First Majestic Silver (AG) Cash Flow: Operating & Free Cash Flow

First Majestic Silver (AG) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), First Majestic Silver generated $526.01M of operating cash flow and spent $215.66M on capital expenditures. That left free cash flow of $310.35M, up 742.2% from $36.85M a year earlier, or 24.3% of revenue. It returned $18.54M to shareholders through $9.84M in dividends and $8.70M in share buybacks.

First Majestic Silver Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for First Majestic Silver Corp. (AG) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	210.98	-101.89	-137.30	-110.87	-4.84	24.26	-40.34	-194.33	-54.37
Depreciation & Amortization	264.80	125.49	136.68	139.24	119.47	61.62	69.39	91.39	80.63
Deferred Income Tax	184.05	75.43	-76.02	52.87	-18.79	-3.49	-14.92	-58.09	0.00
Stock Based Compensation	12.65	12.19	0.00	13.96	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	-62.64	29.23	-18.84	-27.69	16.23	-23.99	37.20	-20.15	-4.51
Change in Accounts Receivable	-55.12	-1.51	-9.42	0.84	6.34	-28.90	31.22	-15.61	-3.97
Change in Inventory	-0.32	2.27	-0.51	-3.45	-8.81	-4.51	2.82	1.92	2.70
Change in Accounts Payable	28.58	0.30	-6.29	-27.17	16.30	11.31	8.93	-6.08	1.68
Change in Other Working Capital	24.58	27.47	-2.61	22.17	2.39	-1.90	-5.77	-0.37	-4.92
Other Operating Activities	24.58	27.47	143.78	22.17	-1.55	20.95	82.55	208.58	47.30
Net Cash from Operating Activities	526.01	151.97	48.29	18.99	110.52	79.34	133.88	27.40	69.06
Investing Activities
Capital Expenditures	-215.66	-115.12	-148.35	-217.68	-185.79	-120.30	-118.20	-105.95	-77.06
Acquisitions	154.56	0.00	-5.49	0.00	-0.93	0.00	0.00	-0.97	0.00
Purchases of Investments	28.73	5.82	-2.53	0.00	-15.83	-1.60	0.00	-0.69	0.00
Sales/Maturities of Investments	38.35	17.59	1.29	0.00	32.02	0.70	0.86	0.00	0.00
Other Investing Activities	27.92	0.96	-116.61	4.87	0.52	2.18	2.55	-3.80	-0.42
Net Cash from Investing Activities	-28.18	-114.16	-156.50	-213.80	-177.72	-133.56	-116.53	-111.40	-77.49
Financing Activities
Debt Repayment	-274.07	-37.27	0.00	-43.47	40.25	-12.95	-2.81	26.04	-11.85
Common Stock Issued	48.75	93.90	95.75	113.40	86.98	147.25	98.24	3.75	5.86
Common Stock Repurchased	-8.70	-0.27	0.00	-0.67	-0.04	-1.78	0.00	-1.32	0.00
Dividends Paid	-9.84	-5.30	-5.96	-6.87	-3.86	0.00	0.00	0.00	0.00
Other Financing Activities	-41.19	-8.77	-15.49	-13.07	-9.13	-5.62	-2.39	0.00	0.00
Net Cash from Financing Activities	88.61	42.41	74.31	113.89	114.19	126.90	93.05	28.47	-5.99
Summary
Effect of Forex Changes on Cash	4.81	-3.62	4.08	-0.35	-37.22	-6.26	-4.27	4.01	-5.27
Net Change in Cash	586.45	80.22	-29.82	-80.92	9.78	66.42	106.12	-51.52	-19.68
Cash at Beginning of Period	202.18	125.58	154.49	237.93	238.36	171.68	58.48	108.70	136.07
Cash at End of Period	793.44	202.18	124.68	151.44	248.14	238.10	164.60	57.18	116.38
Free Cash Flow	310.35	36.85	-100.05	-198.69	-75.27	-40.95	15.68	-78.54	-8.00
Supplemental Disclosures
Interest Paid	8.02	8.77	8.47	3.17	4.33	-	-	-	-
Income Taxes Paid	78.57	15.84	24.66	62.75	76.53	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About First Majestic Silver Cash Flow

What is First Majestic Silver's free cash flow?

First Majestic Silver generated free cash flow of $310.35M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $526.01M minus $215.66M of capital expenditures. That was up 742.2% from $36.85M a year earlier. Free cash flow equaled 24.3% of revenue.

How much does First Majestic Silver spend on capital expenditures?

First Majestic Silver spent $215.66M on capital expenditures in fiscal 2025, compared with $115.12M a year earlier. That equals 41.0% of operating cash flow.

Does First Majestic Silver pay dividends or buy back shares?

Yes. In fiscal 2025 First Majestic Silver returned $9.84M in dividends and $8.70M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition