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Franco-Nevada reported Q4 adjusted EPS of $1.85, topping estimates, as revenues surged 86% y/y to $597M.
FNV sold 127,959 gold equivalent ounces from Precious Metal assets in Q4, up 34% y/y.
Franco-Nevada expects 510-570K GEOs in 2026, aided by Cote Gold, Porcupine, Valentine Gold and mine ramp-ups.
Franco-Nevada Corporation (FNV - Free Report) reported adjusted earnings of $1.85 per share in fourth-quarter 2025, beating the Zacks Consensus Estimate of $1.68. The bottom line increased 95% year over year.
Franco-Nevada’s EBITDA Margin Rises Y/Y
FNV generated revenues of $597 million in the reported quarter, marking a year-over-year surge of 86.1%. The upside was driven by record gold and silver prices, and strong production from Antamina and South Arturo. In the December-end quarter, 90% of revenues were sourced from Precious Metal assets (71% gold, 17% silver and 2% platinum group metals).
Franco-Nevada sold 127,959 Gold Equivalent Ounces (GEOs) from Precious Metal assets in the reported quarter, up 34% from the prior-year quarter.
In the reported quarter, adjusted EBITDA rose 95.1% year over year to $541 million. The adjusted EBITDA margin was 90.6% in the quarter under review compared with 86.4% in the prior-year quarter.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
At the end of 2025, Franco-Nevada had $0.67 billion in cash in hand, down from $1.45 billion as of the end of 2024. It recorded an operating cash flow of record $1.49 billion in 2025, up from $0.83 billion in 2024.
The company is debt-free and uses its free cash flow to expand the portfolio and pay out dividends.
Franco-Nevada’s 2025 Results
FNV reported adjusted earnings per share of $5.58 in 2025 compared with $3.21 in the prior year. The company’s 2025 earnings beat the Zacks Consensus Estimate of $5.31.
Revenues surged 64% year over year to a record $1.82 billion. The metric surpassed the Zacks Consensus Estimate of $1.67 billion.
FNV’s 2026 Guidance
Franco-Nevada expects total GEOs between 510,000 and 570,000 for 2026, indicating a 4% increase at the mid-point from the 2025 reported figure. The upside will be driven by the first full year of contribution from Cote Gold, Porcupine and Valentine Gold. The continued ramp-up of Salares Norte and Greenstone, along with recent acquisitions, will also aid growth.
Franco-Nevada Stock’s Price Performance
The company’s shares have soared 81.7% in the past year compared with the industry’s growth of 139.2%.
Image Source: Zacks Investment Research
Performance of Mining-Gold Stocks in Q4
Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. Agnico Eagle Mines’s bottom line topped the Zacks Consensus Estimate of $2.56.
Agnico Eagle Mines generated revenues of $3.56 billion, surging 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. Kinross Gold’s bottom line topped the Zacks Consensus Estimate of 55 cents.
Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.
Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. Royal Gold’s bottom line increased 18% year over year.
Royal Gold generated record revenues of $375 million, soaring 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, growing 42.2% year over year.
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Franco-Nevada Q4 Earnings Beat Estimates, Revenues Surge 86% Y/Y
Key Takeaways
Franco-Nevada Corporation (FNV - Free Report) reported adjusted earnings of $1.85 per share in fourth-quarter 2025, beating the Zacks Consensus Estimate of $1.68. The bottom line increased 95% year over year.
Franco-Nevada’s EBITDA Margin Rises Y/Y
FNV generated revenues of $597 million in the reported quarter, marking a year-over-year surge of 86.1%. The upside was driven by record gold and silver prices, and strong production from Antamina and South Arturo. In the December-end quarter, 90% of revenues were sourced from Precious Metal assets (71% gold, 17% silver and 2% platinum group metals).
Franco-Nevada sold 127,959 Gold Equivalent Ounces (GEOs) from Precious Metal assets in the reported quarter, up 34% from the prior-year quarter.
In the reported quarter, adjusted EBITDA rose 95.1% year over year to $541 million. The adjusted EBITDA margin was 90.6% in the quarter under review compared with 86.4% in the prior-year quarter.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote
FNV’s Q4 Financial Position
At the end of 2025, Franco-Nevada had $0.67 billion in cash in hand, down from $1.45 billion as of the end of 2024. It recorded an operating cash flow of record $1.49 billion in 2025, up from $0.83 billion in 2024.
The company is debt-free and uses its free cash flow to expand the portfolio and pay out dividends.
Franco-Nevada’s 2025 Results
FNV reported adjusted earnings per share of $5.58 in 2025 compared with $3.21 in the prior year. The company’s 2025 earnings beat the Zacks Consensus Estimate of $5.31.
Revenues surged 64% year over year to a record $1.82 billion. The metric surpassed the Zacks Consensus Estimate of $1.67 billion.
FNV’s 2026 Guidance
Franco-Nevada expects total GEOs between 510,000 and 570,000 for 2026, indicating a 4% increase at the mid-point from the 2025 reported figure. The upside will be driven by the first full year of contribution from Cote Gold, Porcupine and Valentine Gold. The continued ramp-up of Salares Norte and Greenstone, along with recent acquisitions, will also aid growth.
Franco-Nevada Stock’s Price Performance
The company’s shares have soared 81.7% in the past year compared with the industry’s growth of 139.2%.
Performance of Mining-Gold Stocks in Q4
Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. Agnico Eagle Mines’s bottom line topped the Zacks Consensus Estimate of $2.56.
Agnico Eagle Mines generated revenues of $3.56 billion, surging 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. Kinross Gold’s bottom line topped the Zacks Consensus Estimate of 55 cents.
Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.
Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. Royal Gold’s bottom line increased 18% year over year.
Royal Gold generated record revenues of $375 million, soaring 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, growing 42.2% year over year.