Kinross Gold Corporation (KGC) Cash Flow Statement
Where KGC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.76B +53.7% vs 2024
- Capital expenditures
- $1.19B 16.6% of revenue
- Free cash flow
- $2.57B 35.8% margin
- Returned to shareholders
- $752.4M 29% of free cash flow
- Change in cash
- $1.13B cash at year-end $1.74B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KGC operating cash flow, capex and free cash flow
KGC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.10B2016 | $3.76B2025 | +14.6%/yr | |
| Capital expenditures | $633.8M2016 | $1.19B2025 | +7.3%/yr | |
| Free cash flow | $465.4M2016 | $2.57B2025 | +20.9%/yr | |
| Free cash flow margin | 13.4%2016 | 35.8%2025 | +22.4 pts | |
| Operating cash flow / net income | 2.062017 | 1.522025 | −0.54 | |
| Stock-based compensation | $13.5M2016 | $13.1M2025 | −0.3%/yr | |
| Dividends paid | $02016 | $152.1M2025 | — | |
| Share buybacks (net) | $02016 | $600.3M2025 | — | |
| Capex / revenue | 18.3%2016 | 16.6%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KGC cash flow by activity
KGC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KGC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.47B | $994.0M | $415.4M | $30.6M | $218.7M | $1.36B | $717.1M | −$25.6M | $461.4M | −$109.1M |
| Depreciation & amortization | $1.10B | $1.15B | $986.8M | $784.0M | $754.9M | $96.8M | $767.8M | $753.0M | $819.4M | $855.0M |
| Stock-based compensation | $13.1M | $9.0M | $6.7M | $9.3M | $10.8M | $13.7M | $14.3M | $14.6M | $13.6M | $13.5M |
| Change in working capital | $39.7M | $67.8M | $72.8M | −$113.3M | $128.7M | $151.3M | $158.8M | $39.3M | −$27.6M | $294.6M |
| Other non-cash items | $132.7M | $228.1M | $123.6M | $339.5M | $22.1M | $337.1M | −$433.2M | $7.4M | −$315.3M | $45.2M |
| Cash from operating activities | $3.76B | $2.45B | $1.61B | $1.05B | $1.14B | $1.96B | $1.22B | $788.7M | $951.6M | $1.10B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.19B | −$1.08B | −$1.10B | −$807.9M | −$989.7M | −$964.0M | −$1.06B | −$1.04B | −$897.6M | −$633.8M |
| Investments (net) | $117.7M | −$1.18B | −$1.16B | −$1.60B | −$66.3M | −$5.9M | −$1.03B | −$1.39B | −$687.2M | −$1.27B |
| Acquisitions & other investing | $73.1M | $1.08B | $1.14B | $807.9M | −$136.6M | −$279.2M | $1.06B | $1.04B | $897.6M | $633.8M |
| Cash from investing activities | −$1.00B | −$1.18B | −$1.12B | −$1.60B | −$1.19B | −$1.25B | −$1.03B | −$1.39B | −$687.2M | −$1.27B |
| Financing activities | ||||||||||
| Dividends paid | −$152.1M | −$147.5M | −$147.3M | −$154.0M | −$151.1M | −$75.5M | −$75.5M | −$75.5M | −$75.5M | $0 |
| Share repurchases & issuance (net) | −$600.3M | $0 | −$240.6M | −$300.8M | −$100.2M | $0 | — | $500,000 | $800,000 | $278.5M |
| Net borrowing (repayment) | −$707.2M | −$812.1M | −$402.1M | $934.4M | −$333.8M | $79.3M | $85.7M | $85.7M | −$5.3M | −$250.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$168.4M | −$46.3M | $241.0M | −$42.1M | −$38.1M | −$71.5M | $14.9M | −$83.3M | $11.0M | −$76.8M |
| Cash from financing activities | −$1.63B | −$1.01B | −$549.0M | $437.5M | −$623.2M | −$67.7M | $25.1M | −$72.6M | −$69.0M | −$48.3M |
| Summary | ||||||||||
| Net change in cash | $1.13B | $259.1M | −$65.7M | −$113.4M | −$679.4M | $635.8M | $226.1M | −$676.8M | $198.8M | −$216.9M |
| Cash at end of period | $1.74B | $611.5M | $352.4M | $418.1M | $531.5M | $1.21B | $575.1M | $349.0M | $1.03B | $827.0M |
| Free cash flow | $2.57B | $1.37B | $507.0M | $242.2M | $145.5M | $993.6M | $164.7M | −$254.7M | $54.0M | $465.4M |
| Free cash flow margin | 35.8% | 26.6% | 12.0% | 7.0% | 5.6% | 23.6% | 4.7% | −7.9% | 1.6% | 13.4% |
| Capex / revenue | 16.6% | 20.9% | 25.9% | 23.4% | 38.1% | 22.9% | 30.3% | 32.5% | 27.2% | 18.3% |
| Operating cash flow / net income | 1.52 | 2.46 | 3.86 | 34.32 | 5.19 | 1.44 | 1.71 | — | 2.06 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $851.8M | $856.0M | $912.9M | $609.1M | $558.6M | $389.4M | $288.2M | $390.3M | $208.9M | $106.6M | $65.4M | $108.9M |
| Depreciation & amortization | $275.5M | $275.7M | $268.3M | $285.4M | $262.9M | $288.4M | $284.8M | $296.2M | $295.8M | $270.7M | $290.1M | $259.2M |
