A month has gone by since the last earnings report for Agnico Eagle Mines (AEM Quick QuoteAEM - Free Report) . Shares have added about 42.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Agnico due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Agnico Eagle's Q2 Earnings Surpass Estimates, Revenues Miss

Agnico Eagle reported earnings of $3.17 per share for the second quarter of 2026, up from $2.12 in the year-ago quarter. 

Barring one-time items, earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. 
 
The company generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.

Operational Highlights

Payable gold production was 855,816 ounces in the reported quarter, down 1.2% from 866,029 ounces in the prior-year quarter. The figure surpassed our estimate of 827,779 ounces. 
 
Total cash costs per ounce for gold were $1,054, up from $925 a year ago. It was above our estimate of $1,043. 
 
Realized gold prices were $4,483 per ounce in the quarter, up 36.3% from $3,288 a year ago. The figure lagged our estimate of $4,640. 
 
AISC was $1,459 per ounce in the quarter, up 13.9% from $1,281 a year ago. It was above our estimate of $1,439.

Financial Position

Agnico Eagle ended the quarter with cash and cash equivalents of $3,464 million, up 11.3% sequentially. Long-term debt was $197 million, unchanged from the prior quarter. 
 
Total cash from operating activities amounted to $2,144 million in the second quarter, up 16.2% from $1,845 million a year ago. Free cash flow increased 2.3% year over year to $1,335 million.

Outlook

For full-year 2026, the company expects gold production near the lower end of its guidance of 3.3 million to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit at Canadian Malartic. Total cash costs per ounce are projected between $1,020 and $1,120, while AISC is forecast in the range of $1,400 to $1,550 per ounce. 
 
The company now expects capital expenditures, excluding capitalized exploration, to be between $2.6 billion and $2.8 billion, up from the prior guidance of $2.2-$2.4 billion, reflecting the approval of construction activities at Hope Bay. Capitalized exploration is projected in the range of $290 million to $330 million. 
 
Exploration and corporate development expenses are expected to be between $275 million and $305 million. Depreciation and amortization expenses are forecast in the range of $1.55-$1.75 billion. 
 
The company anticipates general and administrative expenses between $230 million and $260 million. Other costs are projected between $75 million and $95 million. 
 
The effective tax rate is projected between 34% and 36%, with cash taxes estimated in the range of $3.4-$3.6 billion. 

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -9.95% due to these changes.

VGM Scores

Currently, Agnico has a strong Growth Score of A, a score with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

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 these revisions indicates a downward shift. It's no surprise Agnico has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.