First Majestic Silver (TSE:AG)
TSX:AG
Earnings Data
Report Date
May 13, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.4Last Year’s EPS
0.07Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple clear operational and financial positives: higher production, strong realized silver prices in Q4, record revenue near $1.2–$1.3 billion, a substantial cash balance (~$940M), stepped-up free cash flow, rapid ramp and high profitability from the new Mint, successful integration of the Gatos acquisition, declared expansion projects, and a doubled dividend policy. These highlights outweigh the manageable negatives disclosed: a modest AISC miss (~$1/oz) driven by a late-year collapse in byproduct conversion (reducing ~1.4M AgEq ounces), an unresolved tax provision with SAT, some year-end inventory timing effects, and market-level refinery financing/price volatility risks. Overall, the positives (strong cash generation, balance sheet strength, growth projects and shareholder returns) materially exceed the lowlights.Company Guidance
Strong Production Volumes
Q4 produced 4.2 million pure silver ounces and the company produced just over 15 million pure silver ounces for FY2025. On a silver-equivalent basis the company delivered just over 31 million ounces for the year, coming in at or above revised guidance.
Record Revenue and Improved Realized Prices
FY2025 revenue 'broke to' $1.2 billion (approaching $1.3 billion). Realized silver price in Q4 was just under $59/oz and the annual realized silver price was $41.52/oz, with Q4 realized price above the quarter average.
Step-Change in Free Cash Flow and Strong Cash Position
Q4 marked a step-change in free cash flow due to operational discipline and higher metal prices. Cash (restricted + unrestricted) totaled just under $940 million and working capital was $733 million.
Mint Business Rapid Ramp and High Profitability
The newly launched Mint ramped quickly: Q4 doré sales to the Mint generated just under $23 million. For FY2025 Mint revenue was just under $50 million with profitability of about $24 million (~48% operating/profitability indicator for the unit).
Balance Sheet and Marketable Securities Gain
Marketable securities position increased by about $140 million during the year (recorded on the balance sheet, not in the income statement). The company also executed low-cost convertible notes (coupon 0.125%).
Capital Allocation: Dividend Increase and Flexible Options
Board doubled dividend policy (from 1% to 2% of top line effective 2026), signaling confidence in cash flow; management retained flexibility for buybacks or other capital uses.
Successful Acquisition Integration and Growth Projects
Gatos acquisition (closed Jan 2025) integrated smoothly and is contributing to operations. Planned throughput expansions: Santa Elena from ~3,100–3,200 tpd to ~3,500 tpd (sustainable H2 2026), Gatos targeting ~4,000 tpd (from ~3,500), plus continued work at San Dimas.
High Silver Purity and Focused Exploration
Company reported silver purity ~58% for the year and north of 60% in Q4, highlighting strong leverage to silver. Exploration was active—over 250 kilometers drilled in 2025 with 266 km of drilling declared across operations for upcoming programs and an updated R&R and resource report due before March 31.
Operational Safety Metrics
TRIFR and LTIFR metrics reported as world-class for the year, indicating strong safety performance supporting stable operations.
TSE:AG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:AG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | C$30.97 | C$33.95 | +9.62% |
Nov 05, 2025 | C$16.27 | C$15.04 | -7.55% |
Aug 14, 2025 | C$12.28 | C$12.22 | -0.48% |
May 07, 2025 | C$8.62 | C$7.64 | -11.34% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does First Majestic Silver (TSE:AG) report earnings?
First Majestic Silver (TSE:AG) is schdueled to report earning on May 13, 2026, TBA (Confirmed).
What is First Majestic Silver (TSE:AG) earnings time?
First Majestic Silver (TSE:AG) earnings time is at May 13, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
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What is TSE:AG EPS forecast?
TSE:AG EPS forecast for the fiscal quarter 2026 (Q1) is 0.4.