Newmont (NYSE: NEM), the world's largest gold miner, reported second-quarter earnings Thursday after the North American market close, delivering net income of $2.2 billion and record quarterly free cash flow of $2.2 billion despite a 13% correction in gold prices during the period. The Denver-based company's adjusted earnings of $2.10 per share exceeded analysts' consensus estimate of $1.98 per share. CEO Natascha Viljoen attributed the performance to the resilience of Newmont's global portfolio, which produced approximately 1.3 million attributable gold ounces while navigating lower gold prices and operational disruptions at its Cadia operation in Australia following seismic events.
Newmont Reports $2.2 Billion Net Income on $6.1 Billion Revenue
Newmont reported net income of $2.2 billion, or $2.06 per diluted share, on revenue of $6.1 billion for the second quarter. Adjusted net income totaled $2.2 billion, or $2.10 per share, while adjusted EBITDA came in at $3.8 billion. The company generated record second-quarter free cash flow of $2.2 billion.
The miner's realized gold price remained at $4,414 an ounce during the quarter, down from $4,900 an ounce in the first quarter but above the $3,320 an ounce realized during the same period last year. Gold sales totaled 1.20 million ounces during the quarter.
Gold Production Reaches 1.29 Million Ounces Despite Cadia Disruptions
Attributable gold production totaled 1.29 million ounces, down 1% from the first quarter despite production interruptions at the company's Cadia operation in Australia following seismic events. Lower output from Cadia, Ahafo South, Peñasquito and Yanacocha was partially offset by stronger production at Lihir, Boddington and the Pueblo Viejo joint venture. Newmont said operations at Cadia returned to normal levels by mid-June.
All-In Sustaining Costs Rise to $1,621 Per Ounce
Gold by-product all-in sustaining costs rose to $1,621 an ounce from $1,029 an ounce in the previous quarter, driven primarily by lower production volumes, higher sustaining capital spending and additional costs incurred at Cadia during the temporary shutdown. Newmont noted that year-to-date costs remain well below its full-year guidance.
Newmont Returns $1.9 Billion to Shareholders Through Dividends and Buybacks
Since its last earnings report, Newmont has returned $1.9 billion to shareholders through dividends and share repurchases, including $1.7 billion in share buybacks. Since February 2024, the company has reduced its outstanding share count by more than 100 million shares, or roughly 9%.
The miner ended the quarter with $9.0 billion in cash, $13.0 billion in total liquidity and a net cash position of $3.4 billion. The company's board declared a quarterly dividend of $0.26 per share, payable Sept. 28 to shareholders of record as of Sept. 3.
Newmont highlighted receiving key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project during the quarter. The approvals, including an amended Environmental Assessment Certificate completed through a consent-based process with the Tahltan Nation, mark a milestone as the project advances toward a final investment decision.
Company Reaffirms 2026 Production Guidance of 5.26 Million Ounces
Newmont reaffirmed its 2026 guidance, forecasting attributable gold production of approximately 5.26 million ounces with gold all-in sustaining costs of around $1,680 an ounce. The company stated production will be weighted slightly toward the second half of the year, with stronger output anticipated from Boddington, Tanami, Lihir, Cerro Negro and Brucejack. Third-quarter production is stated to be broadly in line with second-quarter levels.
FAQ
What were Newmont's second-quarter earnings results?
Newmont reported net income of $2.2 billion, or $2.06 per diluted share, on revenue of $6.1 billion for the second quarter. Adjusted earnings came in at $2.10 per share, exceeding analysts' consensus estimate of $1.98 per share. The company generated record second-quarter free cash flow of $2.2 billion.
How much gold did Newmont produce in the second quarter?
Newmont produced 1.29 million attributable gold ounces during the second quarter, down 1% from the first quarter. Production was affected by interruptions at the Cadia operation in Australia following seismic events, though operations returned to normal levels by mid-June.
What is Newmont's production guidance for 2026?
Newmont reaffirmed its 2026 guidance of approximately 5.26 million attributable gold ounces with gold all-in sustaining costs of around $1,680 an ounce. The company stated production will be weighted slightly toward the second half of the year.
