Franco-Nevada Q4 Earnings Beat Estimates, Revenues Surge 86% Y/Y

Franco-Nevada CorporationFNV reported adjusted earnings of $1.85 per share in fourth-quarter 2025, beating the Zacks Consensus Estimate of $1.68. The bottom line increased 95% year over year.

Franco-Nevada’s EBITDA Margin Rises Y/Y

FNV generated revenues of $597 million in the reported quarter, marking a year-over-year surge of 86.1%. The upside was driven by record gold and silver prices, and strong production from Antamina and South Arturo. In the December-end quarter, 90% of revenues were sourced from Precious Metal assets (71% gold, 17% silver and 2% platinum group metals).

Franco-Nevada sold 127,959 Gold Equivalent Ounces  (GEOs) from Precious Metal assets in the reported quarter, up 34% from the prior-year quarter.

In the reported quarter, adjusted EBITDA rose 95.1% year over year to $541 million. The adjusted EBITDA margin was 90.6% in the quarter under review compared with 86.4% in the prior-year quarter.

FNV’s Q4 Financial Position

At the end of 2025, Franco-Nevada had $0.67 billion in cash in hand, down from $1.45 billion as of the end of 2024. It recorded an operating cash flow of record $1.49 billion in 2025, up from $0.83 billion in 2024.

The company is debt-free and uses its free cash flow to expand the portfolio and pay out dividends.

Franco-Nevada’s 2025 Results

FNV reported adjusted earnings per share of $5.58 in 2025 compared with $3.21 in the prior year. The company’s 2025 earnings beat the Zacks Consensus Estimate of $5.31.

Revenues surged 64% year over year to a record $1.82 billion. The metric surpassed the Zacks Consensus Estimate of $1.67 billion.

FNV’s 2026 Guidance

Franco-Nevada expects total GEOs between 510,000 and 570,000 for 2026, indicating a 4% increase at the mid-point from the 2025 reported figure. The upside will be driven by the first full year of contribution from Cote Gold, Porcupine and Valentine Gold. The continued ramp-up of Salares Norte and Greenstone, along with recent acquisitions, will also aid growth.

Franco-Nevada Stock’s Price Performance

The company’s shares have soared 81.7% in the past year compared with the industry’s growth of 139.2%.

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Performance of Mining-Gold Stocks in Q4

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

Agnico Eagle Mines generated revenues of $3.56 billion, surging 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.

Kinross Gold CorporationKGC reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. Kinross Gold’s bottom line topped the Zacks Consensus Estimate of 55 cents.

Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.

Royal Gold, Inc.RGLD reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. Royal Gold’s bottom line increased 18% year over year.

Royal Gold generated record revenues of $375 million, soaring 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, growing 42.2% year over year.

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