| Stock-based compensation | $3.4M | $6.6M | $1.9M | $3.4M | $3.2M | $4.6M | $2.4M | $1.3M | $2.8M | $2.5M | $2.4M | $2.9M |
| Change in working capital | $18.9M | −$9.1M | −$451.3M | $199.2M | $73.2M | −$43.1M | $127.8M | $85.0M | $155.7M | $28.3M | $29.0M | −$46.1M |
| Other non-cash items | −$3.7M | $10.3M | $415.1M | −$73.0M | $94.5M | −$32.2M | $31.3M | −$39.3M | −$59.2M | −$33.7M | $24.0M | $81.9M |
| Cash from operating activities | $1.15B | $1.14B | $1.15B | $1.02B | $992.4M | $607.1M | $734.5M | $733.5M | $604.0M | $374.4M | $410.9M | $406.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$411.0M | −$283.2M | −$368.2M | −$312.2M | −$306.1M | −$207.7M | −$280.7M | −$278.7M | −$274.2M | −$241.9M | −$311.3M | −$326.9M |
| Investments (net) | $8.4M | −$25.3M | $59.8M | −$171.9M | −$312.7M | −$227.8M | −$282.7M | −$318.4M | −$302.3M | −$276.5M | −$307.5M | −$323.0M |
| Acquisitions & other investing | $18.8M | $6.2M | $17.4M | $312.2M | $306.1M | $207.7M | $280.7M | $278.7M | $274.2M | $241.9M | $311.3M | −$164.8M |
| Cash from investing activities | −$383.8M | −$302.3M | −$291.0M | −$171.9M | −$312.7M | −$227.8M | −$282.7M | −$318.4M | −$302.3M | −$276.5M | −$307.5M | −$814.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$47.6M | −$47.9M | −$42.1M | −$36.4M | −$36.7M | −$36.9M | −$36.9M | −$36.9M | −$36.8M | −$36.9M | −$36.8M | −$36.8M |
| Share repurchases & issuance (net) | −$230.0M | −$250.1M | −$265.1M | −$165.1M | −$170.1M | $0 | — | — | $0 | — | $0 | $0 |
| Net borrowing (repayment) | −$2.0M | −$2.2M | −$502.2M | −$2.0M | −$1.5M | −$201.5M | −$252.0M | −$353.3M | — | — | — | −$66.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.3M | −$93.6M | −$26.4M | −$64.0M | −$30.0M | −$58.0M | −$22.9M | −$32.4M | −$191.7M | −$6.1M | −$178.9M | $6.8M |
| Cash from financing activities | −$288.9M | −$393.8M | −$835.8M | −$267.5M | −$238.3M | −$296.4M | −$311.8M | −$422.6M | −$228.5M | −$43.0M | −$215.7M | −$96.3M |
| Summary | ||||||||||||
| Net change in cash | $471.4M | $442.7M | $20.6M | $585.2M | $441.9M | $83.1M | $138.7M | −$7.2M | $73.1M | $54.5M | −$112.5M | −$13.5M |
| Cash at end of period | $2.66B | $2.19B | $1.74B | $1.72B | $1.14B | $694.6M | $611.5M | $472.8M | $480.0M | $406.9M | $352.4M | $464.9M |
| Free cash flow | $734.9M | $856.3M | $778.7M | $711.9M | $686.3M | $399.4M | $453.8M | $454.8M | $329.8M | $132.5M | $99.6M | $79.9M |
| Free cash flow margin | 33.7% | 36.1% | 37.9% | 39.9% | 39.7% | 26.7% | 32.1% | 31.8% | 27.0% | 12.3% | 8.9% | 7.2% |
| Capex / revenue | 18.8% | 11.9% | 17.9% | 17.5% | 17.7% | 13.9% | 19.8% | 19.5% | 22.5% | 22.4% | 27.9% | 29.7% |
| Operating cash flow / net income | 1.35 | 1.33 | 1.26 | 1.68 | 1.78 | 1.56 | 2.55 | 1.88 | 2.89 | 3.51 | 6.28 | 3.74 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
KGC cash generation
In fiscal 2025 (ended December 31, 2025), Kinross Gold generated $3.8 billion of cash from operations (up 53.7%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $2.6 billion, 35.8% of revenue. It returned $752.4 million to shareholders through dividends ($152.1 million) and net share buybacks ($600.3 million). Cash and equivalents rose by $1.1 billion over the year.
Related: KGC income statement, KGC balance sheet, KGC dividend history. See the KGC stock overview for the latest quote and news.
KGC cash flow FAQ
What is Kinross Gold's free cash flow?
Kinross Gold's free cash flow was $2.6 billion in fiscal 2025: $3.8 billion of operating cash flow minus $1.2 billion of capital expenditures It was $1.4 billion a year earlier..
How much cash does Kinross Gold generate from operations?
Kinross Gold generated $3.8 billion of cash from operating activities in fiscal 2025, 1.52 times its net income of $2.5 billion.
How much does Kinross Gold spend on capital expenditures?
Kinross Gold spent $1.2 billion on capital expenditures in fiscal 2025, 16.6% of revenue, compared with $1.1 billion the year before.
How much stock does Kinross Gold buy back?
Kinross Gold spent $600.3 million on net share repurchases in fiscal 2025.
How much does Kinross Gold pay in dividends?
Kinross Gold paid $152.1 million in dividends in fiscal 2025, 5.9% of free cash flow.