Revenue growth accelerated to 66.1% in 2026Q1, while gross margins expanded significantly from 33.5% in 2023Q4 to 66.4% due to successful asset integration.
| 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 |
|---|
| Sales/Revenue | 13.54B | 11.91B | 8.29B | 6.63B | 5.74B | 3.87B | 3.14B | 2.49B | 2.19B | 2.24B | 2.14B | 1.99B | 1.9B | 1.64B | 1.92B | 1.82B | 1.42B | 613.76M | 368.94M | 457.35M | 486.43M | 246.33M | 188.7M | 129.59M | 109.97M | 101.8M | 65.82M | 25.58M | 43.22M | 45.26M | 59.03M |
| Revenue Growth % | 51.71% | 43.71% | 25.03% | 15.43% | 48.36% | 23.31% | 25.78% | 13.86% | -2.29% | 4.88% | 7.7% | 4.67% | 15.77% | -14.56% | 5.26% | 28.07% | 131.77% | 66.36% | -19.33% | -5.98% | 97.47% | 30.54% | 45.61% | 17.85% | 8.03% | 54.65% | 157.28% | -40.8% | -4.51% | -23.33% | -8.9% |
| Cost of Goods Sold | 5.18B | 4.99B | 4.6B | 4.43B | 3.74B | 2.51B | 2.06B | 1.79B | 1.71B | 1.57B | 1.65B | 1.6B | 1.44B | 1.18B | 1.17B | 1.14B | 869.96M | 306.32M | 186.86M | 169.31M | 147.51M | 128.72M | 98.59M | 106.23M | 76.8M | 68.56M | 51.3M | 26.5M | 35.79M | 36.02M | 29.99M |
| COGS % of Revenue | - | 41.87% | 55.52% | 66.77% | 65.11% | 64.9% | 65.49% | 71.9% | 78.23% | 69.86% | 76.94% | 80.78% | 75.82% | 72.02% | 60.99% | 62.46% | 61.16% | 49.91% | 50.65% | 37.02% | 30.33% | 52.25% | 52.25% | 81.97% | 69.84% | 67.35% | 77.94% | 103.56% | 82.81% | 79.6% | 50.8% |
| Gross Profit | 8.36B | 6.92B | 3.69B | 2.2B | 2B | 1.36B | 1.08B | 701.13M | 476.93M | 676.02M | 493.18M | 381.53M | 458.58M | 458.43M | 748.14M | 683.94M | 552.56M | 307.44M | 182.08M | 288.04M | 338.92M | 117.62M | 90.11M | 23.36M | 33.17M | 33.23M | 14.52M | -912K | 7.43M | 9.23M | 29.04M |
| Gross Margin % | 61.76% | 58.13% | 44.48% | 33.23% | 34.89% | 35.1% | 34.51% | 28.1% | 21.77% | 30.14% | 23.06% | 19.22% | 24.18% | 27.98% | 39.01% | 37.54% | 38.84% | 50.09% | 49.35% | 62.98% | 69.67% | 47.75% | 47.75% | 18.03% | 30.16% | 32.65% | 22.06% | -3.56% | 17.19% | 20.4% | 49.2% |
| Gross Profit Growth % | - | 87.81% | 67.38% | 9.92% | 47.47% | 25.44% | 54.45% | 47.01% | -29.45% | 37.07% | 29.26% | -16.8% | 0.03% | -38.72% | 9.39% | 23.78% | 79.73% | 68.85% | -36.79% | -15.01% | 188.15% | 30.52% | 285.68% | -29.56% | -0.19% | 128.84% | 1692.43% | -112.28% | -19.55% | -68.2% | -55.18% |
| Operating Expenses | 658.7M | 593.91M | 536.17M | 507.24M | 560.24M | 301.65M | 260.82M | 234.28M | 284.07M | 257.73M | 253.82M | 209.33M | 182.99M | 161.74M | 232.59M | 240.1M | 143.21M | 177.44M | 123.36M | 91.43M | 81.55M | 54.37M | 32.21M | 30.6M | 22.29M | 23.51M | 16.66M | 17.56M | 12.21M | 14.9M | 20.58M |
| OpEx % of Revenue | - | 4.99% | 6.47% | 7.65% | 9.76% | 7.8% | 8.31% | 9.39% | 12.96% | 11.49% | 11.87% | 10.54% | 9.65% | 9.87% | 12.13% | 13.18% | 10.07% | 28.91% | 33.44% | 19.99% | 16.77% | 22.07% | 17.07% | 23.61% | 20.27% | 23.1% | 25.3% | 68.63% | 28.25% | 32.92% | 34.86% |
| Selling, General & Admin | 253.09M | 235.95M | 207.45M | 208.45M | 220.86M | 142M | 116.29M | 120.99M | 124.87M | 115.06M | 102.78M | 96.97M | 118.77M | 113.81M | 119.08M | 107.93M | 94.33M | 63.69M | 47.19M | 38.17M | 25.88M | 11.73M | 6.86M | 7.12M | 5.53M | 4.46M | 4.22M | 4.04M | 3.62M | 3.78M | 5.25M |
| SG&A % of Revenue | - | 1.98% | 2.5% | 3.15% | 3.85% | 3.67% | 3.71% | 4.85% | 5.7% | 5.13% | 4.81% | 4.88% | 6.26% | 6.95% | 6.21% | 5.92% | 6.63% | 10.38% | 12.79% | 8.35% | 5.32% | 4.76% | 3.64% | 5.49% | 5.03% | 4.38% | 6.42% | 15.81% | 8.37% | 8.35% | 8.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 357.96M | 328.72M | 298.79M | 339.38M | 159.64M | 144.53M | 113.3M | 159.2M | 142.67M | 151.04M | 112.36M | 64.22M | 47.93M | 113.5M | 132.17M | 48.88M | 113.75M | 76.17M | 53.26M | 55.67M | 42.64M | 25.35M | 23.48M | 16.76M | 19.05M | 12.43M | 13.51M | 8.59M | 11.12M | 15.32M |
| Operating Income | 7.7B | 6.33B | 3.15B | 1.69B | 1.44B | 1.06B | 822.04M | 466.85M | 192.86M | 418.29M | 239.36M | 172.2M | 275.59M | 296.69M | 515.55M | 443.84M | 409.35M | 130M | 58.72M | 196.61M | 257.37M | 63.25M | 57.9M | -7.24M | 10.88M | 9.72M | -2.13M | -18.47M | -4.78M | -5.67M | 8.46M |
| Operating Margin % | 56.9% | 53.14% | 38.01% | 25.57% | 25.13% | 27.31% | 26.2% | 18.71% | 8.8% | 18.65% | 11.19% | 8.67% | 14.53% | 18.11% | 26.88% | 24.36% | 28.78% | 21.18% | 15.92% | 42.99% | 52.91% | 25.68% | 30.68% | -5.58% | 9.89% | 9.55% | -3.24% | -72.2% | -11.06% | -12.52% | 14.34% |
| Operating Income Growth % | - | 100.92% | 85.85% | 17.45% | 36.55% | 28.55% | 76.08% | 142.06% | -53.89% | 74.75% | 39% | -37.52% | -7.11% | -42.45% | 16.16% | 8.43% | 214.88% | 121.39% | -70.13% | -23.61% | 306.92% | 9.23% | 900.19% | -166.52% | 11.86% | 555.93% | 88.45% | -286.32% | 15.6% | -166.92% | - |
| EBITDA | 9.35B | 7.97B | 4.66B | 3.19B | 2.54B | 1.79B | 1.45B | 1.01B | 746.8M | 927.03M | 852.52M | 780.81M | 709.22M | 610.58M | 787.42M | 705.62M | 601.84M | 202.46M | 94.85M | 224.37M | 282.62M | 96.32M | 84.46M | 15.65M | 27.72M | 28.97M | 10.1M | -8.79M | 1.42M | 1.33M | 19.99M |
| EBITDA Margin % | 69.07% | 66.96% | 56.28% | 48.08% | 44.2% | 46.38% | 46.31% | 40.6% | 34.08% | 41.34% | 39.87% | 39.33% | 37.39% | 37.27% | 41.06% | 38.73% | 42.31% | 32.99% | 25.71% | 49.06% | 58.1% | 39.1% | 44.76% | 12.07% | 25.2% | 28.46% | 15.34% | -34.37% | 3.29% | 2.94% | 33.87% |
| EBITDA Growth % | 76.05% | 70.97% | 46.36% | 25.57% | 41.38% | 23.52% | 43.46% | 35.63% | -19.44% | 8.74% | 9.18% | 10.09% | 16.15% | -22.46% | 11.59% | 17.24% | 197.26% | 113.45% | -57.72% | -20.61% | 193.41% | 14.05% | 439.76% | -43.55% | -4.32% | 186.85% | 214.83% | -718.86% | 6.84% | -93.35% | -73.77% |
| D&A (Non-Cash Add-back) | 1.65B | 1.65B | 1.51B | 1.49B | 1.09B | 738.13M | 631.1M | 546.06M | 553.93M | 508.74M | 613.16M | 608.61M | 433.63M | 313.89M | 271.86M | 261.78M | 192.49M | 72.46M | 36.13M | 27.76M | 25.25M | 33.08M | 26.55M | 22.88M | 16.84M | 19.24M | 12.23M | 9.68M | 6.2M | 7M | 11.53M |
