First Majestic Q2 2026 Showcases Strong Cash Flow and Dividend Growth
Jul 30, 2026, 7:10 AM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting
Solid top-line growth, margin expansion, and a stronger balance sheet reduce risk and raise cash-flow visibility. The new dividend policy and ongoing buyback improve per-share value, while Los Gatos JV economics underpin future cash flow potential. Similar past mine M&A/earnings releases with strong FCF have historically attracted multiple expansion in silver equities.
AI summary
What happened, with direct paths to the underlying reporting
First Majestic reported robust Q2 2026 results, with revenue up 57% to $415.5 million and net earnings of $109.4 million, driven by higher silver and gold prices and better production. The treasury swelled to $1.253 billion, and free cash flow reached $194.6 million, supporting a new quarterly dividend and ongoing share repurchases. These dynamics underpin a potential near-term re-rating as cash generation and liquidity improve the company’s optionality.
Q2 2026 revenue $415.5M, up 57% YoY; silver contributes ~60%.
Net earnings $109.4M; EPS $0.22; adjusted EPS $0.21.
Free cash flow $194.6M; treasury $1,252.7M; working capital $876.0M.
Dividend declared $0.0152/ share; Aug 31, 2026 payment; ~2% of net revenues.
Share repurchase: 1.2M shares canceled for US$22.7M; CAD$26.18 average.
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