Agnico Eagle Mines (TSX: AEM) reported its Q3 2025 results, with quarterly revenue of $3.06 billion, up 41.9% from $2.16 billion a year earlier, as the period was powered much more by price than by volume.
Mining revenue flowed through to a net income of $1.05 billion, up 86% from $567.1 million in Q3 2024. This translates to $2.10 per share compared with $1.13 per share in the prior year period. On an adjusted basis, net income came in at a record $1.09 billion or $2.16 per share, up from $572.6 million or $1.14 per share.
EBITDA for the quarter was $2.03 billion compared with $1.26 billion last year. Adjusted EBITDA was slightly higher at $2.10 billion due to the same add backs listed above.
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Operating cash flow delivered $1.82 billion, up 67% from last year, driven by wider operating margins, a large increase in accrued taxes payable, and the high gold price environment. Free cash flow in the quarter was $1.19 billion versus $620.4 million in Q3 2024.
Cash and cash equivalents increased to $2.35 billion from $926.4 million at the end of 2024. The biggest mover in the liabilities was income taxes payable, which jumped to $841.7 million from $372.2 million. Accounts payable and accrued liabilities also increased to $1.06 billion from $817.6 million, consistent with higher activity levels. The current portion of long term debt was cleared to zero from $90.0 million after the company repaid maturing notes.
Payable gold production increased only to 866,936 ounces from 863,445 ounces, while the realized gold price jumped to $3,476 per ounce from $2,492 per ounce.
Gold sold was 868,563 ounces, up from 855,899 ounces. Yet total cash costs per ounce rose to $994 from $921. Production costs per ounce rose to $963 from $908 while AISC per ounce climbed to $1,373 from $1,286. The company was clear that the rise in AISC came from higher royalties that are linked to the gold price, higher stock-based compensation in G&A, and only partly offset by lower sustaining capital at Detour Lake.
Management reiterated 2025 guidance for payable gold production of 3.3 million to 3.5 million ounces. Through nine months the company had already delivered about 77% of the mid point. The cash cost range of $915 to $965 per ounce and the AISC range of $1,250 to $1,300 per ounce were also left unchanged. Management cautioned that if gold stays around current levels then the strong price environment will continue to push royalty linked cash costs and AISC toward the top of those ranges.
Agnico Eagle last traded at $156.78 on the TSX.
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