$FNV · FRANCO NEVADA Corp
Franco-Nevada reported Q3 2026 results (6-K earnings release). Revenue of $549.3M was up 13% YoY, net income of $395.5M ($2.05/share) up 38%, and Adjusted Net Income of $364.5M ($1.89/share) up 33%. GEOs sold fell 6% to 130,435, but higher gold and oil prices drove the gains. The company narrowed 2026 guidance toward the midpoint and holds $4.8B in available capital with no debt.
- Q3 revenue $549.3M, +13% YoY; net income $395.5M, +38% YoY
- Adjusted Net Income $364.5M ($1.89/share), +33% YoY
- GEOs sold fell 6% to 130,435 on lower gold stream and iron ore deliveries
- 2026 guidance narrowed toward midpoint: 525,000-555,000 GEOs sold
- $4.8B available capital, no debt; $121M Bullabulling royalty acquired
Price data unavailable.
Record YTD results and a narrowed guidance range show the royalty model converting commodity-price strength into earnings, with Cobre Panamá restart as the key catalyst.
Royalty/streaming peers benefit from gold price strength; FNV's diversified energy exposure (oil, gas, NGL) added upside beyond precious metals.
Cobre Panamá remains halted in Preservation and Safe Management; restart depends on GOP negotiations. Lower production at Guadalupe-Palmarejo and Candelaria cut precious-metal GEOs.