Newmont NEM Q2 2026: Record $2.2B Free Cash Flow Despite Cadia Setback
As seen on the 24/7 Wall St. homepage on July 23, 2026.
Newmont crushed EPS expectations for the fourth consecutive quarter with a 6% beat, posting record Q2 free cash flow of $2.2 billion even as a seismic event at Cadia knocked revenue below consensus. The gold miner generated $2.1 per share on surging metal prices, with gold averaging $4,414 per ounce versus $3,320 a year ago.
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Newmont posted earnings of $2.10 per share for Q2 2026, topping the $1.98 consensus estimate by roughly 6% — the fourth consecutive quarter the world's largest gold miner has beaten expectations. The standout number was free cash flow: $2.2 billion in a single quarter, a company record, driven by gold prices that averaged $4,414 per ounce during the period, up sharply from $3,320 an ounce a year ago.
The revenue picture was more complicated. A seismic event at the Cadia mine weighed on output enough to push reported revenue to $6.12 billion, about 3% below the $6.31 billion analysts had penciled in. That operational disruption was the primary reason the top line missed even as the bottom line beat handily — high gold prices more than offset lost volume at the earnings level but could not fully compensate on revenue.
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Looking at the recent trend in the EPS history, Newmont has delivered consistent and widening beats since Q4 2024, with the Q1 2026 result of $2.90 per share standing as the recent high-water mark before this quarter's $2.10 print. The sequential step-down from Q1 to Q2 2026 likely reflects the Cadia disruption, making the resolution of that operational issue a key variable to watch in the quarters ahead.