Equity Profile

AG

First Majestic Silver Corp.

MaterialsSilver$8.1B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, primarily in Mexico....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational performance and ability to meet market demand.

N/A

Cost per Ounce

Understanding production costs helps gauge profitability, especially in a volatile silver market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AG Q2-2026 Earnings Preview

Context

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, primarily in Mexico. As a player in the materials sector, it is influenced by silver prices and global demand for precious metals, which can be affected by economic conditions and investor sentiment.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-92.25%

Avg Stock Reaction

-1.42%

Last Quarter Recap

In Q1 2026, First Majestic reported an EPS of $0.31, slightly missing the estimate of $0.33. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, given the recent positive stock performance despite mixed earnings results.

Bull Case

If the company can show improved silver production and manage costs effectively, it could lead to stronger earnings and a positive market reaction.

Bear Case

Conversely, if production costs rise or silver prices decline, it could further pressure earnings and lead to a negative reaction from investors.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the silver production figures for Q2-2026?

Production levels are crucial for assessing operational efficiency and future revenue potential.

How has the company managed its cost per ounce in light of fluctuating silver prices?

Cost management is vital for maintaining profitability, especially in a challenging market environment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the impact of rising silver prices on First Majestic's profitability this quarter, given recent market trends.

Supporting Evidence

Silver prices have shown resilience, which could positively affect revenue.

The company's recent operational improvements may not be fully reflected in analyst estimates.

Options pricing suggests a lower expected move, indicating potential for a surprise.

Key Risk

If silver prices rise above $25 per ounce, it could significantly alter earnings expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching production and cost metrics as they will significantly influence profitability and stock performance.

Bull Confirmed If

A silver production increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If the cost per ounce exceeds $15, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.17%

Historical Avg

±7.1%

Pricing cheap

The options market is pricing in a modest move of around 3.17%, which is below the historical average of 7.08%.

Options are pricing ±3.2% while AG has averaged ±7.1% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

71.2%

Calls (1.9M)P/C Ratio: 0.55Puts (843K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If First Majestic beats expectations, history suggests the stock could rise by an average of 9.65%, confirming a bullish outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may experience a muted reaction as investors reassess future growth.

Miss

A miss could lead to a decline of around 3.00%, reflecting ongoing concerns about operational efficiency and market conditions.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the next quarter.
2Insights on cost management strategies in response to market conditions.
3Comments on the outlook for silver prices and demand.
4Details on any operational challenges faced during the quarter.
5Management's perspective on future growth opportunities.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production, primarily in Mexico....

Key Metrics to Watch

Silver Production

This metric indicates the company's operational performance and ability to meet market demand.

N/A

Cost per Ounce

Understanding production costs helps gauge profitability, especially in a volatile silver market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AG Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-92.25%

Avg Stock Reaction

-1.42%

Last Quarter Recap

In Q1 2026, First Majestic reported an EPS of $0.31, slightly missing the estimate of $0.33. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, given the recent positive stock performance despite mixed earnings results.

Bull Case

If the company can show improved silver production and manage costs effectively, it could lead to stronger earnings and a positive market reaction.

Bear Case

Conversely, if production costs rise or silver prices decline, it could further pressure earnings and lead to a negative reaction from investors.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the silver production figures for Q2-2026?

Production levels are crucial for assessing operational efficiency and future revenue potential.

How has the company managed its cost per ounce in light of fluctuating silver prices?

Cost management is vital for maintaining profitability, especially in a challenging market environment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the impact of rising silver prices on First Majestic's profitability this quarter, given recent market trends.

Supporting Evidence

Silver prices have shown resilience, which could positively affect revenue.

The company's recent operational improvements may not be fully reflected in analyst estimates.

Options pricing suggests a lower expected move, indicating potential for a surprise.

Key Risk

If silver prices rise above $25 per ounce, it could significantly alter earnings expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching production and cost metrics as they will significantly influence profitability and stock performance.

Bull Confirmed If

A silver production increase of over 10% compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If the cost per ounce exceeds $15, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±3.17%

Historical Avg

±7.1%

Pricing cheap

The options market is pricing in a modest move of around 3.17%, which is below the historical average of 7.08%.

Options are pricing ±3.2% while AG has averaged ±7.1% over the last 8 prints — setup is pricing cheap.

Detail

ATM IV

0.7%

30d HV

71.2%

Calls (1.9M)P/C Ratio: 0.55Puts (843K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If First Majestic beats expectations, history suggests the stock could rise by an average of 9.65%, confirming a bullish outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may experience a muted reaction as investors reassess future growth.

Miss

A miss could lead to a decline of around 3.00%, reflecting ongoing concerns about operational efficiency and market conditions.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on silver production targets for the next quarter.
2Insights on cost management strategies in response to market conditions.
3Comments on the outlook for silver prices and demand.
4Details on any operational challenges faced during the quarter.
5Management's perspective on future growth opportunities.