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Operating cash flow exceeded net income with an OCF/NI ratio of 1.34 in 2026Q2, and free cash flow surged to $1.3B with a 34.9% FCF margin, supporting increased shareholder returns of $590.3M in dividends and buybacks.
Agnico Eagle Mines Limited (AEM) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 7.34B | 6.82B | 3.96B | 2.6B | 2.1B | 1.35B | 1.19B | 881.69M | 605.65M | 767.56M | 778.62M | 616.24M | 668.32M | 481.04M | 696.01M | 667.18M | 487.51M | 115.11M | 121.17M | 245.52M | 226.25M | 82.98M | 49.52M | 4.25M | 13.11M | -4.18M | 2.59M | -2.9M | 3.36M | -2.45M | 9.27M |
| Operating CF Margin % | - | 57.25% | 47.8% | 39.26% | 36.52% | 34.77% | 37.99% | 35.34% | 27.64% | 34.23% | 36.41% | 31.04% | 35.23% | 29.36% | 36.29% | 36.62% | 34.27% | 18.75% | 32.84% | 53.68% | 46.51% | 33.69% | 26.24% | 3.28% | 11.92% | -4.11% | 3.93% | -11.35% | 7.77% | -5.41% | 15.7% |
| Operating CF Growth % | 191.09% | 72.11% | 52.25% | 24.08% | 55.85% | 12.86% | 35.2% | 45.58% | -21.09% | -1.42% | 26.35% | -7.79% | 38.93% | -30.89% | 4.32% | 36.86% | 323.53% | -5.01% | -50.65% | 8.52% | 172.66% | 67.55% | 1064.47% | -67.56% | 413.76% | -261.54% | 189.11% | -186.42% | 237.21% | -126.42% | -70.4% |
| Net Income | 5.83B | 4.46B | 1.9B | 1.94B | 670.25M | 561.95M | 511.61M | 473.17M | -326.7M | 243.89M | 158.82M | 24.58M | 82.97M | -686.71M | 310.92M | -568.96M | 332.12M | 86.54M | 73.17M | 139.34M | 161.34M | 36.99M | 47.88M | -19.5M | 4.02M | -5.72M | -6.87M | -14.65M | -7.43M | -79.32M | 219K |
| Depreciation & Amortization | 1.68B | 1.65B | 1.51B | 1.55B | 1.09B | 738.13M | 631.1M | 546.06M | 553.93M | 508.74M | 613.16M | 608.61M | 433.63M | 287.13M | 271.86M | 261.78M | 192.49M | 72.46M | 36.13M | 27.76M | 25.25M | 33.08M | 26.55M | 22.88M | 16.84M | 19.24M | 10.41M | 9.68M | 11.63M | 11.96M | 11.53M |
| Stock-Based Compensation | 45.78M | 97.55M | 77.4M | 80.6M | 48.57M | 57.8M | 54.49M | 54.26M | 50.66M | 43.67M | 33.8M | 35.82M | 38M | 41.2M | 47.63M | 48.15M | 41.63M | 28.75M | 16.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 308.72M | 162.16M | 213.84M | 52.04M | 168.1M | 187.3M | 75.76M | 152.59M | -29.38M | 10.86M | 7.52M | 6.03M | 37.06M | -183.98M | 72.14M | -275.77M | 66.93M | 20.31M | 16.68M | 16.38M | 81.99M | -2.78M | 2.54M | 1.09M | 1.18M | 3.15M | 2.62M | -9.08M | -3.88M | -12.94M | 0 |
| Other Non-Cash Items | -107.44M | -353.64M | 179.96M | -772M | 133.5M | 78.86M | -60.81M | -359.12M | 397.03M | 32.22M | -99.12M | -15.02M | 32.74M | 1.08B | 13.92M | 1.23B | -43.81M | 24.48M | -23.86M | 55.28M | -31.19M | 8.06M | 885.63K | -524K | -1.68M | -4.25M | -333K | -4.05M | 968K | 70.09M | -2.48M |
| Working Capital Changes | -404.49M | 804.3M | 80.02M | -253.02M | -18.47M | -278.73M | -20.08M | 14.73M | -39.89M | -71.81M | 64.43M | -43.79M | 43.92M | -57.21M | -20.46M | -30.27M | -101.85M | -117.43M | 2.99M | 6.76M | -11.14M | 7.63M | -28.33M | 302K | -7.25M | -16.6M | -3.25M | 15.21M | 2.07M | 7.76M | 0 |
