Earnings

First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment

Record treasury swells to $1.25B on strong Ag/Au price realizations, but cost creep and sequential margin compression warrant vigilance.

By The Northwire Desk — AI Analysis Jul 30, 2026 · 07:01 AG · 21.41 First Majestic Silver Corp.

Executive Summary

First Majestic reported Q2 2026 financial results. Revenue was $415.5M, up 57% YoY. Net earnings were $109.4M ($0.22/share), up 108% YoY. EBITDA was $252.3M, up 110% YoY. Free cash flow was $194.6M, up 150% YoY. The company ended the quarter with a record treasury of $1,252.7M. Silver production was 3.80 Moz, gold production 34,660 oz, both up slightly YoY. All-in sustaining cost (AISC) per AgEq ounce was $25.68, up 22% YoY from $21.02. The AISC margin per ounce was $40.27, up 196% YoY. A quarterly dividend of $0.0152/share was declared, a 217% YoY increase. Share buybacks totaled $22.7M for 1.2M shares.

Material Impact

The Q2 2026 results are quantitatively strong and confirm the immense operating leverage in the business at elevated metal prices. Revenue, earnings, and cash flow all grew triple-digits YoY. The record $1.25B treasury position and initiation of buybacks underscore this financial strength.

However, the news is not a "Game Changer." The production figures and updated guidance were pre-released on July 8, 2026. The market already absorbed the raised guidance (and higher capex) then, sending shares down from ~$23.33 to ~$22.37. Since then, the price has consolidated in a $21.41-$24.33 range. Today's full financial report offers granular detail that confirms the story from the pre-release. The 217% YoY dividend increase is a clear positive signal of return, but the policy change was announced months prior.

The primary concern, and the reason this is not a purely unqualified positive, is the sequential trend. Revenue fell 12.8% from Q1 2026's record $476.7M, net earnings fell 14.6%, and FCF fell 20.1%. While the Q1 realized silver price was an eye-watering $86.35/oz, the Q2 realized price dropped to $63.98/oz, a 26% decrease. This demonstrates extreme sensitivity to metal prices, which is the core risk.

AG · Price

Company Overview

First Majestic is a producing silver and gold miner with four underground mines in Mexico. The flagship assets are the San Dimas (high-grade Au-Ag) and the Los Gatos (70% ownership, Ag-Zn-Pb-Au) mines. A major growth project is the restart of the Jerritt Canyon Gold mine in Nevada, USA, targeting initial production in H2 2027. The company has a vertically integrated minting arm (First Mint) that sells bullion directly to retail investors.

Read the original news release →

First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment

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