FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (TSX: AG) (NYSE: AG) capped 2025 with record Q4 earnings and a step-change in balance sheet strength, converting higher production and pricing into outsized cash generation.
Quarterly revenue hit a record $463.9 million, up from $172.3 million in Q4 2024, with 60% derived from silver sales. By asset, Los Gatos contributed $187.4 million of the quarterly revenue, San Dimas yielded $105.2 million, and Santa Elena with $116.8 million.
The topline jump also led to posting record mine operating earnings of $237.8 million, up from $48.2 million in Q4 2024.
This enabled the mining firm to swing net earnings to $105.2 million from a net loss of $13.5 million in Q4 2024. On an adjusted basis, net earnings came in at $144.4 million, translating to $0.30 earnings per share, versus $7.6 million last year.
Q4 EBITDA was a record $338.8 million, up from $62.0 million in Q4 2024 and $128.3 million in Q3 2025, while adjusted EBITDA was $305.4 million versus $64.8 million and $125.3 million, respectively.
The full-year 2025 picture echoes the same upwards trend, with annual revenue jumping to $1.26 billion from $560.6 million in 2024 and net earnings swinging to positive $211.0 million from a $101.9 million loss.
Operating cash flow was also a record for the firm at $301.0 million, up from $62.4 million in Q4 2024. This brought free cash flow of $250.4 million versus $68.4 million last year.
Cash and cash equivalents sat at $793.4 million at quarter end versus $202.2 million at 2024-end and yielded a record treasury position of $937.7 million versus $308.3 million last year once restricted cash is added to the mix.
On production, the firm produced 7.8 million silver equivalent ounces in the fourth quarter versus 5.7 million ounces in Q4 2024, including 4.2 million silver ounces, up from 2.4 million ounces last year.
The average realized silver price in Q4 was $58.96 per silver equivalent ounce versus $30.80 in the comparable period last year. As anticipated with a rising price environment, cash costs came in $16.66 per silver equivalent ounce versus $13.82, and AISC at $23.48 per ounces versus $20.34. It’s important to note that AISC for the quarter would have been $20.05 per ounce under 2025 guidance price and FX assumptions.
For 2025, silver equivalent production was 31.1 million ounces versus 21.7 million ounces previously, beating the original and July 2025 upwardly revised production guidance. This includes record-setting silver production of 15.4 million ounces versus 8.4 million ounces in 2024, also exceeding guidance. The firm attributes the jump to the acquisition of the Los Gatos Silver Mine, as well as production increases at San Dimas and La Encantada.
Similarly, annual cash costs were $15.07 per ounce versus $14.80 last year, while AISC was $21.17 per ounce versus $21.11.
The board declared a Q4 dividend of $0.0083 per share for shareholders of record on February 27, 2026, payable on or about March 16, 2026. The company added it is increasing the dividend formula from 1% to 2% of net quarterly revenues effective January 1, 2026, with the first payment at the higher level expected in June 2026 for Q1 2026.
The company will host a conference call on Thursday, February 19, 2026, at 8:30 am PT / 11:30 am ET to discuss the Q4 results and 2026 guidance. First Majestic previously announced that it is guiding 2026 production to 13.0 to 14.4 million ounces of silver, 116,000 to 129,000 ounces of gold, 34 to 38 million pounds of lead, 52 to 58 million pounds of zinc and 1.1 to 1.3 million pounds of copper.
First Majestic Silver last traded at $30.98 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver Corp. The author has been compensated to cover First Majestic Silver Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
