First Majestic Silver Corp. reported its third‑quarter 2025 results on November 5, 2025, delivering record quarterly revenue of $285.1 million, driven by a 56 % share of silver sales and 3.9 million silver ounces produced—a 95 % year‑over‑year increase in revenue and a 96 % jump in production.
Cash costs fell to $14.83 per silver‑equivalent ounce, the lowest in company history, while the all‑in sustaining cost (AISC) dropped to $20.90 per AgEq. Mine operating earnings reached $99.1 million and free cash flow hit $98.8 million, boosting the treasury to a record $568.8 million.
The company also declared a quarterly dividend of $0.0052 per share, payable on or about November 28, 2025.
Despite the record operational metrics, First Majestic missed analyst expectations for the quarter. Adjusted earnings per share were $0.07 versus a consensus of $0.09, and revenue fell short of the $306.44 million consensus by $21.34 million. The miss was largely attributed to higher silver prices, which increased realized silver prices to $39.03 per AgEq but also reduced reported silver‑equivalent production by roughly 400,000 ounces compared with the guidance metal price assumptions.
Segment performance highlighted the impact of the Los Gatos acquisition and operational improvements at San Dimas. Los Gatos contributed $48.4 million to mine operating earnings, while San Dimas saw a 45 % rise in silver‑equivalent payable ounces sold and a 31 % increase in average realized silver price, both of which helped lift revenue despite the production shortfall.
CEO Keith Neumeyer emphasized that the integration of Los Gatos is nearly complete and that operational discipline across the portfolio has driven the record free cash flow. He noted that the company is reinvesting a portion of the cash flow into exploration and development to extend mine life and boost throughput.
Investors reacted with caution to the earnings and revenue miss and the absence of forward guidance, reflecting concerns about the company’s ability to translate record production into earnings that meet market expectations.
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