| EBIT | 8.1B | 6.74B | 2.91B | 2.45B | 1.18B | 1.01B | 850.5M | 829.45M | -178.07M | 418.22M | 343.1M | 157.86M | 262.53M | -755.83M | 495.42M | -718.4M | 473.03M | 116.49M | 98.94M | 196.61M | 257.37M | 63.25M | 57.9M | -7.24M | 10.88M | 9.72M | -2.13M | -18.47M | -4.78M | -5.67M | 8.46M |
| Net Interest Income | -10.17M | 24.7M | -71.16M | -90.86M | -54.9M | -80.83M | -91.35M | -94.83M | -75.18M | -65.4M | -69.96M | -65.45M | -65.05M | -56.25M | -58.12M | -53.48M | -43.27M | 8.4M | 7.58M | 23.76M | 18.42M | -2.92M | -8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 74.73M | 52.59M | 17.3M | 8.1M | 9.43M | 3.9M | 5.12M | 6.84M | 9.72M | 10.94M | 0 | 0 | 0 | 0 | 0 | 0 | 8.04M | 17.59M | 10.13M | 27.34M | 21.24M | 5.18M | 711.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 84.9M | 27.89M | 88.46M | 98.96M | 64.33M | 84.74M | 96.47M | 101.68M | 84.9M | 76.35M | 69.96M | 65.45M | 65.05M | 56.25M | 58.12M | 53.48M | 51.3M | 9.19M | 2.55M | 3.58M | 2.83M | 8.1M | 8.91M | 12.69M | 5.19M | 13.95M | 11.43M | 8.71M | 3.68M | 176.06M | 7.88M |
| Other Income/Expense | 365.77M | 375.95M | -327.87M | 664.44M | -327.49M | -124M | -54.47M | 271.9M | -451.92M | -79M | 29.1M | -89.57M | -86.45M | -1.11B | -80.41M | -1.22B | 25.85M | -21.96M | 37.27M | -37.33M | 3.28M | -27.97M | -11.87M | -10.88M | -6.27M | -12.58M | -6.81M | -7.43M | -6.01M | -86.11M | -8.1M |
| Pretax Income | 8.07B | 6.7B | 2.82B | 2.36B | 1.12B | 932.72M | 767.57M | 738.74M | -259.05M | 339.29M | 268.46M | 82.63M | 189.14M | -818.29M | 435.14M | -778.63M | 435.2M | 108.04M | 95.99M | 159.28M | 260.64M | 35.28M | 46.03M | -18.11M | 4.61M | -2.86M | -8.94M | -25.9M | -10.79M | -91.77M | 365K |
| Pretax Margin % | 59.6% | 56.3% | 34.05% | 35.6% | 19.43% | 24.1% | 24.46% | 29.61% | -11.82% | 15.13% | 12.56% | 4.16% | 9.97% | -49.94% | 22.69% | -42.74% | 30.59% | 17.6% | 26.02% | 34.83% | 53.58% | 14.32% | 24.39% | -13.98% | 4.19% | -2.81% | -13.59% | -101.25% | -24.96% | -202.78% | 0.62% |
| Income Tax | 2.73B | 2.24B | 925.97M | 417.76M | 445.17M | 370.78M | 255.96M | 265.58M | 67.65M | 98.49M | 109.64M | 58.05M | 106.17M | -131.58M | 124.22M | -209.67M | 103.09M | 21.5M | 22.82M | 19.93M | 99.31M | -1.72M | -1.85M | -358K | 588K | 2.86M | -3.91M | -9.4M | -3.29M | -12.45M | 146K |
| Effective Tax Rate % | 33.79% | 33.45% | 32.82% | 17.71% | 39.91% | 39.75% | 33.35% | 35.95% | -26.11% | 29.03% | 40.84% | 70.25% | 56.13% | 16.08% | 28.55% | 26.93% | 23.69% | 19.9% | 23.78% | 12.51% | 38.1% | -4.86% | -4.01% | 1.98% | 12.75% | -100.21% | 43.68% | 36.28% | 30.54% | 13.57% | 40% |
| Net Income | 5.34B | 4.46B | 1.9B | 1.94B | 670.25M | 561.95M | 511.61M | 473.17M | -326.7M | 240.79M | 158.82M | 24.58M | 82.97M | -686.71M | 310.92M | -568.89M | 332.12M | 86.54M | 73.17M | 139.34M | 161.34M | 36.99M | 47.88M | -19.5M | 4.02M | -5.72M | -6.87M | -16.51M | -7.49M | -79.32M | 219K |
| Net Margin % | 39.46% | 37.47% | 22.88% | 29.29% | 11.67% | 14.52% | 16.3% | 18.97% | -14.91% | 10.74% | 7.43% | 1.24% | 4.37% | -41.91% | 16.21% | -31.23% | 23.35% | 14.1% | 19.83% | 30.47% | 33.17% | 15.02% | 25.37% | -15.05% | 3.66% | -5.62% | -10.43% | -64.52% | -17.34% | -175.27% | 0.37% |
