Filing Flows › Hecla Mining (HL) › Q4 2025
Hecla Mining (HL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Hecla Mining (HL) reported revenue of $448M for the fourth quarter 2025 (Q4 2025), +79% from a year earlier and +9% from the quarter before. Operating margin was 49.1%, net earnings $134M (30.0% of revenue).
Hecla Mining, Q4 2025: revenue $448M (+80% year over year), operating margin 49.1%, net earnings $134M, operating cash flow $217M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $448M | +9% | +79% |
| Gross profit | $248M | +38% | +263% |
| Operating profit | $220M | +48% | +477% |
| Net earnings | $134M | +33% | 11× |
| Operating cash flow | $217M | +47% | +222% |
| Free cash flow | $135M | — | 20× |
What changed
Revenue was $448.1M in Q4 2025, up 79% year over year and up 9% from the previous quarter. Metal Sales was the largest line at 98% of revenue.
Gross margin was 55.4%, up 28.0 points from a year earlier. Operating profit was $220.0M, a 49.1% margin (up 33.8 points year over year). Of the extra revenue versus a year earlier, 92% reached operating profit, above the 15% margin then. Operating expenses fell 7% while revenue rose 79%. The fastest-growing cost line was General & admin (+112%). Net earnings were $134.4M, up 1027% year over year. The effective tax rate was 28.6%.
Operating cash flow was $217.1M (up 222% year over year), 161% of net earnings. Non-cash charges added back $39.1M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $40.2M. After capital investment ($82.3M), free cash flow as the company reports it was $134.7M.
Questions
What was Hecla Mining's revenue in the fourth quarter 2025?
Hecla Mining (HL) reported revenue of $448M for the fourth quarter 2025 (Q4 2025), +79% from a year earlier and +9% from the quarter before.
Was Hecla Mining profitable in the fourth quarter 2025?
Operating profit was $220M (49.1% of revenue) and net earnings $134M.
Source: Hecla Mining 10-K on SEC EDGAR.