Newmont (NEM) Earnings Date & Reports

Key Takeaways

• Revenue reached $6.12 billion, rising 15% year-over-year but falling short of the $6.38 billion consensus estimate, partly due to lower gold and silver sales volumes.
• Adjusted earnings per share (EPS) came in at $2.10, up from $1.43 a year ago, though narrowly below the most widely cited analyst estimate of $2.12.
• Record second-quarter free cash flow of $2.2 billion underscored Newmont's ability to convert high gold prices into substantial cash generation.
• Attributable gold production declined to 1.29 million ounces, pressured by a seismic event at Cadia and planned mine sequencing at several operations.
• Gold all-in sustaining costs (AISC) — a key cost metric for miners — rose to $1,621 per ounce on a by-product basis, still below full-year guidance of $1,680 per ounce.
• $1.9 billion returned to shareholders since the last earnings call through dividends and share repurchases, reinforcing management's capital allocation commitment.

Earnings Context and Why It Matters

Newmont Corporation (NEM), the world's largest gold producer and the only gold miner in the S&P 500 Index, delivered its second-quarter 2026 results on July 23 against a backdrop of elevated but retreating gold prices. After hitting record highs earlier in the year, gold pulled back as trade tensions eased and the U.S. dollar strengthened. For investors, this quarter represented a critical test of whether Newmont could sustain the exceptional profitability seen in Q1, when adjusted EPS reached $2.90. With full-year guidance calling for approximately 5.3 million attributable gold ounces at an AISC of $1,680 per ounce, the Q2 print offered vital insight into the company's cost trajectory, operational resilience, and ability to reward shareholders amid fluctuating commodity markets.

Reported Results

Newmont reported second-quarter 2026 revenue of $6.12 billion, up from $5.32 billion in the same period last year, but below the consensus estimate of approximately $6.38 billion. Adjusted net income rose to $2.25 billion, or $2.10 per diluted share, compared to $1.59 billion, or $1.43 per share, in Q2 2025. While adjusted EPS narrowly missed the most widely followed consensus of $2.12, it exceeded expectations from several other analyst surveys. Reported net income attributable to shareholders was $2.20 billion, or $2.06 per diluted share.

The company produced 1.29 million attributable gold ounces during the quarter, a slight sequential decline driven primarily by the impact of a seismic event at the Cadia mine in Australia and lower-grade ore from planned mine sequencing at Ahafo South, Peñasquito, and Yanacocha. Cadia resumed normal operations by mid-June. Copper production dropped 43% sequentially to 17,000 tonnes, reflecting the Cadia disruption, while silver output fell 22% to 7 million ounces. The average realized gold price was $4,414 per ounce — a decline of $486 per ounce from Q1's record $4,900 but a 33% increase year-over-year.

Gold by-product AISC rose to $1,621 per ounce, up from $1,029 in Q1 2026, driven by lower co-product volumes, higher sustaining capital at Cadia, increased Ghana royalties, and elevated diesel prices. Despite the increase, year-to-date AISC of $1,321 per ounce remains well below the company's full-year guidance midpoint. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at $3.8 billion, while net cash from operating activities totaled $2.92 billion. The company ended the quarter with $9.0 billion in cash and a net cash position of $3.4 billion.

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Market Reaction and Investor Sentiment

Newmont shares fell 1.08% during regular trading on July 23 to close at $94.72, with an additional 1.34% decline in after-hours trading to $93.45 following the earnings release. The revenue miss appeared to weigh on sentiment, even as the company emphasized its record second-quarter free cash flow and reaffirmed full-year guidance. The stock has traded within a wide range over the past 12 months, between a 52-week low of $59.96 and a high of $134.88, and remains down approximately 4% year-to-date, underperforming the S&P 500. Investor attention now appears focused on whether the company can sustain cash returns through buybacks and dividends if gold prices continue to moderate from earlier highs, and whether Cadia's recovery and second-half production ramp-up materialize as projected.

Forward Outlook and Key Factors to Monitor

Newmont reaffirmed its full-year 2026 production guidance of approximately 5.3 million attributable gold ounces, signaling confidence that operations will strengthen through year-end. Management expects third-quarter production to be broadly in line with Q2 before a meaningful fourth-quarter acceleration, supported by Lihir's completion of planned maintenance and the Ahafo North mine reaching its full production run rate.

On the cost side, investors should monitor oil price movements closely. Management noted that every $10-per-barrel change in oil prices translates to roughly a $60 million impact on full-year costs. With diesel, explosives, cyanide, grinding media, and freight all sensitive to energy prices, the cost outlook remains tied to global crude markets. Ghana's increased royalty regime also represents a structural cost headwind that will persist.

Capital returns remain a central theme. Newmont has repurchased $1.7 billion in stock since the last earnings call, with $4.3 billion remaining under its $6 billion authorization. Since February 2024, the company has reduced its share count by approximately 9%, amplifying per-share metrics for remaining shareholders. The declared quarterly dividend of $0.26 per share continues the company's track record of returning cash to investors.

Additionally, the regulatory approval received for the Red Chris Block Cave project in British Columbia — achieved through a consent-based process with the Tahltan Nation — marks a significant milestone. While a final investment decision is still pending, the project represents a potentially meaningful long-term growth option. Combined with executive leadership appointments from Newmont's internal pipeline, the company appears to be positioning for its next phase of operational delivery.

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