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Sep 30, 2025
Agnico Eagle Q3 2025 Earnings Report
Reported record adjusted net income and strong production in Q3 2025, while further strengthening its balance sheet through debt reduction and increased cash reserves.
Key Takeaways
Agnico Eagle posted record adjusted net income in Q3 2025, driven by higher gold prices and robust production. Free cash flow and operating income saw significant growth, and the company repaid $400 million in long-term debt, boosting its net cash position.
Payable gold production was 866,936 ounces with strong output from Meadowbank and LaRonde.
Net income reached $1,055 million, while adjusted net income was a record $1,085 million.
Free cash flow for the quarter totaled $1,190 million, supporting further debt repayments.
Cash and cash equivalents rose to $2,355 million, contributing to a net cash position of $2,159 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Agnico Eagle reaffirmed its 2025 guidance for gold production and costs, expecting costs to trend toward the higher end of the range if elevated gold prices persist.
Positive Outlook
- Full-year gold production guidance of 3.3–3.5 million ounces reiterated.
- Cash cost guidance maintained at $915–$965/oz.
- AISC guidance reaffirmed at $1,250–$1,300/oz.
- Capital expenditures remain within $1.75–$1.95 billion (excluding exploration).
- Strong gold price environment supports higher margins and robust cash flow.
Challenges Ahead
- Higher gold prices are increasing royalty and cost per ounce.
- AISC expected to trend toward top end of guidance due to higher royalty expenses.
- Sustained high commodity costs could pressure margins despite strong pricing.
- Capital expenditures remain significant due to ongoing development.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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