Live: Newmont Corporation Reports After the Bell

Newmont’s conference call will take place at 5:30 p.m. ET.

Shares are currently up 1.3% and we don’t expect significant movement from these prices. Expect Wall Street to probe at the company’s 2026 guidance in more detail.

Management projects 5.3 million ounces at $1,680 AISC, but revenue math depends entirely on gold price. At $4,500 per ounce (the tax rate assumption), Newmont generates roughly $23.85 billion in revenue. Drop gold to $4,000, and that falls to $21.2 billion—below 2025’s $22.67 billion.

The guidance appears conservative on production given known Boddington and sequencing headwinds, but aggressive on gold pricing. Ghana’s potential 5-12% sliding royalty could add $50 per ounce to costs—not yet reflected in the $1,680 midpoint.

These are just some back of the envelope thoughts (think of them as directional), but we’d expect analysts to poke more at the math in Newmont’s guidance.

Newmont shares are up roughly 1% after hours—a surprisingly muted response to a 27.9% EPS beat. The reaction makes sense when you consider the stock’s run-up: shares have climbed 169% over the past year, driven by gold’s surge to $4,216 per ounce in Q4. Much of the earnings upside was already priced in.

The bigger issue is forward visibility. While Newmont generated record $7.3 billion free cash flow in 2025, 2026 production guidance of 5.3 million ounces represents a 10% decline. Costs are rising too, with AISC jumping to $1,680 per ounce from $1,358 in 2025. Ghana’s new tax regime and the Boddington bushfire impact add near-term pressure. At 19x trailing earnings and trading near its 52-week high of $134.88, the valuation leaves little room for disappointment.

Put another way, while these results were outstanding, tonight’s cautious reaction isn’t without merit.

Newmont’s 2026 guidance delivers a mixed message: production will decline roughly 10% to 5.3 million ounces from 5.9 million in 2025, while all-in sustaining costs jump to $1,680 per ounce from $1,358 full-year 2025. The culprits: bushfire damage at Boddington (impacting Q1 by roughly 60,000 ounces), Ghana’s expired stability agreement driving higher taxes, and the $779 million Yanacocha Sulfides impairment.

The offset: Newmont committed to $1.1 billion in annual dividends and maintains $2.4 billion in remaining buyback authorization. Management projects production weighted 52% to the second half, banking on project ramps at Ahafo North and Tanami Expansion 2.

So, while Newmont delivered outstanding Q4 results, their earnings are more of a mixed bag than a first look would indicate. Shares are currently up a little less than 1%.

Here’s what Newmont featured at the start of its presentation. It was an impressive year in every regard.

As we noted earlier, these were outstanding earnings but shars aren’t moving much after hours. Newmont is now up about .6%.

Newmont’s earnings just hit newswires. Here are the most important numbers:

• Revenue: $6.82 billion
• EPS: $2.52

As a reminder, here’s what Wall Street was expecting:

• Revenues: $6.25 Billion
• Adjusted EPS: $2.03
• GAAP EPS: $2.11
• Gross Margin: 67.8%

Share aren’t moving much initially, but it’s another massive earnings beat for Newmont.

We expect Newmont’s earnings to hit newswires at about 4:05 p.m. ET. If you see movement before then, it could just be noise. As a reminder, we’ll begin posting news and analysis once earnings are released.

Simply stay on this page, and new updates will post automatically. 

Newmont shares opened this morning deeply negative (trading close to $122 per share at the open), but have rebounded throughout the day. The company is trading for about $125.75 per share in late trading, up .8%.

Kinross Gold shares are down 2.4% after reporting last night while Pan American Silver is up 5.7% after releasing their earnings and hosting a conference call this morning.