First Majestic Silver stock rises after record revenue, stronger cash flow, higher earnings, and dividend increase.
Stock Earnings Results
May 12, 2026
Table of Contents
May 12, 2026
First Majestic Silver Corp. (NYSE: AG) rose 7.87% after reporting first-quarter 2026 results with record revenue, stronger cash flow, higher earnings, and an increased quarterly dividend.
First Majestic Silver is a precious metals mining company focused on silver and gold production, with operations primarily tied to silver mining assets.
The company reported adjusted EPS of $0.31, below estimates of $0.33, representing a negative 6.1% earnings surprise. Revenue came in at $476.67 million, below estimates of $1.19 billion, but still increased 95.4% year-over-year.
First Majestic reported record quarterly revenue of $476.7 million, up 95% from $243.9 million in the prior-year quarter.
The company said growth was driven by higher realized silver and gold prices, even though it held back $63.6 million of silver and gold bullion from revenue during the quarter.
Operating cash flow before changes in working capital and taxes rose to $310.6 million, up from $110.0 million in Q1 2025.
Free cash flow increased to $223.5 million, compared with $43.5 million a year earlier, even after the company paid $95.5 million in cash income taxes.
First Majestic ended the quarter with $1.13 billion in treasury, up 20% from $937.7 million at the end of 2025.
That was the highest treasury position in the company’s history, giving the miner more flexibility for operations, dividends, inventory strategy, and future capital decisions.
Mine operating earnings reached a record $266.6 million, up from $63.8 million in the prior-year quarter.
EBITDA increased to $306.8 million from $98.8 million, while AISC margin improved to $52.24 per silver-equivalent ounce from $13.26 a year earlier. The company said operational efficiency helped revenue grow faster than costs, even as certain variable costs rose with silver prices.
First Majestic declared a first-quarter cash dividend of $0.0171 per common share.
The company said the dividend was nearly four times higher than the same period last year, reflecting stronger profitability and cash generation.
Investors are likely to watch whether First Majestic can maintain margin expansion while silver and gold prices remain elevated.
The key areas are:
First Majestic’s quarter shows how precious metals miners can reprice when higher metal prices flow through to revenue, cash flow, and margins.
The EPS and revenue comparisons versus estimates were not clean, but the year-over-year operating improvement was strong. Record revenue, record treasury, higher free cash flow, and a larger dividend gave investors a clearer reason to focus on the silver-price leverage story.
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