Newmont Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.33%.
Did NEM Beat Earnings? Q3 2025 Results
Newmont delivered a standout third quarter for 2025, posting adjusted earnings of $1.71 per diluted share against a Wall Street consensus of $1.44 — an 18.58% beat — while revenue climbed to $5.52 billion, up 20.1% year over year and ahead of the $5.27 billion estimate by 4.77%. The driving force behind the quarter was straightforward: gold prices surged to an average realized $3,539 per ounce, lifting adjusted EBITDA to a record $3.31 billion and free cash flow to $1.57 billion — the fourth consecutive quarter above $1.00 billion. Cost discipline reinforced the story, with all-in sustaining costs holding at $1,566 per ounce even as royalties and profit-sharing rose alongside elevated gold prices. Newmont also completed its full non-core divestiture program, generating over $3.50 billion in 2025 cash proceeds and leaving the company in a near-zero net debt position of just $12.00 million. Despite the <a href="https://247wallst.com/investing/2025/10/23/earnings-newmont-nem-beats-earnings-shares-drop/">strong quarterly results</a>, full-year 2025 production guidance remains at 5.9 million ounces, with 2026 output expected toward the lower end of the same range as key capital projects ramp spending.
- Average realized gold price increased to $3,539/oz, up $219/oz from prior quarter
- Cost discipline and productivity initiatives offset lower sales volumes and higher royalties
- Gold Co-Product CAS per ounce of $1,185 was slightly lower than the prior quarter
- Gold Co-Product AISC per ounce of $1,566 was slightly lower than the prior quarter
- Production growth at Brucejack, Cerro Negro, and Yanacocha partially offset declines elsewhere
- Fourth consecutive quarter with over $1 billion in free cash flow
“Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow.”
Newmont CEO, on the earnings call
Forward Guidance & Outlook
Newmont improved 2025 cost and capital guidance while maintaining production and unit cost outlook. Full-year 2025 attributable gold production is expected at 5.9 Moz (5.6 Moz from core portfolio). Full-year Gold Co-Product CAS is guided at $1,200/oz and AISC at $1,630/oz. 2025 sustaining capital improved to $1,725M (down $150M) and development capital to $1,280M (down $50M). G&A guidance improved by $85M to $390M, Exploration & Advanced Projects by $75M to $450M, interest expense by $45M to $255M, and Reclamation and Remediation Accretion by $125M to $350M. Q4 2025 production expected relatively in line with Q3. For 2026, attributable gold production is expected within the same range as 2025 but toward the lower end. Capital spending in 2026 is anticipated to increase as key projects advance. The adjusted effective tax rate for 2025 is estimated at 33%.
NEM YoY Financials
NEM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.