Revenue reached $501.8M in 2026Q3 with gross margin of 55.1% and operating margin of 52.2%, both easing from cycle highs of 63.9% and 59.8% respectively, which may indicate early-stage margin normalization.
Alamos Gold Inc. (AGI) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 2.25B | 1.81B | 1.35B | 1.02B | 821.2M | 823.6M | 748.1M | 683.1M | 651.8M | 542.8M | 482.2M | 355.1M | 288.3M | 282.19M | 329.37M | 227.36M | 189.27M | 171.43M | 132.97M | 74.03M | 54.66M | 2.73M | 0 | 0 | 0 | 0 | 0 | 69.78K |
| Revenue Growth % | 40.47% | 34.57% | 31.62% | 24.61% | -0.29% | 10.09% | 9.52% | 4.8% | 20.08% | 12.57% | 35.79% | 23.17% | 2.17% | -14.33% | 44.87% | 20.13% | 10.41% | 28.92% | 79.63% | 35.44% | 1904.68% | - | - | - | - | - | -100% | - |
| Cost of Goods Sold | 906.54M | 828.09M | 751.1M | 637.7M | 608.9M | 534.1M | 475.5M | 521.4M | 639.4M | 456.8M | 429.3M | 384M | 318.5M | 154.84M | 137.26M | 88.45M | 76.14M | 58.2M | 58.96M | 45.97M | 29.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 45.69% | 55.77% | 62.32% | 74.15% | 64.85% | 63.56% | 76.33% | 98.1% | 84.16% | 89.03% | 108.14% | 110.48% | 54.87% | 41.67% | 38.9% | 40.23% | 33.95% | 44.34% | 62.1% | 53.12% | - | - | - | - | - | - | - |
| Gross Profit | 1.35B | 984.43M | 595.8M | 385.6M | 212.3M | 289.5M | 272.6M | 161.7M | 12.4M | 86M | 52.9M | -28.9M | -30.2M | 127.35M | 192.12M | 138.92M | 113.14M | 113.23M | 74.02M | 28.06M | 25.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 59.77% | 54.31% | 44.23% | 37.68% | 25.85% | 35.15% | 36.44% | 23.67% | 1.9% | 15.84% | 10.97% | -8.14% | -10.48% | 45.13% | 58.33% | 61.1% | 59.77% | 66.05% | 55.66% | 37.9% | 46.88% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 65.23% | 54.51% | 81.63% | -26.67% | 6.2% | 68.58% | 1204.03% | -85.58% | 62.57% | 283.05% | 4.3% | -123.71% | -33.71% | 38.3% | 22.79% | -0.08% | 52.97% | 163.81% | 9.49% | - | - | - | - | - | - | - | - |
| Operating Expenses | 68.15M | 177.28M | 33.9M | 67.5M | 100.8M | 274.6M | 45M | 35.7M | 35M | 30M | 31.6M | 463.7M | 118.5M | 32.7M | 28.3M | 32.68M | 33.08M | 40.78M | 34.32M | 20.47M | 18.07M | 8.88M | 3.45M | 1.44M | 454.06K | 883.7K | 300.14K | 744.94K |
| OpEx % of Revenue | - | 9.78% | 2.52% | 6.6% | 12.27% | 33.34% | 6.02% | 5.23% | 5.37% | 5.53% | 6.55% | 130.58% | 41.1% | 11.59% | 8.59% | 14.37% | 17.48% | 23.79% | 25.81% | 27.65% | 33.07% | 325.69% | - | - | - | - | - | 1067.54% |
| Selling, General & Admin | 68.15M | 94.28M | 64.3M | 49.3M | 44.2M | 35.6M | 31.3M | 29M | 24M | 23M | 26.5M | 24.9M | 25.9M | 25.14M | 21.81M | 23.14M | 25.49M | 12.28M | 9.4M | 7.15M | 5.77M | 6.2M | 3.36M | 1.38M | 428.61K | 821.21K | 258.36K | 103.78K |
| SG&A % of Revenue | - | 5.2% | 4.77% | 4.82% | 5.38% | 4.32% | 4.18% | 4.25% | 3.68% | 4.24% | 5.5% | 7.01% | 8.98% | 8.91% | 6.62% | 10.18% | 13.47% | 7.17% | 7.07% | 9.65% | 10.56% | 227.53% | - | - | - | - | - | 148.72% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 83M | -30.4M | 18.2M | 56.6M | 239M | 13.7M | 6.7M | 11M | 7M | 5.1M | 438.8M | 92.6M | 7.56M | 6.49M | 9.54M | 7.59M | 28.5M | 24.92M | 13.32M | 12.3M | 2.68M | 90.27K | 60.31K | 25.45K | 62.48K | 41.78K | 641.16K |
