Kinross Gold Boosts Dividend 14% on Record Cash Flow

TORONTO, ON – February 18, 2026 – Kinross Gold Corporation today announced a 14% increase to its annual cash dividend, a move underpinned by record-breaking financial performance in 2025 and a persistently strong gold market. The decision signals the company's robust health and deepens its commitment to shareholder returns.

The Toronto-based senior gold miner confirmed its Board of Directors approved the increase, which brings the annualized dividend to $0.16 per share. This latest enhancement is part of an aggressive capital return strategy, marking a total 33% dividend increase since the third quarter of 2025. Alongside the annual raise, the company also declared its fourth-quarter dividend of $0.04 per common share, which will be payable on March 26, 2026, to shareholders of record as of March 11, 2026.

A Golden Handout for Investors

The dividend hike is a direct reflection of Kinross's powerful cash generation and serves as a tangible reward for its investors. For those focused on income within the often-volatile precious metals sector, the move solidifies the company's appeal. While the absolute yield may trail some larger competitors, the rapid growth trajectory of the payout—a 33% jump in just over two quarters—positions Kinross as a compelling story for dividend growth investors.

This commitment is formalized in the company's capital return framework. In 2025, Kinross returned $752.4 million to shareholders through dividends and share buybacks. Looking ahead to 2026, the company has publicly targeted allocating a substantial 40% of its free cash flow directly to shareholder returns. This strategic allocation provides a clear and predictable roadmap for investors, demonstrating that the recent dividend increases are not a one-time event but part of a sustainable, long-term policy.

Fueled by Record Financial Performance

The decision to increase shareholder payouts is supported by a stellar set of financial results for 2025. Kinross reported a record $2.5 billion in free cash flow for the year, an astounding 85% increase compared to 2024. This surge was driven by a confluence of operational execution and favorable market conditions.

Full-year revenue for 2025 climbed 37% year-over-year to $7.05 billion, largely thanks to a higher average realized gold price. This top-line growth translated into a dramatic increase in profitability. Net earnings attributable to common shareholders skyrocketed to $2.39 billion, or $1.96 per share, a significant leap from the $948.8 million, or $0.77 per share, reported in 2024. The company's fourth-quarter performance was particularly strong, beating consensus estimates for both revenue and earnings per share.

Beyond just generating cash, Kinross has been actively strengthening its balance sheet. The company achieved a net cash position of $1 billion by the end of 2025 and diligently paid down $700 million in debt during the year, further de-risking its financial profile and providing greater flexibility for future investments and shareholder returns.

Capitalizing on a Bullish Gold Market

Kinross's financial success and subsequent dividend hike are set against the backdrop of a roaring bull market for gold. Prices for the yellow metal surged by approximately 65% in 2025, reaching record highs and continuing their momentum into early 2026. This macroeconomic tailwind has been a primary driver of revenue and profitability across the mining sector.

Analysts remain optimistic, with most 2026 forecasts projecting gold prices to remain elevated, fluctuating in a range between $4,500 and $6,500 per ounce. Several key factors are supporting this outlook, including aggressive and sustained purchasing from central banks, persistent geopolitical tensions fueling safe-haven demand, and widespread expectations of interest rate cuts from major global economies.

The high-price environment does create some cost pressures. Kinross reported its all-in sustaining cost (AISC) rose to $1,571 per gold equivalent ounce in 2025, partly due to higher royalty costs linked directly to the elevated price of gold. However, the company successfully met all its key guidance metrics for the year, producing approximately 2.0 million attributable gold equivalent ounces. Crucially, Kinross projects a stable production profile of around 2.0 million ounces annually through 2028, suggesting a consistent operational base from which to capitalize on market conditions.

A Competitive Landscape

In the competitive gold mining landscape, dividend policies are a key differentiator for attracting and retaining investors. While Kinross's new annualized dividend of $0.16 per share is lower in absolute terms than some of its larger peers, its growth rate stands out.

For comparison, Newmont Corporation pays an annual dividend of $1.00 per share, while Agnico Eagle Mines recently increased its annual payout to $1.80. However, Newmont's dividend has seen an overall decline in recent years. In contrast, Kinross's aggressive back-to-back increases highlight a dynamic strategy focused on rapidly scaling up its returns as its financial capacity grows.

The market has responded favorably to this strategy. Following the February 18th announcement, Kinross shares closed up 6.33%, with analysts largely viewing the results and dividend hike as a strong positive. The combination of beating earnings estimates, generating record free cash flow, and delivering on a clear capital return promise has resonated with the investment community, even as some commentary notes the stock's lower dividend yield compared to its peers. The focus, for now, appears to be on the company's powerful momentum and its clear commitment to sharing its success directly with its shareholders.