Equinox Gold
EQX · NYSEGold and Silver Ores · Fiscal year ends Dec 31
Equinox Gold reported revenue of $1.8B in the fiscal year ended Dec 2025, up 99.1% from the year before. Operating income was $432M, an operating margin of 23.8%, and net income was $221M. Operating cash flow of $818M less capital expenditure of $692M left free cash flow of $126M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $952M | $1.1B | $913M | $1.8B |
| Cost of revenue | $852M | $867M | $979M | $707M | $1.2B |
| Gross profit | $231M | $85M | $109M | $206M | $643M |
| Operating income | $146M | $10M | $50M | $152M | $432M |
| Interest expense | $42M | $40M | $60M | $91M | $179M |
| Pre-tax income | $535M | −$98M | $15M | $533M | $131M |
| Income tax | −$20M | $8M | −$14M | $273M | $150M |
| Net income | $555M | −$106M | $29M | $339M | $221M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $310M | $201M | $192M | $239M | $430M |
| Receivables | $50M | $76M | $82M | $70M | $65M |
| Inventory | $202M | $265M | $412M | $418M | $370M |
| Net PP&E | $2.5B | $2.8B | – | – | – |
| Total assets | $4B | $3.9B | $4.4B | $6.7B | $10.5B |
| Payables | – | $240M | $247M | $258M | $302M |
| Current liabilities | $403M | $272M | $480M | $689M | $1.3B |
| Total liabilities | $1.4B | $1.5B | $1.9B | $3.3B | $4.7B |
| Shareholders' equity | $2.6B | $2.4B | $2.4B | $3.4B | $5.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $321M | $56M | $358M | $372M | $818M |
| Capital expenditure | $344M | $557M | $523M | $412M | $692M |
| Free cash flow | −$23M | −$501M | −$165M | −$40M | $126M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.0% | 14.3% | −16.1% | 99.1% |
| Operating income growth (YoY) | – | −92.9% | 377.5% | 205.7% | 185.0% |
| Gross margin | 21.3% | 8.9% | 10.0% | 22.6% | 35.4% |
| Operating margin | 13.5% | 1.1% | 4.6% | 16.6% | 23.8% |
| Net margin | 51.3% | −11.1% | 2.7% | 37.2% | 12.2% |
| Return on equityBlank when equity is negative | 21.5% | −4.5% | 1.2% | 10.0% | 3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.1% | 0.3% | 1.3% | 2.5% | 4.7% |
| Free cash flow margin | −2.2% | −52.6% | −15.1% | −4.4% | 6.9% |
| Cash conversion (CFO ÷ net income) | 0.58x | −0.53x | 12.4x | 1.10x | 3.70x |
| Receivable days | 17 | 29 | 28 | 28 | 13 |
| Inventory days | 86 | 112 | 154 | 216 | 115 |
| Payable days | – | 101 | 92 | 133 | 94 |
| Interest cover | 3.53x | 0.26x | 0.82x | 1.66x | 2.41x |
Recent filings
More in Gold And Silver Ores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.