New York, Feb 20, 2026, 09:43 EST — Regular session.
- First Majestic shares rise about 9.6% in early trade after the miner posted record quarterly revenue and profit.
- The company flagged 2026 production targets of 13–14 million ounces of silver and 110,000–130,000 ounces of gold.
- Investors are also parsing its dividend plan, with a Feb. 27 record date and a March 16 payment for the latest quarterly payout.
First Majestic Silver Corp shares jumped on Friday after the company reported record quarterly revenue and free cash flow, with investors also leaning into fresh 2026 production targets.
The move matters now because silver prices have surged again, lifting sentiment toward miners with high exposure to the metal. Spot silver gained 3.1% to $80.76 an ounce in morning trade as investors weighed weaker U.S. growth data, hotter inflation and geopolitical tension. (Reuters)
First Majestic, based in Vancouver, is one of the more liquid ways to trade that theme. A bigger production base after its Los Gatos addition has made the stock more sensitive to swings in the silver price.
Shares were up 9.6% at $24.78, adding $2.18 from the prior close.
In its fourth-quarter release, the company said revenue rose to $463.9 million, while net earnings were $105.2 million, or $0.17 per share. It also reported free cash flow of $250.4 million for the quarter and ended 2025 with $937.7 million in cash. (TMX Newsfile)
On the same release, First Majestic said it declared a cash dividend of $0.0083 per share for the fourth quarter of 2025, payable on or about March 16 to shareholders of record on Feb. 27. It also said it increased its dividend policy to 2% of net quarterly revenues earned, effective Jan. 1, 2026. (TMX Newsfile)
On the earnings call, the company said it is targeting 13–14 million ounces of “pure silver” production in 2026, plus 110,000–130,000 ounces of gold, with lead and zinc making up the balance. It also said it will “lock in” a 75-to-1 conversion ratio for its silver-equivalent reporting — a way miners turn gold and base-metals output into a single “silver” yardstick — after volatile metal relationships muddied last year’s cost metrics. (Investing)
CEO Keith Neumeyer struck a confident tone on the call, telling investors, “It’s nice to have $1 billion in value,” while pointing to stronger cash generation and profits at the company’s minting business. (Investing)
Separately, H.C. Wainwright raised its price target on the stock to $30 from $24.50 and reiterated a “buy” rating, according to an Investing.com report. (Investing)
Still, costs are a swing factor. First Majestic said all-in sustaining cost — an industry metric that adds sustaining capital and other ongoing expenses to cash costs — rose to $23.48 per silver-equivalent ounce in the quarter, and executives said shifting metal ratios pushed costs higher than they would have been under the company’s planning assumptions. (TMX Newsfile)
Next up, traders will watch whether the rally holds into the Feb. 27 dividend record date, and whether management’s new 2026 output targets translate into steadier per-ounce costs as the year gets underway. (TMX Newsfile)
