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FNV Q1 Earnings Beat Estimates on Record Revenues, Higher Prices
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Key Takeaways
Franco-Nevada Q1 EPS was $2.38, and revenues rose 76.6% y/y to $650.7M.
Franco-Nevada saw higher profits from strong prices, with EBITDA up 83.9% y/y and margin at 91%.
FNV maintained its 2026 GEO outlook, with new stream deliveries expected to begin in Q3'26.
Franco-Nevada Corporation (FNV - Free Report) reported adjusted earnings of $2.38 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $2.09 by 13.9%. Earnings jumped 122.4% from $1.07 a year ago, supported by higher commodity prices and contributions from recently added assets.
Revenues were a record $650.7 million, up 76.6% year over year. Operationally, Franco-Nevada sold 136,353 gold-equivalent ounces, an 8% increase, reflecting strength across precious metals and diversified interests.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
Precious Metal assets remained the engine of Franco-Nevada’s quarter, accounting for $568.1 million of revenues from royalty, stream and working interests. Gold contributed $436.9 million, while silver added $113.5 million and platinum group metals generated $17.7 million.
Diversified assets produced $82.6 million of revenues. Within that bucket, iron ore contributed $17.1 million and energy assets added a meaningful cash flow, led by oil at $33.5 million and gas at $20.6 million, with natural gas liquids contributing $5.3 million.
Franco-Nevada's Q1 Profit Metrics Expand Sharply
FNV translated the revenue strength into higher profitability, with adjusted EBITDA of $591.9 million, up 83.9% from the year-ago period. The adjusted EBITDA margin expanded to 91% from 87.4%, helped by the company’s royalty and streaming structure, and the benefit of higher realized prices.
Net income climbed 123% year over year to $468.6 million. Costs of sales came in at $124 million compared with $107 million in the prior-year quarter.
The operating cash flow rose 80% to $520.4 million from the prior-year quarter. The quarter included a $49.5-million refund tied to a Canada Revenue Agency settlement, which added to cash generation alongside higher receipts from royalty and stream interests.
Franco-Nevada ended March 31, 2026, with $714.7 million in cash and cash equivalents, up from $670.9 million at the end of 2025. Available capital totaled $3.4 billion, reflecting cash, equity investments and unused capacity on its revolving credit facilities, giving the company flexibility to pursue additional deals.
Franco-Nevada Maintains 2026 GEO Outlook
FNV reiterated its 2026 GEO sales guidance of 510,000-570,000 ounces, which excludes any potential contributions from Cobre Panamá. Following Panama’s authorization to process and export stockpiled ore, First Quantum Minerals Ltd. (FQVLF - Free Report) estimates Cobre Panamá to produce 30,000-40,000 tons of copper in 2026. First Quantum Minerals anticipates additional processing in 2027 from the mine. Franco-Nevada expects stream deliveries to start in the third quarter of 2026, with most deliveries anticipated in 2027.
FNV Stock’s Price Performance
The company’s shares have soared 51.1% in the past year compared with the industry’s growth of a whopping 102.6%. During this time, the Basic Materials sector has jumped 51.9%, whereas the S&P 500 has grown 32.3%.
Kinross Gold Corporation (KGC - Free Report) registered adjusted earnings of 71 cents per share in the first quarter of 2026, up from the prior-year quarter’s earnings of 30 cents. The bottom line beat the Zacks Consensus Estimate of 68 cents. Kinross Gold’s revenues surged roughly 61% year over year to $2.41 billion in the first quarter. The figure beat the Zacks Consensus Estimate of $2.17 billion. The rise is attributed to higher average realized gold prices.
Agnico Eagle Mines Limited’s (AEM - Free Report) earnings were $3.40 per share in first-quarter 2026, rising from $1.53 a year ago and beating the Zacks Consensus Estimate of $3.19. Agnico Eagle Mines generated revenues of $4.09 billion, up 66.1% year over year. The top line surpassed the Zacks Consensus Estimate of $3.84 billion.
