Revenue growth accelerated to 91.1% in 2026Q1, while gross margins recovered to 55.3% from sub-20% levels observed in mid-2025.
| 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 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 |
|---|
| Sales/Revenue | 1.49B | 1.28B | 560.6M | 576.38M | 626.85M | 587.23M | 366.68M | 368.83M | 308.42M | 263.71M | 300.09M | 247.72M | 272.03M | 277.36M | 247.18M | 245.51M | 117.91M | 56.83M | 36.42M | 43.35M | 10.96M | 746.1K | 746.1K | 0 | 16 | 16 |
| Revenue Growth % | 112.29% | 128.18% | -2.74% | -8.05% | 6.75% | 60.15% | -0.59% | 19.59% | 16.96% | -12.12% | 21.14% | -8.94% | -1.92% | 12.21% | 0.68% | 108.23% | 107.46% | 56.04% | -15.97% | 295.46% | 1369.07% | 0% | - | -100% | 0% | - |
| Cost of Goods Sold | 846.08M | 833.91M | 368.37M | 550.74M | 610.1M | 485.81M | 261.62M | 300.98M | 322.43M | 247.73M | 250.89M | 238.99M | 241.86M | 185.04M | 122.97M | 66.79M | 59.58M | 38.78M | 30.26M | 27.25M | 3.4M | 1.01M | 1.33M | 861 | 0 | 0 |
| COGS % of Revenue | - | 65.19% | 65.71% | 95.55% | 97.33% | 82.73% | 71.35% | 81.6% | 104.54% | 93.94% | 83.6% | 96.48% | 88.91% | 66.72% | 49.75% | 27.2% | 50.53% | 68.23% | 83.08% | 62.88% | 31.02% | 135.73% | 178.02% | - | - | - |
| Gross Profit | 646.49M | 445.25M | 192.24M | 25.64M | 16.75M | 101.42M | 105.05M | 67.86M | -14.01M | 15.98M | 49.2M | 8.73M | 27.33M | 135.66M | 142.03M | 178.73M | 61.16M | 17.63M | 6.16M | 16.09M | 332.73K | -266.54K | -581.93K | -861 | 16 | 1.58K |
| Gross Margin % | 43.31% | 34.81% | 34.29% | 4.45% | 2.67% | 17.27% | 28.65% | 18.4% | -4.54% | 6.06% | 16.4% | 3.52% | 10.05% | 48.91% | 57.46% | 72.8% | 51.87% | 31.02% | 16.92% | 37.12% | 3.04% | -35.73% | -78% | - | 100% | 9566.08% |
| Gross Profit Growth % | - | 131.62% | 649.69% | 53.07% | -83.48% | -3.46% | 54.81% | 584.4% | -187.68% | -67.53% | 463.54% | -68.06% | -79.85% | -4.49% | -20.54% | 192.22% | 246.91% | 186.02% | -61.69% | 4736.25% | 224.83% | 54.2% | -67487.57% | -5322.83% | -98.95% | - |
| Operating Expenses | 81.96M | 89.19M | 195.99M | 204.43M | 55.95M | 52.22M | 64.7M | 99.84M | 30.3M | 86.97M | 20.96M | 129.14M | 24.81M | 112.97M | 35.46M | 38.27M | 15.33M | 13.35M | 9.23M | 20.45M | 5.79M | 2.1M | 1.86M | 1.25M | 40.67K | 40.67K |
| OpEx % of Revenue | - | 6.97% | 34.96% | 35.47% | 8.92% | 8.89% | 17.64% | 27.07% | 9.82% | 32.98% | 6.98% | 52.13% | 9.12% | 40.73% | 14.35% | 15.59% | 13% | 23.49% | 25.33% | 47.19% | 52.85% | 281.59% | 248.94% | - | 246722.42% | 246722.42% |
| Selling, General & Admin | 82.55M | 89.19M | 53.09M | 50.38M | 48.7M | 37.68M | 31.23M | 33.49M | 27.95M | 24.76M | 21.39M | 21.15M | 26.02M | 38.79M | 31.84M | 21.92M | 15.33M | 7.73M | 9.23M | 11.44M | 3.99M | 1.85M | 1.22M | 82.25K | 40.67K | 48.23K |
| SG&A % of Revenue | - | 6.97% | 9.47% | 8.74% | 7.77% | 6.42% | 8.52% | 9.08% | 9.06% | 9.39% | 7.13% | 8.54% | 9.56% | 13.99% | 12.88% | 8.93% | 13% | 13.59% | 25.33% | 26.39% | 36.41% | 247.89% | 163.85% | - | 246722.42% | 292587.45% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 142.9M | 154.05M | 7.24M | 14.53M | 33.47M | 66.36M | 2.35M | 62.22M | -433K | 107.99M | -1.21M | 74.17M | 3.61M | 16.36M | 0 | 5.63M | 0 | 9.02M | 1.8M | 251.44K | 634.83K | 1.17M | 0 | -7.56K |
| Operating Income | 564.53M | 356.06M | -3.75M | -178.78M | -39.19M | 49.2M | 40.36M | -31.99M | -249.27M | -71M | 28.25M | -120.41M | -92.99M | 22.69M | 106.57M | 139.83M | 45.83M | 4.28M | -3.06M | -6.08M | -5.8M | -3.2M | -1.22M | -372.77K | -40.66K | -94.24K |
