Agnico Eagle Mines Limited (AEM) Cash Flow Statement
Where AEM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.82B +72.1% vs 2024
- Capital expenditures
- $2.56B 21.5% of revenue
- Free cash flow
- $4.26B 35.8% margin
- Returned to shareholders
- $1.41B 33% of free cash flow
- Change in cash
- $1.94B cash at year-end $2.87B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AEM operating cash flow, capex and free cash flow
AEM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $778.6M2016 | $6.82B2025 | +27.3%/yr | |
| Capital expenditures | $516.0M2016 | $2.56B2025 | +19.5%/yr | |
| Free cash flow | $262.6M2016 | $4.26B2025 | +36.3%/yr | |
| Free cash flow margin | 12.3%2016 | 35.8%2025 | +23.5 pts | |
| Operating cash flow / net income | 4.902016 | 1.532025 | −3.37 | |
| Stock-based compensation | $33.8M2016 | $97.5M2025 | +12.5%/yr | |
| Dividends paid | $71.4M2016 | $728.1M2025 | +29.4%/yr | |
| Share buybacks (net) | $15.6M2016 | $682.9M2025 | +52.2%/yr | |
| Capex / revenue | 24.1%2016 | 21.5%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEM cash flow by activity
AEM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AEM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.46B | $1.90B | $1.94B | $670.2M | $543.0M | $511.6M | $473.2M | −$326.7M | $243.9M | $158.8M |
| Depreciation & amortization | $1.65B | $1.51B | $1.49B | $1.09B | $738.1M | $631.1M | $546.1M | $553.9M | $508.7M | $613.2M |
| Stock-based compensation | $97.5M | $77.4M | $80.6M | $48.6M | $57.8M | $54.5M | $54.3M | $50.7M | $43.7M | $33.8M |
| Change in working capital | $804.3M | $80.0M | −$253.0M | −$19.2M | −$281.2M | −$19.1M | $14.4M | −$39.9M | −$71.8M | $64.4M |
| Other non-cash items | −$191.5M | $393.8M | −$659.1M | $302.4M | $258.3M | $13.9M | −$206.2M | $367.6M | $43.1M | −$91.6M |
| Cash from operating activities | $6.82B | $3.96B | $2.60B | $2.10B | $1.32B | $1.19B | $881.7M | $605.6M | $767.6M | $778.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.56B | −$1.83B | −$1.65B | −$1.54B | −$917.7M | −$759.3M | −$882.7M | −$1.09B | −$874.2M | −$516.0M |
| Investments (net) | −$44.8M | −$2.01B | −$2.70B | −$710.5M | −$51.9M | −$50.4M | −$873.9M | −$1.20B | −$1.00B | −$553.5M |
| Acquisitions & other investing | $1.6M | $1.83B | $1.59B | $1.54B | −$265.1M | $936,000 | $882.7M | $1.09B | $874.2M | $516.0M |
| Cash from investing activities | −$2.60B | −$2.01B | −$2.76B | −$710.5M | −$1.23B | −$808.8M | −$873.9M | −$1.20B | −$1.00B | −$553.5M |
| Financing activities | ||||||||||
| Dividends paid | −$728.1M | −$671.7M | −$638.6M | −$608.3M | −$275.2M | −$190.3M | −$105.4M | −$84.0M | −$76.1M | −$71.4M |
| Share repurchases & issuance (net) | −$682.9M | −$169.4M | −$47.0M | −$110.0M | $582.1M | $1.33B | $131.5M | −$30.1M | −$24.7M | −$15.6M |
| Net borrowing (repayment) | −$986.0M | −$747.3M | $451.4M | −$258.7M | −$25.0M | −$175.9M | −$15.5M | $346.6M | $164.3M | $56.2M |
| Shares issued | $42.4M | $37.0M | $26.8M | $20.3M | $18.4M | $13.9M | $15.5M | $13.8M | $0 | $0 |
| Other financing | $67.5M | $195.0M | $43.6M | $41.8M | −$597.6M | −$1.28B | −$15.5M | $27.7M | $265.6M | $221.1M |
| Cash from financing activities | −$2.29B | −$1.36B | −$164.0M | −$914.9M | −$297.2M | −$302.8M | $10.6M | $274.1M | $329.2M | $190.4M |
| Summary | ||||||||||
| Net change in cash | $1.94B | $587.8M | −$320.0M | $472.8M | −$216.7M | $80.6M | $20.1M | −$331.2M | $93.0M | $415.8M |
| Cash at end of period | $2.87B | $926.4M | $338.6M | $658.6M | $185.8M | $402.5M | $321.9M | $301.8M | $633.0M | $540.0M |
| Free cash flow | $4.26B | $2.13B | $947.4M | $558.4M | $398.3M | $432.7M | −$972,000 | −$483.4M | −$106.6M | $262.6M |
| Free cash flow margin | 35.8% | 25.7% | 14.3% | 9.7% | 10.3% | 13.8% | −0.0% | −22.1% | −4.8% | 12.3% |
| Capex / revenue | 21.5% | 22.1% | 25.0% | 26.8% | 23.7% | 24.2% | 35.4% | 49.7% | 39.0% | 24.1% |
| Operating cash flow / net income | 1.53 | 2.09 | 1.34 | 3.13 | 2.42 | 2.33 | 1.86 | — | 3.15 | 4.90 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.56B | $1.70B | $1.52B | $1.04B | $1.09B | $814.7M | $509.3M | $571.7M | $472.0M | $345.6M | −$391.5M | $178.6M |
| Depreciation & amortization | $412.5M | $420.3M | $421.6M | $429.9M | $377.0M | $416.8M | $388.2M | $390.2M | $378.4M | $357.2M | $391.6M | $415.0M |
| Stock-based compensation | $11.7M | $34.9M | $10.8M | $37.9M | $21.4M | $27.4M | $18.4M | $21.2M | $18.9M | $18.9M | $30.9M | $11.9M |
| Change in working capital | $27.1M | −$885.5M | $301.4M | $152.5M | $534.5M | −$164.6M | $41.8M | $57.3M | −$24.9M | $6.1M | −$50.7M | −$166.6M |
| Other non-cash items | $74.8M | $80.7M | −$145.4M | $136.8M | −$128.7M | −$50.0M | $174.2M | $48.6M | $117.0M | $55.3M | $747.7M | $63.1M |
| Cash from operating activities | $2.09B | $1.35B | $2.11B | $1.80B | $1.89B | $1.04B | $1.13B | $1.09B | $961.3M | $783.2M | $727.9M | $502.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$793.9M | −$619.0M | −$807.8M | −$621.0M | −$555.6M | −$453.9M | −$567.2M | −$470.3M | −$407.3M | −$389.8M | −$425.7M | −$430.8M |
| Investments (net) | $187.3M | −$144.7M | −$249.0M | −$288.1M | −$610.9M | −$649.9M | −$631.6M | −$537.9M | −$424.6M | −$413.0M | −$476.2M | −$435.7M |
| Acquisitions & other investing | −$550.7M | −$1.1M | $7.5M | $629.7M | $546.4M | $453.9M | $567.2M | $468.0M | $407.3M | $389.8M | $425.7M | −$1.42B |
| Cash from investing activities | −$1.16B | −$764.9M | −$1.05B | −$279.3M | −$620.1M | −$649.9M | −$631.6M | −$540.2M | −$424.6M | −$413.0M | −$476.2M | −$2.28B |
| Financing activities | ||||||||||||
| Dividends paid | −$201.6M | −$203.2M | −$185.4M | −$184.3M | −$183.8M | −$175.6M | −$173.8M | −$177.1M | −$164.3M | −$156.6M | −$156.0M | −$161.3M |
| Share repurchases & issuance (net) | −$388.7M | −$167.8M | −$373.0M | −$149.2M | −$102.3M | −$60.0M | −$63.2M | −$30.2M | −$50.0M | −$26.0M | −$30.7M | $100.5M |
