B2Gold Corp
AMEX: BTG · BASIC MATERIALS · GOLD
Updated 2026-06-05
B2Gold Corp (BTG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $20.64M | $127.52M | $225.35M | $259.05M | $544.27M | $486.62M | $553.66M | $683.29M | $638.68M | $1.23B | $1.16B | $1.79B | $1.76B | $1.73B | $1.93B | $1.90B | $3.06B |
| Revenue growth (YoY) | — | — | — | +517.9% | +76.7% | +15.0% | +110.1% | -10.6% | +13.8% | +23.4% | -6.5% | +91.8% | -5.7% | +54.8% | -1.5% | -1.7% | +11.6% | -1.7% | +60.9% |
| Cost of revenue | $1.79M | $2.30M | $18.22M | $62.76M | $88.15M | $132.03M | $397.33M | $392.76M | $466.63M | $473.22M | $488.39M | $860.40M | $705.18M | $830.64M | $993.71M | $1.13B | $1.15B | $1.20B | $1.53B |
| Gross profit | $-1.79M | $-2.30M | $2.42M | $64.76M | $137.20M | $127.02M | $146.95M | $93.87M | $87.03M | $210.08M | $150.28M | $364.66M | $450.46M | $958.29M | $768.55M | $604.24M | $780.00M | $706.20M | $1.53B |
| Gross margin | — | — | 11.7% | 50.8% | 60.9% | 49.0% | 27.0% | 19.3% | 15.7% | 30.7% | 23.5% | 29.8% | 39.0% | 53.6% | 43.6% | 34.9% | 40.3% | 37.1% | 50.0% |
| R&D | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | $4.23M | $10.56M | $11.32M | $16.46M | $22.82M | $41.08M | $58.28M | $61.61M | $56.29M | $59.62M | $67.25M | $73.82M | $74.92M | $69.22M | $72.76M | $79.32M | $83.28M | $84.16M | $92.04M |
| Operating income | $-4.65M | $-9.21M | $-11.90M | $22.50M | $85.69M | $84.14M | $116.20M | $-741.30M | $-94.77M | $126.26M | $86.65M | $286.11M | $508.01M | $1.05B | $713.59M | $502.40M | $674.64M | $594.80M | $1.40B |
| Operating margin | — | — | -57.6% | 17.6% | 38.0% | 32.5% | 21.3% | -152.3% | -17.1% | 18.5% | 13.6% | 23.4% | 44.0% | 58.9% | 40.5% | 29.0% | 34.9% | 31.3% | 45.9% |
| EBITDA | $-4.61M | $-25.95M | $-25.55M | $49.45M | $107.30M | $110.52M | $178.56M | $-633.20M | $10.55M | $248.02M | $250.98M | $518.13M | $760.25M | $1.35B | $1.12B | $925.31M | $736.63M | $93.03M | $1.46B |
| EBITDA margin | — | — | -123.8% | 38.8% | 47.6% | 42.7% | 32.8% | -130.1% | 1.9% | 36.3% | 39.3% | 42.3% | 65.8% | 75.6% | 63.4% | 53.4% | 38.1% | 4.9% | 47.5% |
| EBIT | $-4.66M | $-26.04M | $-27.83M | $32.93M | $81.12M | $75.55M | $92.70M | $-745.75M | $-133.74M | $77.77M | $84.74M | $282.59M | $508.94M | $1.05B | $738.02M | $541.46M | $334.26M | $-274.38M | $1.01B |
| Interest expense | $401730.00 | $170701.00 | $803941.00 | $4.70M | $611000.00 | $193000.00 | $5.60M | $5.70M | $16.10M | $10.18M | $12.91M | $30.64M | $26.55M | $15.80M | $11.80M | $10.84M | $13.93M | $34.85M | $37.70M |
| Income tax | $-457610.00 | $-307788.00 | $-782000.00 | $9.10M | $24.21M | $25.36M | $19.80M | $-85.06M | $1.67M | $29.93M | $7.33M | $132.36M | $173.53M | $362.01M | $265.40M | $243.89M | $278.75M | $317.43M | $559.73M |
| Effective tax rate | 9.8% | 1.0% | 2.7% | 31.2% | 30.1% | 32.8% | 22.7% | 11.3% | -1.1% | 43.3% | 11.4% | 82.1% | 37.2% | 36.6% | 38.7% | 49.1% | 96.5% | -101.6% | 58.2% |
| Net income | $-4.20M | $-29.99M | $-27.79M | $20.03M | $56.30M | $51.91M | $67.30M | $-665.27M | $-149.95M | $39.13M | $56.85M | $28.94M | $293.38M | $628.06M | $420.06M | $252.87M | $10.10M | $-629.89M | $401.91M |
| Net income growth (YoY) | — | -614.9% | +7.4% | +172.1% | +181.1% | -7.8% | +29.7% | -1088.5% | +77.5% | +126.1% | +45.3% | -49.1% | +913.8% | +114.1% | -33.1% | -39.8% | -96.0% | -6338.4% | +163.8% |
| Profit margin | — | — | -134.6% | 15.7% | 25.0% | 20.0% | 12.4% | -136.7% | -27.1% | 5.7% | 8.9% | 2.4% | 25.4% | 35.1% | 23.8% | 14.6% | 0.5% | -33.1% | 13.1% |
Frequently asked questions
What is B2Gold Corp's revenue?
B2Gold Corp's trailing twelve-month revenue is $3.69B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is BTG?
In its most recent fiscal year, BTG ran a gross margin of 50.01%, an operating margin of 45.88%, and a net margin of 13.13%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does BTG generate?
BTG produced $66.38M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is BTG's balance sheet healthy?
BTG holds $379.73M in cash and equivalents against $532.30M in long-term debt, on $3.59B of shareholder equity. That debt is best read against the cash flow the business throws off each year.