| Operating Income | 1.28B | 807.15M | 561.9M | 318.1M | 111.5M | 14.9M | 227.6M | 126M | -22.6M | 56M | 21.3M | -492.6M | -148.7M | 94.65M | 163.82M | 106.24M | 80.06M | 72.44M | 39.69M | 7.59M | 7.55M | -6.15M | -3.45M | -1.44M | -454.06K | -883.7K | -300.14K | -675.16K |
| Operating Margin % | 56.75% | 44.53% | 41.72% | 31.09% | 13.58% | 1.81% | 30.42% | 18.45% | -3.47% | 10.32% | 4.42% | -138.72% | -51.58% | 33.54% | 49.74% | 46.73% | 42.3% | 42.26% | 29.85% | 10.25% | 13.82% | -225.69% | - | - | - | - | - | -967.54% |
| Operating Income Growth % | - | 43.65% | 76.64% | 185.29% | 648.32% | -93.45% | 80.63% | 657.52% | -140.36% | 162.91% | 104.32% | -231.27% | -257.11% | -42.22% | 54.2% | 32.71% | 10.51% | 82.51% | 422.94% | 0.5% | 222.74% | -78.38% | -139.83% | -216.77% | 48.62% | -194.43% | 55.55% | - |
| EBITDA | 1.48B | 1.02B | 780.3M | 508.3M | 283M | 185.8M | 381.4M | 291M | 144M | 181.6M | 140.3M | -375.1M | -27.2M | 151.13M | 214.49M | 129.66M | 100.54M | 95.23M | 60.42M | 18.59M | 15.67M | -5.12M | -3.36M | -1.38M | -428.61K | -861.63K | -290.97K | -608.3K |
| EBITDA Margin % | 65.6% | 56.1% | 57.93% | 49.67% | 34.46% | 22.56% | 50.98% | 42.6% | 22.09% | 33.46% | 29.1% | -105.63% | -9.43% | 53.56% | 65.12% | 57.03% | 53.12% | 55.55% | 45.43% | 25.11% | 28.68% | -187.81% | - | - | - | - | - | -871.73% |
| EBITDA Growth % | 74.23% | 30.31% | 53.51% | 79.61% | 52.31% | -51.28% | 31.07% | 102.08% | -20.7% | 29.44% | 137.4% | -1279.04% | -118% | -29.54% | 65.43% | 28.96% | 5.58% | 57.62% | 224.99% | 18.6% | 406.11% | -52.43% | -143.78% | -221.51% | 50.26% | -196.13% | 52.17% | - |
| D&A (Non-Cash Add-back) | 199.42M | 209.7M | 218.4M | 190.2M | 171.5M | 170.9M | 153.8M | 165M | 166.6M | 125.6M | 119M | 117.5M | 121.5M | 56.49M | 50.68M | 23.42M | 20.49M | 22.78M | 20.72M | 11M | 8.12M | 1.03M | 90.27K | 60.31K | 25.45K | 22.07K | 9.17K | 66.85K |
| EBIT | 1.44B | 977.42M | 516.6M | 304M | 108.1M | 6.8M | 222.5M | 131.4M | -35.4M | 28.8M | 16.4M | -534.5M | -178.7M | 80.42M | 167.46M | 103.03M | 90.92M | 72.44M | 39.3M | 7.59M | 7.55M | -6.15M | -4.44M | -1.44M | -454.06K | -883.7K | -300.14K | -675.16K |
| Net Interest Income | 19.4M | 8.64M | 4.86M | -2.5M | -5.7M | -4.5M | -4.3M | -2.5M | -3M | -6.6M | -21.9M | -23.2M | -18.8M | 2.22M | 2.6M | 1.12M | 1.06M | 1.12M | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 21.56M | 9.03M | 12M | 7.8M | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 1M | 1.1M | 3.13M | 3.13M | 1.72M | 1.51M | 1.12M | 395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 396.67K | 7.14M | 10.3M | 5.7M | 4.5M | 4.3M | 2.5M | 3M | 6.6M | 24M | 24.2M | 19.9M | 912K | 536K | 598K | 451K | 0 | 275K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 205.21M | 286.29M | -59.7M | -24.4M | -9.1M | -12.6M | -9.4M | 2.9M | -15.8M | -33.8M | -28.9M | -66.1M | -49.9M | -15.14M | 3.11M | -3.8M | 10.41M | 5.8M | -672K | -1.22M | -4.45M | 6.15M | -1.73M | 0 | 0 | 0 | 300.14K | 675.16K |
| Pretax Income | 1.48B | 1.09B | 502.2M | 293.7M | 102.4M | 2.3M | 218.2M | 128.9M | -38.4M | 22.2M | -7.6M | -558.7M | -198.6M | 79.5M | 166.93M | 102.44M | 90.47M | 78.25M | 39.02M | 6.37M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 65.85% | 60.33% | 37.29% | 28.7% | 12.47% | 0.28% | 29.17% | 18.87% | -5.89% | 4.09% | -1.58% | -157.34% | -68.89% | 28.17% | 50.68% | 45.05% | 47.8% | 45.64% | 29.34% | 8.61% | 5.67% | - | - | - | - | - | - | - |
