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Dec 31, 2025
Agnico Eagle Q4 2025 Earnings Report
Agnico Eagle reported record quarterly free cash flow and strong net income in the fourth quarter of 2025, driven by higher realized gold prices and solid operational performance.
Key Takeaways
In Q4 2025, Agnico Eagle generated $1.31 billion in free cash flow and reported net income of $1.52 billion, supported by a realized gold price of $4,163 per ounce. Production totaled 840,608 ounces, with higher royalty costs partially offset by strong margins from elevated gold prices.
Quarterly net income reached $1.52 billion with adjusted net income of $1.35 billion.
Free cash flow hit a record $1.31 billion in Q4 2025.
Payable gold production was 840,608 ounces at total cash costs of $1,089 per ounce.
Cash balance increased to $2.87 billion, resulting in a net cash position of $2.67 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Agnico Eagle expects gold production between 3.3 and 3.5 million ounces, with total cash costs per ounce ranging from $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550.
Positive Outlook
- Stable three-year production outlook through 2028.
- Expansion projects could increase annual production by 20–30% over the next decade.
- Strong balance sheet with $2.67 billion net cash position.
- Record mineral reserves of 55.4 million ounces at year-end 2025.
- Expected capital investments to support long-term growth pipeline.
Challenges Ahead
- Higher expected royalty costs due to elevated gold price assumptions.
- Cost inflation impacting labor and input costs.
- Lower grade sequences at several mines in 2026.
- Higher sustaining capital expenditures projected for 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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