The raised guidance and strong cash flow generation reinforce the company's operational momentum, but historical T+20 performance on AG shows bullish calls on this ticker have not been rewarded (25% win rate, avg -9.18% return). Monitor for any adverse developments in the Mexico tax disputes ($1.28B in reassessments) and trade policy shifts that could impact costs. The Jerritt Canyon restart adds execution risk and capital intensity.
Price Chart
Executive Summary
First Majestic Silver reported a strong Q2 2026 beat: revenue of $415.5M (+57% YoY), net earnings of $125.9M (+123% YoY), and EPS of $0.22. The company raised its 2026 production guidance by 10% for silver (14.6–15.5M oz) and 7% for gold (128–135k oz), while also increasing capital expenditure guidance to $318–344M, primarily for the Jerritt Canyon restart and other growth initiatives. Cash and equivalents stood at $1.09B with working capital of $876M, both record levels.
Key Facts
- Q2 2026 revenue $415.5M, up 57% YoY from $264.2M
- Net earnings $125.9M, up 123% from $56.6M; EPS $0.22 vs $0.11
- Mine operating earnings $223.6M, up 353% from $49.4M
- Raised 2026 attributable production guidance: silver 14.6–15.5M oz (+10%), gold 128–135k oz (+7%)
- Cash and cash equivalents $1,093.3M; working capital $876.0M
- Completed sale of Del Toro Silver Mine on June 19, 2026
- Announced definitive agreement to sell San Martin mine for $90M total cash consideration
- Springpole Silver Stream received positive federal Environmental Assessment Decision Statement
- Capital expenditure guidance increased to $318–344M (from $213–236M) including Jerritt Canyon restart ($75M)
Financial Impact
Revenue increased $151.3M YoY driven by 90% higher realized silver price and 40% higher gold price, partially offset by lower ounces sold. Mine operating earnings expanded by $174.2M. Net earnings increased $69.3M YoY.
Risk Factors
- Mexico tax reassessments totaling $1.28B (Primero, La Encantada, San Martin, La Parrilla, Del Toro, CFM) — company is defending through domestic and international legal channels
- Regulatory changes in Mexico (mining law amendments, judiciary reform) could impact operations and permitting
- Evolving US trade policy and tariffs on Canada/Mexico could disrupt supply chains and increase costs
- Execution risk on Jerritt Canyon restart with $75M capital allocation and planned H2 2027 production resumption
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-050781 |
| Document: ag-2026q2mdaxex992.htm | 0001628280-26-050781 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $21.18 $18.33 | ▼ −13.46% | ▼ −12.36% | $17.68 (−16.50%) |
Aug 25, 2026 5w ago | 6-K | $20.99 $21.20 | ▲ +1.00% | ▲ +1.12% | $17.68 (−15.75%) |
Aug 8, 2026 7w ago | Institutional Cluster | $18.85 $19.57 | ▲ +3.82% | ▲ +3.87% | $17.68 (−6.18%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 7, 2026 12w ago | 6-K | $15.80 $16.93 | ▲ +7.15% | ▲ +6.29% | $17.68 (+11.93%) |
May 12, 2026 20w ago | 6-K | $24.21 $19.73 | ▼ −18.50% | ▼ −18.58% | $17.68 (−26.95%) |
Apr 9, 2026 25w ago | 6-K | $20.59 $21.05 | ▲ +2.23% | ▼ −0.95% | $17.68 (−14.11%) |
Apr 2, 2026 26w ago | 6-K | $21.84 $20.58 | ▼ −5.77% | ▼ −9.39% | $17.68 (−19.02%) |
Mar 30, 2026 26w ago | Court Ruling | $19.65 $21.26 | ▲ +8.19% | ▲ +3.89% | $17.68 (−10.00%) |
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