Agnico Eagle rallies on Q4 beat, maintains output outlook
Shares of Agnico Eagle Mines Ltd (TSX:AEM) rose about 5.5% in New York trading after the gold producer reported a modest fourth-quarter earnings beat and maintained its three-year production outlook. Agnico posted adjusted fourth-quarter 2025 earnings per share of $2.70, slightly ahead of the...
Agnico Eagle Mines Ltd(TSX:AEM) View Price & Profile Agnico Eagle rallies on Q4 beat, maintains output outlook
Published: 14:34 13 Feb 2026 EST
Shares of Agnico Eagle Mines Ltd (TSX:AEM) rose about 5.5% in New York trading after the gold producer reported a modest fourth-quarter earnings beat and maintained its three-year production outlook.
Agnico posted adjusted fourth-quarter 2025 earnings per share of $2.70, slightly ahead of the $2.68 consensus estimate, while adjusted EBITDA of $2.51 billion also topped expectations. The beat was driven by stronger-than-expected gold sales.
However, free cash flow of $1.31 billion came in below estimates, reflecting higher capital expenditures of $801 million during the quarter. The company ended the year with $2.87 billion in cash and $196 million in debt.
Quarterly gold production of 841,000 ounces was broadly in line with consensus, and full-year output reached 3.45 million ounces, meeting guidance. Costs were higher than expected, with fourth-quarter all-in sustaining costs (AISC) of $1,517 per ounce and full-year AISC of $1,339 per ounce, above the top end of 2025 guidance, largely due to higher royalty expenses tied to stronger realized gold prices.
Looking ahead, Agnico maintained annual production guidance of 3.3 million to 3.5 million ounces through 2028, with 2028 output projected at 3.4 million ounces. For 2026, AISC is forecast at $1,400 to $1,550 per ounce, above Jefferies’ estimate, based on a $4,500 per ounce gold price assumption.
Jefferies said Agnico remains a “generalist favorite,” but kept its Hold rating and $206 price target, citing valuation despite stable production and a growing reserve base.