Monitor Barnat pit remediation progress and its impact on 2027-2028 production guidance; watch for further cost inflation from diesel and tariffs; track NCIB execution pace as a signal of management's view on valuation.
Price Chart
Executive Summary
Agnico Eagle reported Q3 2026 net income of $1.35B ($2.67 per share) on revenue of $3.58B, compared to $1.05B ($2.10 per share) on revenue of $3.06B in Q3 2025. Revenue rose 17.1% YoY driven by a 22.7% increase in realized gold prices to $4,264/oz, partially offset by a 6.1% decline in gold production to 814,012 oz due to the Barnat pit rock mass movement at Canadian Malartic. Full-year 2026 production guidance was narrowed to the low end of 3.3-3.5M oz, with costs expected near the upper end of prior ranges.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $3.58B vs $3.06B in Q3 2025 (+17.1%)
- Q3 2026 net income $1.35B ($2.67/share) vs $1.05B ($2.10/share) in Q3 2025
- Adjusted net income $1.32B ($2.62/share) vs $1.09B ($2.16/share) in Q3 2025
- Gold production 814,012 oz in Q3 2026 vs 866,936 oz in Q3 2025 (-6.1%)
- Average realized gold price $4,264/oz in Q3 2026 vs $3,476/oz in Q3 2025 (+22.7%)
- Total cash costs per ounce (by-product) $1,133 in Q3 2026 vs $952 in Q3 2025
- Full-year 2026 production guidance at low end of 3.3-3.5M oz; costs near upper end of $1,020-$1,120/oz cash cost and $1,400-$1,550/oz AISC ranges
- Barnat pit rock mass movement on July 1, 2026 reduced Canadian Malartic production by 60,000-80,000 oz in H2 2026 and up to 150,000 oz in each of 2027 and 2028
- Cash provided by operating activities $1.76B in Q3 2026 vs $1.82B in Q3 2025
- Free cash flow $852M in Q3 2026 vs $1.19B in Q3 2025
- Net cash position $3.42B as of Sep 30, 2026 vs $2.67B as of Dec 31, 2025
- Credit facility increased to $3.0B with maturity Oct 28, 2031
- Fitch upgraded credit rating to A- with Stable Outlook in April 2026
- NCIB authorized up to $2.0B in share repurchases; 4.26M shares repurchased for $800M in first 9 months of 2026
- Quarterly dividend $0.45 per share declared for Q3 2026
Financial Impact
Revenue increased $524M (+17.1%) YoY in Q3 2026; net income increased $298M (+28.2%) YoY; gold production declined 52,924 oz (-6.1%) YoY
Risk Factors
- Barnat pit rock mass movement will reduce Canadian Malartic production by up to 150,000 oz in each of 2027 and 2028
- Input cost pressures from diesel (11% of operating costs) and consumables (30% of costs) with ~6% inflation
- Canadian retaliatory tariffs estimated to increase operating costs by ~$5/oz
- Full-year 2026 production at low end of guidance range; costs near upper end
- Higher amortization rate at Canadian Malartic due to reduced life-of-mine tonnes
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-119671 |
| Document: tm2628160d1_6k.htm | 0001104659-26-119671 |
| Document: 0001104659-26-119671-index-headers.html | 0001104659-26-119671 |
| Document: 0001104659-26-119671-index.html | 0001104659-26-119671 |
| Document: 0001104659-26-119671.txt | 0001104659-26-119671 |
| Earnings Context (Synthetic; results releases only) | 0001104659-26-119671 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 1d ago | Institutional Cluster | $179.56 | awaiting T+5 | awaiting T+5 | $165.38 (−7.90%) |
Oct 28, 2026 2d ago | 6-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 28, 2026 2d ago | Press Release | $184.24 | awaiting T+5 | awaiting T+5 | $165.38 (−10.24%) |
Sep 29, 2026 4w ago | 6-K | $185.83 $186.03 | ▲ +0.11% | ▼ −1.84% | $165.38 (−11.00%) |
Sep 28, 2026 4w ago | Press Release | $184.15 $183.33 | ▼ −0.45% | ▼ −1.65% | $165.38 (−10.19%) |
Sep 9, 2026 7w ago | 6-K | $202.57 $198.42 | ▼ −2.05% | ▼ −1.71% | $165.38 (−18.36%) |
Aug 31, 2026 8w ago | 6-K | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $165.38 (−18.58%) |
Aug 28, 2026 9w ago | Press Release | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $165.38 (−18.58%) |
Aug 24, 2026 9w ago | 6-K | $217.89 $203.11 | ▼ −6.78% | ▼ −7.25% | $165.38 (−24.10%) |
Aug 4, 2026 12w ago | Institutional Cluster | $150.61 $181.75 | ▼ −20.68% | ▼ −20.78% | $165.38 (−9.81%) |
US Market Status
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