Franco-Nevada Corporation
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
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 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.
- 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
“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.”
Franco-Nevada CEO, on the earnings call
Forward Guidance & Outlook
Franco-Nevada narrowed its 2025 Total GEO sales guidance to 495,000-525,000 (from original 465,000-525,000) and raised Precious Metal GEO sales guidance to 420,000-440,000 (from original 385,000-425,000), both reflecting the higher end of original ranges. The company now expects to exceed its initial Precious Metal GEO sales guidance due to Cobre Panama deliveries and Côté Gold contributions not included in original guidance. Revised guidance assumes commodity prices for the remainder of 2025 of $3,800/oz gold, $47.50/oz silver, $1,450/oz platinum, $1,350/oz palladium, $100/tonne iron ore, $60/bbl WTI oil, and $3.00/mcf natural gas. Interest revenue from loans receivable is expected to be $13.0-$15.0 million for 2025. Depletion and depreciation expense is now anticipated at $300.0-$315.0 million (increased from prior estimates due to Côté Gold addition). Annual effective tax rate is expected at 19-22%. The company anticipates making the third pre-construction payment for Cascabel of $23.3 million in late 2025 and expects $3.0-$5.0 million to be deployed to the Continental Royalty Acquisition Venture in Q4 2025.
FNV YoY Financials
FNV Revenue by Segment
FNV Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.