Newmont third-quarter net income rises to $2.5 billion, improves cost guidance

Newmont Corporation (NYSE: NEM) said Thursday that third-quarter net income attributable to its stockholders was $2.5 billion, according to a results release attached to a regulatory filing.

Here's how the company did:

• Net income per diluted share: $2.35, vs. $1.67 a year earlier
• Sales, the company's term for revenue: $6,363 million, vs. $5,524 million a year earlier
• Adjusted net income per diluted share: $2.20, vs. $1.71 a year earlier
• Adjusted EBITDA: $3,951 million, vs. $3,309 million a year earlier
• Free cash flow: $1,912 million, vs. $1,571 million a year earlier

Net income was up from $1.8 billion in the third quarter of 2025. Sales rose 15% from a year earlier.

The average realized gold price was $4,317 per ounce, up from $3,539 a year earlier.

Attributable gold production was 1,302 thousand ounces, compared with 1,421 thousand a year earlier. Gold by-product all-in sustaining costs, or AISC, were $1,454 per ounce, against $1,303 a year earlier.

Gold by-product costs applicable to sales, or CAS, which exclude depreciation, amortization and reclamation, were $832 per ounce, compared with $831 a year earlier.

The company ended the quarter with $8.8 billion of cash and $12.8 billion of total liquidity, including $4.0 billion available on a revolving credit facility. It reported a net cash position of $3.2 billion.

“Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio,” said President and Chief Executive Officer Natascha Viljoen.

The company said it remains on track to produce 5.3 million attributable gold ounces in 2026. It improved full-year cost guidance to $925 per ounce for gold by-product CAS and $1,520 per ounce for AISC.

The company said the improvement is largely driven by cost discipline and higher realized co-product pricing compared with guided assumptions. The release does not give the earlier unit cost guidance, so the size of the change is not stated.

For the fourth quarter, the company expects attributable gold production of 1,365 thousand ounces, which it said will be the strongest quarter of the year. It expects by-product CAS of $1,250 per ounce and by-product AISC of $1,900 per ounce.

Unit costs are expected to rise in the fourth quarter, mainly from higher sustaining capital spend and lower co-product volumes.

Sustaining capital guidance is $1.95 billion and development capital guidance is $1.4 billion, with full-year 2026 guidance for both unchanged.

The board declared a dividend of $0.26 per share for the third quarter, payable Dec. 21 to holders of record at the close of business on Nov. 25. The company said that equates to an indicated annualized total of $1.04 per share, but the board has not declared an annualized dividend.

Since the last earnings call, Newmont has repurchased $1.6 billion of common stock, and $2.8 billion remains under its $6.0 billion program. The company said it intends to request additional approval from its board as the current authorization approaches completion.

Since February 2024, the company has reduced its share count by over 115 million shares, or about 10% of shares outstanding.

Newmont also announced an amended agreement for the Nevada Gold Mines joint venture to include previously excluded assets, including Barrick's Fourmile and Newmont's Fiberline and Mike. The company expects to pay Barrick $1.95 billion under the amended agreement in the fourth quarter.

The company is advancing the Red Chris Block Cave project toward a full-funds investment decision in early 2027. It said the feasibility study is nearing completion, subject to review and governance oversight, and that the decision requires approval by the board of the Red Chris Joint Venture.

Total development capital is estimated at $4.2 billion to $4.8 billion in real terms, on a 100% basis and net of an anticipated CAD$500 million contribution from the Government of Canada. Terms of that contribution are expected to be finalized before the end of 2026.

The first phase is expected to produce 3.0 million ounces of gold and more than 850 thousand tonnes of copper over an initial 13-year cave life, with commercial production targeted for 2033. Newmont owns 70% of the joint venture, and Imperial Metals owns 30%.

At Tanami Expansion 2, shaft construction is complete. Commercial production is now expected towards the end of the first half of 2027, earlier than previously anticipated.

For 2027, the company expects attributable gold production to increase by a low-to-mid single-digit percentage from 2026. It expects unit costs to trend higher, citing inflation, higher diesel prices, unfavorable foreign exchange movements tied to the Australian dollar, and lower co-product credits from Peñasquito.

Development capital is expected to increase by about $500 million in 2027 as construction ramps up on the Lihir Nearshore Barrier and the Red Chris Block Cave project.