| Net borrowing (repayment) | −$8.5M | −$7.2M | −$9.1M | −$408.6M | −$559.2M | −$9.2M | −$334.2M | −$387.5M | — | — | — | −$13.5M |
| Shares issued | $13.1M | $12.2M | $11.1M | $10.5M | $10.9M | $9.8M | $8.9M | $9.4M | $9.3M | $9.4M | $7.9M | $8.1M |
| Other financing | $1.5M | $31.4M | $3.5M | $4.4M | −$10.0M | $52.0M | $19.8M | $89.7M | $67.8M | −$9.9M | −$95.1M | −$78.1M |
| Cash from financing activities | −$584.2M | −$334.7M | −$552.9M | −$727.2M | −$844.4M | −$183.0M | −$542.5M | −$495.6M | −$137.2M | −$183.0M | −$273.8M | −$144.2M |
| Summary | ||||||||||||
| Net change in cash | $337.7M | $245.8M | $511.3M | $791.4M | $422.7M | $211.9M | −$50.8M | $53.8M | $397.4M | $186.0M | −$16.8M | −$77.0M |
| Cash at end of period | $3.46B | $3.11B | $2.87B | $2.35B | $1.56B | $1.14B | $926.4M | $975.7M | $922.0M | $524.6M | $338.6M | $355.5M |
| Free cash flow | $1.29B | $726.8M | $1.30B | $1.18B | $1.33B | $590.3M | $564.7M | $616.2M | $554.1M | $389.9M | $302.1M | $71.3M |
| Free cash flow margin | 34.9% | 17.7% | 36.6% | 38.6% | 47.4% | 23.9% | 25.4% | 28.6% | 26.7% | 21.3% | 17.2% | 4.3% |
| Capex / revenue | 21.4% | 15.1% | 22.7% | 20.3% | 19.7% | 18.4% | 25.5% | 21.8% | 19.6% | 21.3% | 24.2% | 26.2% |
| Operating cash flow / net income | 1.34 | 0.79 | 1.39 | 1.73 | 1.74 | 1.28 | 2.22 | 1.91 | 2.04 | 2.27 | — | 2.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AEM cash generation
In fiscal 2025 (ended December 31, 2025), Agnico Eagle Mines generated $6.8 billion of cash from operations (up 72.1%) and spent $2.6 billion on capital expenditures, leaving free cash flow of $4.3 billion, 35.8% of revenue. It returned $1.4 billion to shareholders through dividends ($728.1 million) and net share buybacks ($682.9 million). Cash and equivalents rose by $1.9 billion over the year.
Related: AEM income statement, AEM balance sheet, AEM dividend history. See the AEM stock overview for the latest quote and news.
AEM cash flow FAQ
What is Agnico Eagle Mines's free cash flow?
Agnico Eagle Mines's free cash flow was $4.3 billion in fiscal 2025: $6.8 billion of operating cash flow minus $2.6 billion of capital expenditures It was $2.1 billion a year earlier..
How much cash does Agnico Eagle Mines generate from operations?
Agnico Eagle Mines generated $6.8 billion of cash from operating activities in fiscal 2025, 1.53 times its net income of $4.5 billion.
How much does Agnico Eagle Mines spend on capital expenditures?
Agnico Eagle Mines spent $2.6 billion on capital expenditures in fiscal 2025, 21.5% of revenue, compared with $1.8 billion the year before.
How much stock does Agnico Eagle Mines buy back?
Agnico Eagle Mines spent $682.9 million on net share repurchases in fiscal 2025.
How much does Agnico Eagle Mines pay in dividends?
Agnico Eagle Mines paid $728.1 million in dividends in fiscal 2025, 17.1% of free cash flow.