| Income Tax | 427.24M | 204.01M | 217.9M | 83.7M | 65.3M | 69M | 74M | 32.8M | 34.2M | -4.4M | 10.3M | -49.8M | -29M | 40.71M | 48.97M | 42.35M | 26.67M | 22.28M | 9.64M | 3.44M | 1.13M | 0 | 322.74K | 495.57K | -13.82K | 68.94K | 0 | 0 |
| Effective Tax Rate % | 28.79% | 18.66% | 43.39% | 28.5% | 63.77% | 3000% | 33.91% | 25.45% | -89.06% | -19.82% | -135.53% | 8.91% | 14.6% | 51.21% | 29.34% | 41.35% | 29.48% | 28.48% | 24.71% | 53.97% | 36.3% | - | - | - | - | - | - | - |
| Net Income | 1.06B | 889.42M | 284.3M | 210M | 37.1M | -66.7M | 144.2M | 96.1M | -72.6M | 26.6M | -17.9M | -508.9M | -169.6M | 38.79M | 117.96M | 60.08M | 63.8M | 55.96M | 29.38M | 2.93M | -4.01M | -9.45M | -3.77M | -1.93M | -440.24K | -952.64K | -292.05K | -675.16K |
| Net Margin % | 46.89% | 49.07% | 21.11% | 20.52% | 4.52% | -8.1% | 19.28% | 14.07% | -11.14% | 4.9% | -3.71% | -143.31% | -58.83% | 13.75% | 35.81% | 26.42% | 33.71% | 32.64% | 22.09% | 3.96% | -7.34% | -346.49% | - | - | - | - | - | -967.54% |
| Net Income Growth % | 97.35% | 212.85% | 35.38% | 466.04% | 155.62% | -146.26% | 50.05% | 232.37% | -372.93% | 248.6% | 96.48% | -200.06% | -537.2% | -67.11% | 96.33% | -5.82% | 14% | 90.48% | 901.28% | 173.11% | 57.52% | -150.42% | -95.06% | -339.28% | 53.79% | -226.19% | 56.74% | - |
| Net Income (Continuing) | 1.06B | 889.42M | 284.3M | 210M | 37.1M | -66.7M | 144.2M | 96.1M | -72.6M | 26.6M | -17.9M | -508.9M | -169.6M | 38.79M | 117.96M | 60.08M | 63.8M | 55.96M | 29.38M | 2.93M | 1.98M | -9.45M | -5.18M | -1.93M | -440.24K | -952.64K | -292.05K | -675.16K |
| 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 |
| Minority Interest | 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 |
| EPS (Diluted) | 2.51 | 2.10 | 0.69 | 0.53 | 0.09 | -0.17 | 0.37 | 0.25 | -0.19 | 0.09 | -0.07 | -2.62 | -0.02 | 0.30 | 0.98 | 0.51 | 0.55 | 0.51 | 0.30 | 0.03 | -0.05 | -0.12 | -0.06 | -0.05 | -0.04 | -0.23 | -0.07 | -0.00 |
| EPS Growth % | 95.94% | 204.35% | 30.19% | 486.93% | 153.12% | -145.95% | 48% | 231.58% | -311.11% | 233.33% | 97.42% | -15588.62% | -105.57% | -69.39% | 92.16% | -7.27% | 7.84% | 70% | 900% | 160.24% | 58.5% | -85.76% | -33.2% | -23.1% | 82.87% | -228.57% | - | - |
| EPS (Basic) | - | 2.10 | 0.70 | 0.53 | 0.09 | -0.17 | 0.37 | 0.25 | -0.19 | 0.09 | -0.07 | -2.62 | -0.02 | 0.30 | 0.98 | 0.51 | 0.55 | 0.52 | 0.31 | 0.03 | -0.05 | -0.12 | -0.06 | -0.05 | -0.04 | -0.23 | -0.07 | -0.00 |
| Diluted Shares Outstanding | 420.27M | 422.78M | 410.55M | 398.07M | 394.51M | 392.65M | 394.86M | 393.43M | 389.82M | 309.02M | 265.23M | 194.12M | 127.39M | 127.48M | 120.9M | 118.67M | 116.91M | 108.75M | 97.11M | 96.43M | 80.6M | 77.18M | 58.42M | 39.84M | 11.19M | 4.17M | 4.17M | 675.16M |
| Basic Shares Outstanding | 418.57M | 420.5M | 408.17M | 395.51M | 392.17M | 392.65M | 391.68M | 390.16M | 382.11M | 305.52M | 265.23M | 194.12M | 127.39M | 127.34M | 119.86M | 117.38M | 115.18M | 106.77M | 95.43M | 94.06M | 80.6M | 77.18M | 58.42M | 39.84M | 10.34M | 4.17M | 4.17M | 675.16M |
| Dividend Payout Ratio | - | 4.52% | 12.35% | 16.81% | 94.61% | - | 16.57% | 16.23% | - | 22.56% | - | - | - | 65.78% | 20.37% | 23.49% | 11.75% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AGI stock.
