Companies /Basic Materials

Newmont Corp

NYSE: NEM Gold
$130.43
▲ $5.27 (+4.21%) today
Markets closed · 5:01pm ET

Q1 2026 Earnings

Reported Apr 23, 2026, 4:06pm ET · SEC source
$2.90
Beat +30.58%
EPS · est. $2.22 Adjusted
$7.3B
Beat +13.40%
Revenue · est. $6.4B
−16.3%
Trailing market
NEM vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%Apr 23Apr 24report 4:06pm ETearnings+0.8%+6.5%
−4%0+4%Apr 23Apr 24earnings+0.8%+6.5%
NEM +6.5%S&P 500 +0.8%
−4%0+4%Apr 23Apr 24report 4:06pm ETearnings+1.7%+6.5%
−4%0+4%Apr 23Apr 24earnings+1.7%+6.5%
NEM +6.5%NASDAQ +1.7%
0+4%+8%Apr 22May 1report 4:06pm ETearnings+1.8%−1.5%
0+4%+8%Apr 22May 1earnings+1.8%−1.5%
NEM −1.5%S&P 500 +1.8%
0+4%+8%Apr 22May 1report 4:06pm ETearnings+3.4%−1.5%
0+4%+8%Apr 22May 1earnings+3.4%−1.5%
NEM −1.5%NASDAQ +3.4%
+8.68%
Day of report
−3.83%
Next session
−10.01%
One week
−11.16%
30 days

S&P 500 over the same 30 days: +5.12%.

Did NEM Beat Earnings? Q1 2026 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$3.0B$6.0B$4.9B$7.3BRevenue$1.9B$3.3BNet Income
$0$3.0B$6.0BRevenueNet Income

NEM Revenue by Segment

Gold
Copper
Silver
Zinc
Lead

Figures from SEC filings and company reports. Not investment advice.