EarningsQ2 2026 Earnings Report
MX:FNVN Q2 2026 EPS Results
Actual EPS$33.29
Consensus EPS$36.03
Beat/MissMissed by -$2.74
One Year Ago EPS$22.81
MX:FNVN Q2 2026 Revenue Results
Actual Revenue$10.37B
Expected Revenue$11.34B
Beat/MissMissed by -$968.77M
YoY Revenue Growth+57.20%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeAfter Close
Conference CallTuesday, August 11, 2026
MX:FNVN Upcoming Earnings
Franco-Nevada's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FNVN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operating and financial picture driven by strong commodity prices, double-digit GEO growth, record first-half financial results, high margins and ample liquidity ($4.3B) to pursue pipeline opportunities. Challenges noted were asset-level volatility (Hemlo, Candelaria, South Arturo), higher costs and depletion tied to recent acquisitions, timing/uncertainty around Cobre Panamá restart, and a pipeline that includes many smaller near-term deals with larger transactions being lumpier and longer-dated. On balance, the favorable macro tailwinds, diversified portfolio performance and strong capital position outweigh the operational and timing risks discussed.Company Guidance
GEOs Sold Growth
Total GEOs sold increased 18% year-over-year to 132,405 in Q2 2026 (precious metal GEOs 114,111, up 23% YoY). Approximately 269,000 GEOs sold in first half of 2026, supporting guidance toward the upper half of the full-year 510,000–570,000 range.
Strong Top-Line and Profitability Gains
Revenue rose 57% year-over-year in the quarter; adjusted EBITDA increased 45% and adjusted net income rose 46% to $349.2 million ($1.81 per share). Company reported record financial results for revenue, adjusted EBITDA, adjusted net income and operating cash flow for the first six months of 2026.
Commodity Price Tailwinds
Average gold price in the quarter was up 38% YoY and silver up 118% YoY; record gold prices in Q2 and WTI oil remained above $80/bbl, supporting energy revenue.
High Margin Business Model
Margin per GEO increased to $4,352 in 2026 from $1,559 in 2022 (a 179% increase). Adjusted EBITDA margin rose to about 91.2%, underscoring the high-margin nature of the royalty/stream model.
Diversification and Portfolio Balance
86% of Q2 2026 revenue was generated by precious metals, 88% of revenue sourced from the Americas, and no single asset contributed more than 10% of revenue, reflecting broad diversification.
Notable Asset and Production Contributors
Strong contributions from Antamina (revenue up from $23.3M to $57.4M YoY), Antapaccay (higher-grade ore processing), South Arturo (Phase 1 open pit production), and new contributions from Côté Gold, Casa Berardi and start of production at Valentine Gold.
Energy Segment Momentum
Energy revenues benefited from higher oil prices. U.S. oil rig count rose to 450 from 420 three months earlier and average reinvestment rates among U.S. producers increased to ~55% from ~51%, both suggesting potential future production upside.
Strong Liquidity and Capital Position
Total available capital of $4.3 billion as of June 30, 2026, including $1.0 billion cash, $2.25 billion of credit capacity (including accordion) and $1.2 billion in liquid marketable securities; company remains debt-free.
Sustainability and Community Recognition
Franco-Nevada was recognized among Corporate Knights' Best 50 Corporate Citizens in Canada for 2026 and achieved an A rating from CDP; expanded scholarship program and continued community engagement at mine sites.
Dividend Payout Continues
Company paid $84 million in quarterly dividends during the quarter, maintaining return of capital to shareholders.
MX:FNVN 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