EarningsQ2 2026 Earnings Report
MX:AEMN Q2 2026 EPS Results
Actual EPS$54.17
Consensus EPS$51.83
Beat/MissBeat by +$2.34
One Year Ago EPS$33.99
MX:AEMN Q2 2026 Revenue Results
Actual Revenue$66.71B
Expected Revenue$67.97B
Beat/MissMissed by -$1.26B
YoY Revenue Growth+35.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:AEMN Upcoming Earnings
Agnico Eagle's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AEMN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial story — record free cash flow, robust earnings, low costs, active reinvestment and a deep exploration pipeline (including the sanctioned Hope Bay project and Finland consolidation). Operational and safety challenges (Barnat pit rock movement with ~370k ounces rendered inaccessible, recent fatalities, some ramp/plant schedule pressures, and labour/diesel cost exposure) are meaningful but framed as manageable and being actively addressed. On balance, the company emphasized historic resilience, disciplined capital allocation (heavy reinvestment plus record shareholder returns), and confidence in delivering long-term production growth per share.Company Guidance
Record financial performance
Q2 record free cash flow of over $1.3 billion; adjusted net income of approximately $1.5 billion (~$3.07 per share); adjusted EBITDA of ~ $2.7 billion. First-half operating cash flow of ~ $3.5 billion and net cash position of ~ $3.3 billion (company cited cash on hand of ~$3.5 billion earlier).
Strong production and mill throughput
Second-quarter gold production of 856,000 ounces (ahead of plan and above budget for a second consecutive quarter). Record mill throughput at multiple sites (Macassa, Detour, Meliadine, Kittila) representing slightly more than half of total production; Meliadine achieved >7,000 tpd average vs 6,500 tpd target.
Low costs and margin resilience
Total cash costs of $10.54 per ounce and all-in sustaining costs (AISC) of $1,460 per ounce — below Q1, below guidance midpoint, and materially below industry averages noted by management despite inflationary pressures.
Material shareholder returns and balance sheet strength
Q2 shareholder distributions of $625 million (dividends plus $400 million share repurchases). Year-to-date returned ~48% of free cash flow (above the ~40% target). Continued emphasis on buybacks while investing in growth; Fitch upgrade to A- noted.
Heavy reinvestment in growth pipeline
Invested over $800 million in capex and capitalized exploration in Q2; advancing five key value-driver projects to support targeted production growth of 20–30% over the next decade; Hope Bay project sanctioned for construction (detailed engineering >70% complete).
Strategic Finland consolidation
Closed transactions to consolidate a ~2,500 km2 land package in Central Lapland (acquisitions funded with ~ $600 million cash) including the Ikari discovery; targets to optimize and advance Ikkari, with optimization results expected by end of 2027 and drill activity ramping to up to 5 rigs by year-end.
Exploration success and drilling momentum
Very active drilling program: year-to-date ~760,000 meters drilled with a 2026 target of 1.4 million meters. Notable intercepts include Malartic (3.8 g/t over 19.2 m; 5.1 g/t over 14.3 m), Odyssey Artemis (13.7 g/t over 14.6 m), Detour (2.5 g/t over 62 m including 15.2 g/t over 5.9 m; 20.8 g/t over 4.8 m), and Hope Bay (28.8 g/t over 21 m, capped ~15.2 g/t over 15.6 m).
Operational productivity gains
Automation and optimization wins: LZ5 autonomous shifts improved productivity ~65% (tons hauled per shift) by reducing sequence interruptions (from ~1,700 to ~700 per shift). Fosterville recorded a 514% year-over-year increase in development rate (cited improvements in ventilation, training and independent blasting).
Project execution milestones
Canadian Malartic shaft sinking first phase completed ~3 months ahead of schedule (reached ~1.6 km depth, commissioning targeted Q2 2027). Hope Bay construction on track with logistics ahead of schedule (first supply vessel planned in August) and camp infrastructure being established.
MX:AEMN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed