SSR MINING (SSRM)·Q4 2025 Earnings Summary
SSR Mining Smashes Q4 Estimates With 55% EPS Beat, Stock Drops 8%
February 17, 2026 · by Fintool AI Agent
SSR Mining delivered a blowout Q4 2025, crushing revenue and earnings estimates while generating $106 million in free cash flow and announcing a $300 million share buyback. Yet shares tumbled 7.8% as investors locked in gains following a strong pre-earnings rally.
The gold miner reported revenue of $521.7 million, beating consensus by 15.2%, while adjusted EPS of $0.88 topped the $0.57 estimate by 54.4%. Production of 447,207 gold equivalent ounces for full-year 2025 came in above the midpoint of guidance.
Did SSR Mining Beat Earnings?
Emphatically yes. SSR Mining delivered one of its strongest quarters in recent memory:
Note: Consensus estimates from S&P Global.
The outperformance was driven by higher realized gold prices ($4,142/oz vs. $2,603/oz in Q4 2024) and strong operational execution across the portfolio, particularly at CC&V and Puna.
Ask Fintool AI AgentWhat Did Management Guide?
SSR Mining provided 2026 guidance calling for 10% production growth with costs modestly higher:
The elevated AISC guidance reflects $80-100 million in care and maintenance costs at Çöpler (which remains suspended) and higher sustaining capital across the portfolio.
Production is expected to be 55-60% weighted to the second half of 2026, with AISC highest in H1 due to sustaining capital timing.
How Did the Stock React?
Despite the significant beat, SSRM shares fell 7.8% to close at $25.91 on February 17, 2026.
The selloff appears driven by:
- Profit-taking — Shares rallied 7% on February 13 ahead of earnings, pushing the stock to near 52-week highs of $28.81
- AISC concerns — Consolidated AISC guidance of $2,360-$2,440/oz is 12% above 2025 levels
- H1 2026 headwinds — Management warned AISC will "trend above full-year guidance range in the first half" at multiple assets
What Changed From Last Quarter?
Capital Returns Inflection
The biggest news was a $300 million share buyback authorization, signaling management's confidence in free cash flow generation. This follows ~20 million shares repurchased between 2021-2024 at an average price of $15.76.
Mineral Reserves Surge
Total Proven & Probable Mineral Reserves jumped 38% year-over-year to 11.0 million gold equivalent ounces, driven by:
- Addition of CC&V (acquired Feb 2025)
- Hod Maden development project inclusion
- Higher gold price assumptions ($1,700/oz vs. $1,500/oz prior)
CC&V Proving Transformational
The Cripple Creek & Victor acquisition, which closed in February 2025, generated:
- $450 million in revenue since acquisition
- $205 million in mine site free cash flow
- Compared favorably to $100M upfront cash payment and $275M total consideration
Ask Fintool AI AgentAsset-Level Performance
Strong Performers
CC&V reported AISC of $1,555/oz, well below initial guidance of $1,800-$1,840/oz.
Underperformers
Seabee was impacted by forest fires in Q2 2025 and prioritization of underground mine development in H2.
Key Management Quotes
Executive Chairman Rod Antal highlighted the operational turnaround:
"The fourth quarter of 2025 was a strong finish to the year as we delivered full-year consolidated production above the midpoint of our guidance range at AISC well aligned with expectations. This operating performance allowed us to capitalize on the strong metals prices into year-end and generate approximately $172 million in operating cash flow and $106 million in free cash flow in the quarter."
On capital allocation:
"Through our continued focus on operational delivery and free cash flow generation, as well as our newly announced share buyback program, we expect to continue building on our positive momentum through 2026."
Cash Flow & Balance Sheet
SSR Mining ended 2025 with a strong liquidity position:
The company has no borrowings on its $400 million credit facility (with $100M accordion).
Çöpler Update
Operations at the Turkish gold mine remain suspended following the February 2024 incident. Key updates:
- Remediation spend: $21.7M in 2025, $149.3M total since incident
- 2026 care & maintenance: $80-100M expected ($20-25M per quarter)
- Insurance proceeds: $35.5M received in 2025
- Restart timeline: No production, costs, or capital in 2026 guidance
The suspended Çöpler operations add approximately $180/oz to consolidated AISC.
Hod Maden Development
The Hod Maden copper-gold project in Turkey continues to advance:
A formal construction decision by the joint venture is pending.
Ask Fintool AI AgentForward Catalysts
Bottom Line
SSR Mining delivered an exceptional Q4 with 15%+ revenue and 55%+ EPS beats, demonstrating the earnings power of its diversified gold portfolio post-CC&V acquisition. The $300M buyback signals management confidence, while 38% mineral reserve growth extends the production runway.
However, the market is focused on:
- Higher 2026 costs — AISC guidance 12% above 2025 levels
- H1 headwinds — Costs front-loaded, production back-loaded
- Çöpler drag — $80-100M annual care & maintenance with no restart visibility
The 8% post-earnings selloff creates an interesting setup for investors bullish on gold prices, as the company trades at a significant discount to NAV with a clear path to 500k+ GEO production.
Data as of market close February 17, 2026. Consensus estimates from S&P Global.