First Majestic Silver (AG) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $1,257.2 million in 2025, up 124%–174% year-over-year, surpassing revised guidance and reflecting strong operational and market performance.

• Produced 4.2 million ounces of pure silver in Q4 and 15.4 million ounces for the year, with total silver equivalent production exceeding 31.1 million ounces, meeting or exceeding upwardly revised guidance.

• Successfully integrated the Los Gatos/Gatos Silver acquisition, contributing to operational and financial results.

• Mint operations delivered record results, generating $22.7 million in Q4 and $49.4 million in annual revenue.

• Increased dividend policy from 1% to 2% of net/top-line quarterly revenues, effective 2026.

Financial highlights

• Q4 2025 revenue reached $463.9–$464 million, up 169% year-over-year; annual revenue was $1,257–$1,257.2 million.

• Free cash flow in Q4 was $250.4 million, with annual free cash flow of $470.6 million, reflecting operational improvements and higher metal prices.

• Ended 2025 with $937.7 million in cash and $733.6 million in working capital, including $180 million in marketable securities.

• Q4 net earnings were $105.2 million (EPS $0.17); annual net earnings were $211.0 million (EPS $0.34).

• Q4 average realized silver price was $58.96/oz; annual average was $41.52/oz.

Outlook and guidance

• 2026 production guidance targets 13.0–14.4 million ounces of 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.

• Approximately 266,000m of exploration planned in 2026, with updated reserves and resources expected by end of Q1 2026.

• Plant expansions at Santa Elena and Los Gatos to increase throughput in H2 2026.

• Q1 2026 cash flows expected to be impacted by tax true-up payments due to increased 2025 earnings.