Newmont Corporation reported record fourth‑quarter 2025 results, posting adjusted earnings per share of $2.52—an $0.55 beat over the consensus estimate of $1.97—and revenue of $6.82 billion, up 20.6% from $5.44 billion in Q4 2024 and beating the $6.19 billion consensus estimate. Adjusted net income rose to $2.80 billion from $1.90 billion in the prior quarter, while full‑year 2025 net income reached $7.20 billion versus $3.40 billion in 2024. The company generated a record $7.30 billion in free cash flow and closed the year with a net cash position of $2.10 billion, a sharp improvement from the $7.60 billion cash balance and $11.6 billion liquidity reported at the end of 2024.
The earnings beat was driven by a record gold price of $4,216 per ounce in Q4 2025, which more than offset the 10.6% decline in production to 5.90 million ounces. Cost discipline kept the all‑in sustaining cost (AISC) at $1,302 per ounce in Q4, below the full‑year 2025 AISC of $1,358 per ounce, allowing the company to preserve margins and deliver higher earnings despite lower volumes.
Revenue growth was largely a function of the high gold price, which lifted the average realized price and helped offset the production decline. The 20.6% revenue increase also reflected stronger demand in the company’s core operating regions, while the 27.9% EPS beat underscored the effectiveness of Newmont’s cost‑control program and the favorable mix of high‑margin assets. Compared with the prior quarter, adjusted net income grew 47%, and full‑year net income more than doubled from 2024, highlighting the company’s robust profitability trajectory.
For 2026, Newmont guided full‑year production to 5.30 million ounces, a 10.2% decline from 2025, and an AISC of $1,680 per ounce, up from $1,358 in 2025. The company also announced a quarterly dividend of $0.26 per share, payable on March 26, 2026, and reaffirmed its capital‑allocation framework, which includes an annual dividend of $1.10 billion, a $6 billion share‑repurchase authorization, and $1.95 billion in sustaining‑capital spend. Management said the production dip is a deliberate sequencing decision aimed at long‑term portfolio optimization, while the AISC increase reflects inflationary input costs and planned capital investments.
"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," said President and CEO Natascha Viljoen. "Building on this momentum, we announced an enhanced capital allocation framework and increased our quarterly dividend, anchored by a flexible and resilient balance sheet, and are entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow from our unrivaled portfolio of world‑class operations and projects." In the earnings call, Viljoen added, "we are entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow."
The market reaction was muted, with shares moving only 0.5% to 1.3% higher in early trading. Investors appeared to weigh the strong Q4 performance against the 2026 guidance, which signals a production decline and higher AISC, raising concerns about margin sustainability if gold prices fall. The company’s disciplined capital allocation and record free cash flow, however, remain positive signals for long‑term shareholder value.
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