Newmont Corporation
NEM · NYSE
Sep 2026
Next quarter
Reports Oct 22, 2026.
Consensus is $1.88 EPS for Sep 2026 across 6 estimates, ranging $1.77 to $2.04.
NEM Jun 2026
- 2.44%
- -1.62%
- $2.05
- $2.10
- —
- $6.12B
Reported results
- $6.12B
- $2.20B
- $2.06
Highlights
- Earnings: Adjusted EPS was $2.10, ahead of the $2.05 consensus by 2.44%; reported diluted EPS was $2.06, versus $1.85 a year ago and $3.00 in Q1.
- Revenue and profit: Revenue rose 15% year over year to $6.12 billion, while net income attributable to Newmont increased 7% to $2.20 billion; both declined sequentially from $7.31 billion and $3.26 billion.
- Cash generation: Free cash flow reached a second-quarter record of $2.21 billion, up from $1.71 billion a year ago but down 30% sequentially; first-half free cash flow was $5.35 billion.
- Gold production: Attributable gold production was 1.29 million ounces, down 1% from Q1 and 13% from the year-ago quarter, with Cadia disrupted by April seismic events and lower grades at several mines.
- Gold pricing: The average realized gold price was $4,414 per ounce, up 33% year over year but down $486 per ounce from Q1, driving the sequential decline in revenue and earnings.
- Cost pressure: Gold by-product AISC increased to $1,621 per ounce from $1,029 in Q1 and $1,375 a year ago, reflecting Cadia downtime, higher sustaining capital, Ghana royalties and diesel costs.
- Capital returns: Newmont returned $1.9 billion through repurchases and dividends since the prior earnings call, including $1.7 billion of repurchases; the company has reduced its share count by roughly 9% since February 2024.
- Balance sheet and outlook: Cash ended at $9.0 billion, total liquidity at $13.0 billion and net cash at $3.4 billion; full-year guidance remains unchanged at 5.26 million attributable gold ounces and $1,680 per ounce of AISC.
Analysis
Newmont’s second quarter was a modest earnings beat supported by still-elevated gold prices and strong cash conversion, though the result was materially weaker sequentially. Adjusted EPS of $2.10 exceeded the $2.05 consensus by 2.44%, while revenue of $6.12 billion and net income attributable to shareholders of $2.20 billion increased 15% and 7%, respectively, from Q2 2025. Adjusted EBITDA rose 25% year over year to $3.76 billion. Against Q1, however, revenue fell 16%, net income declined 33% and adjusted EPS decreased 28% from $2.90.
The defining issue was the gap between metal pricing and operating execution. Realized gold pricing increased to $4,414 per ounce from $3,320 a year ago, but fell $486 sequentially. Gold production was 1.29 million attributable ounces, broadly stable sequentially but down from 1.48 million a year ago, while Cadia’s seismic disruption sharply reduced gold and copper output. Gold by-product AISC consequently rose 58% sequentially to $1,621 per ounce, although first-half costs remain below full-year guidance. Despite the cost and production volatility, Newmont generated $2.21 billion of quarterly free cash flow, maintained its guidance, and directed substantial excess cash to buybacks while ending with a $3.4 billion net cash position.
Quarterly financial results
- Revenue: Sales were $6.12 billion, up from $5.32 billion in Q2 2025 but down from $7.31 billion in Q1 2026. The year-over-year increase primarily reflected higher realized gold prices, partly offset by lower sales volumes.
- Earnings: Net income attributable to Newmont stockholders was $2.20 billion, or $2.06 per diluted share, compared with $2.06 billion, or $1.85 per share, a year ago and $3.26 billion, or $3.00 per share, in Q1.
- Adjusted results: Adjusted net income was $2.25 billion, or $2.10 per diluted share, versus $1.59 billion, or $1.43 per share, a year ago and $3.16 billion, or $2.90 per share, sequentially. The quarter included a $111 million net loss on the fair value of investments and options and $12 million of restructuring and severance charges.
