$AEM · AGNICO EAGLE MINES LTD
Agnico Eagle reported Q3 2026 results: net income of $1.353B ($2.67/share), revenue of $3.584B, and adjusted EPS of $2.61. Payable gold production was 814,012 ounces at AISC of $1,648/oz. The company maintained full-year production guidance near the lower end of 3.3–3.5M ounces and cost guidance near the upper end of ranges, while generating $852M in free cash flow and ending the quarter with a $3.416B net cash position.
- Q3 net income of $1.353B ($2.67/share) vs $1.055B ($2.10/share) in Q3 2025, driven by higher realized gold prices
- Realized gold price of $4,264/oz in Q3 2026 vs $3,476/oz in Q3 2025 — a 22.7% increase
- Q3 free cash flow of $852M, down from $1.19B in Q3 2025, as capex rose to $921M from $644M
- Full-year production expected near lower end of 3.3–3.5M oz; AISC near upper end of $1,400–$1,550/oz range
- Cash balance rose to $3.613B; net cash position of $3.416B with only $197M debt; $478M returned to shareholders in Q3
Stock up 2.58% to $169.65 in regular trading despite filing at $170.76 (-0.65% since filing). The modest pullback from filing price likely reflects the mixed signal of strong earnings offset by production trending to the lower guidance end and costs to the upper end.
Agnico Eagle's $1.35B quarterly profit and $3.4B net cash position demonstrate extraordinary gold-sector cash generation at $4,200+/oz prices, but rising capex ($921M this quarter) and cost pressures are compressing free cash flow versus prior year.
Agnico Eagle's $4,264/oz realized gold price and $1.13B+ quarterly net income underscore the windfall gold producers are capturing at elevated bullion prices, even as cost inflation (AISC $1,648/oz) and capex intensity compress margins relative to spot.
Production guidance at lower end and AISC at upper end of ranges reflect Barnat pit rock mass movement at Canadian Malartic (July 2026) and diesel cost inflation. Capital expenditures are rising significantly — $2.3B in first nine months vs $1.6B prior year — as multiple growth projects ramp simultaneously.