For fiscal year 2025, Alamos Gold Inc. (AGI) reported total revenue of $1.81B. This represents a 2597337.7% increase compared to $0.1M in 1999.
Alamos Gold Inc. (AGI) is profitable, generating $889.4M in net income for the fiscal year ending 2025 with a net profit margin of 49.1%.
Alamos Gold Inc. (AGI) reported an operating income of $807.1M, resulting in an operating profit margin of 44.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alamos Gold Inc. (AGI) generated $984.4M in gross profit for the year, representing a gross profit margin of 54.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gold price and margin normalization
Revenue Growth Decelerating From Peak Levels
Based on AGI's reported quarterly figures, revenue climbed from $332.6M in 2024Q2 to a peak of $588.4M in 2026Q1 before easing to $501.8M in 2026Q3, a year-over-year gain of 9.8%.
The sharp step-up across 2025 and early 2026 suggests a combination of higher realized gold prices and volume contributions, though the reported figures alone do not isolate which driver dominated. The 9.8% year-over-year growth in the latest quarter versus 32.1% in the prior quarter indicates growth is decelerating meaningfully, which investors should monitor for signs of production plateau or price-driven normalization.
Gross Margins Compressing From Cycle Highs
As reported in AGI's quarterly financials, gross margin peaked at 63.9% in 2026Q1 and eased to 55.1% by 2026Q3, still well above the 43.5% to 48.1% range seen in 2024.
The compression from roughly 64% to 55% within two quarters points to cost inflation or lower realized pricing, though the data does not allow separation of these effects. Even at the lower end of the recent range, margins remain structurally elevated versus the company's 2024 history, which suggests the earlier expansion was not purely a one-quarter anomaly. Investors should monitor whether margins stabilize or continue trending lower.
Operating Leverage Visible But Volatile
According to AGI's reported income statements, operating income rose from $138.8M in 2024Q2 to $346.0M in 2026Q2, with operating margin reaching 59.8% before falling to 52.2% in 2026Q3.
Operating income has grown faster than revenue over the period, indicating that fixed cost absorption has contributed meaningfully to earnings expansion. The sharp swings in SG&A, including a negative quarter in 2026Q2, make the operating line noisy and suggest the reported operating figures may contain timing or classification effects worth further review.
Net Income Distorted by Non-Operating Items
Based on AGI's reported figures, net income of $441.6M in 2025Q4 far exceeded operating income of $333.3M, implying a substantial non-operating or tax-related contribution in that period.
Net margin reached 75.6% in 2025Q4, a level that cannot be explained by operating performance alone and warrants further investigation into non-operating gains, tax items, or other one-time effects. Reported EPS of $1.03 in that quarter therefore appears inflated relative to the underlying operating run rate, and investors should treat the period's earnings with caution.
Peak Margins May Not Persist
Reported figures show AGI's operating margin falling from 59.8% to 52.2% over two quarters, a trajectory that short-sellers could argue reflects the early stages of cyclical margin normalization.
Bears would likely point to the gap between AGI's 52.2% operating margin and the 45.1% to 53.1% range of larger peers as evidence that current profitability is cycle-dependent rather than structural. The 9.8% year-over-year revenue growth in the latest quarter, down from prior levels, may also be read as an early warning that the growth tailwind is fading.