Agnico Eagle Mines Limited (NYSE: AEM / TSX: AEM) released its fourth-quarter and full-year 2025 financial and operating results after market close on February 12, 2026. The company delivered exceptional performance, achieving record annual free cash flow of $4,399 million ($8.76 per share) and operating cash flow of $6,817 million ($13.58 per share). Payable gold production for the full year reached 3,447,367 ounces, exceeding the midpoint of 2025 guidance, at production costs of $965 per ounce.
The results underscore Agnico Eagle’s operational consistency and cost discipline in a high-gold-price environment. The earnings call on February 13, 2026, at 11:00 AM EST featured management commentary on 2026–2028 guidance, exploration success, and capital allocation priorities, including a 12.5% dividend increase and continued investment in the project pipeline.
This article provides a comprehensive, source-verified summary of Agnico Eagle’s Q4 and full-year 2025 results, the earnings call key takeaways, the updated three-year outlook, and implications for aem gold stock and gold mining investors. All data is drawn directly from the company’s official disclosures as of February 21, 2026.
Q4 and Full-Year 2025 Financial and Operating Highlights
Q4 2025 Key Metrics (three months ended December 31, 2025):
Payable gold production: 840,608 ounces.
Production costs per ounce: $1,113.
Total cash costs per ounce: $1,089.
All-in sustaining costs (AISC) per ounce: $1,517.
Revenue from mine operations: $3,563,973 thousand.
Net income: $1,523,061 thousand ($3.04 per share basic).
Adjusted net income: $1,351 million ($2.70 per share).
Cash provided by operating activities: $2,112 million ($4.22 per share).
Free cash flow: $1,310 million ($2.62 per share).
Full-Year 2025 Key Metrics (year ended December 31, 2025):
Payable gold production: 3,447,367 ounces (above midpoint of 2025 guidance).
Production costs per ounce: $965.
Total cash costs per ounce: $979 (revised composition $953 after adjustments).
AISC per ounce: $1,339 (revised composition $1,313).
Revenue from mine operations: $11,907,851 thousand.
Net income: $4,461,461 thousand ($8.89 per share basic).
Adjusted net income: $4,169 million ($8.31 per share).
Cash provided by operating activities: $6,817 million ($13.58 per share).
Free cash flow: $4,399 million ($8.76 per share) — record annual level.
Capital expenditures (excluding capitalized exploration): $2,073 million.
Capitalized exploration: $318 million.
Total shareholder returns: $1.4 billion (dividends $803 million + share repurchases $600 million).
These figures are taken verbatim from Agnico Eagle’s official press release “AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS” dated February 12, 2026, and the accompanying MD&A and financial statements filed on SEDAR+ and the company’s investor website.
The company achieved several annual throughput and mining rate records across its operations, demonstrating consistent and reliable performance despite higher royalties linked to elevated gold prices.
2026 and Three-Year Guidance: Stable Production with Cost Discipline
Agnico Eagle reaffirmed and updated its three-year production guidance on February 12, 2026. Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2026 to 2028. Both 2026 and 2027 guidance is consistent with the prior three-year outlook issued on February 13, 2025. The 2028 outlook has improved due to the extension of production at Meadowbank through 2030 and contributions from East Gouldie at Canadian Malartic, Fosterville, and Kittila, offsetting lower-grade sequencing at Detour Lake.
2026 Specific Guidance (mid-point in parentheses):
Payable gold production: 3,300,000 – 3,500,000 ounces (3,400,000 ounces).
Total cash costs per ounce: $1,020 – $1,120 ($1,070).
AISC per ounce: $1,400 – $1,550 ($1,475).
Capital expenditures (excluding capitalized exploration): $2.2 – $2.4 billion ($2.3 billion).
Capitalized exploration: $290 – $330 million ($310 million).
Mine-specific 2026 guidance includes:
LaRonde: 330,000 – 350,000 ounces.
Canadian Malartic: 575,000 – 605,000 ounces.
Goldex: 115,000 – 125,000 ounces.
Detour Lake: 700,000 – 730,000 ounces.
Macassa: 305,000 – 325,000 ounces.
Meliadine: 380,000 – 400,000 ounces.
Meadowbank: 475,000 – 495,000 ounces.
Fosterville: 140,000 – 160,000 ounces.
Kittila: 210,000 – 230,000 ounces.
Pinos Altos: 70,000 – 80,000 ounces.
Management noted modest revisions to 2026–2027 guidance at Kittila and Pinos Altos due to stope optimization and mining sequence changes, with expected increases in 2028 from higher grades and throughput.
