Filing Flows › Franco Nevada (FNV) › Q3 2025
Franco Nevada (FNV) Q3 2025 earnings results (third quarter 2025)
6-K filed Nov 4, 2025
Franco Nevada (FNV) reported revenue of $488M for the third quarter 2025 (Q3 2025), +77% from a year earlier and +32% from the quarter before. Operating margin was 69.9%, net earnings $288M (59.0% of revenue).
Franco Nevada, Q3 2025: revenue $488M (+77% year over year), operating margin 69.9%, net earnings $288M, operating cash flow $348M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $488M | +32% | +77% |
| Gross profit | $354M | +30% | +86% |
| Operating profit | $341M | +12% | +87% |
| Net earnings | $288M | +16% | +88% |
| Operating cash flow | $348M | -19% | +63% |
| Free cash flow | $348M | -19% | +63% |
What changed
Revenue was $487.7M in Q3 2025, up 77% year over year and up 32% from the previous quarter.
Gross margin was 72.5%, up 3.7 points from a year earlier. Operating profit was $341.0M, a 69.9% margin (up 3.9 points year over year). Of the extra revenue versus a year earlier, 75% reached operating profit, above the 66% margin then. Operating expenses grew 64% against revenue growth of 77%. Net earnings were $287.5M, up 88% year over year. The effective tax rate was 20.7%.
Operating cash flow was $348.0M (up 63% year over year), 121% of net earnings. Working capital and other items added $60.5M. Capital expenditures of $100K left free cash flow of $347.9M.
Questions
What was Franco Nevada's revenue in the third quarter 2025?
Franco Nevada (FNV) reported revenue of $488M for the third quarter 2025 (Q3 2025), +77% from a year earlier and +32% from the quarter before.
Was Franco Nevada profitable in the third quarter 2025?
Operating profit was $341M (69.9% of revenue) and net earnings $288M.
Source: Franco Nevada 6-K on SEC EDGAR.