First Majestic Silver earnings date
First Majestic Silver (AG1N) Q3 2026 Earnings Report
MX:AG1N Q3 2026 EPS Results
- Actual EPS
- MXN 3.53
- Consensus EPS
- MXN 3.23
- Beat/Miss
- Beat by +MXN 0.30
- One Year Ago EPS
- MXN 1.30
MX:AG1N Q3 2026 Revenue Results
- Actual Revenue
- MXN 7.19B
- Expected Revenue
- MXN 7.25B
- Beat/Miss
- Missed by -MXN 56.08M
- YoY Revenue Growth
- +40.54%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
First Majestic Silver's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall, supported by 38% year-over-year quarterly revenue growth, 78% EBITDA growth, robust production, record dividends, share repurchases, strong liquidity, and continued progress at Santa Elena, Santo Niño, Navidad, and Jerritt Canyon. The main challenges were higher all-in sustaining costs, declining silver and gold prices during the year, the continuing San Dimas labor disruption, operational constraints at Gatos, and the still-early stage of the potential tax settlement process.
The company said Santa Elena’s plant expansion to 3 thousand tonnes a day is going well and it is looking at maintaining that level on a daily basis for the most of the balance of the year; it is pushing to get Gatos to 4 thousand tons a day, with the mine currently the hindrance. Santo Niño development began earlier than expected, ore should be hitting the mill at the end of 27, and first ore from development is planned for sort of Q1, while the long term plan is looking at, say, probably July around 1.5 thousand tons a day in terms of ore. Navidad portal construction is in the early stage in Q4. At Jerritt Canyon, the company remains on its way to first gold pour in Q4, with mining activity starting in Q3, and hopes to put a resource estimate out in some numbers in February or March; it spent $42 million there this past quarter against $75 million planned this year. La Encantada’s life of mine has been 3 years for 30 years, and the company does not expect it to increase much or drop at all, with grades expected to continue into 2027.
- Quarterly Revenue and EBITDA GrowthRevenue for the quarter was $394 million, up 38% year over year. EBITDA was $228 million, up 78% compared to a year ago.
- Strong Year-to-Date RevenueYear-to-date revenue for the first three quarters of 2026 was stated as "$1.29 million or $1.2 billion," representing 62% compared to last year.
- Robust Silver and Gold ProductionSilver production was 3.4 million ounces, while gold production was 30 thousand ounces and described as on budget.
- Silver Pricing and Cash FlowThe average silver selling price was $61.20 for the quarter and $70.22 year to date. Cash flows were reported at $0.43 a share.
- Aggressive Exploration ProgramThe company drilled 78 thousand meters during the quarter across four assets, including Jerritt Canyon, and said exploration remains very aggressive.
- Progress on Mexican Tax IssueThe company said it is making good progress on the Mexican tax issue and announced that it had dropped the NAFTA case against Mexico. Management expects to provide updates over the next few weeks or months.
- Record Dividend and Active Share RepurchaseThe company announced a record dividend payable in the next couple of months. The share repurchase program was active, with 1.3 million shares bought back to date.
- Robust LiquidityManagement described liquidity as robust and referred to approximately $1.2 billion in the bank, followed later by a reference to $3 billion in the bank.
- Stable Cost per TonneCost per tonne has remained relatively stable for the last couple of years at approximately 105 to 110, which management said demonstrates that costs are being managed well.
- Capital Expenditures on Target and Jerritt Canyon ProgressCapital expenditures were described as on target. The company spent $42 million at Jerritt Canyon during the quarter, with management saying the project is progressing nicely, on budget, and on time.
- Santa Elena Expansion Exceeding 3,000 Tonnes per DayThe Santa Elena plant expansion to 3 thousand tonnes per day is going well, and the company exceeded that level several times during the quarter. Management is targeting maintenance of that level for most of the balance of the year.
- Advance at Santo Niño and NavidadThe Santo Niño portal was permitted 18 months ahead of schedule, with permits received in August. Development has begun, and ore is expected to reach the mill at the end of 2027. The Navidad portal entered the early stage of construction in Q4.
- Throughput and Debottlenecking EffortsThe company has achieved 4 thousand tonnes per day several times and is working to debottleneck the mine through underground work and different mining methods to move more ore to the mill.
- Montana Outperforming BudgetDeploying Montana was described as continuing to outperform budget due to grades and overflow to the mill.
- Jerritt Canyon Hiring and Construction ProgressApproximately 70% to 80% of key hires at Jerritt Canyon are complete. The underground fleet has been fully ordered, deliveries are expected to begin in Q1, underground development is underway, and major mill-refurbishment components have been ordered for delivery in Q1 and Q2.
- Jerritt Canyon Restart MilestonesManagement said Jerritt Canyon remains on track for mining activity to start in Q3 and a first gold pour in Q4, subject to no change in the current plan.
- Record Capital Investment and ReinvestmentThe company said 2026 represents its highest capital investment throughout the business in its history and that it is reinvesting profits across a variety of areas to improve the business going forward.
- Operational Improvements at GatosGatos had a good quarter for ore processed to mine. Improvements in development cycling, faster pace, and better equipment availability supported operational progress, while higher-grade material was pushed into Q4 for milling.
- La Encantada Grades and DevelopmentAt La Encantada, grades have been better than budgeted, and underground development into new areas is continuing. Management said the mine life has remained approximately three years for 30 years, does not expect it to increase much, and does not expect it to drop.
- Santo Niño Development ScheduleThe team expects first ore from development in approximately Q1 after completing about 500 meters of ramp. The long-term plan is still being developed, with a preliminary outlook of approximately 1.5 thousand tonnes per day of ore around July.
MX:AG1N Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 2.86- | 5.58 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 3.233.53 | 1.3 | 171.43% (+2.23) | |
| Jul 30, 2026 | 2026 (Q2) | 4.593.90 | 0.74 | 425.00% (+3.16) | |
| May 12, 2026 | 2026 (Q1) | 5.715.76 | 0.93 | 520.00% (+4.83) | |
| Feb 19, 2026 | 2025 (Q4) | 4.155.58 | 0.56 | 900.00% (+5.02) | |
| Nov 05, 2025 | 2025 (Q3) | 1.911.30 | -0.56 | 333.33% (+1.86) | |
| Aug 14, 2025 | 2025 (Q2) | 0.480.74 | -1.3 | 157.14% (+2.04) | |
| May 07, 2025 | 2025 (Q1) | 1.230.93 | -0.93 | 200.00% (+1.86) | |
| Feb 20, 2025 | 2024 (Q4) | 0.740.56 | -0.56 | 200.00% (+1.12) | |
| Nov 07, 2024 | 2024 (Q3) | 0.37-0.56 | -0.86 | 34.78% (+0.30) |
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.
