Filing Flows › Franco Nevada (FNV) › Q1 2026 › vs Q4 2025
Franco Nevada (FNV) Q1 2026 vs Q4 2025 (quarter over quarter)
Franco Nevada's revenue rose $53.4M (+9%) from $597M in Q4 2025 to $651M in Q1 2026. Gross margin 80.9% against 77.1% (+3.8 pts).
Franco Nevada, Q1 2026: revenue $651M (+77% year over year), operating margin 88.8%, net earnings $469M, operating cash flow $520M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 80.9% | 77.1% | +3.8 pts |
| Operating margin | 88.8% | 76.0% | +12.8 pts |
| Net margin | 72.0% | 61.6% | +10.5 pts |
| Free cash flow margin | 79.9% | 71.4% | +8.6 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $651M | $597M | $53.4M | +9% |
| Gross profit | $526M | $460M | $65.9M | +14% |
| Cost of revenue | $124M | $137M | −$12.5M | -9% |
| Other income, net | $17.1M | $14.4M | $2.7M | +19% |
| Operating profit | $578M | $454M | $124M | +27% |
| Pre-tax earnings | $595M | $468M | $127M | +27% |
| Net earnings | $469M | $368M | $101M | +27% |
| Income tax | $126M | $101M | $25.7M | +26% |
| Working capital & other | $51.8M | $58.8M | −$7.0M | -12% |
| Operating cash flow | $520M | $426M | $93.9M | +22% |
| Free cash flow (OCF − capex) | $520M | $426M | $93.9M | +22% |
| Capital expenditures | $200K | $200K | $0 | 0% |
Questions
How much did Franco Nevada's revenue grow quarter over quarter in Q1 2026?
Franco Nevada's revenue rose $53.4M (+9%) from $597M in Q4 2025 to $651M in Q1 2026. Gross margin 80.9% against 77.1% (+3.8 pts).