- Operating leverage: Adjusted EBITDA was $3.76 billion, up 25% year over year but down from $5.15 billion in Q1, reflecting the sequential decline in gold prices and higher costs.
Production and mine costs
- Gold output: Attributable production was 1.293 million ounces, including 1.181 million ounces from Newmont’s managed operations, 74 thousand ounces from Pueblo Viejo and 38 thousand ounces from Fruta del Norte. Production fell 1% sequentially and 13% year over year.
- Cadia disruption: Cadia production fell to 34 thousand ounces from 94 thousand ounces in Q1, while copper output dropped to 7 thousand tonnes from 21 thousand tonnes. Operations returned to normal levels by mid-June after the April seismic events, but downtime increased costs and reduced volumes.
- Other operating factors: Lower grades from planned mine sequencing reduced output at Ahafo South, Peñasquito and Yanacocha, while Lihir, Boddington and Pueblo Viejo partly offset the declines.
- Unit costs: Gold by-product CAS rose 93% sequentially to $1,043 per ounce and AISC rose 58% to $1,621. The company cited lower gold and co-product volumes, higher Ghana royalties, higher diesel prices and incremental Cadia costs. First-half AISC was $1,321 per ounce, below the $1,680 full-year guidance midpoint.
Free cash flow and returns
- Cash flow: Net cash from operating activities was $2.92 billion, down 23% from Q1 but up from $2.38 billion in Q2 2025. Free cash flow was $2.21 billion, versus $1.71 billion a year ago and $3.14 billion in Q1.
- Working capital: Working capital used $90 million of cash, including $249 million of reclamation spending and $131 million of inventory and stockpile builds. A $461 million favorable accounts receivable movement partly offset those uses and may reverse as shipment and collection patterns normalize.
- Share repurchases: Newmont repurchased $1.7 billion of stock since the prior earnings call, including more than $600 million in July, leaving $4.3 billion under the current $6 billion authorization. Since February 2024, the share count has declined by more than 100 million shares, or approximately 9%.
- Dividends and liquidity: The company declared a quarterly dividend of $0.26 per share, equivalent to an indicated annualized $1.04 per share. Cash was $9.0 billion, total liquidity was $13.0 billion and net cash was $3.4 billion at quarter-end.
2026 guidance and seasonality
- Full-year targets: Newmont maintained guidance for 5.26 million attributable gold ounces, $1,055 per ounce of gold by-product CAS, $1,680 per ounce of AISC, $1.95 billion of sustaining capital and $1.40 billion of development capital.
- Second-half weighting: Production is expected to be 51% weighted to the second half, with higher output anticipated from Boddington, Tanami, Lihir, Cerro Negro and Brucejack. Ahafo North production is expected to increase sequentially through the year.
- Spending profile: Sustaining capital is expected to be 58% weighted to the second half and development capital 63% weighted to the second half. Planned spending includes higher tailings investment at Cadia, Boddington and Tanami, as well as deferred Cadia PC1-2 work and Lihir Nearshore Barrier investment.
- Near-term outlook: Third-quarter gold production is expected to be broadly in line with Q2, while unit costs should rise because of higher sustaining capital. Development capital spending is also expected to increase meaningfully in Q3.
Projects and reclamation
- Red Chris: Newmont received British Columbia approvals for an amended Environmental Assessment Certificate and Mines Act permit for the Red Chris Block Cave project. The milestone allows the project to advance toward a final investment decision, but it is not yet included in production or capital guidance.
- Reclamation spending: Newmont spent $458 million on reclamation activities in the first half, including $351 million on Yanacocha water treatment plants. Full-year reclamation spending is expected at approximately $850 million, including $550 million at Yanacocha.
- Yanacocha commitment: Total Yanacocha water-treatment spending is expected to be approximately $1.8 billion, with $1.1 billion incurred to date. Newmont expects total reclamation spending to normalize to $300 million-$400 million in 2028.