| Net Income Growth % | 126.07% | 135.36% | -2.36% | 189.64% | 19.27% | 9.84% | 8.12% | 244.83% | -235.68% | 51.61% | 546.07% | -70.37% | 112.08% | -320.87% | 154.65% | -271.29% | 283.78% | 18.27% | -47.49% | -13.63% | 336.12% | -22.73% | 345.55% | -584.69% | 170.36% | 16.74% | 58.39% | -120.26% | 90.55% | -36320.55% | -98.4% |
| Net Income (Continuing) | 5.34B | 4.46B | 1.9B | 1.94B | 670.25M | 561.95M | 511.61M | 473.17M | -326.7M | 240.79M | 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 | -17.76M | 4.02M | -5.72M | -6.87M | -16.51M | -7.49M | -79.32M | 219K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.56M | 3.32M | 3.55M | 5.11M | 5.33M |
| EPS (Diluted) | 10.65 | 8.86 | 3.78 | 3.95 | 1.53 | 2.22 | 2.10 | 1.99 | -1.40 | 1.05 | 0.70 | 0.11 | 0.39 | -3.97 | 1.81 | -3.36 | 2.00 | 0.55 | 0.50 | 1.04 | 1.35 | 0.42 | 0.56 | -0.23 | 0.06 | -0.07 | -0.13 | -0.31 | -0.15 | -1.85 | 0.01 |
| EPS Growth % | 126.38% | 134.39% | -4.3% | 158.17% | -31.08% | 5.71% | 5.53% | 242.14% | -233.33% | 50% | 536.36% | -71.79% | 109.82% | -319.34% | 153.87% | -268% | 263.64% | 10% | -51.92% | -22.96% | 221.43% | -25% | 343.48% | -483.33% | 181.63% | 43.46% | 58.06% | -106.67% | 91.89% | - | -98.03% |
| EPS (Basic) | - | 8.89 | 3.79 | 3.97 | 1.53 | 2.23 | 2.12 | 2.00 | -1.40 | 1.06 | 0.71 | 0.11 | 0.43 | -3.97 | 1.82 | -3.36 | 2.05 | 0.55 | 0.51 | 1.05 | 1.40 | 0.42 | 0.56 | -0.23 | 0.06 | -0.09 | -0.13 | -0.31 | -0.15 | -1.85 | 0.01 |
| Diluted Shares Outstanding | 501.73M | 503.43M | 500.86M | 489.91M | 438.53M | 244.73M | 243.07M | 238.23M | 233.25M | 232.46M | 225.75M | 217.1M | 196.2M | 172.89M | 171.49M | 169.41M | 165.84M | 158.62M | 145.89M | 133.96M | 119.51M | 88.08M | 85.5M | 84.78M | 80.24M | 77.81M | 54.45M | 53.33M | 50.44M | 42.95M | 30.01M |
| Basic Shares Outstanding | 500.24M | 501.99M | 499.9M | 488.72M | 437.68M | 243.71M | 241.51M | 236.93M | 233.25M | 230.25M | 222.74M | 216.17M | 195.22M | 172.89M | 171.25M | 169.35M | 162.39M | 155.94M | 144.74M | 132.77M | 115.24M | 88.08M | 85.5M | 84.78M | 67.05M | 63.53M | 54.45M | 53.33M | 50.44M | 42.95M | 30.01M |
| Dividend Payout Ratio | - | 16.32% | 35.43% | 32.9% | 90.76% | 48.97% | 37.19% | 22.28% | - | 31.59% | 44.94% | 242.09% | 65.16% | - | 37.99% | - | 8.08% | 31.35% | 32.5% | 10.46% | 1.91% | 7.08% | 5.63% | - | 33.41% | - | - | - | - | - | 1666.21% |
Deep mining cost escalation
According to quarterly financial disclosures, AEM achieved a significant revenue acceleration to 66.1% in 2026Q1, largely reflecting the successful integration of major Canadian assets which has fundamentally shifted the company's production scale and top-line trajectory compared to the more modest growth rates observed in early 2024.
