Filing Flows › Hecla Mining (HL) › Q3 2025
Hecla Mining (HL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Hecla Mining (HL) reported revenue of $410M for the third quarter 2025 (Q3 2025), +67% from a year earlier and +35% from the quarter before. Operating margin was 36.3%, net earnings $101M (24.6% of revenue).
Hecla Mining, Q3 2025: revenue $410M (+67% year over year), operating margin 36.3%, net earnings $101M, operating cash flow $148M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $410M | +35% | +67% |
| Gross profit | $180M | +51% | +204% |
| Operating profit | $149M | +59% | +561% |
| Net earnings | $101M | +75% | 57× |
| Operating cash flow | $148M | -8% | +169% |
| Free cash flow | $90.1M | — | — |
What changed
Revenue was $409.5M in Q3 2025, up 67% year over year and up 35% from the previous quarter. Metal Sales was the largest line at 96% of revenue. Metal Sales added $155.6M year over year (up 65%), 95% of the total change.
Gross margin was 44.1%, up 19.9 points from a year earlier. Operating profit was $148.6M, a 36.3% margin (up 27.1 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 9% margin then. Operating expenses fell 14% while revenue rose 67%. The fastest-growing cost line was General & admin (+33%). Net earnings were $100.7M, up 5620% year over year. The effective tax rate was 35.3%.
Operating cash flow was $148.0M (up 169% year over year), 147% of net earnings. Non-cash charges added back $49.4M of depreciation and amortization and $2.6M of share-based compensation. After additions to properties, plants, equipment and mine development ($57.9M), free cash flow as the company reports it was $90.1M.
Questions
What was Hecla Mining's revenue in the third quarter 2025?
Hecla Mining (HL) reported revenue of $410M for the third quarter 2025 (Q3 2025), +67% from a year earlier and +35% from the quarter before.
Was Hecla Mining profitable in the third quarter 2025?
Operating profit was $149M (36.3% of revenue) and net earnings $101M.
Source: Hecla Mining 10-Q on SEC EDGAR.