EarningsQ2 2026 Earnings Report
MX:HL Q2 2026 EPS Results
Actual EPS$3.27
Consensus EPS$3.23
Beat/MissBeat by +$0.04
One Year Ago EPS$1.45
MX:HL Q2 2026 Revenue Results
Actual Revenue$6.09B
Expected Revenue$6.70B
Beat/MissMissed by -$605.48M
YoY Revenue Growth+10.32%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:HL Upcoming Earnings
Hecla Mining Company's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:HL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial picture: robust adjusted EBITDA, near‑record free cash flow, record site-level cash generation, improved safety, and a very strong balance sheet that provides flexibility to invest in high-return, low‑CapEx organic projects (pyrite circuit, tailings reprocessing) and exploration. Offsetting items include a QoQ revenue decline driven by lower metal prices and shipment timing, early-stage nature and payability uncertainty for some projects, modestly higher AISC guidance at Lucky Friday due to sustaining capex, and multi-year permitting timelines (notably Keno Hill) which add execution/timing risk. On balance, the highlights — scale of cash generation, deleveraging to net cash, clear project pipeline and encouraging exploration — materially outweigh the lowlights.Company Guidance
Strong adjusted EBITDA and profitability
Adjusted EBITDA from continuing operations was $199 million, more than double the $94 million a year ago (≈+112%), demonstrating substantially improved margins and operating leverage.
Robust cash flow and near-record free cash flow
Operating cash flow was $175 million and consolidated free cash flow was $136 million (near the prior-quarter record of $144 million), with all three mines generating free cash flow.
Exceptional site-level cash generation and cost performance
Greens Creek set a site free cash flow record of $130 million (cash flow from operations $139 million) with cash costs of negative $17.11/oz Ag and AISC of negative $10.71/oz (after byproduct credits). Lucky Friday set a site free cash flow record of $88 million with record production (see next item).
Production growth and mine records
Consolidated silver production was 4.2 million ounces, up 8% from the prior quarter. Lucky Friday delivered a new quarterly silver production record of 1.5 million ounces. Keno Hill produced 625,000 oz Ag (up from ~500,000 oz in Q1) and reported its fifth consecutive quarter of positive free cash flow.
Strong balance sheet and deleveraging
Ended the quarter with $483 million in cash, essentially no long-term debt (outside capital leases), and an undrawn $225 million revolving credit facility (+$75M accordion). Company moved from net debt of nearly $270 million a year ago to a net cash position of roughly $472 million (≈$742M swing).
High-conviction, low-CapEx organic projects (pyrite circuit and tailings reprocessing)
Greens Creek pyrite concentrate circuit (early-stage engineering) could add ~1.0–1.2 million oz Ag and ~10,000–15,000 oz Au annually; estimated CapEx ~$40–$60 million and incremental Opex ~$10–$15 million/year; targeted first production late 2027–H1 2028. Greens Creek tailings reprocessing work underway (Phase 3 metallurgical tests) with potentially large in-situ metal inventory (management cited ~51M oz Ag and ~600k oz Au in tailings as in-situ value).
Exploration investment and encouraging results
2026 exploration and predevelopment budget at an all-time record $55 million (~4.5% of projected revenue). Keno Hill high-grade trend extended to ~800 ft with drill intercepts including 10.2 ft @ 62.7 oz/ton Ag, 10.1 ft @ 44.6 oz/ton Ag and 8 ft @ 22.4 oz/ton Ag. Nevada (Midas) drilling identified additional Midas-style high-grade veins; Aurora drilling to begin in mid‑August.
Robust free cash flow sensitivity to metal prices
Management's 2026 after-tax free cash flow scenarios: ~$500M at $50/oz Ag & $3,500/oz Au; nearly $700M at $75/oz Ag & $4,500/oz Au; nearly $800M at $100/oz Ag & $5,500/oz Au — highlighting strong operating leverage to metal prices.
Safety improvement
Consolidated TRIFR improved to 1.57 from 2.07 in Q1, a meaningful improvement of ~24% and reinforced by company-wide Safety Day engagement.
MX:HL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed