EarningsQ2 2026 Earnings Report
MX:BN Q2 2026 EPS Results
Actual EPS$14.52
Consensus EPS$14.72
Beat/MissMissed by -$0.20
One Year Ago EPS$8.23
MX:BN Q2 2026 Revenue Results
Actual Revenue$93.40B
Expected Revenue$91.96B
Beat/MissBeat by +$1.43B
YoY Revenue Growth+44.56%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeBefore Open
Conference CallMonday, August 10, 2026
MX:BN Upcoming Earnings
Barrick Mining's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call reported strong operational and financial momentum: production beat guidance, adjusted EBITDA and net earnings rose ~50% YoY, growth projects are on time and on budget, capital returns and balance sheet position are robust, and the Newmont agreement plus IPO progress are material strategic positives. Notable negatives include safety incidents, a one‑time $400M Loulo‑Gounkoto payment that reduced quarterly free cash flow, weather‑related operational disruptions, and investor uncertainty due to limited disclosure on the $4B Newmont package and Fourmile technical details. On balance the positive operating and financial developments, project execution and capital returns materially outweigh the lowlights, though key disclosure and safety items require attention.Company Guidance
Strategic Newmont Agreement (~$4 billion package)
Announced a comprehensive agreement with Newmont valued at approximately $4.0 billion that resolves historical disputes, vends Fourmile and includes Mike and Fiberline (management cited ~6.4m ounces), reduces IPO friction and is expected to unlock additional shareholder value with the majority of net proceeds to be returned to shareholders.
Strong Quarterly Production — Gold
Produced 976,000 ounces of gold in Q2, 3% above guidance and 11% higher versus Q1; Loulo‑Gounkoto and Pueblo Viejo ramped ahead of expectations, Cortez mined record underground tonnes and Goldrush continued ramp‑up.
Strong Financial Performance & Margins
Net earnings of $1.2 billion (+50% year‑over‑year), adjusted net earnings $1.36 billion (adjusted EPS $0.82 in line with Bloomberg consensus), attributable adjusted EBITDA $2.425 billion (+51% YoY) with a 59% margin; North American MGM and PV accounted for 53% of attributable adjusted EBITDA at a 61% margin.
Robust Capital Returns and Balance Sheet Position
Returned $1.2 billion of share repurchases in the quarter and $3.0 billion in dividends and buybacks since Oct 2025 (more than double prior corresponding period); closed the quarter with $1.2 billion net cash, an undrawn $3.0 billion revolver and no meaningful debt maturing until 2033.
Free Cash Flow (Underlying Strength)
Attributable free cash flow declined 33% YoY largely due to timing of tax/interest and a one‑time $400 million payment; management stated that excluding that one‑time payment, attributable free cash flow would have been over 60% higher YoY. Year‑to‑date attributable FCF was $1.4 billion (more than double prior year-to-date).
Growth Projects On Time and On Budget
Fourmile drilling ramped to ~20 rigs with PFS targeted by end of 2028; Lumwana mill expansion progressing and expected to double copper production with first copper from expansion by end of Q1 2028; Pueblo Viejo expansion progressing (90% resettlement packages accepted); Reko Diq development timing adjusted to lower near‑term capex.
Copper Performance
Copper production of 56,000 tonnes in the quarter with comparable margins to the gold business and expected increases in H2 production as expansions progress.
IPO Progress and Management Leadership
Preparations for a North American pure‑gold IPO are on track for year‑end; separation agreements completed and Mark F. Hill selected to lead the new company as CEO on launch. Management expects the IPO to be structured as an initial ~10% minority offering.
MX:BN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed