Newmont Corporation
NEM · NYSE
Next quarter
Expected to report Feb 18, 2027 — estimated from last year’s reporting date.
Consensus is $1.99 EPS for Dec 2026 across 6 estimates, ranging $1.79 to $2.25.
NEM Sep 2026
- 13.40%
- -4.59%
- $1.94
- $2.20
- —
- $6.36B
Reported results
- $6.36B
- $2.48B
- $2.35
Highlights
- Earnings beat: Adjusted diluted EPS was $2.20, 13.4% above the $1.94 consensus; GAAP diluted EPS was $2.35 and net income attributable to Newmont was $2.48 billion.
- Revenue and pricing: Revenue of $6.36 billion rose 15% year over year and 4% sequentially. Realized gold averaged $4,317/oz, up from $3,539 a year ago but 2% below Q2.
- Cash generation: Free cash flow was $1.91 billion, versus $1.57 billion a year ago and $2.21 billion in Q2. Operating cash flow was $2.77 billion after a $565 million working-capital use.
- Costs and guidance: Gold by-product AISC was $1,454/oz and CAS was $832/oz. Newmont improved full-year 2026 cost guidance to $1,520/oz AISC and $925/oz CAS, while maintaining attributable gold production guidance of 5.26 million ounces.
- Production and Q4 setup: Attributable gold production was 1.302 million ounces, up 1% sequentially but down 8% year over year. Management expects Q4 to be the strongest quarter, with 1.365 million ounces of production in its guidance outlook.
- Shareholder returns: Newmont returned $1.9 billion through dividends and repurchases since its prior earnings call; it repurchased $1.6 billion of stock and had $2.8 billion remaining under its $6.0 billion authorization.
- Balance sheet: Cash was $8.8 billion, total liquidity $12.8 billion and net cash $3.2 billion at quarter-end, before the expected $1.95 billion Q4 payment to Barrick under the amended Nevada Gold Mines agreement.
- Red Chris: The full-funds decision for the block-cave project is now expected in early 2027. Estimated development capital is $4.2–$4.8 billion on a 100% basis, net of the anticipated Canadian government contribution.
Analysis
Newmont delivered a strong earnings and cash-flow quarter, with adjusted diluted EPS of $2.20 topping the $1.94 consensus by 13.4%. Revenue of $6.36 billion increased 15% from Q3 2025 and 4% from Q2 2026; GAAP diluted EPS of $2.35 compared with $1.67 a year ago and $2.06 last quarter. Adjusted net income reached a third-quarter record of $2.31 billion, up from $1.88 billion a year ago and 3% above Q2’s $2.25 billion. Higher metal prices supported the year-over-year comparison: realized gold was $4,317/oz versus $3,539, though down from $4,414 in Q2.
The print was also defined by disciplined costs and substantial cash returns. Gold production of 1.302 million attributable ounces edged up sequentially but remained below the year-ago 1.421 million; lower costs and higher co-product volumes helped bring by-product AISC to $1,454/oz. Newmont maintained its 5.26 million-ounce annual production target and lowered full-year cost guidance. Free cash flow of $1.91 billion was lower than Q2’s $2.21 billion, partly reflecting working-capital demands, but exceeded the year-ago $1.57 billion. The company paired that cash generation with $1.9 billion of recent shareholder returns while advancing the Red Chris investment case and a revised Nevada Gold Mines arrangement.
Earnings and pricing
- Reported results: Sales were $6.36 billion, up 15% year over year from $5.52 billion and 4% sequentially from $6.12 billion. GAAP net income attributable to stockholders was $2.48 billion, versus $1.83 billion a year ago and $2.20 billion in Q2.
- Adjusted earnings: Adjusted net income of $2.31 billion, or $2.20 per diluted share, was 23% above Q3 2025’s $1.88 billion and 3% above Q2’s $2.25 billion. Adjusted EBITDA rose 19% year over year to $3.95 billion.
- Metal prices: The average realized gold price was $4,317/oz, 22% above the year-ago $3,539 but 2% below Q2’s $4,414. Realized copper was $6.91/lb, up from $4.67 a year ago and $6.82 in Q2; realized silver was $50.50/oz, up year over year but below Q2’s $53.49.
