Agnico Eagle Mines (AEM) reported adjusted Q3 2026 earnings of $2.61 per share, beating the Zacks Consensus Estimate of $2.47 by 5.7%. Revenue rose 17.1% year over year to $3.58 billion, helped by realized gold prices averaging $4,264 per ounce, up 22.7%. Payable gold production fell 6.1% to 814,012 ounces, mainly due to lower output at Canadian Malartic and Meadowbank, while total cash costs per ounce rose 19% to $1,133. Free cash flow declined 28.4% to $852 million, and the company returned $478 million to shareholders. Agnico Eagle reaffirmed its 2026 guidance, expecting gold production near the lower end of its 3.3 to 3.5 million ounce range.
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XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/30/2026 | 3,875.51 |
| Change that session | -3.63% |
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- AEM Q3 Earnings Call Highlights Growth Plans and Cost Pressures
AEM reported third-quarter 2026 earnings of $2.61 per share, above the Zacks Consensus Estimate of $2.47, with revenue of $3.58 billion. Gold production was 814,012 ounces, with total cash costs of $1,133 per ounce and all-in sustaining costs of $1,648 per ounce, as higher diesel prices added about $30 per ounce to cash costs versus budget. Management maintained guidance, expects 2026 output near the lower end of 3.3-3.5 million ounces, and reiterated plans to raise annual gold production 20% to 30% over the next decade through four projects adding 1.3-1.5 million ounces a year by the mid-2030s. The company ended September with about $3.4 billion in net cash and $852 million of quarterly free cash flow, supporting $478 million in shareholder distributions and expecting distributions above 50% of 2026 free cash flow. Analysts questioned 2027 costs, and management called 5%-6% cost inflation a reasonable modeling assumption while labor availability is a longer-term challenge.
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