Agnico Eagle Posts $3.19 Per Share in Q2 as Free Cash Flow Hits $1.34 Billion

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) earned net income of $1.60 billion, or $3.19 per share, in the second quarter of 2026, on gold sales of 835,505 ounces at a realized price of $4,483 per ounce, implying roughly $3.75 billion in gold revenue.

Adjusted net income was $1.54 billion, or $3.07 per share.

Both measures slipped from the first quarter, when the miner reported $1.70 billion in net income and adjusted earnings of $3.41 per share at a realized gold price of $4,861. Adjusted EBITDA followed the same path, easing to $2.74 billion from $3.01 billion.

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Free cash flow moved the other way, reaching $1.34 billion against $732 million three months earlier. Most of that gap reflects the $1.3 billion payment of 2025 taxes that landed in the first quarter rather than any step change in the business. Agnico called the figure a quarterly record, though it sits only marginally above the $1.31 billion generated a year ago, with heavier capital spending and taxes absorbing most of the benefit of a 36% increase in realized gold prices.

Cash rose $352 million to $3.46 billion, leaving net cash of $3.27 billion against total debt of $197 million, unchanged from March. Shareholder returns came to $625 million, split between the $0.45 quarterly dividend and $400 million of repurchases at an average of $178.86 per share.

Payable gold production was 855,816 ounces, up from 825,109 in the first quarter, led by Detour Lake, Kittila and Fosterville. Canadian Malartic fell short of plan after a six-day unscheduled mill shutdown tied to a fatal accident in April. A second fatality at Upper Beaver in May prompted a global safety reset across all operations.

Per ounce metrics improved sequentially. Production costs fell to $1,114 from $1,158, total cash costs to $1,054 from $1,093, and all-in sustaining costs to $1,459 from $1,483. Both cost measures remain inside reiterated full-year guidance of $1,020 to $1,120 and $1,400 to $1,550.

Production guidance did not hold up as cleanly. First-half output of 1.68 million ounces amounts to roughly 49% of the 3.4 million ounce midpoint, but the full year is now expected near the low end of the 3.3 to 3.5 million ounce range, following a rock mass movement involving about one million tonnes along the north wall of the Barnat open pit on July 1.

Capital expenditures excluding capitalized exploration were also revised upward, to between $2.6 billion and $2.8 billion from $2.2 billion to $2.4 billion, reflecting the approved construction decision at Hope Bay.

Agnico Eagle last traded at $203.13 on the TSX.