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Dec 31, 2025
First Majestic Q4 2025 Earnings Report
First Majestic reported record quarterly revenue, earnings and cash flow in Q4 2025, driven by strong silver prices and contributions from the Los Gatos mine.
Key Takeaways
First Majestic delivered record Q4 2025 revenue of 463900000 and net income of 105200000, supported by higher realized silver prices and the addition of the Los Gatos mine, resulting in strong EBITDA and free cash flow generation.
Record quarterly revenue of 463900000, up significantly year over year.
Net income of 105200000 compared to a net loss in the prior year quarter.
EBITDA reached a record 338800000 with adjusted EBITDA of 305400000.
Free cash flow was a record 250400000, strengthening the cash position.
Revenue by Segment
Forward Guidance
The company increased its dividend policy to 2% of net quarterly revenues starting in 2026 and highlighted continued operational momentum heading into 2026.
Positive Outlook
- Dividend increased to 2% of net quarterly revenues effective 2026.
- Strong cash position entering 2026.
- Record production levels achieved in 2025.
- Operational improvements at San Dimas and Santa Elena.
- Successful integration of Los Gatos mine.
Challenges Ahead
- Higher cash costs per AgEq ounce year over year.
- AISC increased compared to prior year quarter.
- Exposure to commodity price volatility.
- Non-cash depletion and depreciation expenses increased.
- Jerritt Canyon remains under suspension.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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