Newmont (NEM) Earnings Date & Reports

Key Takeaways

• Newmont reported third quarter 2026 revenue of $6.36 billion, up from $5.52 billion a year earlier.
• Adjusted earnings per share (EPS) reached $2.20, exceeding the consensus estimate of $1.94 by roughly 13%.
• Net income attributable to stockholders rose to $2.48 billion, or $2.35 per diluted share, compared with $1.83 billion, or $1.67, a year ago.
• The company generated $1.9 billion in free cash flow and ended the quarter with a $3.2 billion net cash position.
• Management reaffirmed full-year 2026 production guidance of approximately 5.3 million attributable gold ounces and improved its full-year cost outlook.

Earnings Context and Why It Matters

As the world's leading gold producer and the only gold miner in the S&P 500 Index, Newmont is a bellwether for the broader precious metals sector. Its quarterly results offer investors a direct read on how elevated gold prices are translating into profitability, cash generation, and shareholder returns. The third quarter is also a critical checkpoint for the company's 2026 outlook, as management signaled that production was weighted toward the second half of the year. With gold trading near historically high levels, this report helps clarify whether Newmont is converting favorable commodity conditions into durable per-share value rather than letting rising input costs and royalties erode margins.

Reported Results

For the third quarter ended September 30, 2026, Newmont posted revenue of $6.36 billion, a 15% increase from $5.52 billion in the prior-year period. Net income attributable to stockholders climbed to $2.48 billion, or $2.35 per diluted share, up from $1.83 billion, or $1.67 per share, a year earlier.

On an adjusted basis, the company earned $2.30 billion, or $2.20 per diluted share, which beat the consensus estimate of $1.94 by a wide margin and marked a record for a third quarter. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was approximately $3.95 billion, compared with $3.30 billion a year ago. Cash flow from operations reached $2.8 billion after working capital, and free cash flow totaled $1.9 billion.

Operationally, Newmont produced roughly 1.3 million attributable gold ounces, 23 thousand tonnes of copper, and 11 million ounces of silver. The average realized gold price was $4,320 per ounce. Gold all-in sustaining costs (AISC, a measure of the total cost to sustain each ounce of gold production) came in at $1,450 per ounce on a by-product basis, improving sequentially from the second quarter on higher volumes, stronger copper prices, and lower operating costs at certain sites. The company declared a quarterly dividend of $0.26 per share.

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Market Reaction and Investor Sentiment

Newmont shares closed modestly lower following the release, slipping about 0.7% to $162.00 on October 23, 2026, despite results that topped analyst estimates. The muted reaction reflects a pattern common among miners when a strong gold price and favorable results are already partially priced in, and it may also signal some profit-taking after a year-to-date advance. Broader investor sentiment around the stock remains anchored to the gold price, but attention is increasingly shifting toward Newmont's cost trajectory, its disciplined capital allocation framework, and the timing of share repurchases. The company noted it has returned more than 80% of year-to-date free cash flow to shareholders and repurchased over 115 million shares since February 2024, representing roughly 10% of shares outstanding.

Forward Outlook and Key Factors to Monitor

Newmont reaffirmed its full-year 2026 production target of approximately 5.3 million attributable gold ounces and improved its full-year cost guidance, with management signaling that the strongest production quarter is still to come. Investors should watch whether fourth-quarter output and unit costs confirm that trajectory.

Several project milestones will be important to track. At Tanami in Australia, construction of the 1.5-kilometer shaft for the second expansion is complete, with commercial production now expected by the end of the second quarter of 2027, earlier than previously guided. At Cadia, the panel cave projects continue to advance, while higher-grade ore is expected at Lihir in the fourth quarter.

The Red Chris block cave project in British Columbia remains the largest single catalyst on the horizon, with a full-funds investment decision anticipated early in 2027. The company also expects to close an amended Nevada Gold Mines joint venture agreement in the fourth quarter, which involves a $1.95 billion payment. Cost trends, gold and copper price movements, and the pace of share repurchases will remain key swing factors for per-share results in the quarters ahead.

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