First Majestic Silver Posts Record $1.26B Revenue, 4.2M Ounce Q4 Production
First Majestic Silver reported Q4 production of 4.2M pure silver ounces and 15M ounces for 2025, generating record $1.26B revenue and $83.1M net income (17¢ EPS; 30¢ adj). Q4 realized silver prices averaged near $59, free cash flow surged, and shares have risen 36% YTD.
1. Q4 Production and Pricing
First Majestic Silver produced 4.2 million pure silver ounces in Q4 2025, bringing full-year output to just over 15 million ounces. On a silver-equivalent basis, the company delivered just above 31 million ounces, exceeding its revised guidance as metal prices outperformed.
2. Revenue and Net Income
The company generated $463.9 million in Q4 revenue, contributing to a record $1.26 billion in 2025 sales. Q4 net income totaled $83.1 million (17¢ per share), while adjusted earnings reached 30¢, and full-year net income stood at $164.9 million (34¢ per share).
3. Free Cash Flow and Cost Guidance
Free cash flow surged in Q4 due to disciplined operations, higher metal prices, and cost containment, enhancing capital allocation flexibility. All-in sustaining costs missed guidance by about $1 per silver-equivalent ounce due to byproduct conversion effects, which trimmed reported output by 1.0–1.4 million ounces.
4. Outlook and Share Performance
Management outlined 2026 targets including plant expansions, an expanded dividend framework, and updates on the Jerritt Canyon asset. Shares have climbed 36% year to date, reflecting investor confidence in the company’s growth trajectory.