Agnico Eagle Mines Limited (NYSE: AEM / TSX: AEM) released its fourth-quarter and full-year 2025 results after market close on February 12, 2026. The company achieved record annual free cash flow of $4,399 million ($8.76 per share) while delivering payable gold production of 3,447,367 ounces at total cash costs of $979 per ounce and all-in sustaining costs (AISC) of $1,339 per ounce (revised composition $1,313 per ounce after adjustments). These results reflect exceptional operational execution in a high-gold-price environment and set a strong foundation for Agnico Eagle’s three-year outlook.
On February 12, 2026, the company reaffirmed and updated its three-year production guidance, forecasting stable payable gold production of approximately 3.3 to 3.5 million ounces annually from 2026 through 2028. The 2026 specific guidance is 3,300,000 – 3,500,000 ounces, with total cash costs of $1,020 – $1,120 per ounce and AISC of $1,400 – $1,550 per ounce. The company also announced a 12.5% increase in its quarterly dividend to $0.45 per share for Q1 2026.
This article provides a comprehensive, source-verified analysis of Agnico Eagle’s February 12, 2026 results, the February 13, 2026 earnings call, the updated three-year outlook, and what it means for gold mining companies to invest in and gold mine investment opportunities in 2026 and beyond. All data is drawn directly from Agnico Eagle’s official disclosures and cross-verified with reputable financial platforms as of February 21, 2026.
2025 Full-Year Results: Record Free Cash Flow and Operational Excellence
Agnico Eagle’s 2025 performance was among the strongest in the senior gold sector:
Payable gold production: 3,447,367 ounces (above the midpoint of original 2025 guidance).
Production costs per ounce: $965.
Total cash costs per ounce: $979 (revised composition $953 after by-product credits and adjustments).
All-in sustaining costs 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) — a new annual record.
Capital expenditures (excluding capitalized exploration): $2,073 million.
Capitalized exploration: $318 million.
Total shareholder returns: $1.4 billion ($803 million in dividends + $600 million in share repurchases).
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 Management’s Discussion and Analysis (MD&A) and consolidated financial statements filed on SEDAR+ and the company’s investor website.
The company achieved multiple annual throughput and mining rate records across its eight operating mines, demonstrating reliable performance despite higher royalties linked to elevated gold prices.
Q4 2025 Performance: Strong Finish to a Record Year
In the fourth quarter alone (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.
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).
The Q4 results capped a year of consistent delivery and set the stage for the updated three-year outlook.
2026–2028 Three-Year Guidance: Stable Production at Peer-Leading Costs
On February 12, 2026, Agnico Eagle reaffirmed and updated its three-year production guidance. 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.
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 highlights continued strong performance from core assets such as Detour Lake, Canadian Malartic, and Meadowbank.
On the February 13, 2026 earnings call, President and CEO Ammar Al-Joundi stated: “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 Long-Term Growth Pipeline
On February 12, 2026, Agnico Eagle 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.
The company’s organic growth pipeline — including East Gouldie at Canadian Malartic, the Detour Lake underground project, and potential expansions at other sites — provides visibility for production growth beyond 2028.
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 Forecast and Investment Thesis
Agnico eagle mines stock forecast remains constructive in February 2026. Analyst consensus highlights the company’s peer-leading cost structure, exploration success, and strong balance sheet as key differentiators. The stable three-year guidance provides high visibility, supporting long-term planning for investors in gold mining companies to invest in.
Agnico Eagle stock buy or sell decisions in early 2026 depend on individual risk tolerance and gold price outlook. For long-term investors, Agnico Eagle offers a compelling combination of current cash returns, exploration-driven growth potential, and sector-leading cost discipline.
Is Agnico Eagle a Good Long-Term Investment? Will AEM Stock Go Up?
Is Agnico Eagle a good long-term investment?
Yes, for gold-bullish investors with a 24–60 month horizon. The company’s diversified portfolio of low-risk assets in stable jurisdictions, consistent operational performance, strong financial position, and robust exploration pipeline provide a compelling long-term profile.
Will AEM stock go up?
The trajectory is closely tied to gold prices and operational execution. With structural drivers for gold (central bank buying, debasement concerns, geopolitical risks) remaining supportive, and Agnico Eagle’s low-cost profile, many analysts see upside potential through 2026 and beyond, particularly if gold sustains or moves above US$5,000/oz.
Gold Mine Investment Opportunities and Broader Sector Context
In the current environment, Agnico Eagle stands out among gold mining companies to invest in and gold mine investment opportunities due to its:
Tier-one asset quality with long mine lives.
Low and stable cost structure.
Strong balance sheet and growing dividend.
Exploration success creating organic growth.
Lower geopolitical risk compared to many peers.
The company’s February 12, 2026 results and February 13 earnings call reinforce its position as a core holding for investors seeking leveraged exposure to gold prices with reduced operational risk.
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 Well Positioned for 2026 and Beyond
Agnico Eagle’s 2025 results and February 12, 2026 earnings report demonstrate why the company is considered one of the premier gold producers globally. By delivering record free cash flow and maintaining stable production guidance through 2028, Agnico Eagle has reinforced its reputation for operational excellence and shareholder value creation.
For investors evaluating gold mining companies to invest in and gold mine investment opportunities, Agnico Eagle stands out as a high-quality, lower-risk way to participate in the gold price environment. The company’s strong balance sheet, growing dividend, and organic growth pipeline position it well for continued success in 2026 and beyond.
Stay informed,
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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.