| Change in Receivables | 0 | 0 | 0 | 7.59M | 12.11M | -1.68M | -3.55M | 1.74M | 1.95M | -3.81M | -471K | 52.02M | 17.24M | 450K | 8.15M | 37.05M | -19.38M | -47.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -143.25M | -160.74M | -208.3M | -172.27M | -46.24M | -185.09M | -82.95M | -91.44M | -52.32M | -64.89M | 20.36M | -40.55M | -1.35M | -23.23M | -44.15M | -43.07M | -91.31M | -90.77M | -45.9M | -1.19M | -2.49M | 2.55M | -9.88M | -3.56M | -863K | -2.55M | 677K | 14.31M | 711K | 9.23M | 0 |
| Change in Payables | 227.43M | 122.64M | 36.73M | 2.83M | 59.46M | -75K | -5.52M | 84.84M | 29.03M | 44.69M | -35.41M | 20.46M | -3.39M | -12.7M | -20.93M | 0 | 0 | 21.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.25B | -2.6B | -2.01B | -2.76B | -710.46M | -1.26B | -808.81M | -873.88M | -1.2B | -1B | -553.49M | -374.52M | -851.62M | -687.22M | -376.16M | -760.48M | -523.31M | -587.61M | -917.55M | -373.1M | -299.72M | -66.54M | -94.83M | -105.91M | -66.61M | -36.56M | -69.69M | -68.98M | -44.83M | -39.94M | -41.23M |
| Capital Expenditures | -2.84B | -2.56B | -1.83B | -1.7B | -1.54B | -917.68M | -759.34M | -882.66M | -1.09B | -874.15M | -516.05M | -449.76M | -475.41M | -620.54M | -445.55M | -482.83M | -511.64M | -657.17M | -908.85M | -523.79M | -149.19M | -70.27M | -53.32M | -42.04M | -64.84M | -36.28M | -68.39M | -68.91M | -43.35M | -36.58M | -39.62M |
| CapEx % of Revenue | 19.69% | 21.46% | 22.14% | 25.59% | 26.79% | 23.72% | 24.2% | 35.38% | 49.7% | 38.98% | 24.13% | 22.65% | 25.06% | 37.87% | 23.23% | 26.5% | 35.97% | 107.07% | 246.34% | 114.53% | 30.67% | 28.53% | 28.25% | 32.44% | 58.96% | 35.64% | 103.9% | 269.37% | 100.3% | 80.83% | 67.12% |
| Acquisitions | 953.75K | 0 | 0 | -1.02B | 838.73M | -181.59M | 0 | 3.78M | -162.48M | -71.99M | -12.43M | -12.98M | -400.03M | -10.05M | -9.36M | -163.05M | 0 | 0 | 0 | 84.21M | -62.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -289.56M | 1.61M | 10.15M | 58.54M | 36.41M | -112.8M | 936K | -85.83K | 36.43M | -24K | -130.97K | 48M | 7.41M | -3.08M | 10.05M | -32.66M | -2.51M | 31.85M | -17.82M | -17.1M | 0 | 8.17M | -5.62M | -2.55M | 0 | 0 | -1.3M | -69K | -1.49M | -3.36M | -2.77M |
| Cash from Financing | -2.2B | -2.29B | -1.36B | -163.96M | -914.85M | -297.24M | -302.82M | 10.61M | 274.1M | 329.17M | 190.39M | -280.76M | 229.24M | 48.73M | -202.61M | 178.82M | -25.98M | 559.82M | 558.07M | 130.73M | 298.58M | 11.69M | 21.17M | 5.44M | 185.32M | 48.57M | 58.37M | 18M | 57.43M | 36.58M | 16.34M |
| Debt Issued (Net) | -413.59M | -986.04M | -747.32M | 451.37M | -258.7M | -25.02M | -175.87M | -15.45M | 346.62M | 164.34M | 59.62M | -234.74M | 265.52M | 170.32M | -105.61M | 256.91M | -69.45M | 523.21M | 183.82M | -3.42M | 0 | 0 | 0 | 0 | -8.42M | -37.5M | 52.5M | 12.06M | -4.26M | 0 | 0 |
| Equity Issued (Net) | -985.85M | -564.78M | -132.34M | -17.06M | -109.95M | -16.22M | 13.87M | 15.51M | 13.76M | 224.9M | 29.03M | 9.41M | 10.43M | 15.67M | 32.74M | 26.54M | 84.66M | 68.52M | 376.26M | 144.14M | 301.75M | 14.24M | 23.91M | 8.14M | 193.78M | 87.42M | 5.14M | 7.02M | 65.44M | 43.02M | 19.99M |
