Vancouver, British Columbia — February 19, 2026 — Leads & Copy —
First Majestic Silver Corp. has released its audited consolidated financial results for the fourth quarter and year ended December 31, 2025.
The Company’s financial statements and management’s discussion are available on First Majestic’s website, SEDAR+ and EDGAR. All figures are in U.S. dollars unless otherwise noted.
Fourth Quarter Highlights:
First Majestic reported record quarterly silver production of 4.2 million ounces in Q4 2025, a 77% increase year-over-year. The company also achieved record quarterly revenue of $463.9 million, a 169% increase compared to Q4 2024. Sixty percent of the revenue came from silver. The quarterly revenue excluded 463,156 oz of silver and 2,808 oz of gold held in inventory at the end of the quarter, valued at $45.3 million.
The company also reported record cash flow from operations of $301.0 million, or $0.61 per share, a significant increase from $62.4 million, or $0.21 per share, in Q4 2024. The company’s record EBITDA was $338.8 million, up from $62.0 million in Q4 2024.
Net earnings for the quarter totaled $105.2 million, or $0.17 per share, compared to a net loss of $13.5 million, or ($0.04) per share, in Q4 2024. The net earnings didn’t include $41.9 million in unrealized gains from marketable securities.
Adjusted net earnings were $144.4 million, or $0.30 per share, compared to $7.6 million, or $0.03 per share, in Q4 2024. Free cash flow for the quarter was $250.4 million, compared to $68.4 million in Q4 2024.
First Mint, LLC, a wholly-owned minting facility, generated record quarterly sales of $22.7 million, compared to $9.1 million in Q4 2024. The average realized silver price for Q4 2025 was $69.74 per ounce, representing a 127% increase compared to $30.76 per ounce in Q4 2024.
The company declared a cash dividend of $0.0083 per common share for Q4 2025 for shareholders of record as of February 27, 2026, payable on or about March 16, 2026.
2025 Highlights:
First Majestic met upwardly revised production guidance with full-year 2025 production of 31.1 million silver equivalent ounces, including 15.4 million ounces of silver. The company produced a record 15.4 million oz of silver in 2025, an 84% increase compared to 8.4 million ounces in 2024.
The company ended the year with a record $937.7 million cash in treasury. The company generated record revenue of $1,257.2 million in 2025, a 124% increase compared to $560.6 million in 2024.
First Mint’s total revenues for 2025 were a record $49.4 million, and operating earnings totaled $24.1 million, compared to $4.8 million in 2024.
On January 16, 2025, the company completed the acquisition of Gatos Silver, Inc., adding a 70% joint venture interest in the Los Gatos underground silver mine in Chihuahua, Mexico.
The Company also announces that effective February 8, 2026, Daniel Muñiz Quintanilla resigned as a director of the Company.
First Majestic will host a conference call and webcast on Thursday, February 19, 2026, at 8:30 a.m. (PT) / 11:30 a.m. (ET) to discuss the results and 2026 guidance.
First Majestic is focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine, and the La Encantada Silver Mine, as well as development and exploration assets, including the Jerritt Canyon Gold project in Nevada.
First Majestic also owns and operates First Mint, LLC, offering a portion of its silver production for sale to the public at www.firstmint.com.
The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0083 per common share for the fourth quarter of 2025. The dividend will be paid to holders of record of First Majestic’s common shares as of the close of business on February 27, 2026, and will be paid out on or about March 16, 2026.
In January 2026, the Company announced that it is increasing its dividend per common share from 1% to 2% of net quarterly revenues earned, effective from January 1, 2026, onwards. The first payment at this increased dividend level is expected to be made in June 2026 when the Company pays its dividend for Q1 2026 in respect of revenue earned from January 1, 2026, onwards.
Operational and Financial Results:
The company produced 7.8 million AgEq oz in the fourth quarter, a 37% increase compared to 5.7 million AgEq oz produced in the fourth quarter of 2024. Record quarterly revenue reached $463.9 million, representing a 169% increase compared to $172.3 million in the fourth quarter of 2024.
Record quarterly mine operating earnings were $237.8 million, an increase of $189.6 million compared to $48.2 million in the fourth quarter of 2024. Operating cash flow was a record $301.0 million, or $0.61 per share.
Attributable capital expenditures in the fourth quarter were $48.2 million, a 33% increase compared to $36.1 million in the fourth quarter of 2024.
Cash costs per attributable payable AgEq oz for the quarter were $16.66, a 21% increase when compared with $13.82 per oz in the fourth quarter of 2024. Consolidated AISC in the quarter was $23.48 per AgEq ounce, a 15% increase from $20.34 per AgEq ounce in the fourth quarter of 2024.
During the year, the Company recognized record mine operating earnings of $450.0 million, a significant increase compared to $91.9 million in 2024. Operating cash flow before changes in working capital and taxes in the year was a record $667.2 million or $1.39 per share, a significant increase compared to $138.6 million or $0.47 per share in 2024.
EBITDA for the year ended December 31, 2025, was a record $686.1 million, a significant improvement compared to $127.1 million in 2024.
Adjusted EBITDA normalized for non-cash or non-recurring items for the year ended December 31, 2025, was a record $679.1 million, a significant improvement compared to $143.8 million in 2024.
Net earnings for the year were $211.0 million (EPS of $0.34), representing a significant increase compared to a net loss of $101.9 million (EPS of ($0.34)) in 2024.
Adjusted net earnings for the year were a record $216.0 million (Adjusted EPS of $0.46), compared to an adjusted net loss of $41.8 million (Adjusted EPS of ($0.14)) in 2024.
The Company’s attributable capital expenditures in the year were $191.7 million ($212.8 million on a 100% basis), representing a 51% increase compared to $127.3 million in 2024
Cash costs per AgEq ounce for the year were $15.07, a 2% increase compared to $14.80 per ounce in 2024.
AISC per AgEq ounce in the year was $21.17, a slight increase compared to $21.11 in 2024.
Effective February 8, 2026, Daniel Muñiz Quintanilla resigned as a director of the Company.
The company will host a conference call and webcast on Thursday, February 19, 2026, at 8:30 a.m. (PT) / 11:30 a.m. (ET).
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public.
Source: First Majestic
