Franco-Nevada Q4 Earnings Beat Estimates, Revenues Surge 86% Y/Y

Core Insights - Franco-Nevada Corporation (FNV) reported adjusted earnings of $1.85 per share in Q4 2025, exceeding the Zacks Consensus Estimate of $1.68, with a year-over-year increase of 95% [1][8] - The company generated revenues of $597 million in Q4 2025, reflecting an 86.1% year-over-year surge, driven by record gold and silver prices and strong production from Antamina and South Arturo [2][8] - Adjusted EBITDA rose 95.1% year over year to $541 million, with an adjusted EBITDA margin of 90.6% compared to 86.4% in the prior year [3] Financial Performance - For the full year 2025, FNV reported adjusted earnings per share of $5.58, up from $3.21 in 2024, surpassing the Zacks Consensus Estimate of $5.31 [5] - Revenues for 2025 surged 64% year over year to a record $1.82 billion, exceeding the Zacks Consensus Estimate of $1.67 billion [5] - At the end of 2025, FNV had $0.67 billion in cash, down from $1.45 billion at the end of 2024, with an operating cash flow of $1.49 billion, up from $0.83 billion in 2024 [4] Production and Guidance - FNV sold 127,959 Gold Equivalent Ounces (GEOs) in Q4 2025, a 34% increase from the prior year [3][8] - The company expects total GEOs between 510,000 and 570,000 for 2026, indicating a 4% increase at the midpoint from 2025, driven by contributions from Cote Gold, Porcupine, and Valentine Gold [6] Stock Performance - FNV's shares have increased by 81.7% over the past year, compared to the industry's growth of 139.2% [7]