Agnico Eagle Mines (AEM) Q3 2026 earnings summary

Executive summary

• Payable gold production was 814,012 oz, down from 866,936 oz YoY; revenue rose to $3.584B from $3.060B as realized gold prices increased to $4,264/oz.

• Free cash flow was $852M, supporting ~$478M in shareholder returns, equal to 56% of quarterly free cash flow.

• FY2026 production is expected near the low end of guidance, with costs near the high end.

• A growth pipeline targets 20%-30% higher annual production over the next decade and potential output above 4.0M oz in the early 2030s.

Financial highlights

• Q3 net income was $1.353B ($2.67/share) and adjusted net income was $1.324B ($2.62/share), versus $1.055B and $1.085B, respectively, a year earlier.

• Adjusted EBITDA was $2.466B versus $2.098B YoY; operating cash flow was $1.755B versus $1.816B.

• Q3 free cash flow was $852M versus $1.190B; capital expenditures, including capitalized exploration, were $921M versus $644M.

• Nine-month revenue was $11.49B versus $8.34B, while net income rose to $4.649B from $2.938B.

Outlook and guidance

• FY2026 production guidance is 3.3M–3.5M oz, with output expected near the low end; total cash cost guidance is $1,020–$1,120/oz and AISC guidance is $1,400–$1,550/oz, both near the high end.

• FY2026 capital expenditures, excluding capitalized exploration, are guided at $2.6B–$2.8B; capitalized exploration is guided at $290M–$330M.

• Diesel could add up to $80/oz to FY2026 costs; Q4 impact could be $50–$60/oz, with diesel-driven costs potentially ~7% higher YoY.

• FY2026 shareholder returns are expected to exceed 50% of free cash flow, subject to business needs and current spot gold prices.

• Long-term plans target 20%-30% production growth over the next decade, with potential to exceed 4.0M oz annually in the early 2030s.