Franco-Nevada earnings rise as higher metal prices offset softer deliveries
Earnings results
- EPS: $1.89 adjusted profit per share
Consensus comparison not provided.
- Revenue miss 3.4%
Actual: $549.3M · Cons.: $568.44M.
- Guidance narrowed
Gold-equivalent sales: 525,000–555,000 ounces vs. 510,000–570,000; midpoint unchanged.
What the company reported
Higher gold and oil prices lifted third-quarter revenue 13% and adjusted profit per share 33%, despite lower gold-equivalent deliveries; management now expects the midpoint of its annual sales-volume outlook rather than the upper half.
Q3 2026 earnings recap
Franco-Nevada’s Q3 earnings rose as higher gold and oil prices offset weaker deliveries, but management now expects the middle of its annual sales-volume range.
- Adjusted profit per share increased 33% to $1.89, while reported profit per share reached $2.05.
- Revenue rose 13% to $549.3 million but missed the $568.44 million consensus as gold-equivalent sales volumes fell 6%.
- The company narrowed annual gold-equivalent sales guidance to 525,000–555,000 ounces, leaving the midpoint unchanged while raising its diversified revenue outlook to $300–330 million.
- Operating cash flow rose 23% to $429.2 million, and $1.23 billion of cash with no debt gives the company room to buy new royalty interests.
- At the November 11 close of $248.76, the estimated market value was about 20 times annual sales over the past four quarters, leaving the valuation sensitive to metal prices.
- The pre-release chart shows a recent trading area around $240–246 and resistance near $259–266, with the close just above its 50-day average.
Watch the November 12 earnings call for delivery expectations and Cobre Panamá developments, where stockpile processing continues but a full mine restart remains uncertain.
Financials, technicals and earnings
Charts through Nov 11, 2026.
Technical setup and risks
The November 11 regular close of $248.76 preceded the release; holding the $240–246 trading area would preserve the recent recovery, while a recovery above $259–266 would regain recent highs, subject to metal prices and mine deliveries.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.