Franco-Nevada (TSX: FNV) reported Q4 2025 revenue of $597.3 million, up from $321.0 million last year as GEOs sold jumped to 41,656 ounces versus 120,063. Full-year, revenue climbed to $1.82 billion from $1.11 billion on 519,106 GEOs versus 463,334.
Breaking it down, precious metals generated $1.55 billion of the 2025 revenue, up from $853.0 million, while diversified revenue rose only modestly to $259.9 million from $251.7 million despite lower oil prices because gas realizations improved.
Despite total costs of sales rising to $136.9 million from $94.4 million last year, gross profit still jumped to $460.4 million from $226.6 million. This also led a rise in operating income to $453.9 million versus $217.4 million.
Net income also rose to $367.7 million from $175.4 million in the previous year. On adjusted basis, net income was $356.2 million, or $1.85 per share, up from $183.3 million, or $0.95 per share.
Adjusted EBITDA also climbed to $541.2 million, or $2.81 per share, from $277.4 million, or $1.44 per share.
The bottomline also rose for the full year, with net income landing at $1.11 billion from $552.1 million in 2024. Adjusted EBITDA for 2025 reached $1.66 billion versus $951.6 million last year.
Operating cash flow for the year jumped to a record $1.49 billion from $829.5 million. However, investing cash use was the biggest swing factor as the firm spent $2.19 billion on royalty, stream and working interests in 2025 versus $406.0 million in 2024. That drove year-end cash down to $670.9 million from $1.45 billion.
Operationally, Q4 outperformance came from Antamina and South Arturo, plus newer contributors including Côté Gold, Western Limb and Porcupine. Antamina is expected to sell 3.5 million to 3.7 million silver ounces in 2026 versus 3.2 million in 2025. Candelaria is expected at 57,500 to 67,500 GEOs in 2026 versus 68,273 in 2025, while Antapaccay is expected at 30,000 to 40,000 GEOs versus 45,488. South Arturo should remain strong, and Salares Norte is expected to produce 525,000 to 550,000 gold equivalent ounces from covered royalty ground in 2026 after exceeding 2025 guidance.
Franco-Nevada expects 2026 GEO sales of 510,000 to 570,000 versus 519,106 in 2025, with 360,000 to 400,000 gold ounces versus 366,265, 4.7 million to 5.5 million silver ounces versus 5.4 million, 32,000 to 37,000 PGM ounces versus 28,374, and diversified revenue of $245.0 million to $285.0 million versus $259.9 million.
The firm raised its quarterly dividend 16% to $0.44 per share from $0.38. After year-end, it announced four acquisitions, including a $250.0 million i-80 Gold royalty, a $100.0 million Casa Berardi stream, an A$170.0 million Bullabulling royalty plus A$50.0 million equity subscription, and a $55.0 million Victoria Gold royalty package.
Franco-Nevada last traded at $356.88 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
