Analyst Consensus ?
ConsensusHold25 ratings
Bullish1144.0%
Neutral1248.0%
Bearish28.0%
Franco-Nevada Corporation · FNV · FY2025 Q2 · Calendar Q3 2025
Franco-Nevada posts record Q2 revenue as royalty pipeline expands
The supplied analysis supports a constructive but conditional view: higher precious-metals prices, new royalty assets and project development could support growth, while Cobre Panama timing, permitting and commodity volatility remain material offsets.
Reported Before market openNYSEBasic Materials
$47.22B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.24
Consensus $1.10
EPS surprise
+12.7%
Reported versus consensus
Reported revenue
$369.4M
Consensus $432.8M
Revenue surprise
-14.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
+2.6%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+11.7%
Up to 20 sessions
FNVSPY benchmark
Ask FN2 about FNV FY2025 Q2
Transcript, numbers and history already loaded
Why did FNV rise 2.4% after beating EPS estimates in FY2025 Q2?What changed in FNV's guidance and outlook in FY2025 Q2?Give me the bull and bear case for FNV after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the company added emphasis on Cote and Arthur royalties, permitting progress and potential Cobre Panama shipments, while continuing to pursue acquisitions and maintaining guidance sentiment.
Guidance delta
Maintained; the supplied analysis reports maintained guidance sentiment.
Key takeaways
- Record Q2 revenue and adjusted EBITDA were attributed to higher gold prices and portfolio performance.
- Management highlighted new Cote and Arthur royalties and progress on permitting for several projects.
- Cobre Panama arbitration remains suspended; shipments were expected to resume in Q3.
- The company emphasized available capital, a strong balance sheet and further M&A opportunities.
Management priorities
- Add gold-focused royalty and streaming assets, especially in North America.
- Advance permitting and development at Cascabel, Castle Mountain and New Prosperity.
- Use cash flow and the corporate revolver to support growth while maintaining a strong balance sheet.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$244.85Current
$139Low
$238.74Average
$310High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Sep 16, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 14, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 6, 2026 |
| UBS | Buy | Buy | Maintain | Jun 30, 2026 |
| TD Cowen | Buy | Hold | Upgrade | May 20, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | May 13, 2026 |
| TD Securities | Hold | Hold | Maintain | Nov 5, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Oct 10, 2025 |
| Barclays | Underweight | Underweight | Maintain | Jul 7, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Jul 18, 2022 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 4, 2021 |
| Deutsche Bank | Hold | Hold | Maintain | Jun 17, 2020 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 8, 2019 |
| GMP Securities | Hold | Buy | Downgrade | Jul 23, 2019 |
| Dundee | Buy | Neutral | Upgrade | Dec 8, 2016 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 15, 2016 |
| Desjardins | Buy | Buy | Maintain | Oct 26, 2016 |
| National Bank Financial Inc | Sector Perform | Outperform | Downgrade | Oct 13, 2016 |
| National Bank FInancial | Sector Perform | Outperform | Downgrade | Oct 13, 2016 |
| BMO Capital | Market Perform | Outperform | Downgrade | May 12, 2016 |
| Goldman Sachs | Sell | Neutral | Downgrade | May 11, 2016 |
| Clarksons Platou | Buy | Buy | Maintain | Feb 16, 2016 |
| Macquarie | Outperform | Outperform | Maintain | May 14, 2015 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 29, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $244.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Tanya Jakusconek | $274 | $202.32 | +11.9% | Jul 14, 2026 |
| RBC Capital | Analyst unavailable | $285 | $207.5 | +16.4% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $245 | $217.58 | +0.1% | Jul 6, 2026 |
| UBS | Daniel Major | $280 | $204.5 | +14.4% | Jun 30, 2026 |
| TD Securities | Analyst unavailable | $291 | $222.74 | +18.8% | May 20, 2026 |
| Scotiabank | Analyst unavailable | $290 | $237.11 | +18.4% | May 14, 2026 |
| H.C. Wainwright | Heiko Ihle | $305 | $265.72 | +24.6% | Mar 12, 2026 |
| H.C. Wainwright | Analyst unavailable | $285 | $250.65 | +16.4% | Feb 13, 2026 |
| UBS | Analyst unavailable | $310 | $242.45 | +26.6% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $283 | $265.05 | +15.6% | Jan 26, 2026 |
| RBC Capital | Josh Wolfson | $250 | $202.93 | +2.1% | Dec 10, 2025 |
| Jefferies | Analyst unavailable | $228 | $203.17 | -6.9% | Dec 7, 2025 |
| UBS | Analyst unavailable | $270 | $208.1 | +10.3% | Dec 1, 2025 |
| H.C. Wainwright | Analyst unavailable | $210 | $185.14 | -14.2% | Nov 4, 2025 |
| Scotiabank | Tanya Jakusconek | $225 | $191.21 | -8.1% | Oct 23, 2025 |
| UBS | Daniel Major | $260 | $209.43 | +6.2% | Oct 16, 2025 |
| Raymond James | Analyst unavailable | $234 | $203.78 | -4.4% | Oct 10, 2025 |
| Raymond James | Brian MacArthur | $218 | $214.17 | -11.0% | Sep 23, 2025 |
| UBS | Daniel Major | $250 | $208.58 | +2.1% | Sep 19, 2025 |
| Raymond James | Brian MacArthur | $186 | $168.5 | -24.0% | May 28, 2025 |
| Scotiabank | Analyst unavailable | $150 | $145.74 | -38.7% | Mar 11, 2025 |
| TD Securities | Derick Ma | $152 | $145.74 | -37.9% | Mar 11, 2025 |
| Bank of America Securities | Lawson Winder | $139 | $124.46 | -43.2% | Oct 1, 2024 |
| Scotiabank | Tanya Jakusconek | $141 | $122.71 | -42.4% | May 23, 2024 |
| H.C. Wainwright | Analyst unavailable | $145 | $133.79 | -40.8% | Aug 11, 2022 |
| H.C. Wainwright | Analyst unavailable | $144 | $126 | -41.2% | Jul 19, 2022 |
| H.C. Wainwright | Analyst unavailable | $180 | $156.09 | -26.5% | May 5, 2022 |
| Industrial Alliance Securities | Puneet Singh | $187 | $130.35 | -23.6% | Jan 21, 2022 |
| KeyBanc | Adam Josephson | $154.38 | $134.33 | -37.0% | Dec 22, 2021 |
| Desjardins | John Sclodnick | $159.15 | $150.21 | -35.0% | May 20, 2021 |
Track every rating change on FNV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFranco-Nevada Corporation operates as a royalty and stream company focused on precious metals in South America, Central America, Mexico, the United States, Canada, Australia, Europe, and Africa. It operates through Precious Metals, Other Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent. The company was founded in 1986 and is headquartered in Toronto, Canada.
Historical context
All FNV earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RPM RPM International Inc. | FY2027 Q1 · Calendar Q4 2026 | +1.5% | +3.2% | RPM posts record quarter, but input costs narrow the outlook |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-11T13:10:41.893520+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T13:10:41.890685+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.