Production and revenue surge as silver volumes climb
First Majestic Silver reported a sharp year over year turnaround in the fourth quarter of 2025, driven by record silver output, higher realized prices and contributions from the Los Gatos operation in Mexico. The miner said it produced 4.2 million ounces of silver in the quarter, up 77 percent from a year earlier, helping lift total production to 7.8 million silver equivalent ounces on an attributable basis.
Quarterly revenue reached a record 463.9 million dollars, a 169 percent increase from the same period in 2024. The company said roughly 60 percent of revenue came from silver. Management also noted that reported sales excluded silver and gold held in ending inventory, with a fair value of 45.3 million dollars.
The average realized silver price for the quarter rose materially, supporting cash generation and earnings. First Majestic reported record operating cash flow before working capital changes and taxes of 301.0 million dollars, equal to 0.61 dollars per share, compared with 62.4 million dollars, or 0.21 dollars per share, in the prior year period.
Earnings rebound and cash generation set new highs
Profitability improved across multiple measures. The company posted net earnings of 105.2 million dollars, or 0.17 dollars per share, reversing a net loss of 13.5 million dollars a year earlier. It also reported adjusted net earnings of 144.4 million dollars, or 0.30 dollars per share, after excluding a range of items described as non cash or non recurring.
EBITDA for the quarter was 338.8 million dollars, sharply higher than 62.0 million dollars in the fourth quarter of 2024. Free cash flow reached 250.4 million dollars, also a quarterly record, compared with 68.4 million dollars a year earlier.
The company said mine operating earnings rose to 237.8 million dollars in the quarter, supported by Los Gatos as well as improved performance at San Dimas and contributions from Santa Elena and La Encantada. Higher non cash depletion and depreciation partly offset the gain, reflecting increased production and the addition of Los Gatos to the asset base.
Los Gatos integration reshapes 2025 performance
For the full year, First Majestic reported record annual silver output of 15.4 million ounces, up 84 percent from 2024. Management attributed the increase primarily to the acquisition of Gatos Silver, completed on January 16, 2025, which added a 70 percent joint venture interest in the Los Gatos underground silver mine in Chihuahua. The company said the operation was integrated into its portfolio during 2025.
Total 2025 production reached 31.1 million silver equivalent ounces, and the company said it met or exceeded both its original and upwardly revised guidance issued in July 2025. The annual production mix included 15.4 million ounces of silver, 147,433 ounces of gold, 56.7 million pounds of zinc and 32.3 million pounds of lead.
Annual revenue climbed to 1.257 billion dollars, a 124 percent increase year over year. The company cited a higher average realized silver equivalent price of 41.52 dollars and a larger volume of payable metal sold as the main drivers. Record annual mine operating earnings were reported at 450.0 million dollars, while operating cash flow before working capital changes and taxes reached 667.2 million dollars, or 1.39 dollars per share.
Treasury grows, dividend set and governance changes noted
First Majestic ended 2025 with 937.7 million dollars in cash held in treasury, its largest year end balance on record. The company also reported cash and cash equivalents of 793.4 million dollars at year end, alongside restricted cash of 144.3 million dollars and working capital of 733.6 million dollars.
The board declared a cash dividend of 0.0083 dollars per common share for the fourth quarter of 2025, payable on or about March 16, 2026, to shareholders of record as of February 27, 2026. The company said it intends to raise its dividend framework beginning January 1, 2026, increasing the targeted payout ratio from 1 percent to 2 percent of net quarterly revenues, with the first payment under the updated level expected in June 2026.
Separately, First Majestic said director Daniel Muñiz Quintanilla resigned effective February 8, 2026. The company plans to discuss results and provide 2026 guidance during a conference call and webcast scheduled for February 19, 2026.
