First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) reported strong financial results for the third quarter of 2026, with revenues increasing by 38% year-over-year to $394.1 million. The company attributed this growth to higher realized silver and gold prices, with 62% of revenues coming from silver sales and 28% from gold. Despite a decrease in silver and gold inventories, the company's operational efficiency led to significant margin expansion and earnings growth.
The company's net earnings for the quarter were $74.5 million, with earnings per share (EPS) of $0.15 and adjusted EPS of $0.19. First Majestic generated $85.5 million in free cash flow after paying $73.7 million in cash income taxes and settlements. The company ended the quarter with $1.23 billion in treasury, a 32% increase compared to the end of 2025.
Key operational highlights included a 72% increase in mine operating earnings to $170.1 million and a 78% increase in EBITDA to $228.8 million. The company's AISC margin improved to $31.95 per silver equivalent ounce, driven by higher realized silver and gold prices. First Majestic also declared a cash dividend of $0.0142 per share for the third quarter, a 176% increase year-over-year.
The company's share repurchase program saw the repurchase of 100,000 shares during the quarter at an average price of CAD$21.00. The program was renewed on October 14, 2026. First Majestic's financial and operational results for the third quarter of 2026 reflect its continued focus on efficiency and growth in the precious metals sector.