Filing Flows › McEwen (MUX) › Q4 2025
McEwen (MUX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
McEwen (MUX) reported revenue of $64.6M for the fourth quarter 2025 (Q4 2025), +93% from a year earlier and +28% from the quarter before. Operating margin was 34.2%, net earnings $38.1M (59.0% of revenue).
McEwen, Q4 2025: revenue $64.6M (+93% year over year), operating margin 34.2%, net earnings $38.1M, operating cash flow $3.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $64.6M | +28% | +93% |
| Gross profit | $17.4M | +123% | 48× |
| Operating profit | $22.1M | — | — |
| Net earnings | $38.1M | — | — |
| Operating cash flow | $3.1M | -40% | — |
What changed
Revenue was $64.6M in Q4 2025, up 93% year over year and up 28% from the previous quarter.
Gross margin was 26.9%, up 25.8 points from Q4 2024. Operating profit was $22.1M, a 34.2% margin (up 77.6 points year over year). Net earnings were $38.1M. The tax line was a benefit of $24.0M on pre-tax earnings of $14.1M.
Operating cash flow was $3.1M, 8% of net earnings. Non-cash charges added back $7.2M of depreciation and amortization. Working capital and other items used $42.2M.
Questions
What was McEwen's revenue in the fourth quarter 2025?
McEwen (MUX) reported revenue of $64.6M for the fourth quarter 2025 (Q4 2025), +93% from a year earlier and +28% from the quarter before.
Was McEwen profitable in the fourth quarter 2025?
Operating profit was $22.1M (34.2% of revenue) and net earnings $38.1M.
Source: McEwen 10-K on SEC EDGAR.