Agnico Eagle Mines (AEM) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with $4.46 billion net income, $4.4 billion free cash flow, and $1.4 billion returned to shareholders via dividends and buybacks, supported by strong gold prices and operational efficiency.

• Gold production met or exceeded guidance, with 3.45 million ounces produced in 2025 and a stable outlook for 2026–2028 at peer-leading costs.

• Quarterly dividend increased by 12.5% to $0.45/share, with $803 million paid in dividends and $600 million in share repurchases.

• Record gold mineral reserves of 55.4 million ounces (+2% YoY), measured/indicated resources of 47.1 million ounces (+10%), and inferred ounces of 41.8 million (+15.5%).

• Advancing a robust growth plan targeting 20–30% production increase over the next decade, with five key projects and a goal of over 4 million ounces annually by early 2030s.

Financial highlights

• 2025 gold production: 3.45 million ounces at total cash costs of $979/oz and AISC of $1,339/oz.

• 2025 revenue: $11.91 billion; net income: $4.46 billion; adjusted net income: $4.17 billion; EBITDA: $8.44 billion.

• Free cash flow: $4.4 billion; operating cash flow: $6.82 billion.

• Net cash position at year-end: $2.67–$2.9 billion, with $950 million debt repaid.

• Shareholder returns: $1.4 billion in 2025, including $803 million in dividends and $600 million in share repurchases.

Outlook and guidance

• 2026–2028 gold production guidance: 3.3–3.5 million ounces annually at peer-leading costs.

• 2026 total cash costs expected at $1,070/oz (midpoint), AISC at $1,475/oz, reflecting higher royalties, inflation, and FX.

• Capital expenditures for 2026 projected at $2.2–$2.5 billion, with $290–$400 million for exploration; additional $300–$350 million if Hope Bay construction is approved.

• Effective tax rate for 2026 expected at 34–36%, with cash taxes of $3.4–$3.6 billion.

• Potential to return 40%+ of free cash flow to shareholders in 2026, depending on gold prices.