Production and costs
- Gold output: Attributable production was 1.302 million ounces, up 1% sequentially from 1.293 million but down from 1.421 million a year earlier. Recovery at Cadia after Q2’s seismic disruption, productivity at Brucejack, and stronger Peñasquito throughput and grades supported the sequential gain; planned maintenance and mine sequencing offset some of it.
- Co-product metals: Copper output rose 35% sequentially to 23 thousand tonnes, mainly as Cadia recovered. Silver rose 57% to 11 million ounces, while lead reached 22 thousand tonnes and zinc 67 thousand tonnes, supported by higher Peñasquito co-product grades.
- Unit costs: Gold by-product CAS fell 20% sequentially to $832/oz, and by-product AISC declined 10% to $1,454/oz. Higher gold and co-product volumes and copper pricing helped CAS; lower other expense after Q2’s Cadia-related costs helped AISC, partly offset by higher sustaining capital spending.
- Full-year outlook: Newmont kept 2026 attributable production guidance at 5.26 million ounces and improved cost guidance to $925/oz CAS and $1,520/oz AISC. After 3.896 million ounces year to date, the guidance outlook calls for 1.365 million ounces in Q4. Management expects higher Q4 output, while warning of Lihir water-supply risks from El Niño and higher unit costs from sustaining spend and lower co-product volumes.
Cash and capital returns
- Cash generation: Operating cash flow was $2.77 billion, down 5% sequentially; cash from operations before working capital increased 11% to $3.33 billion. A $565 million working-capital use included a $318 million receivables outflow, $256 million of reclamation spending and $172 million for inventory and stockpile builds.
- Free cash flow: FCF was $1.91 billion, down 13% from Q2’s $2.21 billion as operating cash flow declined and capital investment increased; it was up from $1.57 billion in Q3 2025. Year-to-date FCF reached $7.26 billion.
- Liquidity and returns: Quarter-end cash was $8.8 billion, total liquidity $12.8 billion and net cash $3.2 billion, before the planned $1.95 billion payment to Barrick. Since the last earnings call, Newmont returned $1.9 billion through repurchases and dividends, including $1.6 billion of repurchases; $2.8 billion remained on the $6.0 billion authorization. It declared a $0.26 quarterly dividend.
Red Chris project
Newmont moved the Red Chris Block Cave toward a full-funds decision in early 2027, with the feasibility study nearing completion and still subject to review and governance approval. The updated development capital estimate is $4.2–$4.8 billion in real terms on a 100% basis, net of the anticipated CAD$500 million Canadian government contribution; terms of that contribution were expected to be finalized before year-end. The first phase is designed to produce 3.0 million ounces of gold and more than 850 thousand tonnes of copper over a 13-year cave life. If approved, construction is expected to start in 2027 and commercial production in 2033, with annual production targeted at 275–325 thousand ounces of gold and 65–85 thousand tonnes of copper during 2035–2040. Newmont owns 70% of the project.
Portfolio and growth
- Nevada Gold Mines: The amended agreement adds Barrick’s Fourmile and Newmont’s Fiberline and Mike properties to the joint venture, resolves outstanding disputes and provides Newmont’s consent to Barrick’s proposed IPO of certain assets. Newmont expects to pay Barrick $1.95 billion within 30 days of Fourmile’s contribution in Q4; the transaction is also expected to generate a gain from contributing Fiberline and Mike, which have no carrying value.
- 2027 production: Newmont expects attributable gold production to grow by a low-to-mid single-digit percentage from 2026. Higher-grade ore at Lihir and Boddington and Tanami Expansion 2’s expected commercial production are among the expected contributors.
- Project execution and spending: Tanami Expansion 2 shaft construction was completed, with commercial production now expected in the first half of 2027, slightly ahead of schedule. Newmont expects 2027 development capital to increase by about $500 million from 2026 as investment ramps up at Lihir Nearshore Barrier and, subject to approval, Red Chris; sustaining capital is expected to be broadly in line with 2026.
