Hecla Mining Company reported record third‑quarter 2025 results, with revenue of $409.5 million, net income of $100.6 million, and adjusted EBITDA of $195.7 million. The quarter also produced operating cash flow of $148 million and free cash flow of $90 million, the first time the company has generated free cash flow in consecutive quarters. Compared with the same period last year, revenue grew 67 percent and net income increased 6,300 percent, while the prior quarter’s revenue of $304 million and net income of $57.6 million show a sharp acceleration.
Earnings per share of $0.15 beat consensus estimates of $0.09–$0.11 by $0.04–$0.06, a 36–67 percent beat. The outperformance stems from disciplined cost management, higher realized prices for silver and gold, and increased sales volumes across the company’s four producing assets.
Revenue surpassed analyst expectations of $274–$324 million by $85–$135 million, driven by a 20 percent rise in silver production at Greens Creek and Lucky Friday and a 15 percent increase in gold output at Casa Berardi. Higher commodity prices and a favorable mix of high‑margin products also contributed to the upside.
All four producing assets—Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi—contributed to positive free cash flow, underscoring operational resilience. Greens Creek and Lucky Friday delivered the largest share of revenue growth, while Keno Hill and Casa Berardi maintained steady cash generation through efficient mine operations.
The company’s balance sheet strengthened markedly, with a net leverage ratio of 0.3× and the full repayment of its revolving credit facility. Cash and cash equivalents rose to $134 million, giving Hecla a low‑leverage, cash‑rich position that supports future capital projects and shareholder returns.
Management revised its full‑year guidance upward, raising revenue guidance to $4.396–$4.400 billion from $4.14–$4.15 billion and increasing adjusted operating income guidance to $2.151–$2.155 billion. CEO Rob Krcmarov highlighted the company’s “substantial balance sheet transformation” and the “quality of its asset base and operational teams” as key drivers of the positive outlook.
Investors reacted favorably to the results, citing the record revenue, EPS beat, and deleveraging as primary factors. The company’s consistent free‑cash‑flow generation and strong commodity price exposure reinforced confidence in its near‑term performance.
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