The sharp increase in revenue suggests that recent inorganic growth initiatives have successfully reached a critical mass, providing a larger base for gold production. Investors should monitor whether this growth rate can be sustained through organic exploration success or if it remains tethered to the initial step-change from recent acquisitions.
As reported in recent income statements, Agnico Eagle's gross margin expanded to 66.4% in 2026Q1, a notable improvement from the 33.5% level seen in 2023Q4, indicating that the company is effectively leveraging its high-grade ore profile and operational synergies to capture significant pricing power in the current market.
This margin expansion appears to be a direct result of consolidating high-quality assets within the Abitibi Gold Belt, which allows for superior processing efficiencies. The ability to maintain such high margins suggests that the company's technical expertise in underground mining is successfully offsetting the inflationary pressures typically seen in the sector.
Based on the provided income statement data, operating income has scaled aggressively to $2.6B in 2026Q1, demonstrating significant operating leverage as the company's overhead costs remain relatively contained while gross profit has surged, reflecting a highly efficient management of the expanded asset base following recent strategic consolidations.
The divergence between the growth in gross profit and the relatively stable SG&A expenses suggests that the company is achieving meaningful economies of scale. This operational efficiency appears to be a key differentiator, allowing the firm to convert a larger portion of its revenue into bottom-line earnings compared to its peers.
While current margins appear robust, historical data suggests that the reliance on ultra-deep mining at flagship sites like LaRonde may introduce latent cost pressures, as evidenced by the potential for escalating energy and cooling requirements that could eventually compress the company's industry-leading 62.4% operating margin over time.
Short-term profitability may mask the long-term technical challenges associated with mining at extreme depths, which are inherently more capital-intensive. Investors should remain cautious, as any degradation in ore grades or unexpected increases in sustaining capital expenditures could challenge the sustainability of these elevated margin levels.
Quick answers to the most common questions about buying AEM stock.
For fiscal year 2025, Agnico Eagle Mines Limited (AEM) reported total revenue of $11.91B. This represents a 20071.5% increase compared to $59.0M in 1996.
Agnico Eagle Mines Limited (AEM) is profitable, generating $4.46B in net income for the fiscal year ending 2025 with a net profit margin of 37.5%.
Agnico Eagle Mines Limited (AEM) reported an operating income of $6.33B, resulting in an operating profit margin of 53.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Agnico Eagle Mines Limited (AEM) generated $6.92B in gross profit for the year, representing a gross profit margin of 58.1%. This demonstrates the company's core pricing power and production efficiency.