Newmont Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.27%.
Did NEM Beat Earnings? Q2 2025 Results
Newmont delivered a standout second quarter, posting earnings of $1.43 per diluted share on revenue of $5.32 billion as surging gold prices and disciplined cost control combined to produce record quarterly free cash flow of $1.71 billion. The primary catalyst was gold averaging $3,320 per ounce during the period — up $376 from Q1 — which amplified returns even as attributable production dipped 4% sequentially to roughly 1.48 million ounces following the completion of Newmont's non-core asset divestiture program. All-in sustaining costs fell 4% to $1,593 per ounce, while adjusted EBITDA climbed 14% to $3.00 billion, leaving the balance sheet with $6.18 billion in cash and net debt to adjusted EBITDA at just 0.1x. The board authorized a new $3.00 billion share repurchase program alongside a $0.25 quarterly dividend. The broader gold mining sector is riding the same tailwind, with peers similarly reporting sharp profit expansions on higher realized prices. Despite the strong print, <a href="https://247wallst.com/investing/2025/10/23/earnings-newmont-nem-beats-earnings-shares-drop/">shares moved lower</a> after results. Looking ahead, Newmont reaffirmed its full-year guidance of 5.9 million attributable gold ounces at AISC of $1,630 per ounce.
- Average realized gold price increased $376/oz to $3,320/oz quarter-over-quarter
- Record quarterly free cash flow of $1.7 billion driven by higher revenues and lower capital investment
- Gold CAS per ounce decreased 1% to $1,215 due to lower direct operating costs from completed non-core divestitures
- Gold AISC per ounce decreased 4% to $1,593 from lower sustaining capital spend
- Improved production at Yanacocha from better injection leaching and at Peñasquito from higher gold grades
- Divestiture program completed for all non-core operating sites, generating significant cash proceeds
“Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year.”
Newmont CEO, on the earnings call
Forward Guidance & Outlook
Newmont reaffirmed its 2025 full-year guidance of 5.9 million attributable gold ounces (5.6 million from the Core Portfolio) at Gold Co-Product AISC of $1,630/oz and CAS of $1,200/oz. Production is expected to be approximately 50/50 weighted between H1 and H2. Third quarter Core Portfolio production is expected roughly in line with Q2, with growth from non-operated JVs, Cerro Negro, Brucejack, and Tanami offset by declines at Ahafo South, Lihir, Peñasquito, and Cadia. CAS per ounce is expected similar to Q2, while AISC per ounce is expected slightly above full-year guidance due to higher sustaining capital. Q3 free cash flow is expected to decline from Q2 due to higher capital spend, increased cash taxes, and rising Yanacocha water treatment construction costs. Full-year sustaining capital is guided at $1,875 million and development capital at $1,330 million. The adjusted tax rate is expected at 34%. Reclamation spending is on track at $800 million for the full year including $600 million for Yanacocha water treatment plants. The company expects to receive more than $3.0 billion in after-tax cash proceeds from its divestiture program in 2025.
NEM YoY Financials
NEM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.