Agnico Eagle posts record Q2 free cash flow, guides 2026 to the low end

Agnico Eagle reported revenues from mining operations of US$3,802.8 million for the quarter ended June 30, 2026, up from US$2,816.1 million a year earlier, net income of US$1,600.5 million or US$3.19 per share, and record free cash flow (management's non-GAAP measure) of US$1,335 million [1][2]. Payable gold production of 855,816 ounces was just below the 866,029 ounces of a year earlier, while the realized price rose to US$4,483 an ounce from US$3,288 [1][2].

Costs rose with the price. Total cash costs per ounce were US$1,054 against US$925 a year earlier, and all-in sustaining costs US$1,459 against US$1,281 [1]. The company returned US$625 million to shareholders in the quarter through its US$0.45 dividend and the repurchase of 2,235,947 shares at an average of US$178.86, and ended the period with US$3,464 million of cash and a net cash position of US$3,267 million [1].

The operating news was at Canadian Malartic. A rock mass movement of about one million tonnes occurred on the north wall of the Barnat open pit on July 1, 2026; the company expects it to reduce second-half production by 60,000 to 80,000 ounces and now guides full-year output to the lower end of its 3.3 million to 3.5 million ounce range, with 2026 capital expenditures of US$2.6 billion to US$2.8 billion [1].

For a U.S. holder, the quarter is the producer's trade in one line: the price rose faster than costs and the margin widened, but costs are still rising and the ounces still answer to the ground.