Equinox Gold’s adjusted third-quarter EPS edged past estimates. Record revenue and lower costs than last quarter also offered an early look at how the enlarged company is performing.
Equinox Gold Corp. (TSX: EQX) reported adjusted earnings of US$0.19 per share for the quarter ended September 30, 2026, slightly above the US$0.18 consensus estimate. Revenue reached a record US$1.05 billion. The results include two months of production from Musselwhite and Camino Rojo, following the July 31 close of the company’s combination with Orla Mining.
Recent earnings trend
Equinox Gold Corp
EQX.TO
EQX.TO
Equinox Gold Corp
WealthAwesomeMarket cap
$19.87B
P/E
27.0x
Div. yield
0.18%
Div. / share
$0.03
52W high
$25.76
52W low
$11.89
1W change
+20.62%
Beta
2.53
Analyst Price Targets
Based on analyst covering EQX · as of Nov 10, 2026
Wall Street analysts forecast EQX stock price to rise 45.4% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$24.75
+45.4% Upside
Previously C$24.76 on Nov 9, 2026
Current Price
C$17.02
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on EQX's historical volatility
30-Day Vol
64.3%
Annualized
90-Day Vol
60.0%
Annualized
Trend (90d)
+36.3%
Annualized drift
90d Mean
C$19.38
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$17.77 | C$14.24 – C$22.19 |
| 60 trading days | C$18.56 | C$13.56 – C$25.39 |
| 90 trading days | C$19.38 | C$13.20 – C$28.45 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 5 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-09 | 0.1900 | 0.1800 | +5.6% |
| 2026-06-30 | 2026-08-05 | 0.1500 | 0.1600 | -6.3% |
| 2026-03-31 | 2026-05-07 | 0.2300 | 0.2900 | -20.7% |
| 2025-12-31 | 2026-02-17 | 0.3400 | 0.2200 | +54.5% |
| 2025-09-30 | 2025-11-06 | 0.1900 | 0.1200 | +58.3% |
| 2025-06-30 | 2025-08-13 | 0.1100 | 0.0200 | +450.0% |
For Canadian investors, the small EPS beat is only part of the story. The quarter offers an early view of how the expanded portfolio is affecting production, costs and cash flow. See the EQX stock page for company and share information.
Investor takeaway: Equinox reported record quarterly revenue of US$1.05 billion and adjusted EBITDA of US$533 million. It produced 237,019 ounces of gold, while all-in sustaining costs (AISC) fell 4% from the previous quarter to US$2,091 per ounce sold. The results include just two months of attributable production from Musselwhite and Camino Rojo, so their full contribution will become clearer in future quarters. Management says the company remains on track for the low end of its updated 2026 production guidance and the high end of its AISC guidance. Investors will want to watch production and costs as the larger operation settles in.
US$0.19 adjusted EPS, versus US$0.18 expected
The result was 5.6% above the consensus estimate. Equinox also reported US$1.05 billion in revenue and US$533 million in adjusted EBITDA. Net income was US$62.5 million, or US$0.06 per share. Adjusted net income was US$199.3 million, or US$0.19 per share.
Bull case
The quarter brought record revenue and strong cash generation. Equinox generated US$291.7 million in operating cash flow and US$398.3 million in mine-site free cash flow, both before working-capital changes. It ended September with US$527.9 million in unrestricted cash. Net cash was US$164 million, excluding convertible notes redeemed after quarter-end, and total liquidity was US$1.2 billion.
Management is moving ahead with the South Railroad project, which is targeting first gold in the first half of 2028, and reported progress at Valentine. Equinox also returned US$35.3 million to shareholders through share repurchases and dividends during the quarter.
Bear case
A 5.6% EPS beat doesn’t establish a lasting earnings trend. Equinox beat estimates in two of its last four comparable quarters and missed in the other two. The consensus EPS estimate for the next reported period has also fallen over the past month, from US$0.31 to US$0.25, based on five analysts.
Costs remain significant, with AISC at US$2,091 per ounce sold. Results also depend on mine performance and gold prices. The combination with Orla adds scale, but it also raises the importance of consistent execution across a larger portfolio. Production and cost guidance are targets, not guarantees.
Analysis
Equinox Gold reported adjusted EPS of US$0.19 for Q3 2026, 5.6% above the US$0.18 estimate. Revenue reached a record US$1.05 billion, and adjusted EBITDA was US$533 million, up 49% from Q2. The quarter included two months of attributable production from Musselwhite in Canada and Camino Rojo in Mexico, following the July 31 close of the combination with Orla Mining.
The company produced 237,019 ounces of gold and sold 248,484 ounces at an average realized price of US$4,157 per ounce. Cash costs were US$1,654 per ounce sold, and AISC was US$2,091. Those figures were down 9% and 4%, respectively, from the previous quarter. Net income was US$62.5 million, or US$0.06 per share; adjusted net income was US$199.3 million, or US$0.19 per share.
Equinox generated US$291.7 million in operating cash flow and US$398.3 million in mine-site free cash flow, both before working-capital changes. See the EQX earnings and company page.
Analysis
Management says Equinox remains on track to produce 870,000 to 920,000 ounces in 2026, at the low end of its updated production guidance. It also expects AISC to come in at the high end of its US$1,900 to US$2,000 per ounce sold guidance.
The company ended the quarter with US$527.9 million in unrestricted cash and US$1.2 billion in liquidity. Net cash was US$164 million when excluding the 2023 convertible notes redeemed after quarter-end. Equinox returned US$35.3 million to shareholders in Q3: US$9 million through share repurchases and US$26.3 million in dividends.
The company declared a quarterly dividend of US$0.0225 per common share, payable December 10 to shareholders of record on November 25. Construction activities have started at South Railroad, where Equinox is targeting first gold in the first half of 2028. Investors will want to track progress against the schedule, as well as production and cost targets, while the company integrates its expanded portfolio.
Analysis
The supplied analyst data show an average price target of C$24.75, compared with the last close of C$17.02. That implies 45.4% upside to the average target. The consensus label is bullish based on the average target relative to the last close. A formal rating is not available for Canadian listings. Price targets are estimates, not promises. Compare the analyst price targets for EQX with your own assumptions about gold prices, operating costs and integration.
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$19.38. Its 68% range is C$13.20 to C$28.45, and its 95% range is C$8.99 to C$41.78. This is a statistical model, not financial advice. The wide ranges reflect substantial uncertainty. See the EQX price forecast for details.
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