| Dividends Paid | -774.4M | -728.08M | -671.65M | -638.64M | -608.31M | -275.16M | -190.25M | -105.41M | -83.96M | -76.08M | -71.38M | -59.51M | -54.06M | -126.27M | -118.12M | -98.35M | -27.81M | -27.13M | -23.78M | -13.41M | -3.17M | -2.52M | -2.48M | -2.43M | -1.34M | -1.11M | -1.06M | -1.07M | -840K | -3.43M | -3.65M |
| Share Repurchases | -1.08B | -682.89M | -169.36M | -47M | -109.95M | -34.61M | 0 | 0 | -30.06M | -24.68M | -15.58M | -11.9M | -7.52M | -19M | -12.03M | -3.72M | -4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -388K | -5.11M | 0 |
| Other Financing | -25.1M | -8.24M | 194.99M | 40.38M | 62.11M | 19.15M | 49.44M | 115.96M | -2.31M | 16.01M | 173.11M | 4.08M | 7.35M | -10.99M | -11.61M | -6.27M | -13.37M | -4.78M | 21.76M | 3.42M | 0 | -29K | -253K | -271K | 1.3M | -235K | 1.8M | 0 | -2.91M | -3.01M | 0 |
| Net Change in Cash | 1.89B | 1.94B | 587.78M | -319.98M | 472.84M | -216.74M | 80.63M | 20.07M | -331.15M | 93M | 415.82M | -53.39M | 38.44M | -158.97M | 118.62M | 83.89M | -64.72M | 91.9M | -246.41M | 26.22M | 227.42M | 28.15M | -23.93M | -96M | 131.75M | 7.27M | -8.68M | -53.67M | 15.96M | -6.09M | -15.62M |
| Free Cash Flow | 4.5B | 4.26B | 2.13B | 947.43M | 558.4M | 398.31M | 432.71M | -972K | -483.45M | -106.6M | 262.57M | 166.48M | 192.91M | -139.49M | 250.46M | 180.63M | -24.13M | -542.07M | -787.68M | -278.27M | 77.07M | 12.71M | -3.79M | -37.79M | -51.72M | -40.46M | -67.05M | -71.82M | -40.05M | -39.03M | -30.36M |
| FCF Margin % | 31.2% | 35.79% | 25.67% | 14.3% | 9.73% | 10.29% | 13.79% | -0.04% | -22.06% | -4.75% | 12.28% | 8.39% | 10.17% | -8.51% | 13.06% | 9.92% | -1.7% | -88.32% | -213.5% | -60.84% | 15.84% | 5.16% | -2.01% | -29.16% | -47.03% | -39.74% | -101.87% | -280.72% | -92.68% | -86.24% | -51.42% |
| FCF Growth % | 44.94% | 100.41% | 124.46% | 69.67% | 40.19% | -7.95% | 44617.7% | 99.8% | -353.53% | -140.6% | 57.72% | -13.7% | 238.3% | -155.7% | 38.66% | 848.45% | 95.55% | 31.18% | -183.06% | -461.08% | 506.35% | 435.09% | 89.96% | 26.95% | -27.85% | 39.66% | 6.63% | -79.31% | -2.61% | -28.58% | -140.7% |
| FCF per Share | 8.95 | 8.47 | 4.25 | 1.93 | 1.27 | 1.63 | 1.78 | -0.00 | -2.07 | -0.46 | 1.16 | 0.77 | 0.98 | -0.81 | 1.46 | 1.07 | -0.15 | -3.42 | -5.40 | -2.08 | 0.64 | 0.14 | -0.04 | -0.45 | -0.64 | -0.52 | -1.23 | -1.35 | -0.79 | -0.91 | -1.01 |
| FCF Conversion (FCF/Net Income) | 0.77x | 1.53x | 2.09x | 1.34x | 3.13x | 2.39x | 2.33x | 1.86x | -1.85x | 3.19x | 4.90x | 25.07x | 8.06x | -0.70x | 2.24x | -1.17x | 1.47x | 1.33x | 1.66x | 1.76x | 1.40x | 2.24x | 1.03x | -0.22x | 3.26x | 0.73x | -0.38x | 0.18x | -0.45x | 0.03x | 42.32x |
| Interest Paid | 9.02M | 46.88M | 103.69M | 104.84M | 67.51M | 85.11M | 95.12M | 101.52M | 91.08M | 78.89M | 71.4M | 69.41M | 67.63M | 58.15M | 52.21M | 52.83M | 41.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.35B | 1.18B | 474.03M | 290.52M | 316.74M | 246.08M | 110.85M | 90.69M | 106.57M | 127.92M | 105.18M | 81.11M | 51.3M | 56.48M | 56.96M | 110.89M | 25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AEM stock.
