Newmont (NEM) Q1 2026 Earnings
How Did NEM Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.12%.
Did NEM Beat Earnings? Q1 2026 Results
Yes. Newmont reported Q1 2026 earnings of $2.90 a share on Apr 23, 2026, beating the $2.22 consensus estimate by 30.6%. Revenue was $7.3B against a $6.4B estimate.
Newmont delivered a blowout first quarter for fiscal 2026, extending its streak of consensus beats to four consecutive quarters as a surge in gold prices powered results well above analyst expectations. The mining giant posted adjusted diluted EPS of $2.90, beating the $2.22 consensus by 30.58%, while revenue of $7.31 billion topped estimates by 13.40% and rose 50.00% year over year. The single most decisive factor was gold's dramatic price appreciation, with Newmont realizing an average of $4,900 per ounce during the quarter, up sharply from $2,944 a year ago, lifting both margins and free cash flow to levels the company described as quarterly records. Gold by-product all-in sustaining costs fell 21% sequentially to $1,029 per ounce, further amplifying profitability. On the strength of these results, Newmont repurchased $2.40 billion in shares and authorized a fresh $6.00 billion buyback, while reaffirming full-year production guidance of 5.26 million attributable gold ounces, with roughly 52% of output weighted to the second half.
- Average realized gold price increased to $4,900/oz from $2,944/oz year-over-year
- Gold by-product AISC decreased 21% sequentially to $1,029/oz
- Favorable silver and copper co-product volumes and prices reduced by-product CAS
- Ongoing cost discipline and productivity initiatives
- Lower sustaining capital spend in Q1 versus prior quarters
- Copper production increased 3% QoQ driven by higher Cadia grade and throughput
- Silver production increased 29% QoQ driven by higher Peñasquito co-product grades
“Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow, keeping us well on track to achieve our 2026 guidance”
Newmont CEO, on the earnings call
What Was Newmont's Outlook in Q1 2026?
Newmont reaffirmed full-year 2026 guidance of 5.26 million attributable gold ounces with production approximately 52% weighted to H2. Full-year gold by-product AISC is guided at $1,680/oz. Sustaining capital is expected at $1.95 billion and development capital at $1.4 billion. Q2 2026 production is expected at 23% of full-year total, slightly below Q1, with notably higher unit costs driven by higher sustaining capital, lower silver production, higher CAS at Boddington/Tanami/Lihir/Peñasquito, and the impact of Ghana's new sliding royalty rate. Ghana royalty changes could add approximately $25/oz to total Newmont AISC. Cadia expects lower Q2 production due to April earthquake disruption but full capacity by end of Q2. The company targets $1.1 billion in annual dividends and intends to deploy excess cash ratably into share repurchases under the new $6.0 billion authorization.
NEM YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $7.3B | $4.9B | +50.0% |
| Net Income | $3.3B | $1.9B | +72.5% |
NEM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.