Franco-Nevada (FNV) Q3 2025 Earnings
Reported Nov 3, 2025 at 5:42 PM ET · SEC Source
Q3 25 EPS
$1.43
BEAT +3.91%
Est. $1.38
Q3 25 Revenue
$487.7M
BEAT +5.83%
Est. $460.8M
vs S&P Since Q3 25
+6.4%
BEATING MARKET
FNV +16.7% vs S&P +10.3%
Market Reaction
Did FNV Beat Earnings? Q3 2025 Results
Franco-Nevada delivered a strong third quarter, with earnings per share of $1.43 beating the $1.38 consensus estimate by 3.91% and revenue of $487.70 million clearing expectations by 5.83%, representing a striking 76.9% increase year-over-year. The p… Read more Franco-Nevada delivered a strong third quarter, with earnings per share of $1.43 beating the $1.38 consensus estimate by 3.91% and revenue of $487.70 million clearing expectations by 5.83%, representing a striking 76.9% increase year-over-year. The primary engine behind that surge was a combination of record gold prices averaging $3,456 per ounce, up 39.5% from a year ago, and a 26% rise in gold equivalent ounces sold to 138,772, with meaningful contributions from one-time Cobre Panama stockpile deliveries and newly acquired assets including the Côté Gold royalty and Western Limb stream. The company deployed over $2.10 billion in acquisitions during 2025 while ending the quarter entirely debt-free after repaying its revolver. Looking ahead, Franco-Nevada narrowed its 2025 total GEO sales guidance to 495,000-525,000 and raised its precious metal GEO outlook to 420,000-440,000, both reflecting performance above the midpoint of original ranges, with revised commodity assumptions including gold at $3,800 per ounce for the remainder of the year.
Key Takeaways
- • Record gold prices averaging $3,456/oz in Q3 2025, up 39.5% YoY
- • Deliveries from Cobre Panama copper concentrate stockpiles (11,208 GEOs)
- • Initial contributions from Côté Gold royalty (5,343 GEOs) and Western Limb stream (4,838 GEOs)
- • Strong performance at Guadalupe-Palmarejo with 13,227 GEOs vs 8,720 in Q3 2024
- • Higher natural gas prices boosting U.S. energy revenue
- • Vale royalty benefited from Southeastern System threshold being reached
- • Tocantinzinho achieved highest quarterly gold production since commercial production
FNV YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
FNV Revenue by Segment
With YoY comparisons, source: SEC Filings
FNV Revenue by Geography
With YoY comparisons, source: SEC Filings
“Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment.”
— Paul Brink, Q3 2025 Earnings Press Release
FNV Earnings Trends
FNV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FNV EPS Trend
Earnings per share: estimate vs actual
FNV Revenue Trend
Quarterly revenue: estimate vs actual
FNV Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.08 | $2.38 | +14.20% | $650.7M | +2.43% |
| Q4 25 BEAT FY | $1.67 | $1.90 | +13.91% | $597.3M | +12.11% |
| FY Full Year | — | $5.76 | — | $1.82B | — |
| Q3 25 BEAT | $1.38 | $1.43 | +3.91% | $487.7M | +5.83% |
| Q2 25 BEAT | $1.12 | $1.24 | +10.70% | $369.4M | -0.66% |