It has been about a month since the last earnings report for Franco-Nevada (FNV Quick QuoteFNV - Free Report) . Shares have lost about 13.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Franco-Nevada due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

FNV Q1 Earnings Beat Estimates on Record Revenues, Higher Prices

Franco-Nevada 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.

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 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. 

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

VGM Scores

At this time, Franco-Nevada has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of this revision looks promising. Notably, Franco-Nevada has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.