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First Majestic to Report Q3 Results: What's in the Cards for the Stock?

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Key Takeaways

  • First Majestic is projected to post Q3 EPS of $0.11, up from a loss of $0.03 last year.
  • Q3 silver output surged 96%, lifting total silver-equivalent production 39% year over year.
  • The Los Gatos mine acquisition and stronger silver prices are expected to boost quarterly revenues.

First Majestic Silver (AG - Free Report) is expected to report a significant improvement when it reports its third-quarter 2025 results on Nov. 5, before market open.

The Zacks Consensus Estimate for AG’s earnings per share for the quarter has moved up 120% to 11 cents over the past 60 days. The estimate indicates a turnaround performance from the year-ago quarter’s loss per share of three cents.

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First Majestic’s Earnings Surprise History

First Majestic’s bottom line missed the Zacks Consensus Estimate in each of the trailing four quarters. Over the period, the company has recorded an average negative earnings surprise of 55.8%.

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What the Zacks Model Unveils for First Majestic

Our proven model does not conclusively predict an earnings beat for First Majestic this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, but that is not the case here.

Earnings ESP: The Earnings ESP for AG is 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Zacks Rank: First Majestic currently carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Have Shaped AG’s Q3 Performance

The company recently released its third-quarter 2025 production figures, offering an insight into its performance. Total production reached 7.7 million silver equivalent (AgEq) ounces in the quarter. The figure includes a record 3.9 million silver ounces and 35,681 gold ounces. It also includes 13.9 million pounds of zinc and 7.7 million pounds of lead. 

The AgEq ounces produced marked a solid 39% year-over-year increase, mainly attributed to the 96% surge in silver production. This included a 27% increase in output at San Dimas and a contribution of 1.4 million ounces of attributable silver production from Los Gatos. 

In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer

Silver prices averaged around $40 per ounce in the quarter, up 34% year over year. The combination of higher silver output and stronger prices is expected to have meaningfully lifted First Majestic’s revenues.

At the beginning of the third quarter, the company held 424,272 silver ounces in finished goods inventory, including coins and bullion. We expect AG to likely have sold part of this to take advantage of elevated prices.

With the integration of the Los Gatos Silver mine in progress through the quarter, it is expected to have led to higher general and administrative costs in the quarter. However, the solid gains in revenues are expected to have offset the impact on First Majestic’s earnings.

AG’s Price Performance & Valuation

First Majestic stock has surged 130.2% so far this year compared with the industry’s 99.6% growth.

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Stocks to Consider

Here are some Basic Materials stocks, which according to our model, have the right combination of elements to post an earnings beat in their upcoming releases. 

Kinross Gold (KGC - Free Report) , scheduled to report third-quarter results on Nov. 4, has an Earnings ESP of +5.36% and a Zacks Rank of 1. 

Kinross Gold’s earnings for the third quarter are currently pegged at 36 cents per share, indicating 50% year-over-year growth. Kinross Gold has a trailing four-quarter average earnings surprise of 22.50%.

Triple Flag Precious Metals Corp. (TFPM - Free Report) , scheduled to release third-quarter earnings on Nov. 4, has an Earnings ESP of +2.33% and a Zacks Rank of 1.

Triple Flag Precious’ earnings for the third quarter are pegged at 22 cents per share, indicating year-over-year growth of 46.7%. Triple Flag Precious has a trailing four-quarter average earnings surprise of 8.1%. 

CF Industries (CF - Free Report) , slated to release third-quarter 2025 earnings on Nov. 5, has an Earnings ESP of +10.05% and carries a Zacks Rank of 3 at present.  
 
The Zacks Consensus Estimate for CF Industries’ third-quarter earnings is pegged at $1.91 per share. The estimate indicates a 23% year-over-year increase. CF Industries has a trailing four-quarter average earnings surprise of 25.3%.

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