Hecla Mining Company reported a transformational year in 2025, marked by record revenue, profitability, and Adjusted EBITDA, driven by strong operational performance across its silver and gold mines and significantly higher metal prices. The company achieved substantial deleveraging, strengthening its balance sheet and positioning it for increased investment in its project pipeline.
Record revenue of over $1.4 billion, a 53% increase over the prior year, driven by higher realized precious metals and zinc prices and increased sales volumes.
positiveRecord net income applicable to common stockholders of $321 million, or $0.49 per share, a nine-fold increase from the prior year.
positiveRecord Adjusted EBITDA of $670 million, nearly doubling the prior year.
positiveSubstantial deleveraging with total debt of $276 million and net debt of $34 million, a 50% decline in total debt over the prior year, resulting in a Net Debt to Adjusted EBITDA ratio of 0.1x.
positiveStrong cash flow generation with $563 million in cash from operations and $310 million in free cash flow, with all operations generating positive free cash flow.
positiveGreens Creek achieved record silver production of over 8.7 million ounces and gold production of over 59 thousand ounces.
positiveLucky Friday achieved record silver production of 5.3 million ounces.
positiveKeno Hill achieved its first year of profitability and positive free cash flow under Hecla ownership, with a new production record.
positiveCompany-wide Total Recordable Injury Frequency Rate reduced to 1.69, a 13% improvement over the prior year.
positiveTotal cost of sales for silver operations increased by $68 million (14%) over the prior year, primarily due to higher sales volumes sold.
attentionGold cash costs and AISC per gold ounce were higher compared to the prior year due to higher operating costs.
attentionShipment of a precious metals concentrate at Greens Creek was delayed to January 2026, contributing to an inventory build at year-end.
attentionAccounts receivable rose by nearly $143 million due to elevated precious metal prices and timing of concentrate shipments, though the majority was collected in early 2026.
attentionCapital investment increased by $38 million compared to the prior year, with significant investments planned for 2026.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Greens Creek | N/A | — | — | — |
Lucky Friday | N/A | — | — | — |
Keno Hill | N/A | — | — | — |
Casa Berardi | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics.
Our balance sheet improved significantly and we are now well positioned to invest in value surfacing initiatives focused on our best-in-class project pipeline.
All three silver operations delivered strong results - Lucky Friday achieved record production, Keno Hill reached a significant milestone, achieving its first full year of profitability under Hecla's ownership, and Greens Creek continued generating substantial cash flow.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.