Newmont Corp
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.65%.
Did NEM Beat Earnings? Q2 2026 Results
Newmont Corp delivered a strong Q2 2026 performance, posting adjusted earnings of $2.10 per share against a consensus estimate of $1.98, a 6.00% beat that extends the gold miner's winning streak to four consecutive quarters of topping EPS expectations. Revenue came in at $6.12 billion, up 16.0% year-over-year but modestly below the $6.31 billion consensus, a gap largely explained by the seismic disruption at the Cadia mine in April, which knocked copper production down 43% quarter-over-quarter and weighed on overall output before operations normalized by mid-June. Gold sales of $5.28 billion led the commodity mix, with 1.19 million ounces sold at a net realized price of $4,414 per ounce, while the company generated what it characterized as record second-quarter free cash flow of $2.21 billion. Analysts had been watching closely for signs of operational discipline following recent leadership changes, and the results largely delivered. With the balance sheet holding $9.01 billion in cash and $4.30 billion remaining under a $6.00 billion buyback authorization, Newmont reaffirmed full-year production guidance of 5.26 million attributable gold ounces.
- Average realized gold price of $4,414 per ounce in Q2 2026 vs $3,320 in Q2 2025
- Produced 1.293 million attributable gold ounces in Q2 2026
- Gold sales of $5,276 million, up 15% YoY despite lower volumes (1,195 vs 1,380 thousand ounces sold)
- Silver sales surged 80% YoY to $344 million driven by higher realized prices ($53.49/oz vs $29.50/oz)
- Increased production at Lihir and Boddington partially offset Cadia seismic event impact
- Gold by-product CAS rose to $1,043/oz due to lower volumes, lower silver pricing, increased Ghana royalties, and higher diesel prices
- Cadia seismic events reduced copper production 43% and impacted gold production
- Favorable accounts receivable movements of $461 million partially offset working capital headwinds
“Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance.”
Newmont CEO, on the earnings call
Forward Guidance & Outlook
Newmont remains on track to meet its full-year 2026 guidance of 5.26 million attributable gold ounces, with approximately 51% of production weighted to the second half. Gold by-product CAS is guided at $1,055/oz and AISC at $1,680/oz for 2026, with year-to-date costs tracking well below these levels. Sustaining capital is expected at $1.95 billion and development capital at $1.4 billion for the full year. Q3 production is expected to be broadly in line with Q2, with production weighted toward Q4. Unit costs are expected to increase in Q3 due to higher sustaining capital spend, partially offset by higher co-product volumes. Development capital spend will increase meaningfully in Q3. Guidance assumes gold at $4,500/oz, copper at $5.00/lb, silver at $60.00/oz, and an adjusted tax rate of 33%.
NEM YoY Financials
NEM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.