Franco-Nevada (NYSE: FNV) reported Q2 2026 earnings on August 12, revealing revenue of $580.90 million, falling short of expectations at $616.66 million. Adjusted earnings per share (EPS) were $1.81, below the forecasted $1.95. Despite this, the company showed a significant year-over-year revenue increase of 57% and a 46% rise in adjusted EPS, reflecting the effectiveness of its high-margin, low-cost business model as gold prices begin to rally.
The company’s portfolio includes 445 assets, with 121 currently producing—a diversification that distinguishes it from traditional miners. Analysts anticipate spot gold prices could average $6,000 per ounce in Q4 2026, offering a favorable backdrop for mining stocks. Following the earnings report, FNV shares dropped but remained above recent lows, indicating potential for further gains, with a consensus price target of $273.40—about a 15% increase from current trading levels.
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