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Kinross Gold (KGC) stock dropped 6.8% on Friday, October 30, 2026, while the S&P 500 lost 1.8%. The decline followed the company's third-quarter earnings call a day earlier. Peers fell as well, with Agnico Eagle Mines down 6.0% and Newmont down 4.6%. Gold itself slid that day: the SPDR Gold Shares fund (GLD) lost 3.5% as the metal fell to its lowest price in a year. So what did management say about the quarter and the rest of the year?
What Did Kinross Tell Investors About The Quarter?
On the October 29 call, management said the third quarter was in line with its updated plan, producing 425 thousand ounces of gold. The company's two top-tier low-cost mines, Tasiast and Paracatu, supplied more than half of that output. For the full year, management said Kinross is on track for its updated 2026 production guidance of 1.84 million to 1.86 million ounces, and management named La Coipa and Round Mountain as the two mines holding back near-term production. The company had previously cut its guidance to that range.
The reported figures were softer than a year earlier. Revenue fell 1.5% from the third quarter of 2025 to $1.77 billion. Adjusted earnings per share moved in the opposite direction, rising to $0.50 from $0.44 a year earlier and beating analysts' estimates. Free cash flow recorded a steeper drop, falling to $275 million from $712 million. Management said outflows of working capital held back cash flow, pointing mainly to a build-up of short-term stockpiles at Manh Choh, and called the issue a matter of timing. Kinross continued returning cash to shareholders during the quarter, buying back 8.6 million shares for $230 million.
Did Kinross Fall Alone Or With Peers?
Kinross fell alongside its peers, though it posted the steepest drop. Gold.com, the third company on its peer list, lost 1.3%, meaning all three declined during the same session.
The wider materials sector moved in the opposite direction. Its SPDR fund, XLB, rose 0.4% on October 30.
Kinross Stock Closed At A One-Year Low
At $20.13, Kinross closed at its lowest price of the past 365 days . The October 30 fall marked the second big drop in a row, following a 6.0% fall on October 29. Over the prior 365 days, the stock has experienced seven falls at least this large, while its latest move at least as large as this one was a 7.2% gain on October 15.
The shares reached their highest close of the past year, $38.07, on January 28, 2026. Over the past 12 months they lost 12.4%, while the S&P 500 returned 11.3%. Since May 1, the stock has fallen 31.7%. October alone took 16.3% off the shares, compared with a 1.1% loss for the S&P 500.
Kinross trades at 2.8 times its sales over the past 12 months, below the 3.2 times multiple for the S&P 500. When Kinross reports its fourth-quarter 2026 results, full-year gold production set against its updated guidance is the measure to watch.
How To Act On KGC?
Not necessarily on Kinross Gold alone, if your goal is long-term wealth. Wealth is built by owning the companies that keep outperforming, the leaders of their industries, wherever they are. Kinross Gold is one. Over the five years to October 2026, its stock rose 265%, ahead of 31 of the 35 other companies in Gold, where the typical company rose 92%.
Finding companies like these takes comparison across industries and sectors, and that is what the Trefis High Quality (HQ) Portfolio does. It holds 30 quality companies in equal weight and, since its inception in September 2020, has returned more than 105%, ahead of a benchmark that combines the S&P 500, S&P Mid-cap and Russell 2000. See how we find the leaders .
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