Agnico Eagle Reports Record Adjusted Net Income of $1.7 Billion
The gold miner realized prices of $4,861 per ounce in the first quarter of 2026.
Agnico Eagle Mines Limited (AEM), the gold mining company, reported record quarterly operating margins and adjusted net income for the first quarter of 2026. The company reported quarterly net income of $1,695 million, or $3.39 a share, while adjusted net income reached a record $1,706 million, or $3.41 a share.
Revenues from mining operations rose to $4,099.6 million from $2,468.2 million in the same period last year. This growth was driven by solid production and higher realized gold prices of $4,861 per ounce. The company said the operating performance was led by Canadian Malartic, Detour Lake, and Fosterville.
Payable gold production for the quarter was 825,109 ounces, which represents approximately 24% of the mid-point of the company's full year production guidance. Production costs per ounce were $1,158, with total cash costs per ounce at $1,093 and all-in sustaining costs of $1,483 per ounce.
Cash provided by operating activities was $1,346 million, or $2.69 a share. Free cash flow for the period was $732 million, or $1.46 a share. These figures include the impact of a $1.3 billion payment for the remaining cash tax liability related to the 2025 taxation year, bringing total cash taxes paid in the first quarter to $1.8 billion.
Management stated that gold production is expected to be weighted toward a stronger second half of the year. The company is currently managing cost volatility through asset optimization and disciplined execution.
Agnico Eagle is pursuing a long-term growth strategy that includes expected production growth of 20% to 30% over the next decade. The company recently announced proposed acquisitions in Finland as part of this next phase of growth. The company also remains committed to returning value to shareholders through dividends and the expansion of its share repurchase program.