Agnico Eagle Mines Limited (AEM) generated $6.82B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agnico Eagle Mines Limited (AEM) generated $4.26B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Agnico Eagle Mines Limited (AEM) spent $2.56B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Agnico Eagle Mines Limited (AEM) returned $728.1M to shareholders via cash dividends and spent $682.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Gold price volatility exposure
Cash Conversion Strengthens with Gold Rally
AEM's operating cash flow exceeded net income in most quarters, with OCF/NI reaching 1.34 in 2026Q2, indicating high earnings quality, as per the latest quarterly data.
The OCF/NI ratio has consistently remained above 1.0 except for 2026Q1 (0.79), where a significant working capital outflow of $885.5M temporarily depressed cash generation. This suggests that earnings are largely cash-backed, with non-cash charges like D&A providing a buffer. The 2026Q1 dip appears to be a timing issue rather than a structural deterioration, as subsequent quarters rebounded strongly.
Free Cash Flow Scales with Gold Prices
FCF surged from $389.9M in 2024Q1 to $1.3B in 2026Q2, with FCF margin expanding from 21.3% to 34.9%, as reported in the quarterly cash flow statements.
The FCF trajectory is sharply upward, driven by both higher gold prices and disciplined cost control. FCF margins have more than doubled from 21.3% in 2024Q1 to 34.9% in 2026Q2, indicating significant operating leverage. This growth is consistent with the income statement's revenue acceleration and margin expansion, suggesting that cash generation is keeping pace with reported profitability.
Capital Intensity Rises to Sustain Growth
CapEx as a percentage of revenue increased from 21.2% in 2024Q1 to 21.4% in 2026Q2, with quarterly CapEx nearly doubling to $793.9M, based on the cash flow data.
Capital expenditures have grown substantially in absolute terms, from $387.6M in 2024Q1 to $793.9M in 2026Q2, reflecting investment in mine development and expansion. The CapEx/Revenue ratio has remained relatively stable around 20%, indicating that capital intensity is consistent with the company's growth phase. This suggests that AEM is reinvesting a significant portion of its cash flow to maintain and expand its asset base, which is typical for a gold miner.
Working Capital Swings Reflect Gold Price Timing
Working capital changes swung from -$885.5M in 2026Q1 to +$27.1M in 2026Q2, indicating volatility in cash flow timing, as per the quarterly data.
The working capital line has been highly variable, with a large outflow in 2026Q1 and a positive contribution in 2025Q2 ($534.5M). This volatility likely stems from changes in gold receivables and inventory levels, which can be influenced by shipment timing and price fluctuations. Investors should monitor these swings as they can temporarily distort quarterly cash flow comparisons, but the overall trend appears manageable.
Shareholder Returns Accelerate with Cash Flow
Dividends and buybacks totaled $590.3M in 2026Q2, up from $182.6M in 2024Q1, reflecting increased capital returns, as reported in the cash flow statement.
AEM has been steadily increasing both dividends and share repurchases, with buybacks growing from $26.0M in 2024Q1 to $388.7M in 2026Q2. This indicates confidence in sustained cash generation and a commitment to returning capital to shareholders. The combined payout ratio (dividends plus buybacks) relative to FCF was approximately 45% in 2026Q2, leaving ample room for reinvestment and debt reduction.
Gold Price Dependency Could Reverse Gains
AEM's cash flow is highly sensitive to gold prices, with FCF margin expanding from 21.3% to 34.9% in two years, but a price correction could compress margins sharply.
The dramatic improvement in cash flow metrics is largely attributable to the rising gold price environment. If gold prices were to decline, both revenue and cash flow would likely contract, potentially reversing the recent gains. The company's high capital intensity and working capital volatility could amplify the impact, making cash flow more vulnerable to commodity price swings. Investors should monitor gold price trends as a key risk to the sustainability of current cash flow levels.