Agnico Eagle (AEM) Q3 2026 Earnings Review

Q3 2026 earnings recap

Agnico Eagle beat profit and revenue estimates, but rising mining costs and lower free cash flow make operating discipline the key test despite strong gold prices.

• Adjusted diluted profit per share of $2.61 topped the $2.44 consensus, while revenue rose 17% to $3.58 billion versus expectations of about $3.51 billion.
• Gold sold for an average $4,264 an ounce, supporting margins even as production of 814,012 ounces remained constrained by the revised Canadian Malartic mine plan.
• Production guidance remains near the low end of 3.3–3.5 million ounces, while costs including mine upkeep are now expected near the top of the $1,400–$1,550 per-ounce range.
• Free cash flow fell to $852 million from $1.19 billion a year earlier as working-capital demands and growth-project spending absorbed more cash.
• Net cash of $3.42 billion gives the company room to fund new mines and shareholder returns, while the pre-release close valued shares at about 15 times trailing reported profit.
• Shares traded about 1% below the October 28 close after results, following a regular-session rebound toward the former $184–$191 trading area.

Watch the October 29 conference call for cost-control plans and the path to Odyssey shaft production in 2027, with weaker gold prices and project delays the main risks.