AEM's Q4 earnings surpass on higher realized Gold prices

Agnico Eagle Mines Limited (AEM) reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $2.56.

The company generated revenues of $3,564 million, up roughly 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3,240.7 million.

Agnico Eagle Mines Limited price, consensus and EPS surprise

AEM’s operational highlights

Payable gold production was 840,608 ounces in the reported quarter, down from 847,401 ounces in the prior-year quarter. The figure surpassed our estimate of 839,674 ounces.

Total cash costs per ounce for gold were $1,089, up from $923 a year ago. It was higher than our estimate of $945.

Realized gold prices were $4,163 per ounce in the quarter, up from $2,660 a year ago. It outpaced our estimate of $3,593.

All-in-sustaining costs (AISC) were $1,517 per ounce in the quarter, higher than $1,316 per ounce a year ago. It was higher than our estimate of $1,315.

AEM’s financial position

AEM ended the quarter with cash and cash equivalents of $2,866 million, up 21.7% sequentially. Long-term debt was around $196.3 million.

Total cash from operating activities amounted to $2,112 million in the fourth quarter, up from $1,132 million a year ago.

AEM’s outlook

For 2026, the company expects gold production to be between 3.3 million and 3.5 million ounces. Total cash costs per ounce are projected between $1,020 and $1,120, while AISC is forecasted in the range of $1,400 to $1,550 per ounce.

Exploration and corporate development expenses are expected to be between $275 million and $305 million, with a midpoint of $290 million. Depreciation and amortization expenses are forecasted to be $1.55-$1.75 billion, averaging $1.65 billion. The company anticipates general and administrative expenses to be in the $230 million to $260 million range, with other costs projected between $75 million and $95 million.

The effective tax rate for 2026 is expected to be between 34% and 36%, with cash taxes estimated in the range of $3.4 billion to $3.6 billion. The company also plans capital expenditures (excluding capitalized exploration) of roughly $2.2-$2.4 billion, and capitalized exploration spending is forecasted be in the band of $290-330 million.

AEM’s price performance

Agnico Eagle’s shares have gained 117% in the past year compared with the 144.4% rise of the industry.

AEM’s Zacks rank and other key picks

AEM currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Coeur Mining, Inc. (CDE), Valmont Industries Inc. (VMI) and Avino Silver & Gold Mines Ltd. (ASM).

Coeur is scheduled to report fourth-quarter results on Feb. 18. The Zacks Consensus Estimate for CDE’s fourth-quarter earnings is pegged at 42 cents. CDE beat the Zacks Consensus Estimate in three of the last two quarters and missed once, the average earnings surprise being 106.61%. CDE currently flaunts a Zacks Rank #1 (Strong Buy) at present.

Valmon is slated to report fourth-quarter results on Feb. 17. The Zacks Consensus Estimate for earnings is pegged at $4.95 per share. VMI beat the Zacks Consensus Estimate in each of the last four quarters, the average earnings surprise being 4.38%. VMI carries a Zacks Rank #2.

Avino Silver is slated to report fourth-quarter results on March 11. The consensus estimate for ASM’s earnings is pegged at 6 cents. ASM, presently carrying a Zacks Rank #2, beat the consensus estimate in the last four quarters, the average earnings surprise being 150%.