Agnico Eagle Mines Limited (AEM) Earnings
Agnico Eagle Mines Limited is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $3.14. AEM has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +9.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $3.19 | $3.40 | +6.6% | $4.0B | +1.2% |
| Feb 12, 2026 | $2.58 | $2.69 | +4.3% | $3.6B | -7.7% |
| Oct 29, 2025 | $1.76 | $2.16 | +22.7% | $3.0B | -11.3% |
| Jul 30, 2025 | $1.83 | $1.94 | +6.0% | $2.8B | +4.3% |
| Apr 24, 2025 | $1.39 | $1.53 | +10.1% | $2.5B | -0.8% |
| Feb 13, 2025 | $1.70 | $1.26 | -25.9% | $2.2B | -2.0% |
| Oct 30, 2024 | $1.02 | $1.14 | +11.8% | $2.2B | -6.4% |
| Jul 31, 2024 | $0.90 | $1.07 | +18.9% | $2.1B | -0.9% |
| Apr 25, 2024 | $0.60 | $0.76 | +26.7% | $1.8B | +5.9% |
| Feb 15, 2024 | $0.48 | $0.57 | +18.7% | $1.8B | -11.7% |
| Oct 25, 2023 | $0.46 | $0.44 | -4.3% | $1.6B | -1.1% |
| Jul 26, 2023 | $0.55 | $0.65 | +18.2% | $1.7B | +2.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
One, solid start to the year with operating performance delivering record results, including record mill throughput, development rates, and pit tonnage; leveraging cost control advantages like hydro/nuclear power in Ontario/Quebec, diesel hedging in Nunavut, lower employee turnover, and reliable supply chain. Two, strengthening financial position with $1.3 billion 2025 tax catch-up, $375 million to shareholders, $400 million into growth projects, and cash position up by $250 million; increasing share repurchases to $2 billion. Three, aggressively reinvesting in business with strong growth pipeline projects like Detour to a million ounces, Mallardic to a million ounces, Hope Bay, Upper Beaver, and San Nicolas; making progress in exploration results at Detour and Malartic, and land consolidation in Finland for a potential 500,000-ounce-a-year platform. Also, safety focus with mobilizing teams to reinforce safety commitment after two fatalities.
Guidance
Reiterating 2026 production guidance with production weighted approximately 48%, 52% between first and second halves. Reiterating cost guidance for 2026 with total cash costs guidance $1,020 to $1,120 per ounce and all in sustaining costs $1,400 to $1,550 per ounce. Expecting higher share repurchases with increased normal course issuer bid to $2 billion. Confident in meeting full-year production and cost targets with regional operating model, local procurement strategies, and disciplined hedging providing mitigation against cost pressures.
Segment performance
Production slightly above budget in Q1 2026. First quarter gold production was approximately 825,000 ounces. Total cash costs were $1,093 per ounce, all in sustaining costs were $1,483 per ounce. Record mill throughput at McCassa, record development rates at Meliudene, record pit tonnage at Detour. Revenue contribution details not explicitly broken down by product segment in a way to calculate exact percentages but overall strong performance across businesses with solid operating results and cost control within guidance ranges.
Risks & headwinds
Uncertainties and pressures in the market over past weeks; potential impact of diesel price volatility and foreign exchange movements; safety risks with two fatalities in past five months requiring ongoing investigations and safety program reinforcement to prevent future accidents.
Analyst Q&A
Q: About finished acquisition in Finland, steps for value creation, resource update, study, permitting.
A: Consolidating land, staffing study team, drilling to start, revised concept by end of 2027.
Q: Detour lake underground drill results and evolution of development plan.
A: Area west of pit similar to historic mining, results shaping up as expected with optionality.
Q: Nunavut collaboration agreement with B2Bold.
A: Working with peers to learn from their operations.
Q: Buyback pace slowdown and minimum cash balance.
A: Lower free cash flow in Q1 due to cash tax payments, expecting higher buyback activity later, comfortable with cash balance.
Q: Hope Bay project update and inflation impact.
A: Engineering done, execution plan in place, inflation not overly bad.
Q: Malartic grade improvements and September update.
A: Grade improvement due to sequencing, September update to reflect reserves resources and project fit.
Q: Finland acquisition share use vs cash.
A: Partner wanted 100% shares, used shares; offset dilution via portfolio investment sales.
Q: San Nicolas project ownership and Finland tax change.
A: Open to consolidating if opportunity arises, tax change factored into modeling.
Q: Australia fit in growth and Avenir business.
A: Focused on Fosterville, Avenir team narrowing down opportunities, non-precious opportunities in Finland.
Q: Production ramp cadence and capital allocation.
A: Production ramp due to mine sequencing, reinvestment in business as high priority with strong returns to shareholders.
Q: Ikari mine and Hope Bay capital.
A: Early stages, Hope Bay capex slightly over $2 billion due to planned decisions.
Q: Mexico opportunities and safety learnings.
A: No substantial opportunities besides San Nicolas, safety focus with stand down and in-depth investigations for safety improvements.