First Majestic Silver Corp. reported audited fourth‑quarter and full‑year 2025 results that set new company records. Revenue rose 169% to $463.9 million in Q4 and 124% to $1.257 billion for the year, driven by higher silver output and stronger realized prices. Net earnings swung from a $13.5 million loss in Q4 2024 to $105.2 million in Q4 2025, while full‑year net earnings reached $211.0 million, a turnaround from a $101.9 million loss in 2024. Operating cash flow climbed $238.6 million year‑over‑year to $301.0 million, and free cash flow hit a record $250.4 million. Cash and cash equivalents at year‑end totaled $793.4 million, with a total treasury position of $937.7 million, reflecting a substantial liquidity build‑up.
The company’s earnings per share fell short of consensus expectations. GAAP EPS of $0.17 missed the $0.27 estimate, while adjusted EPS of $0.30 beat the $0.23–$0.27 range, underscoring the impact of one‑time items on the GAAP figure. Revenue also missed the FactSet estimate of $560.4 million, indicating that the record growth was driven more by volume than by pricing power. Despite the revenue miss, the company’s gross margin of 26.86% and operating margin of 17.1% improved, reflecting efficient cost management and favorable commodity prices.
Revenue growth was largely attributable to production gains at the Los Gatos, San Dimas, and Santa Elena mines, as well as the integration of the Gatos Silver acquisition. The acquisition added significant throughput and helped lift output, while higher realized silver prices amplified top‑line gains. Operating leverage and disciplined cost control contributed to margin expansion, even as the company invested in capacity and infrastructure.
CEO Keith Neumeyer described 2025 as a transformational year, citing record output and the Gatos acquisition. He highlighted operational excellence, cost reductions, and a focus on share buybacks as key drivers of the turnaround. Management emphasized continued investment in production and a commitment to maintaining strong cash flow generation.
The market reacted positively to the results, with analysts noting the record financials and the strategic impact of the Gatos acquisition. The strong cash position and improved profitability reinforced confidence in First Majestic’s ability to sustain growth and potentially return value to shareholders.
First Majestic’s record cash balance and robust free cash flow position it well for future capital allocation, including potential share buybacks and strategic investments. The company’s trajectory toward becoming the world’s largest primary silver producer is reinforced by the 2025 results, which demonstrate both operational scale and financial discipline. Investors will likely view the earnings release as a significant update to the company’s long‑term outlook.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.