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First Majestic Silver
First Majestic Silver (AG) investor relations material
First Majestic Silver Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved a transformational and record year in 2025, surpassing key milestones with strong operational and financial performance across all segments, driven by the acquisition and integration of Los Gatos (Gatos Silver) and operational improvements at San Dimas and La Encantada.
Produced 4.2 million ounces of pure silver in Q4 and over 15.4 million ounces for the year, with total silver equivalent production exceeding 31 million ounces, meeting or surpassing revised guidance.
Declared a Q4 2025 cash dividend and increased the dividend policy to 2% of net quarterly revenues effective Q1 2026.
Santa Elena and La Encantada mines delivered strong results, with Santa Elena seeing new discoveries and plant expansion, and La Encantada achieving a turnaround.
Completed the acquisition of Gatos Silver, Inc., adding a 70% interest in Los Gatos to the portfolio.
Financial highlights
Revenue reached a record $1,257.2 million for 2025, with Q4 revenue at $464 million, both up over 120% year-over-year.
Free cash flow saw a significant step change in Q4 2025, reaching $250.4 million, and $470.6 million for the year, reflecting operational discipline and higher metal prices.
Ended 2025 with $937.7 million in cash and $733.6 million in working capital.
Q4 realized silver price was $58.96/oz, with the annual average at $41.52/oz, both above market averages.
The mint operation generated $22.7 million in Q4 and $49.4 million in revenue for the year, with $24.1 million in profitability.
Outlook and guidance
2026 production guidance targets 13–14.4 million ounces of pure silver and 110,000–130,000 ounces of gold, with AISC of $26.15–$27.91 per AgEq oz.
Conversion ratio for silver equivalents locked at 75:1 for 2026 to reduce volatility.
Plant expansions at Santa Elena and Los Gatos expected to increase throughput in H2 2026.
Dividend policy doubled from 1% to 2% of top-line/net quarterly revenue, effective Q1 2026.
266 km of drilling planned for 2026, with updated reserves and resources to be published before March 31.
Los Gatos' 2025 mine operating earnings
When does the 2% dividend policy become effective?
How did commodity prices impact 2025 cash costs?
What factors delay $1B cash deployment?
How will 2026 guidance avoid 2025 AISC miss?
Mint's strategic advantage in current market?
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Next First Majestic Silver earnings date
Q1 20266 May, 2026
First Majestic Silver
Next First Majestic Silver earnings date
Q1 20266 May, 2026
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Frequently asked questions
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. The company holds 100% interests in 6 producing mines; 5 of the mines are located in Mexico, and 1 mine is located in Canada. It also has 100% interests in 5 development stage projects, 2 advance exploration projects, 4 exploration properties, as well as various non-core assets. The company has 10 joint ventures on properties located in Mexico and Canada. First Majestic Silver Corp. was founded in 1979 and is headquartered in Vancouver, Canada.
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