NYSE$FNV
Franco-Nevada Corp · Q3 2025 earnings
Q3 2025 earnings · · After market close · Investor relations
Briefing
Franco-Nevada record Q3 revenue $487.7M (+77% YoY) on gold prices, Cobre Panama deliveries and new royalties
Franco-Nevada reported record Q3 2025 revenue of $487.7 million, up 77% from $275.7 million a year ago, driven by record gold prices, Cobre Panama concentrate deliveries, and contributions from recently acquired precious-metal assets. The royalty company sold 138,772 GEOs (+26% YoY) including 11,208 GEOs from Cobre Panama. Net income reached a record $287.5 million ($1.49 per share, +89% YoY) and adjusted net income was $275.0 million ($1.43 per share). Adjusted EBITDA hit a record $427.3 million ($2.22 per share) and operating cash flow was $348.0 million (+63%). Management narrowed full-year GEO sales guidance toward the upper end of its prior range and noted the company is again debt-free after repaying its revolver following the Arthur Gold acquisition.
- Record Q3 revenue $487.7M (+77% YoY); 138,772 GEOs sold (+26%)
- Net income $287.5M ($1.49 EPS); adjusted net income $275.0M ($1.43 EPS)
- Adjusted EBITDA $427.3M ($2.22/share); operating cash flow $348.0M
- 85% of revenue from precious metals; Cobre Panama contributed 11,208 GEOs
- Full-year GEO sales guidance narrowed toward upper end of prior range
Headline financials
Revenue & EPS history
FNV · Revenue · Quarterly
$488M
Revenue by segment
FNV · $242M total across 8 segments · Q3 2023
- Gold$140M—58.0%
- Oil$38.2M—15.8%
- Silver$23.4M—9.7%
- Iron Ore$12.8M—5.3%
- Gas$9.9M—4.1%
- PGM$9.7M—4.0%
- NGL$4.6M—1.9%
- Other Mining Assets$3.2M—1.3%
Forward guidance
Management narrowed 2025 GEO sales guidance toward the upper end of the prior 385,000–420,000 range, with precious-metal GEOs trending toward ~312,000 and total GEOs toward ~377,000.
Tailwinds
- Record gold prices and six new gold royalty acquisitions over 18 months boost long-term growth
- Debt-free balance sheet after revolver repayment following Arthur Gold deal
Headwinds
- Cobre Panama concentrate sales are non-recurring as stockpiles are drawn down
- Higher receivables partially offset strong operating cash flow
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 Q3 2025
+0.7%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+0.3%
Avg return
30 days after
57%
30 / 53 earnings
Positive
+8.7%
Q2 2015
Best reaction
-9.2%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +1.2% | -7.5% | -12.9% | |
| Q3 2025 | -1.6% | +2.3% | +8.0% | |
| Q2 2025 | +2.5% | +3.4% | +15.8% | |
| Q1 2025 | +0.2% | -7.2% | -1.8% | |
| Q2 2024 | -5.6% | -1.7% | +0.9% | |
| Q4 2023 | +0.0% | +5.1% | +8.8% | |
| Q3 2023 | -2.0% | -3.8% | -11.5% | |
| Q2 2023 | +0.7% | +3.0% | +1.2% | |
| Q1 2023 | +1.8% | +3.1% | -3.0% | |
| Q4 2022 | -0.1% | +5.6% | +14.1% | |
| Q3 2022 | +5.6% | +11.6% | +12.5% | |
| Q2 2022 | -0.8% | +0.4% | -4.4% | |
| Q1 2022 | -0.3% | -7.0% | -5.6% | |
| Q4 2021 | -0.9% | -5.2% | +2.8% | |
| Q3 2021 | -0.1% | +1.2% | -6.3% | |
| Q2 2021 | +1.4% | +0.4% | -7.3% | |
| Q1 2021 | +2.9% | +4.4% | +7.2% | |
| Q4 2020 | +6.3% | +9.8% | +21.0% | |
| Q3 2020 | +6.2% | +0.9% | -7.5% | |
| Q2 2020 | -4.0% | -6.3% | -10.6% | |
| Q1 2020 | -0.8% | -3.2% | -11.6% | |
| Q4 2019 | -9.2% | -26.1% | -11.6% | |
| Q3 2019 | +2.4% | +3.6% | +3.1% | |
| Q2 2019 | +5.0% | +4.3% | +6.9% | |
| Q1 2019 | +2.6% | +6.6% | +8.9% | |
| Q4 2018 | -2.0% | +0.4% | -5.9% | |
| Q3 2018 | +0.5% | -0.4% | +8.8% | |
| Q2 2018 | +1.4% | -0.1% | -14.3% | |
| Q1 2018 | -0.2% | -2.3% | -5.1% | |
| Q4 2017 | -5.2% | -3.8% | -5.0% | |
| Q3 2017 | +4.9% | +5.5% | -1.8% | |
| Q2 2017 | +3.8% | +7.0% | +16.7% | |
| Q1 2017 | +2.8% | +5.4% | +10.6% | |
| Q4 2016 | -0.9% | +1.3% | +5.4% | |
| Q3 2016 | -3.3% | -15.1% | -15.7% | |
| Q2 2016 | +2.8% | +0.9% | -1.4% | |
| Q1 2016 | +0.7% | — | — | |
| Q4 2015 | +6.0% | — | — | |
| Q3 2015 | +1.5% | — | — | |
| Q2 2015 | +8.7% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q4 2014 | -2.4% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | +5.5% | — | — | |
| Q1 2013 | +1.8% | — | — | |
| Q2 2012 | -1.3% | — | — | |
| Q2 2011 | -1.3% | — | — | |
| Q4 2011 | -1.3% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | +3.7% | — | — | |
| Q3 2010 | +0.6% | — | — | |
| Q2 2010 | -3.7% | — | — | |
| Q1 2010 | +1.8% | — | — |
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