| Operating Margin % | 37.82% | 27.84% | -0.67% | -31.02% | -6.25% | 8.38% | 11.01% | -8.67% | -80.82% | -26.92% | 9.41% | -48.61% | -34.18% | 8.18% | 43.11% | 56.95% | 38.87% | 7.53% | -8.41% | -14.03% | -52.96% | -428.87% | -163.97% | - | -246624% | -571654.87% |
| Operating Income Growth % | - | 9582.2% | 97.9% | -356.16% | -179.66% | 21.92% | 226.17% | 87.17% | -251.1% | -351.36% | 123.46% | -29.49% | -509.84% | -78.71% | -23.79% | 205.12% | 971.31% | 239.66% | 49.63% | -4.76% | -81.42% | -161.56% | -228.18% | -816.86% | 56.86% | - |
| EBITDA | 828.9M | 636.78M | 124.86M | -52.61M | 98.22M | 167.49M | 96.64M | 35.23M | -4.25M | 10.86M | 108.45M | -49.81M | 45.82M | 66.61M | 133.02M | 155.56M | 55.94M | 10.25M | 2.12M | 2.72M | -3.07M | -1.41M | -908.02K | -371.9K | -20.49K | -40.66K |
| EBITDA Margin % | 55.54% | 49.78% | 22.27% | -9.13% | 15.67% | 28.52% | 26.36% | 9.55% | -1.38% | 4.12% | 36.14% | -20.11% | 16.84% | 24.01% | 53.82% | 63.36% | 47.44% | 18.03% | 5.83% | 6.28% | -28.04% | -188.58% | -121.7% | - | -124272.78% | -246619.3% |
| EBITDA Growth % | 289.07% | 409.99% | 337.31% | -153.57% | -41.36% | 73.31% | 174.28% | 928.65% | -139.16% | -89.99% | 317.75% | -208.69% | -31.2% | -49.93% | -14.49% | 178.11% | 445.77% | 382.44% | -21.99% | 188.6% | -118.46% | -54.95% | -144.15% | -1715.34% | 49.61% | - |
| D&A (Non-Cash Add-back) | 264.37M | 280.72M | 128.62M | 126.17M | 137.41M | 118.28M | 56.28M | 67.22M | 245.01M | 81.85M | 80.21M | 70.6M | 138.81M | 43.92M | 26.45M | 15.73M | 10.11M | 5.97M | 5.19M | 8.8M | 2.73M | 1.79M | 315.33K | 861 | 20.17K | 0 |
| EBIT | 559.88M | 356.06M | -10.49M | -180.67M | -48.46M | 37.8M | 41.8M | -27M | -193.31M | -75.09M | 26.22M | -112.59M | -70.91M | 28.3M | 113.28M | 138.8M | 43.48M | 4.95M | -4.61M | -4.72M | -7.19M | -5.66M | -3.03M | -1.31M | -40.66K | -40.66K |
| Net Interest Income | -1.19M | -106.84K | -9.71M | -11.45M | -10.17M | -15.98M | -11M | -5.82M | -6.85M | -1.51M | -3.1M | -3.85M | -5.79M | -1.65M | -1.79M | -604.37K | -727K | -927.49K | -155.55K | 190.72K | 0 | -122.04K | 0 | 0 | 0 | 0 |
| Interest Income | 18.29M | 14.95M | 4.99M | 3.8M | 2.26M | 1.07M | 1.07M | 6.49M | 3.5M | 1.41M | 180.8K | 853K | 475.82K | 822K | 499K | 622.83K | 0 | 1.08M | 956.45K | 1.38M | 0 | -1 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.48M | 15.06M | 14.7M | 15.25M | 12.43M | 17.04M | 12.07M | 12.31M | 10.36M | 2.92M | 3.28M | 4.68M | 6.27M | 2.47M | 2.29M | 1.23M | 727K | 2M | 1.11M | 1.19M | 257.33K | 122.03K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 43.12M | 45.88M | -22.7M | -17.13M | -22.21M | -23.95M | -10.63M | -7.04M | -13.78M | -4.3M | -2.75M | -5.84M | 11.25M | 3.5M | 1.86M | -2.29M | 2.21M | -1.34M | -2.74M | -1.53M | -2.58M | -2.58M | -588.21K | -833.17K | -20.17K | 40.66K |
| Pretax Income | 607.65M | 401.94M | -26.45M | -195.91M | -61.4M | 25.25M | 29.73M | -39.02M | -263.05M | -75.3M | 25.49M | -126.25M | -80.94M | 26.19M | 110.99M | 137.54M | 47M | 2.94M | -5.8M | -5.9M | -5.78M | -3.96M | -1.27M | -678.27K | -60.83K | -130.92K |
| Pretax Margin % | 40.71% | 31.42% | -4.72% | -33.99% | -9.8% | 4.3% | 8.11% | -10.58% | -85.29% | -28.55% | 8.49% | -50.97% | -29.75% | 9.44% | 44.9% | 56.02% | 39.87% | 5.18% | -15.94% | -13.62% | -52.73% | -531.39% | -169.96% | - | -368976% | -794183.09% |
| Income Tax | 255.85M | 187.27M | 75.43M | -60.8M | 52.87M | 30.17M | 6.64M | 1.45M | -58.88M | -22.03M | 16.89M | -17.83M | -19.49M | 64.42M | 22.09M | 33.96M | 10.91M | -3.08M | -1.58M | 1.4M | -183.9K | 1.42M | 65.17K | 14.99K | 20.17K | 73.37K |
