Franco-Nevada Revenue Hits Half-Year Record on Higher Metal Prices
The precious metals royalty company reported revenue of $1,231.6 million for the first half of 2026, a 67% increase over the prior year period.
Franco-Nevada Corporation (FNV), a royalty and stream company focused on precious metals, reported a new half-year record for revenue and operating cash flow for the period ended June 30, 2026. The company said the results were driven by strong year-over-year precious metal and oil prices, as well as an 18% increase in gold equivalent ounces (GEOs) sold during the second quarter.
Revenue for the second quarter rose 57% to $580.9 million compared to $366.7 million in the same period last year. Net income for the quarter grew 43% to $354.0 million, or 1.84 a share. For the first six months of 2026, net income reached $822.6 million, or 4.27 a share, representing an 80% increase over the first half of 2025.
Operating cash flow for the first half of 2026 reached a new half-year record of $1,002.9 million, up 39% from $719.2 million in the prior year. The company ended the second quarter with $4.3 billion in available capital. Its consolidated balance sheet showed total assets of $8,922.2 million as of June 30, 2026, compared to $8,241.4 million at the end of 2025.
Growth in the second quarter was supported by the sale of 132,405 GEOs, an 18% increase over the prior year period. Precious metals revenue for the quarter included $403.0 million from gold and $83.5 million from silver.
Franco-Nevada is tracking toward the upper half of its annual guidance range for 2026. The company attributed this trajectory to elevated oil prices and anticipated deliveries resulting from the processing of stockpiles at Cobre Panamá, which the Government of Panama allowed to commence during the quarter.
Production for the portfolio is expected to be weighted toward the second half of the year. The company said this is largely due to expected production profiles at Côté Gold, Tocantinzinho, and Candelaria.