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McEwen (MUX) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · McEwen (MUX) Q2 2026 earnings results →
Q2 2026 Revenue up 27% year over year to $59.2M · 16¢ of every $1 of revenue kept as net profit · operating margin 13.0%
McEwen made $59.2M in Q2 2026 (+27% Y/Y). Operating margin 13.0%, net earnings $9.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $59.2M in Q2 2026, up 27% year over year and down 20% from the previous quarter.
Gross margin was 33.9%, up 7.6 points from Q2 2025. Operating profit was $7.7M, a 13.0% margin (up 20.2 points year over year). Operating expenses fell 21% while revenue rose 27%. The fastest-growing cost line was General & admin (+57%). Net earnings were $9.6M, up 216% year over year. The effective tax rate was -65.9%.
Operating cash flow was $46.2M (up 9570% year over year), 481% of net earnings. Non-cash charges added back $8.2M of depreciation and amortization. Working capital and other items added $28.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $59.2M | +27% | 13.0% | $9.6M | $46.2M |
| Q1 2026 | 10-Q | May 6, 2026 | $74.0M | +107% | 55.7% | $33.4M | $12.1M |
| Q4 2025 | 10-K | Mar 17, 2026 | $64.6M | +93% | 34.2% | $38.1M | $3.1M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $50.5M | -3% | -16.7% | −$462K | $5.2M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $46.7M | -2% | -7.2% | $3.0M | $478K |
| Q1 2025 | 10-Q | May 7, 2025 | $35.7M | -13% | -21.4% | −$6.3M | −$1.9M |
| Q4 2024 | 10-K | Mar 14, 2025 | $33.5M | -43% | -43.4% | −$8.2M | −$1.2M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Auramet International LLC ("Auramet") · Stated in 10-K (XBRL) · source
- Asahi Refining Inc · Stated in 10-K (XBRL) · source
About McEwen
McEwen is a diversified gold , silver and copper company trading on the NYSE and TSX under the ticker symbol “MUX” . The Company provides shareholders exposure to a growing base of gold and silver production in prolific mineral-rich regions throughout the Americas including the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also advancing the reactivation of its El Gallo gold and silver mine in Mexico. The Company’s near-term objective is to double its total annual production to 250,000–300,000 gold equivalent ounces by 2030.
In its own words, from its 8-K, filed Aug 7, 2026.
McEwen against its Gold and Silver Ores peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +27% against the peers' median +27%. Operating margin: 13.0% against the peers' median 38.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MUX McEwen | Q2 2026 | $59.2M | +27% | 13.0% |
| NEM Newmont | Q3 2026 | $6.4B | +15% | 49.7% |
| B Barrick Mining | Q2 2025 | $3.7B | +16% | 38.5% |
| CDE Coeur Mining | Q3 2026 | $984M | +77% | 17.7% |
| WPM Wheaton Precious Metals | Q3 2026 | $772M | — | 66.2% |
| AG First Majestic Silver | Q3 2026 | $394M | — | 38.6% |
| FNV Franco Nevada | Q2 2025 | $369M | +42% | 82.8% |
| IAUX i-80 Gold | Q3 2026 | $32.7M | +2% | -132.4% |
| URG Ur-Energy | Q2 2026 | $14.4M | +38% | -128.3% |
Source: McEwen 10-Q on SEC EDGAR · CIK 314203 · Gold and Silver Ores
13F: who owns MUX and who is buying
More on MUX
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results