| Effective Tax Rate % | 42.11% | 46.59% | -285.14% | 31.04% | -86.11% | 119.5% | 22.34% | -3.72% | 22.38% | 29.25% | 66.26% | 14.12% | 24.08% | 245.96% | 19.9% | 24.69% | 23.2% | -104.88% | 27.17% | -23.69% | 3.18% | -35.92% | -5.14% | -2.21% | -33.16% | -56.04% |
| Net Income | 294.29M | 167.81M | -101.89M | -135.11M | -114.28M | -4.92M | 23.09M | -40.47M | -204.16M | -53.27M | 8.6M | -108.42M | -61.45M | -38.23M | 88.9M | 103.57M | 36.1M | 6.03M | -4.23M | -7.3M | -5.09M | -3.03M | -1.24M | -387.75K | -60.83K | -85.58K |
| Net Margin % | 19.72% | 13.12% | -18.17% | -23.44% | -18.23% | -0.84% | 6.3% | -10.97% | -66.2% | -20.2% | 2.87% | -43.77% | -22.59% | -13.78% | 35.97% | 42.19% | 30.62% | 10.6% | -11.61% | -16.84% | -46.39% | -405.69% | -166.71% | - | -368976% | -519126.96% |
| Net Income Growth % | 458.53% | 264.71% | 24.59% | -18.23% | -2221.27% | -121.32% | 157.04% | 80.18% | -283.25% | -719.37% | 107.93% | -76.45% | -60.72% | -143.01% | -14.17% | 186.92% | 499.02% | 242.55% | 42.1% | -43.57% | -68% | -143.35% | -220.78% | -537.47% | 28.92% | - |
| Net Income (Continuing) | 351.8M | 214.67M | -101.89M | -135.11M | -114.28M | -4.92M | 23.09M | -40.47M | -204.16M | -53.27M | 8.6M | -108.42M | -61.45M | -38.23M | 88.9M | 103.57M | 35.13M | 6.03M | -4.23M | -7.3M | -7.14M | -5.6M | -3.03M | -1.21M | -60.83K | -60.83K |
| 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 |
| Minority Interest | 423.49M | 411.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.59 | 0.35 | -0.34 | -0.49 | -0.43 | -0.02 | 0.11 | -0.20 | -1.11 | -0.32 | 0.05 | -0.84 | -0.52 | -0.33 | 0.79 | 0.96 | 0.36 | 0.07 | -0.06 | -0.13 | -0.15 | -0.14 | -0.11 | -0.07 | -0.02 | -0.03 |
| EPS Growth % | 295.94% | 202.94% | 30.61% | -13.95% | -2039.3% | -118.27% | 155% | 81.98% | -246.88% | -740% | 105.95% | -61.54% | -57.58% | -141.77% | -17.71% | 166.67% | 438.12% | 213.01% | 54.46% | 13.33% | -7.14% | -27.27% | -63.93% | -297.04% | 41.12% | - |
| EPS (Basic) | - | 0.35 | -0.34 | -0.49 | -0.43 | -0.02 | 0.11 | -0.20 | -1.11 | -0.32 | 0.05 | -0.84 | -0.52 | -0.33 | 0.80 | 1.00 | 0.38 | 0.08 | -0.06 | -0.13 | -0.15 | -0.14 | -0.11 | -0.07 | -0.02 | -0.03 |
| Diluted Shares Outstanding | 501.77M | 484.56M | 295.54M | 282.33M | 263.12M | 244.75M | 215.88M | 201.62M | 183.65M | 165.29M | 164.26M | 129.12M | 117.44M | 116.94M | 112.86M | 107.37M | 98.86M | 85.91M | 71.4M | 56.72M | 35.02M | 22.26M | 10.83M | 5.78M | 3.59M | 2.98M |
| Basic Shares Outstanding | 492.88M | 479.58M | 295.54M | 282.33M | 263.12M | 244.75M | 213.88M | 201.62M | 183.65M | 165.29M | 160.87M | 129.12M | 117.44M | 115.85M | 110.78M | 103.28M | 93.59M | 83.39M | 71.4M | 56.72M | 35.02M | 22.26M | 10.83M | 5.78M | 3.59M | 2.98M |
| Dividend Payout Ratio | - | 5.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and Tax Exposure
As reported in recent financial statements, First Majestic achieved a significant revenue acceleration, with quarterly growth reaching 91.1% in 2026Q1, largely fueled by aggressive asset acquisitions and favorable metal price appreciation that have fundamentally altered the company's top-line trajectory compared to previous fiscal periods.
The rapid expansion in revenue appears to be a function of inorganic growth rather than organic production increases, which warrants caution regarding the sustainability of these rates. Investors should monitor whether the current revenue base can be maintained without further capital-intensive acquisitions, especially given the historical volatility in production volumes.
