hedges
- Financial risk from $225 million credit facility with variable interest, where a 1% rate increase would raise annual interest expense by $2.2 million
Generated from the filing text; verify against the original. How to read a 10-K
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