Agnico Eagle Reports Record Quarterly Free Cash Flow
The gold miner returned $625 million to shareholders through dividends and share repurchases in the second quarter.
Agnico Eagle Mines Limited (AEM), the gold mining company, reported record quarterly free cash flow for the second quarter of 2026, driven by realized gold prices of $4,483 per ounce. The company generated free cash flow of $1,335 million, or $2.66 a share.
Net income for the quarter reached $1,600 million, or $3.19 a share. Adjusted net income was $1,541 million, or $3.07 a share. The company reported cash provided by operating activities of $2,144 million, or $4.27 a share.
Payable gold production for the quarter was 855,816 ounces. The company reported production costs per ounce of $1,114, total cash costs per ounce of $1,054, and all-in sustaining costs of $1,459 per ounce. Management attributed the operating performance to execution at the Detour Lake, Kittila, and Fosterville sites.
Revenue from mining operations rose to $3,802.8 million in the second quarter, compared to $2,816.1 million in the same period the previous year. For the first six months of 2026, revenues from mining operations totaled $7,902.4 million, up from $5,284.3 million for the first six months of 2025.
Regional revenue contributions for the second quarter showed growth across several hubs. Ontario operations generated $1,166.9 million, while Quebec operations brought in $1,110.3 million. Nunavut operations contributed $945.4 million, and Detour Lake specifically reported $872.4 million.
Cash and cash equivalents increased to $3,463.9 million as of June 30, 2026, from $2,866.1 million at the end of 2025. Total assets rose to $37,795.0 million from $34,471.3 million during the same period. Total equity grew to $28,603.7 million, compared to $24,742.5 million at the end of 2025.
The company completed a regional consolidation in Finland and continued progress on growth projects. Agnico Eagle said positive exploration results reinforce its confidence in its long-term outlook.