The earnings call on February 13, 2026, featured President and CEO Ammar Al-Joundi stating: “In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns. We’ve also updated our three-year outlook which reflects stable production at peer-leading costs. Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade.”
Exploration Success and Mineral Resource Growth
On February 12, 2026, Agnico Eagle also released its 2025 exploration results and 2026 exploration plans. Year-over-year changes as of December 31, 2025:
Gold mineral reserves: 55.4 million ounces (up 2%).
Measured and indicated mineral resources: 47.1 million ounces (up 10%).
Inferred mineral resources: 41.8 million ounces (up 15%).
These increases reflect successful near-mine and regional exploration across the portfolio, particularly at Detour Lake underground, Canadian Malartic, and Hope Bay.
The 2026 exploration program includes significant drilling at key growth projects, with a focus on mine-life extension and resource conversion.
Dividend Increase and Shareholder Returns
Agnico Eagle increased its quarterly dividend by 12.5% to $0.45 per share for Q1 2026 (payable March 16, 2026). Total 2025 shareholder returns reached $1.4 billion, including $803 million in dividends and $600 million in share repurchases under the NCIB program. The company intends to renew the NCIB in May 2026 with an increased limit of $2 billion.
Agnico Eagle Stock Performance and Agnico Eagle Stock Forecast
Following the February 12, 2026 release, aem gold stock showed positive momentum, supported by record cash flow and stable production guidance. As of February 21, 2026, analyst consensus for agnico eagle stock forecast remains constructive, with average 12-month price targets reflecting confidence in the company’s low-cost profile and growth pipeline.
Agnico Eagle stock marketwatch and other platforms highlight the company’s peer-leading cost structure and exploration success as key differentiators. The updated three-year guidance provides visibility and supports long-term planning for agnico eagle mines gold stock analysis.
Is Agnico Eagle a Good Investment? Is AEM a Good Long-Term Investment?
Is Agnico Eagle a good investment?
For long-term investors seeking exposure to high-quality, low-risk gold production in stable jurisdictions, Agnico Eagle is widely regarded as one of the premier names in the sector. Its track record of delivering on guidance, strong balance sheet, growing dividend, and robust exploration pipeline support a positive investment thesis.
Is AEM a good long-term investment?
Yes, for gold-bullish investors with a multi-year horizon. The company’s tier-one assets, consistent operational performance, and disciplined capital allocation position it well for sustained shareholder value creation. The February 12, 2026 results and updated three-year guidance reinforce this view.
What is the guidance for Agnico Eagle 2026?
Payable gold production of 3.3–3.5 million ounces, with total cash costs $1,020–$1,120 per ounce and AISC $1,400–$1,550 per ounce. Production is expected to remain stable through 2028, with upside potential from project pipeline advancements.
Risks and Considerations
Key risks include gold price volatility, cost inflation, operational challenges at specific mines, and execution risk on growth projects. Agnico Eagle’s diversified portfolio and strong financial position mitigate many of these risks.
This article is for informational and educational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any offer. All investments, including agnico eagle stock, involve significant risk of loss, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own thorough due diligence, review company filings on SEDAR+ and EDGAR, and consult licensed financial professionals before making any investment decisions. Market data, earnings figures, guidance, and analyst commentary cited are based on publicly available sources as of February 21, 2026 (including Agnico Eagle’s official Q4 and Full Year 2025 Results Press Release dated February 12, 2026, earnings call transcript dated February 13, 2026, and company filings on SEDAR+) and are subject to change. No representation or warranty is made as to the accuracy or completeness of the information.
Conclusion: A High-Quality Gold Producer with Stable Outlook and Growth Pipeline
Agnico Eagle’s Q4 2025 results and full-year performance demonstrate the strength of its diversified, low-risk portfolio and operational excellence. Record free cash flow, production guidance achievement, and a stable three-year outlook provide investors with high visibility in a favorable gold price environment.
For agnico eagle investors, the company offers a compelling combination of current cash returns, exploration-driven growth potential, and sector-leading cost discipline. The February 12, 2026 earnings report and February 13 earnings call reinforce Agnico Eagle’s position as a core holding for long-term gold exposure.
Happy Investing,
CanadianMiningReport.com
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Key Sources (verified as of February 21, 2026):
Agnico Eagle Mines Limited official “AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS” press release dated February 12, 2026.
Agnico Eagle Q4 2025 Earnings Call Transcript dated February 13, 2026.
Agnico Eagle SEDAR+ filings and financial statements for Q4 and full year 2025 (February 12, 2026).
Company exploration update release dated February 12, 2026.
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against Agnico Eagle’s official disclosures and reputable financial data providers.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.