Franco-Nevada (FNV) financial statements
Franco-Nevada reported revenue of $1.8B in fiscal 2025, up 12.9% a year over 9 years.
Net income was $1.1B and the operating margin 74.3%, against 25.5% in 2016.
Free cash flow was $1.5B, and the company returned $275M in dividends.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Franco-Nevada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $610M | $675M | $653M | $844M | $1.0B | $1.3B | $1.3B | $1.2B | $1.1B | $1.8B |
| Cost of revenue | $380M | $415M | $366M | $408M | $400M | $478M | $463M | $452M | $354M | $476M |
| Gross profit | $231M | $260M | $287M | $436M | $620M | $822M | $853M | $767M | $759M | $1.3B |
| Selling, general and admin | $21M | $21M | $23M | $29M | $19M | $20M | $22M | $24M | $700,000 | $2M |
| Operating income | $155M | $235M | $189M | $410M | $336M | $861M | $821M | -$428M | $727M | $1.4B |
| Interest expense | $4M | $3M | $2M | $7M | $300,000 | $200,000 | $3M | $3M | $3M | $3M |
| Pre-tax income | $168M | $236M | $189M | $406M | $340M | $858M | $834M | -$364M | $764M | $1.4B |
| Income tax | $46M | $41M | $50M | $62M | $13M | $124M | $133M | $102M | $212M | $304M |
| Net income | $122M | $195M | $139M | $344M | $326M | $734M | $701M | -$466M | $552M | $1.1B |
| EPS (diluted) | $0.69 | $1.06 | $0.75 | $1.83 | $1.71 | $3.83 | $3.65 | -$2.43 | $2.87 | $5.76 |
| Diluted shares | 176M | 183M | 186M | 188M | 191M | 192M | 192M | 192M | 193M | 193M |
| Gross margin | 37.8% | 38.5% | 44.0% | 51.7% | 60.8% | 63.2% | 64.8% | 62.9% | 68.2% | 73.9% |
| Operating margin | 25.5% | 34.9% | 28.9% | 48.6% | 33.0% | 66.2% | 62.4% | -35.1% | 65.2% | 74.3% |
| Net margin | 20.0% | 28.8% | 21.3% | 40.8% | 32.0% | 56.4% | 53.2% | -38.3% | 49.6% | 61.0% |
Balance sheet
Fiscal years, from Franco-Nevada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $253M | $511M | $70M | $132M | $534M | $579M | $1.2B | $1.4B | $1.5B | $671M |
| Inventory | $3M | $7M | — | $4M | $500,000 | $500,000 | $100,000 | $52M | $97M | $40M |
| Total current assets | $361M | $616M | $178M | $279M | $664M | $751M | $1.4B | $1.6B | $1.7B | $1.0B |
| Total assets | $4.2B | $4.8B | $4.9B | $5.3B | $5.6B | $6.2B | $6.6B | $6.0B | $6.3B | $8.2B |
| Total current liabilities | $38M | $23M | $25M | $53M | $53M | $43M | $50M | $39M | $68M | $123M |
| Long-term debt | — | — | $208M | $80M | — | — | — | — | — | — |
| Total liabilities | $75M | $83M | $300M | $218M | $149M | $185M | $209M | $225M | $334M | $606M |
| Shareholders' equity | $4.1B | $4.7B | $4.6B | $5.1B | $5.4B | $6.0B | $6.4B | $5.8B | $6.0B | $7.6B |
| Net debt | -$253M | -$511M | $138M | -$52M | -$534M | -$539M | -$1.2B | -$1.4B | -$1.5B | -$671M |
Cash flow
Fiscal years, from Franco-Nevada's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $471M | $489M | $475M | $618M | $804M | $955M | $1000M | $991M | $830M | $1.5B |
| Capital spending | $200,000 | — | — | — | — | — | — | — | $200,000 | $2M |
| Free cash flow | $471M | — | — | — | — | — | — | — | $829M | $1.5B |
| Stock-based compensation | $5M | $5M | $5M | $5M | $6M | $8M | $8M | $6M | $5M | $6M |
| Dividends paid | $118M | $126M | $136M | $138M | $155M | $180M | $198M | $233M | $242M | $275M |
| Net borrowing | -$460M | — | $210M | $355M | -$80M | $150M | — | — | — | $0 |
| Free cash flow margin | 77.2% | — | — | — | — | — | — | — | 74.5% | 81.8% |
| Dividends per share | $0.67 | $0.69 | $0.73 | $0.74 | $0.81 | $0.94 | $1.03 | $1.21 | $1.26 | $1.43 |
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Open FNV in InvestinglyQuestions
What was Franco-Nevada's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Franco-Nevada generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Franco-Nevada's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.