Franco-Nevada Corporation Earnings Recaps
Q1 2026
May 15, 2026
Franco-Nevada reported broadly in line first-quarter results with a modest 0.3% stock increase reflecting no clear market surprise from record revenue and income driven by higher commodity prices and recent acquisitions. Despite favorable commodity trends, the market appears cautious on sustainability into upcoming quarters.
Key takeaways
- Revenue increased 77% year-over-year, supported by higher gold and silver prices and contributions from four new acquisitions.
- Adjusted EBITDA rose 84%, and adjusted net income was up 123%, reflecting strong operating leverage.
- Total gold equivalent ounces (GEOs) sold increased 8% to 136,353; precious metal GEOs grew 17% to 117,980.
- Commodity prices were a key driver, with gold up 70%, silver and platinum up 165% and 128%, respectively, during the quarter.
- Oil price gains from geopolitical conflict are expected to boost energy revenues in Q2, but these benefits were not fully reflected in Q1 results.
Q3 2025
Nov 6, 2025
Franco-Nevada Corporation reported another record quarter, driven by soaring gold prices, strong contributions from new acquisitions, and a significant volume of GEOs sold.
Key takeaways
- Total GEOs sold increased 26% YoY to 138,772, with precious metal GEOs up 41%.
- Revenue skyrocketed 77% YoY, reaching $487.7 million, driven primarily by high gold prices.
- Adjusted EBITDA rose by 81% YoY to a record $427.3 million, reflecting operational strength and margin stability.
- Recent acquisitions, including interests in Porcupine and Côté, are set to enhance long-term growth and production capacity.
- Positive developments at Cobre Panama signal potential for further revenue growth as the project may come back online.