Newmont Corporation reported first‑quarter 2026 results that surpassed analyst expectations, with revenue of $7.31 billion and adjusted earnings per share of $2.90. The adjusted EPS beat the most widely cited consensus estimate of $2.07 by $0.83, a 40% upside, while revenue exceeded the $6.92 billion estimate by $0.39 billion, a 5.6% beat.
The company’s attributable gold production fell to 1.30 million ounces, down from 1.54 million ounces in Q1 2025, a 15% sequential decline. The lower output was largely offset by a record high gold price, which helped maintain profitability. Operational disruptions—including the Cadia earthquake, bushfires at Boddington, and heavy rainfall at Tanami—contributed to the production shortfall, but the higher metal prices and disciplined cost management preserved margins.
Newmont reaffirmed its 2026 guidance, maintaining a target of 5.26 million ounces of attributable gold production, plus or minus 5%, and an all‑in sustaining cost forecast of $1,680 per ounce. The company also announced a new $6 billion share‑repurchase authorization, doubling the size of its capital‑return program after a $2.4 billion repurchase under the previous plan. The record $3.1 billion free‑cash‑flow generated in the quarter underscores the company’s strong liquidity position.
"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," said Natascha Viljoen, President and Chief Executive Officer. "Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call," she added. "Newmont delivered outstanding financial results in the first quarter driven by strong operational performance that Natascha just outlined and a supportive metal price environment. Our continued focus on disciplined execution resulted in adjusted EBITDA of $5.2 billion and adjusted net income of $2.90 per diluted share for the quarter," said Peter Wexler, Interim Chief Financial Officer.
The market reacted positively to the results, with analysts noting the strong earnings beat, record free‑cash‑flow, and the company’s confidence in its 2026 guidance. The announcement reinforced Newmont’s position as the world’s largest gold miner and highlighted its resilience amid operational headwinds such as rising energy costs, Ghana’s sliding‑scale royalty, and the ongoing Nevada Gold Mines joint‑venture default process. The company’s ability to maintain profitability while investing in capital and returning cash to shareholders signals robust execution and a solid outlook for the remainder of the year.
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