Equinox Gold (EQX) financial statements
Equinox Gold reported revenue of $1.8B in fiscal 2025, up 79.6% a year over 7 years.
Net income was $221M and the operating margin 23.8%, against -116.2% in 2018.
Free cash flow was $126M.
The diluted share count rose 583% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Equinox Gold's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30M | $282M | $845M | $1.1B | $952M | $1.1B | $913M | $1.8B |
| Cost of revenue | — | — | $555M | $852M | $867M | $979M | $707M | $1.2B |
| Gross profit | — | — | $290M | $231M | $85M | $109M | $206M | $643M |
| Selling, general and admin | $16M | $20M | $40M | $53M | $47M | $46M | $52M | $105M |
| Operating income | -$35M | $55M | $173M | $146M | $10M | $50M | $152M | $432M |
| Interest expense | $18M | $17M | $19M | $42M | $40M | $60M | $91M | $179M |
| Pre-tax income | -$37M | -$13M | $43M | $535M | -$98M | $15M | $533M | $131M |
| Income tax | $2M | $7M | $21M | -$20M | $8M | -$14M | $273M | $150M |
| Net income | -$66M | -$18M | $21M | $555M | -$106M | $29M | $339M | $221M |
| EPS (diluted) | — | -$0.16 | $0.10 | $1.69 | -$0.35 | $0.09 | $0.75 | $0.35 |
| Diluted shares | 92M | 112M | 218M | 334M | 304M | 316M | 474M | 630M |
| Gross margin | — | — | 34.3% | 21.3% | 8.9% | 10.0% | 22.6% | 35.4% |
| Operating margin | -116.2% | 19.6% | 20.5% | 13.5% | 1.1% | 4.6% | 16.6% | 23.8% |
| Net margin | -217.3% | -6.5% | 2.5% | 51.3% | -11.1% | 2.7% | 37.2% | 12.2% |
Balance sheet
Fiscal years, from Equinox Gold's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $61M | $68M | $345M | $310M | $201M | $192M | $239M | $430M |
| Receivables | — | $27M | $56M | $50M | $76M | $82M | $70M | $65M |
| Inventory | $43M | $46M | $208M | $202M | $265M | $412M | $418M | $370M |
| Total current assets | $128M | $149M | $646M | — | — | — | — | — |
| Property, plant and equipment | $317M | $498M | $1.9B | $2.5B | $2.8B | $3.2B | $5.6B | $7.9B |
| Total assets | $742M | $839M | $2.7B | $4.0B | $3.9B | $4.4B | $6.7B | $10.5B |
| Total current liabilities | $110M | $132M | $223M | $403M | $272M | $480M | $689M | $1.3B |
| Long-term debt | $160M | $202M | $532M | $514M | $828M | $786M | $1.2B | $1.4B |
| Total liabilities | $333M | $436M | $1.2B | $1.4B | $1.5B | $1.9B | $3.3B | $4.7B |
| Shareholders' equity | $395M | $403M | $1.4B | $2.6B | $2.4B | $2.4B | $3.4B | $5.8B |
| Net debt | $99M | $135M | $187M | $204M | $627M | $594M | $973M | $943M |
Cash flow
Fiscal years, from Equinox Gold's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23M | $60M | $256M | $321M | $56M | $358M | $372M | $818M |
| Capital spending | $103M | $98M | $175M | $344M | $557M | $523M | $412M | $692M |
| Free cash flow | -$126M | -$38M | $81M | -$23M | -$501M | -$165M | -$40M | $126M |
| Stock-based compensation | $6M | $6M | $8M | $7M | — | — | — | — |
| Net borrowing | $191M | $53M | -$167M | -$31M | $286M | -$39M | $560M | $4M |
| Free cash flow margin | -417.7% | -13.4% | 9.6% | -2.2% | -52.6% | -15.1% | -4.4% | 6.9% |
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Open EQX in InvestinglyQuestions
What was Equinox Gold's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Equinox Gold generate?
$126M in fiscal 2025 (operating cash flow minus capital spending).
From Equinox Gold's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.