Hecla Mining reported record third‑quarter 2025 revenue of $409.5 million, up 34% from $304 million in Q2 2025 and 27% from $317 million in Q3 2024. Net income rose to $101 million, a 77% increase from $57 million in the prior quarter and 34% from $78 million in Q3 2024. Adjusted EBITDA reached $196 million, up 48% from $132 million in Q2 2025 and 56% from $125 million in Q3 2024. The company’s earnings per share of $0.15 beat consensus estimates of $0.09–$0.11, a $0.04–$0.06 margin that reflects disciplined cost management and a favorable commodity‑price environment.
The balance‑sheet transformation is evident in the net leverage ratio, which fell to 0.3× from 0.5× in Q2 2025. Hecla fully repaid its revolving credit facility, and cash and cash equivalents climbed to $134 million, up $20 million from the prior quarter. Free cash flow of $90 million—up $15 million from Q2 2025—provides a strong foundation for future capital allocation and debt reduction.
All four operating mines contributed to positive free cash flow. Greens Creek and Lucky Friday generated the bulk of revenue, together accounting for roughly 70% of total sales, while Keno Hill and Casa Berardi added incremental cash flow. The mix shift toward higher‑margin mines, combined with efficient operating leverage, underpins the robust profitability gains.
Management tightened 2025 production guidance, lowering the expected output range by 2% to reflect a more conservative outlook on commodity demand. Cost guidance was reiterated, indicating confidence in maintaining current operating margins. The guidance revision signals management’s cautious stance on near‑term market volatility while affirming its commitment to disciplined cost control.
Analysts had projected Q3 2025 revenue of $275–$331 million and EPS of $0.09–$0.11. Hecla’s actual results surpassed these estimates by $78–$134 million in revenue and $0.04–$0.06 in EPS, underscoring the company’s ability to capture upside from higher realized metal prices and efficient mine operations.
CEO Rob Krcmarov highlighted the quarter as “a testament to the company’s operational excellence and the strength of its core assets.” He emphasized the balance‑sheet turnaround, noting that the net leverage reduction and cash build‑up position Hecla for strategic investments and potential capital returns in the coming years.
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