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Franco-Nevada

Franco-Nevada (FNV) Q4 2025 Earnings

Reported Mar 10, 2026 at 5:29 PM ET · SEC Source

Q4 25 EPS

$1.90

BEAT +13.91%

Est. $1.67

Q4 25 Revenue

$597.3M

BEAT +12.11%

Est. $532.8M

vs S&P Since Q4 25

-28.3%

TRAILING MARKET

FNV -18.2% vs S&P +10.1%

Full Year 2025 Results

FY 25 EPS

$5.76

FY 25 Revenue

$1.82B

Market Reaction

Did FNV Beat Earnings? Q4 2025 Results

Franco-Nevada delivered a standout fourth quarter, posting earnings of $1.90 per share against a consensus estimate of $1.67, a beat of 13.91%, while revenue of $597.30 million topped expectations by 12.11% and surged 86.1% year-over-year. The primar… Read more Franco-Nevada delivered a standout fourth quarter, posting earnings of $1.90 per share against a consensus estimate of $1.67, a beat of 13.91%, while revenue of $597.30 million topped expectations by 12.11% and surged 86.1% year-over-year. The primary engine behind those figures was a powerful rally in precious metal prices, with gold averaging $4,145 per ounce in the quarter, up 55.7% from a year earlier, and silver climbing 75.0% to $54.83 per ounce; precious metals accounted for 90% of Q4 revenue and helped push adjusted EBITDA margins to 90.6% for the quarter. The results capped a full-year revenue figure of $1.82 billion, a 64% increase, with diluted EPS of $5.76 compared to $2.87 in 2024. Institutional interest in the royalty and streaming model has remained firm, with ownership hovering near 77%. Looking ahead, Franco-Nevada guides 2026 Total GEOs of 510,000 to 570,000, with a five-year target of 555,000 to 615,000 GEOs by 2030, assuming key project starts including Cascabel and Eskay Creek, and notably excluding any contribution from Cobre Panamá. Peer gold producers have similarly benefited from the favorable pricing environment this cycle.

Key Takeaways

  • • Record gold prices averaging $4,145/oz in Q4 2025, up 55.7% YoY
  • • Record silver prices averaging $54.83/oz in Q4 2025, up 75.0% YoY
  • • Strong production from Antamina with higher silver grades and timing of shipments
  • • Contributions from recently acquired Côté Gold, Western Limb, and Porcupine assets
  • • Strong production from South Arturo open pit
  • • Higher production from Guadalupe-Palmarejo with greater proportion from stream ground
  • • Precious metals accounted for 90% of Q4 2025 revenue
  • • Full-year gain on sale of gold and silver bullion of $54.3 million
  • • Full-year interest revenue of $14.2 million from precious metals segment
24/7 Wall St

FNV YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

FNV Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
24/7 Wall St

FNV Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We achieved the top end of our revised 2025 GEO guidance range thanks to a strong fourth quarter. The record increase in our annual cash flow allowed us to announce a 16% dividend increase in January this year. 2025 joined 2024 as two of our best-ever years for capital deployment. That success has continued post year-end and we have announced four further attractive acquisitions, all of which add additional optionality and create real value for shareholders rather than simply adding scale. Our 2026 guidance and the five-year outlook point to a strong growth foundation and the tremendous amount of exploration capital expected to be spent by operators on projects in our deep royalty portfolio is set to provide powerful additional organic growth. A restart of Cobre Panama would add significant further growth, and the Panamanian Government's willingness to approve the processing of stockpiles is a positive step in that direction. With the industry's largest portfolio of gold royalties, no debt and $3.1 billion in available capital we are uniquely positioned to continue to create shareholder value.”

— Paul Brink, Q4 2025 Earnings Press Release

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