B2Gold Corp (BTG)
:BTG
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.13Last Year’s EPS
0.09Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong financial results (record $3.0B revenue, $896M operating cash flow), solid 2025 operational performance (≈980k oz produced), meaningful liquidity and capital-return activity (share buybacks, revolver capacity) and clear longer-term growth projects (Fekola underground, Antelope). Offsetting these positives are near-term production headwinds for 2026 driven by the Otjikoto open-pit completion and Fekola Phase changes, operational reliability issues at Goose that require additional capital to fully remediate, and timing risks around permits and year-end shipment recognition. Overall, the positives—record revenue, robust cash generation, confirmed growth projects and financial flexibility—outweigh the moderate near-term operational and timing challenges.Company Guidance
Record Annual Revenue and Strong Cash Generation
Recorded a company record $3.0 billion in revenue for fiscal 2025. Operating cash flows for 2025 were $896 million, including $286 million in Q4. Q4 revenue was $1.05 billion.
Solid Earnings per Share
GAAP earnings of $0.13 per share and adjusted earnings of $0.11 per share for fiscal 2025, with management noting results would have been stronger without timing of late shipments at year-end.
Robust Production Performance
Consolidated production of approximately 980,000 ounces in 2025 (near the midpoint of guidance), driven by outperformance at Fekola, Masbate and Otjikoto and the first ramp-up quarter at Goose which delivered the strongest consolidated production quarter of the year.
Goose: Commercial Production Milestone and Ramp-up Plan
Goose achieved first gold pour in commercial production and is ramping up through 2026. Initial crushing circuit modifications (Phase 1) are budgeted and expected to enable ~3,200 tpd average throughput once implemented in H2 2026; further studies to reach 4,000 tpd are underway.
Operational and Safety Achievements at Masbate and Otjikoto
Masbate delivered another year of outperformance with record mine throughput for a second consecutive year and achieved seven years without a lost time injury. Otjikoto achieved the upper end of its 2025 guidance.
Fekola Milestones and Near-Term Growth
Fekola announced approval for underground exploitation and produced over 20,000 ounces from Fekola underground in 2025. The company expects the Fekola Regional exploitation permit in Q1 2026 with Regional production ramping in H2 2026 and contributing an estimated 60,000–80,000 ounces in 2026.
Strong Liquidity and Capital Allocation
Cash and cash equivalents of $380 million at year-end; revolver drawn $150 million at year-end with $100 million paid down subsequent to year-end (≈67% reduction in drawn amount). Revolver capacity remains ~$750 million plus $200 million accordion. Company repurchased ~7 million shares (2M in 2025 for ~$10M and a further 5M subsequent to year-end for ~$24M) and expects to continue NCIB activity. Management expects prepays to be fully repaid by end of June 2026, generating an estimated incremental ~$110 million per month in cash flow thereafter.
Longer-Term Growth Projects Identified
Antelope underground development at Otjikoto has begun and has potential to increase Otjikoto average annual production to ~110,000 ounces from 2029–2032, supporting an extended mine life into the 2030s.
BTG 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
BTG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $5.36 | $5.10 | -4.83% |
Nov 05, 2025 | $4.00 | $3.77 | -5.73% |
Aug 07, 2025 | $3.78 | $3.53 | -6.53% |
May 07, 2025 | $3.03 | $2.96 | -2.27% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does B2Gold Corp (BTG) report earnings?
B2Gold Corp (BTG) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is B2Gold Corp (BTG) earnings time?
B2Gold Corp (BTG) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is BTG EPS forecast?
BTG EPS forecast for the fiscal quarter 2026 (Q1) is 0.13.