New York, Feb 20, 2026, 09:43 EST — Regular session underway.
- First Majestic shares jumped roughly 9.6% in early trading after the miner reported record revenue and profit for the quarter.
- The company is pointing to 2026 production goals of 13–14 million ounces of silver, alongside a target range of 110,000–130,000 ounces for gold output.
- They’re eyeing the company’s dividend schedule, which locks in shareholders as of Feb. 27 and sends out the most recent quarterly payment on March 16.
First Majestic Silver Corp shares surged Friday, fueled by record revenue and free cash flow for the quarter. Investors also took notice of the latest production targets set for 2026.
That shift is getting attention as silver prices jump once more, giving a boost to miners heavily tied to the metal. Spot silver rose 3.1% to $80.76 an ounce in morning trading, with investors reacting to signs of slower U.S. economic growth, rising inflation, and ongoing geopolitical strains.
Vancouver’s First Majestic stands out as a relatively liquid play on that trade. The company’s expanded production footprint, thanks to its Los Gatos acquisition, has left the stock even more exposed to movements in silver prices.
The stock climbed 9.6% to $24.78, tacking on $2.18 since the last close.
The company’s fourth-quarter numbers landed at $463.9 million in revenue. Net earnings hit $105.2 million, or $0.17 per share. Free cash flow for the period came in at $250.4 million, and the company closed out 2025 with $937.7 million in cash.
First Majestic, in its latest release, announced a cash dividend of $0.0083 per share for the fourth quarter of 2025. The payout is scheduled around March 16 for shareholders on record as of Feb. 27. The company also bumped up its dividend policy, now targeting 2% of net quarterly revenues starting Jan. 1, 2026.
The company told analysts on the call it’s aiming for 13–14 million ounces of “pure silver” output in 2026, with another 110,000–130,000 ounces of gold, and the rest coming from lead and zinc. Management also said it plans to “lock in” a 75-to-1 conversion ratio for silver-equivalent calculations — a method miners use to combine gold and base metals into a single “silver” metric — after shifting metal relationships distorted last year’s cost benchmarks. Investing
On the call, CEO Keith Neumeyer sounded upbeat: “It’s nice to have $1 billion in value,” he told investors, highlighting the company’s improved cash flow and better profitability from its minting operation. Investing
H.C. Wainwright bumped its price target up to $30 from $24.50 and kept a “buy” recommendation on the shares, Investing.com reported. Investing
But costs remain volatile. First Majestic reported that all-in sustaining cost climbed to $23.48 per silver-equivalent ounce for the quarter. Executives pointed to changes in metal ratios as the culprit, saying those shifts pushed expenses above what the company had budgeted.
Now, traders are eyeing whether the rally can last through the Feb. 27 dividend record date—and if management’s fresh 2026 output targets will actually mean steadier per-ounce costs as the new year starts.
