Equity Profile

AG

First Majestic Silver Corp.

MaterialsSilver$9.3B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production....

Key Metrics to Watch

Silver Production

This metric indicates the company's ability to generate revenue and reflects operational efficiency.

N/A

Cost Per Ounce

Understanding production costs helps gauge profitability and operational performance.

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. Operating in the materials sector, it plays a crucial role in the silver market, which is influenced by industrial demand and investment trends.

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 earnings of $0.31 per share, missing estimates by 6%. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Focus on improving operational efficiencies.
Commitment to maintaining production levels.
Plans to explore new mining opportunities.

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, hoping for signs of improved production and cost management.

Bull Case

If silver prices rise and production costs decrease, the company could report better-than-expected earnings, boosting investor confidence.

Bear Case

Conversely, if production costs rise or silver prices fall, the company may struggle to meet expectations, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected silver production for Q2 2026?

Production levels will significantly impact revenue and profitability, making this a critical focus for investors.

How are production costs trending compared to previous quarters?

Understanding cost management is essential for assessing the company's profitability and operational efficiency.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for improved production efficiencies, which could lead to better-than-expected earnings.

Supporting Evidence

Recent operational improvements may not be fully reflected in analyst estimates.

The company's historical ability to adapt to market conditions suggests resilience.

Options pricing indicates lower expected volatility, which may not align with potential production gains.

Key Risk

If silver production exceeds expectations, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether the company can manage production costs effectively while maintaining output levels.

Bull Confirmed If

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

Bear Confirmed If

If production costs rise by more than 5%, 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 a modest move in either direction, suggesting uncertainty about the upcoming earnings report.

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 a potential stock increase of around 9.65%, confirming positive market sentiment.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors await further clarity on future guidance.

Miss

If the company misses expectations, history indicates a likely decline of about 3.00%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on production levels and any changes in operational strategy.
2Details on cost management initiatives and their expected impact.
3Insights into silver price forecasts and market demand.
4Any commentary on exploration projects and their potential contributions.
5Management's outlook on the broader economic environment affecting silver.

See the full picture

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

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Aug10

BWBMO

Babcock & Wilcox Enterprises, Inc.

PreviewView

Aug10

ROIVBMO

Company Snapshot

First Majestic Silver Corp. is a mining company focused on silver production....

Key Metrics to Watch

Silver Production

This metric indicates the company's ability to generate revenue and reflects operational efficiency.

N/A

Cost Per Ounce

Understanding production costs helps gauge profitability and operational performance.

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 earnings of $0.31 per share, missing estimates by 6%. The stock reacted positively, gaining 2.67% the following day.

Management Promises & Guidance

Focus on improving operational efficiencies.
Commitment to maintaining production levels.
Plans to explore new mining opportunities.

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, hoping for signs of improved production and cost management.

Bull Case

If silver prices rise and production costs decrease, the company could report better-than-expected earnings, boosting investor confidence.

Bear Case

Conversely, if production costs rise or silver prices fall, the company may struggle to meet expectations, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected silver production for Q2 2026?

Production levels will significantly impact revenue and profitability, making this a critical focus for investors.

How are production costs trending compared to previous quarters?

Understanding cost management is essential for assessing the company's profitability and operational efficiency.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for improved production efficiencies, which could lead to better-than-expected earnings.

Supporting Evidence

Recent operational improvements may not be fully reflected in analyst estimates.

The company's historical ability to adapt to market conditions suggests resilience.

Options pricing indicates lower expected volatility, which may not align with potential production gains.

Key Risk

If silver production exceeds expectations, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether the company can manage production costs effectively while maintaining output levels.

Bull Confirmed If

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

Bear Confirmed If

If production costs rise by more than 5%, 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 a modest move in either direction, suggesting uncertainty about the upcoming earnings report.

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 a potential stock increase of around 9.65%, confirming positive market sentiment.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors await further clarity on future guidance.

Miss

If the company misses expectations, history indicates a likely decline of about 3.00%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on production levels and any changes in operational strategy.
2Details on cost management initiatives and their expected impact.
3Insights into silver price forecasts and market demand.
4Any commentary on exploration projects and their potential contributions.
5Management's outlook on the broader economic environment affecting silver.