First Majestic Silver Delivers Record Q2 Revenue, Lifts 2026 Guidance, and Initiates Jerritt Canyon Restart
AG sits 95% above its 52-week low of $7.74.
Summary
First Majestic posted Q2 revenue of $415.5M and net earnings of $109.4M, raised 2026 production guidance, and announced a $75M restart of the Jerritt Canyon mine. The company declared a $0.0152 dividend and bought back $22.7M in shares.
Key Events · Earnings and Guidance · AG
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Record Q2 Revenue and Earnings
Revenue reached $415.5M, up 57% year-over-year, while net earnings came in at $109.4M, or $0.22 per share. Free cash flow totaled $194.6M after $46.8M in cash taxes.
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2026 Guidance Raised Across the Board
Silver production guidance was lifted 10% to 14.6–15.5 Moz, and gold guidance rose 7% to 128–135 koz. All-in sustaining cost guidance tightened to $27.69–$28.77 per ounce.
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Jerritt Canyon Restart Approved
A $75M restart plan was approved, targeting production in the second half of 2027. To fund this and other growth projects, the 2026 capex budget was raised to $318–$344M.
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Shareholder Returns: Dividend and Buybacks
A quarterly dividend of $0.0152 per share was declared, and 1.2M shares were repurchased for $22.7M during the quarter.
Analysis · AG · Energy & Transportation
A standout quarter saw revenue jump 57% to $415.5 million and net earnings more than double to $109.4 million, fueled by sharply higher silver and gold prices and robust operational execution. Reflecting that strength, full-year production guidance was raised by 10% for silver and 7% for gold, while the capital spending plan was increased by nearly 50% to fund the Jerritt Canyon restart and other growth initiatives. A $0.0152 dividend and $22.7 million in share buybacks signal management's confidence in the business's cash-generating power. With over $1.25 billion in treasury, the balance sheet provides ample firepower for both organic growth and shareholder returns.
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At the time of this filing, AG was trading at $15.13 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.5B. The 52-week trading range was $7.74 to $32.04. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.