Blanket was Caledonia Mining’s largest segment in fiscal 2025, bringing in $262.23M of $267.66M (98%).
| Segments [axis] | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Blanket | $142.08M | $140.62M | $262.23M | ||||||
| Zimbabwean Operations | — | — | — | ||||||
| South African Operations | — | $17.62M | $20.31M | ||||||
| Bilboes | — | $5.70M | $5.43M | ||||||
| Inter-Group Eliminations Adjustments | — | -$17.62M | -$20.31M | ||||||
| Total | $142.08M | $146.31M | $267.66M |
Caledonia Mining brought in $267.66M from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 82.9% from $146.31M in fiscal 2023, the previous year with figures. Blanket was the largest at $262.23M (98.0%), ahead of South African Operations at $20.31M (7.6%) and Bilboes at $5.43M (2.0%).
Compared with fiscal 2023, the previous year with figures, Blanket grew fastest, up 86.5% to $262.23M, while Bilboes fell the most, down 4.7% to $5.43M.
Caledonia Mining began breaking out South African Operations in fiscal 2023, Bilboes in fiscal 2023 and Inter-Group Eliminations Adjustments in fiscal 2023. The total is net of Inter-Group Eliminations Adjustments, which took $20.31M off revenue in fiscal 2025.
Stonex Financial Limited was Caledonia Mining’s largest revenue line in fiscal 2025, bringing in $115.04M of $267.66M (43%).
| Major customers [axis] | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Stonex Financial Limited | — | — | $115.04M | ||||
| Fidelity | — | $66.18M | $89.62M | ||||
| Fidelity Printers | $142.08M | — | — | ||||
| Aeg | — | $80.14M | $63.00M | ||||
| Total | $142.08M | $146.31M | $267.66M |
Caledonia Mining brought in $267.66M from its three revenue lines in fiscal 2025, the year ended December 31, 2025. Caledonia Mining regrouped these revenue lines after fiscal 2023, so the total does not compare directly with that year's $146.31M. Stonex Financial Limited was the largest at $115.04M (43.0%), ahead of Fidelity at $89.62M (33.5%) and Aeg at $63.00M (23.5%).
Compared with fiscal 2023, the previous year with figures, Fidelity grew 35.4% to $89.62M, while Aeg fell 21.4% to $63.00M.
Caledonia Mining began breaking out Stonex Financial Limited in fiscal 2025, Fidelity in fiscal 2023 and Aeg in fiscal 2023. Caledonia Mining stopped reporting Fidelity Printers as a separate revenue line after fiscal 2022, when it brought in $142.08M.
Caledonia Mining (CMCL) reports its revenue by segments [axis] and by major customers [axis]. In fiscal 2025, Blanket was its largest segment, bringing in $262.23M (98.0% of the total), followed by South African Operations at $20.31M (7.6%).
Blanket was Caledonia Mining's largest segment in fiscal 2025, bringing in $262.23M, or 98.0% of the $267.66M total across its four segments.
Stonex Financial Limited was Caledonia Mining's largest revenue line in fiscal 2025, bringing in $115.04M, or 43.0% of the $267.66M total across its three revenue lines.
Every figure comes from Caledonia Mining's annual financial filings, as reported. Each line keeps the name Caledonia Mining gives it, and years follow its fiscal calendar.
Caledonia Mining's revenue by segments [axis] goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.