Franco-Nevada tops fourth quarter earnings estimates
Franco-Nevada Corporation (TSX:FNV) reported fourth quarter earnings that surpassed analyst expectations, driven by higher revenue and increased gold equivalent ounce (GEO) sales. The royalty and streaming company posted adjusted earnings of $1.85 per share for the fourth quarter of 2025,...
Franco-Nevada Corporation(TSX:FNV) View Price & Profile Franco-Nevada tops fourth quarter earnings estimates
Published: 13:00 11 Mar 2026 EDT
Franco-Nevada Corporation (TSX:FNV) reported fourth quarter earnings that surpassed analyst expectations, driven by higher revenue and increased gold equivalent ounce (GEO) sales.
The royalty and streaming company posted adjusted earnings of $1.85 per share for the fourth quarter of 2025, beating the consensus estimate of $1.67.
Revenue for the quarter totaled $597.3 million, ahead of the $542 million analysts had expected. Quarterly revenue rose 86% from the same period a year earlier, reaching a record level.
Franco-Nevada sold 141,656 GEOs during the quarter, up 18% year-over-year, while net GEOs sold increased 21% to 129,690.
Operating cash flow rose 76% to $426.5 million, while adjusted EBITDA reached $541.2 million, or $2.81 per share, and net income increased 110% to $367.7 million, or $1.91 per share.
Adjusted net income stood at $356.2 million, or $1.85 per share, both quarterly records for the company.
For the full year 2025, Franco-Nevada reported revenue of $1.82 billion, up 64% from 2024, and GEO sales of 519,106, including 11,208 GEOs from the Cobre Panamá mine.
Net GEOs sold totaled 469,819, a 15% increase. Annual operating cash flow rose 80% to $1.49 billion, adjusted EBITDA increased 74% to $1.66 billion ($8.59 per share), and net income more than doubled to $1.11 billion ($5.77 per share). Adjusted net income rose 74% to $1.08 billion ($5.58 per share), all new records for the company.
Jefferies analysts highlighted the quarterly beat, noting that adjusted EPS of $1.85 beat our estimate of $1.65 and adjusted EBITDA of $541 million also beat their estimate of $469 million.
The firm attributed the outperformance to stronger-than-expected sales and cash costs, adding that GEO sales of 142,000 exceeded both their 137,000 estimate and the consensus of 132,000.
Looking ahead, Franco-Nevada’s 2026 guidance is in line with expectations, targeting 510,000–570,000 GEOs while excluding contributions from Cobre Panamá. Jefferies believs that this leaves “upside optionality,” noting a potential restart at Cobre Panamá could be a positive catalyst and support a re-rating toward preclosure levels.
Jefferies maintained a ‘Hold’ rating on the stock and increased its price target slightly to $269 from $268, based on updated production forecasts and Q4 actuals.
Shares of Franco-Nevada were up 1% at about $265 on Wednesday afternoon.