IAMGOLD (TSX: IMG) delivered a revenue of $1.09 billion in Q4 2025 versus $469.9 million in Q4 2024. The lift pushes gross profit up to $593.6 million versus $130.9 million last year.
Net earnings also rose to $406.6 million from $86.2 million a year earlier, translating to $0.70 earnings per share. Adjusted EBITDA came in at $710.1 million versus $215.4 million.
For full-year 2025, revenue increased to $2.85 billion from $1.63 billion in 2024 and adjusted EBITDA was $1.55 billion versus $780.6 million.
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Full-year net earnings attributable to equity holders were $664.4 million versus $819.6 million in 2024, which included a $455.5 million gain on the reversal of the previously recorded impairment of the Westwood CGU. On adjusted basis, net earnings rose to $709.2 million from $296.0 million.
The jump is mainly driven by rise in prices. Average realized gold was $4,191 per ounce in Q4 2025 versus $2,525 per ounce in Q4 2024; for full-year 2025, average realized price was $3,482 per ounce versus $2,330.
Net cash from operating activities was $701.7 million versus $102.6 million in Q4 2024, while mine-site free cash flow was $626.6 million versus $78.2 million.
Capital spending pulled back year over year as the company cycled off heavier expansion spend: sustaining capex was $74.7 million in Q4 2025 versus $93.6 million in Q4 2024, while expansion capex was $8.0 million in Q4 versus $7.4 million.
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Cash and cash equivalents ended 2025 at $421.9 million versus $347.5 million at end-2024.
Operationally, attributable gold production rose to 242,400 ounces in Q4 2025 from 176,700 ounces in Q4 2024, and to 765,900 ounces for 2025 from 666,500 ounces in 2024. Attributable sales were 238,900 ounces in Q4 versus 176,500 ounces and 763,700 ounces for the year versus 653,700 ounces.
Consolidated cost of sales was $1,374 per ounce sold versus $1,298, cash costs were $1,031 versus $1,138, and AISC was $1,750 versus $1,949.
For 2026, IAMGOLD guided total attributable production of 720,000 to 820,000 ounces while consolidated cash costs are guided at $1,100 to $1,250 per ounce sold and AISC to rise at $2,000 to $2,150, based on an assumed $4,000 per ounce gold price and other macro assumptions.
IAMGOLD last traded at $28.40 on the TSX.
Information for this briefing was found via the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