Based on the provided income statement data, the company's gross margin expanded to 55.3% in 2026Q1, reflecting a notable recovery from the sub-20% levels observed in mid-2025, suggesting that recent operational adjustments and price environments are finally yielding improved profitability per ounce of metal produced.
This margin improvement indicates that the company is successfully navigating inflationary pressures in its Mexican operations, though the volatility in prior quarters suggests that these gains may be sensitive to input cost spikes. The shift in the silver-to-gold production ratio likely plays a role in this margin profile, requiring ongoing scrutiny of the underlying metal mix.
According to the latest quarterly filings, operating income has scaled significantly to $232.7 million, demonstrating that the company is successfully leveraging its fixed-cost base as revenue expands, a trend that contrasts sharply with the negative operating margins recorded as recently as the first half of 2024.
The ability to convert revenue growth into operating profit suggests that corporate overhead remains relatively contained despite the complexity of managing multiple mining assets. However, the sustainability of this operating leverage depends heavily on the company's ability to keep AISC under control amidst persistent inflationary headwinds in the mining sector.
As indicated by the income statement, net income has reached $126.3 million in 2026Q1, though investors should note that the quality of these earnings is influenced by the cessation of stock-based compensation expenses and the variable impact of non-operating items across the reported ten-quarter period.
The transition from net losses in 2024 to consistent profitability in recent quarters appears to be supported by both operational improvements and the absence of certain historical charges. Analysts should remain wary of potential tax-related volatility, given the ongoing disputes with the Mexican government that could impact future bottom-line results.
While recent performance shows strong growth, the company's reliance on specific high-grade assets and the persistent threat of regulatory intervention in Mexico, as noted in recent filings, suggest that the current profitability levels may be vulnerable to sudden, exogenous shocks that are not fully captured in current valuations.
Short-sellers may focus on the potential for margin compression if the silver-to-gold ratio shifts unfavorably or if the company faces further operational setbacks similar to the Jerritt Canyon suspension. The reliance on a single asset for a disproportionate share of cash flow creates a concentration risk that could lead to significant volatility in future earnings reports.
Quick answers to the most common questions about buying AG stock.
For fiscal year 2025, First Majestic Silver Corp. (AG) reported total revenue of $1.28B. This represents a 7994776175.0% increase compared to $0.0M in 2001.
First Majestic Silver Corp. (AG) is profitable, generating $167.8M in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
First Majestic Silver Corp. (AG) reported an operating income of $356.1M, resulting in an operating profit margin of 27.8%. This margin reflects the operational efficiency of the business before interest and taxes.
First Majestic Silver Corp. (AG) generated $445.3M in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.