NYSE$AG
First Majestic Silver Corp · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
First Majestic Q1 2026: record $476.7M revenue, $128.1M net earnings on silver price surge
First Majestic Silver reported Q1 2026 revenue of $476.7 million, up 95% year-over-year, with 66% of revenue from silver as realized silver prices jumped 161% to $86.35/oz and gold prices rose 81% to $5,018/oz. Net earnings attributable to owners were $128.1 million, or $0.26 basic EPS, versus $2.3 million and $0.01 a year ago; adjusted net earnings were $151.7 million, or $0.31 per share. Mine operating earnings reached a record $266.6 million, EBITDA was $306.8 million, and free cash flow was $223.5 million after $95.5 million of cash taxes. Production was 3.55 million silver ounces and 34,341 gold ounces, tracking toward 2026 guidance midpoints. Cash and treasury hit a record $1.13 billion. The board declared a quarterly dividend of $0.0171 per share, nearly four times the prior-year payout, under a policy targeting about 2% of net quarterly revenue. Management noted higher reported AISC per silver-equivalent ounce reflects price-driven AgEq conversion changes rather than underlying cost deterioration.
- Revenue surged 95% to $476.7M; mine operating earnings hit a record $266.6M; 66% of revenue from silver.
- Net earnings were $128.1M ($0.26 EPS); adjusted net earnings $151.7M ($0.31); EBITDA $306.8M.
- Free cash flow was $223.5M after $95.5M cash taxes; treasury reached a record $1.13B.
- Production: 3.55M silver oz and 34,341 gold oz; ore processed rose 12% to 1.06M tonnes.
- Quarterly dividend raised to $0.0171/share; David Howe appointed COO effective May 4, 2026.
Headline financials
Revenue & EPS history
First Majestic · Revenue · Quarterly
$477M
Forward guidance
Q1 production tracked toward 2026 guidance midpoints (26% of silver and 28% of gold targets); management expects AISC per AgEq ounce to decrease in the second half of 2026.
Tailwinds
- Record treasury and free cash flow support dividend growth and Jerritt Canyon restart investment
- Higher throughput (+12%) enabling optimized cut-off grades and margin expansion
Headwinds
- Reported cash costs and AISC per AgEq oz appear higher due to silver-price-driven conversion ratio changes
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+0.7%
Avg return
Earnings day
-0.8%
Avg return
5 days after
-2.0%
Avg return
30 days after
51%
32 / 63 earnings
Positive
+19.0%
Q2 2015
Best reaction
-20.4%
Q2 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +9.2% | -13.6% | -28.4% | |
| Q4 2025 | +9.7% | +30.6% | -19.2% | |
| Q2 2025 | -1.0% | +6.8% | +9.2% | |
| Q4 2024 | +7.3% | +1.9% | +28.9% | |
| Q3 2024 | -1.4% | -4.0% | -7.2% | |
| Q2 2024 | -18.1% | -19.3% | -9.5% | |
| Q1 2024 | +3.2% | -10.1% | -0.8% | |
| Q4 2023 | +4.5% | +3.1% | +20.2% | |
| Q3 2023 | -6.6% | -7.9% | +20.4% | |
| Q2 2023 | -1.3% | -2.4% | -3.3% | |
| Q1 2023 | -1.2% | -1.4% | -14.3% | |
| Q4 2022 | -14.1% | -12.4% | -5.9% | |
| Q3 2022 | +1.6% | +3.2% | -5.3% | |
| Q2 2022 | +9.2% | +12.5% | -0.7% | |
| Q1 2022 | -0.7% | +0.7% | +8.3% | |
| Q4 2021 | +4.8% | +4.1% | +5.4% | |
| Q3 2021 | +5.3% | +8.2% | -14.8% | |
| Q2 2021 | -5.4% | -7.1% | +0.3% | |
| Q1 2021 | +9.7% | +10.2% | +17.7% | |
| Q4 2020 | +0.4% | +11.0% | -3.2% | |
| Q3 2020 | +12.7% | +3.3% | +5.3% | |
| Q2 2020 | -6.1% | -17.3% | -16.7% | |
| Q1 2020 | +15.6% | +23.1% | +21.0% | |
| Q4 2019 | -4.0% | -3.2% | -45.6% | |
| Q3 2019 | -3.7% | +4.0% | +2.8% | |
| Q2 2019 | +9.3% | +7.8% | -0.2% | |
| Q1 2019 | +0.7% | +1.5% | +10.3% | |
| Q4 2018 | +6.8% | -3.5% | +4.9% | |
| Q3 2018 | -2.8% | -10.7% | -9.8% | |
| Q2 2018 | -13.3% | -19.0% | -13.4% | |
| Q1 2018 | +5.5% | +3.5% | +6.6% | |
| Q4 2017 | +2.4% | +4.6% | +13.6% | |
| Q3 2017 | -5.8% | -1.2% | -2.0% | |
| Q2 2017 | -20.4% | -22.3% | -9.3% | |
| Q1 2017 | -4.6% | -5.1% | +5.0% | |
| Q4 2016 | -1.7% | -8.2% | -19.6% | |
| Q3 2016 | +8.4% | +2.7% | +8.0% | |
| Q2 2016 | -0.5% | -5.0% | -33.2% | |
| Q1 2016 | +9.1% | — | — | |
| Q4 2015 | +5.0% | — | — | |
| Q3 2015 | -3.7% | — | — | |
| Q2 2015 | +19.0% | — | — | |
| Q1 2015 | +2.3% | — | — | |
| Q4 2014 | +2.7% | — | — | |
| Q3 2014 | -3.2% | — | — | |
| Q2 2014 | +1.1% | — | — | |
| Q1 2014 | -2.4% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | -5.3% | — | — | |
| Q2 2013 | +14.4% | — | — | |
| Q1 2013 | +14.4% | — | — | |
| Q4 2012 | -5.0% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | +1.2% | — | — | |
| Q1 2012 | +2.7% | — | — | |
| Q4 2011 | -10.3% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q2 2011 | -6.5% | — | — | |
| Q1 2011 | -6.5% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q3 2010 | +1.0% | — | — | |
| Q2 2010 | -5.9% | — | — | |
| Q1 2010 | +6.2% | — | — |
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