Newmont Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.26%.
Did NEM Beat Earnings? Q4 2025 Results
Newmont closed out fiscal 2025 with a decisive fourth-quarter beat, posting adjusted earnings of $2.52 per diluted share against a consensus estimate of $1.97 — a 27.92% positive surprise — while revenue of $6.82 billion topped expectations by 2.73% and grew 19.1% year over year. The primary engine behind the results was a surge in realized gold prices, which averaged $4,216 per ounce in Q4, up $677 from the prior quarter, amplifying the returns from 5.9 million full-year attributable gold ounces and propelling what the company called <a href="https://247wallst.com/investing/2026/02/20/newmont-crushes-earnings-with-record-free-cash-flow-but-guidance-stalls-the-rally/">record free cash flow generation</a>. Newmont ended 2025 in a $2.10 billion net cash position after retiring $3.40 billion in debt and completing a $4.50 billion non-core divestiture program. The market's enthusiasm was tempered, however, by 2026 guidance calling for production of approximately 5.3 million ounces at a gold by-product all-in sustaining cost of $1,680 per ounce — a step down from 2025 output levels, with the company flagging rising taxes in Ghana as a potential headwind adding roughly $50 per ounce to total AISC if a proposed sliding royalty is enacted.
- Record average realized gold price of $4,216 per ounce in Q4 2025
- Higher production from Ahafo North achieving commercial production
- Higher grade at Tanami and Merian
- Increased production from Nevada Gold Mines joint venture
- Disciplined cost management with gold by-product AISC of $1,302 per ounce in Q4
- Completion of non-core divestiture program generating $4.5 billion in total after-tax proceeds
- Debt reduction of $3.4 billion in 2025
“2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments. As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimization, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position.”
Newmont CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Newmont expects attributable gold production of approximately 5.3 million ounces (±5%), with gold by-product AISC of $1,680 per ounce. The company expects sustaining capital of approximately $1.95 billion and development capital of approximately $1.4 billion. Production is expected to be 52% weighted to the second half of the year. Copper production is expected at 102 thousand tonnes, silver at 32 million ounces, lead at 90 thousand tonnes, and zinc at 220 thousand tonnes. The adjusted tax rate is expected at 33%. G&A costs are expected at $375 million, approximately $100 million lower than 2025 initial guidance. Longer-term, Newmont targets approximately 6 million gold ounces and 150 thousand tonnes of copper annually, supported by Ahafo North ramp-up, Boddington stripping completion in 2026, Tanami Expansion 2 completion in H2 2027, Cadia panel cave development, and the Lihir Nearshore Barrier. The company has committed to a sustainable $1.1 billion annual dividend and intends to deploy excess cash to ratable share repurchases.
NEM YoY Financials
NEM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.