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FNV Q1 Earnings Beat Estimates on Record Revenues, Higher Prices
Key Takeaways
Franco-Nevada Corporation (FNV - Free Report) reported adjusted earnings of $2.38 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $2.09 by 13.9%. Earnings jumped 122.4% from $1.07 a year ago, supported by higher commodity prices and contributions from recently added assets.
Revenues were a record $650.7 million, up 76.6% year over year. Operationally, Franco-Nevada sold 136,353 gold-equivalent ounces, an 8% increase, reflecting strength across precious metals and diversified interests.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote
FNV's Revenue Mix Tilts to Precious Metals
Precious Metal assets remained the engine of Franco-Nevada’s quarter, accounting for $568.1 million of revenues from royalty, stream and working interests. Gold contributed $436.9 million, while silver added $113.5 million and platinum group metals generated $17.7 million.
Diversified assets produced $82.6 million of revenues. Within that bucket, iron ore contributed $17.1 million and energy assets added a meaningful cash flow, led by oil at $33.5 million and gas at $20.6 million, with natural gas liquids contributing $5.3 million.
Franco-Nevada's Q1 Profit Metrics Expand Sharply
FNV translated the revenue strength into higher profitability, with adjusted EBITDA of $591.9 million, up 83.9% from the year-ago period. The adjusted EBITDA margin expanded to 91% from 87.4%, helped by the company’s royalty and streaming structure, and the benefit of higher realized prices.
Net income climbed 123% year over year to $468.6 million. Costs of sales came in at $124 million compared with $107 million in the prior-year quarter.
FNV's Cash Flow Stays Robust, Balance Sheet Strong
The operating cash flow rose 80% to $520.4 million from the prior-year quarter. The quarter included a $49.5-million refund tied to a Canada Revenue Agency settlement, which added to cash generation alongside higher receipts from royalty and stream interests.
Franco-Nevada ended March 31, 2026, with $714.7 million in cash and cash equivalents, up from $670.9 million at the end of 2025. Available capital totaled $3.4 billion, reflecting cash, equity investments and unused capacity on its revolving credit facilities, giving the company flexibility to pursue additional deals.
Franco-Nevada Maintains 2026 GEO Outlook
FNV reiterated its 2026 GEO sales guidance of 510,000-570,000 ounces, which excludes any potential contributions from Cobre Panamá. Following Panama’s authorization to process and export stockpiled ore, First Quantum Minerals Ltd. (FQVLF - Free Report) estimates Cobre Panamá to produce 30,000-40,000 tons of copper in 2026. First Quantum Minerals anticipates additional processing in 2027 from the mine. Franco-Nevada expects stream deliveries to start in the third quarter of 2026, with most deliveries anticipated in 2027.
FNV Stock’s Price Performance
The company’s shares have soared 51.1% in the past year compared with the industry’s growth of a whopping 102.6%. During this time, the Basic Materials sector has jumped 51.9%, whereas the S&P 500 has grown 32.3%.
Franco-Nevada’s Zacks Rank
FNV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Mining Stocks in Q1
Kinross Gold Corporation (KGC - Free Report) registered adjusted earnings of 71 cents per share in the first quarter of 2026, up from the prior-year quarter’s earnings of 30 cents. The bottom line beat the Zacks Consensus Estimate of 68 cents. Kinross Gold’s revenues surged roughly 61% year over year to $2.41 billion in the first quarter. The figure beat the Zacks Consensus Estimate of $2.17 billion. The rise is attributed to higher average realized gold prices.
Agnico Eagle Mines Limited’s (AEM - Free Report) earnings were $3.40 per share in first-quarter 2026, rising from $1.53 a year ago and beating the Zacks Consensus Estimate of $3.19. Agnico Eagle Mines generated revenues of $4.09 billion, up 66.1% year over year. The top line surpassed the Zacks Consensus Estimate of $3.84 billion.