Strong earnings beat driven by gold prices, but production decline and cost inflation warrant caution. Monitor Q2 production and cost trends; the Finland acquisitions add long-term upside but near-term focus is on H2 production ramp. The NCIB increase signals management confidence.
Price Chart
Executive Summary
Agnico Eagle reported Q1 2026 results with record adjusted net income of $1,706M ($3.41/share) and revenue of $4.1B, driven by a 68% jump in realized gold prices to $4,861/oz. However, gold production declined 5.6% YoY to 825,109 oz, and costs rose (total cash costs $1,093/oz vs $895/oz). Guidance for 2026 was reiterated at 3.3–3.5M oz, and the company announced proposed acquisitions in Finland to expand its growth pipeline.
Key Facts
- Q1 gold production 825,109 oz, down 5.6% YoY from 873,794 oz
- Revenue $4.1B vs $2.47B YoY (+66%) on realized gold price of $4,861/oz
- Record adjusted net income $1,706M ($3.41/share) vs $770M ($1.53/share) YoY
- Free cash flow $732M vs $594M YoY; net cash $2,915M
- Fitch upgraded credit rating to A- from BBB+
- 2026 guidance reiterated: 3.3–3.5M oz gold, AISC $1,400–$1,550/oz
- Proposed acquisitions in Finland (Rupert, Aurion, Fingold) announced April 20
- NCIB to be renewed with increased limit to $2B; Q1 bought back 721,211 shares for $150M
Financial Impact
Revenue up ~66% YoY, net income up ~108% YoY; production down ~5.6% YoY
Risk Factors
- Declining gold production and rising costs could pressure margins if gold prices fall
- Execution risk on growth projects (Odyssey, Detour Lake underground, Finland deals)
- Geopolitical and tariff uncertainties could impact input costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-054134 |
| Document: tm2612722d3_6k.htm | 0001104659-26-054134 |
| Document: 0001104659-26-054134-index-headers.html | 0001104659-26-054134 |
| Document: 0001104659-26-054134-index.html | 0001104659-26-054134 |
| Document: 0001104659-26-054134.txt | 0001104659-26-054134 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 22d ago | 6-K | $202.57 $198.42 | ▼ −2.05% | ▼ −1.71% | $183.27 (−9.53%) |
Aug 31, 2026 4w ago | 6-K | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $183.27 (−9.77%) |
Aug 28, 2026 4w ago | Press Release | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $183.27 (−9.77%) |
Aug 24, 2026 5w ago | 6-K | $217.89 $203.11 | ▼ −6.78% | ▼ −7.25% | $183.27 (−15.89%) |
Aug 4, 2026 8w ago | Institutional Cluster | $150.61 $181.75 | ▼ −20.68% | ▼ −20.78% | $183.27 (−21.69%) |
Jul 29, 2026 9w ago | 6-K | $150.75 $167.92 | ▲ +11.39% | ▲ +7.77% | $183.27 (+21.57%) |
Jul 29, 2026 9w ago | Press Release | $150.75 $167.92 | ▲ +11.39% | ▲ +7.77% | $183.27 (+21.57%) |
Jul 27, 2026 9w ago | 6-K | $145.96 $145.27 | ▼ −0.47% | ▼ −1.55% | $183.27 (+25.56%) |
Jul 2, 2026 13w ago | 6-K | $153.86 $149.03 | ▲ +3.14% | ▲ +4.07% | $183.27 (−19.11%) |
Jun 29, 2026 13w ago | 6-K | $153.76 $154.94 | ▲ +0.77% | ▼ −0.62% | $183.27 (+19.19%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access