EarningsQ3 2026 Earnings Report
MX:NEM Q3 2026 EPS Results
Actual EPS$41.33
Consensus EPS$36.73
Beat/MissBeat by +$4.60
One Year Ago EPS$32.13
MX:NEM Q3 2026 Revenue Results
Actual Revenue$118.41B
Expected Revenue$117.73B
Beat/MissBeat by +$680.59M
YoY Revenue Growth+17.16%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
MX:NEM Upcoming Earnings
Newmont Mining's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NEM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record third-quarter adjusted earnings, substantial free cash flow, shareholder returns, improved full-year cost guidance, projects advancing ahead of or on schedule, and production growth expected to begin in 2027. The company also disclosed risks from El Nino-related water availability, higher near-term and 2027 costs, inflation, fuel prices and increased development capital, but management stated that 2026 guidance remains on track and that these challenges are being actively managed.Company Guidance
Strong Third-Quarter Production and Financial Results
Newmont safely produced approximately 1.3 million ounces of gold, 23 thousand tons of copper and 11 million ounces of silver. The company generated $1.9 billion of free cash flow and reported adjusted net income of $2.20 per share, described as a third-quarter record.
Robust Cash Generation Through the First Nine Months
Newmont realized an average gold price of $4.32 thousand per ounce, generated $2.8 billion of cash flow from operations after working capital and $1.9 billion of free cash flow in the quarter. Year-to-date free cash flow reached $7.3 billion, approximately the total generated in 2025, while adjusted EBITDA was $4 billion.
Significant Shareholder Returns and Share Repurchases
Since the prior earnings call, Newmont returned approximately $1.9 billion to shareholders through its quarterly dividend and share repurchases. Year to date, more than 80% of free cash flow was returned to shareholders. Since launching its repurchase program in February 2024, the company has repurchased more than 115 million shares, representing approximately 10% of shares outstanding.
Improved Full-Year Cost Outlook
Gold all-in sustaining costs were $1.45 thousand per ounce in the third quarter, with sequential unit-cost improvement attributed to higher gold and co-product volumes, 11 million ounces of silver production, stronger realized copper prices and lower operating costs at certain operations. Full-year gold all-in sustaining cost guidance improved to approximately $1.52 thousand per ounce, approximately 10% better than the guidance provided at the beginning of the year.
2026 Guidance Remains on Track
Management said Newmont remains well on track to achieve its full-year 2026 production, capital and improved cost guidance. Fourth-quarter production is expected to increase to 1.4 million ounces, making it the strongest production quarter of the year, driven by Tanami, Cerro Negro, Ahafo North and Lihir.
2027 Production Growth Outlook
Total portfolio production in 2027 is expected to increase by a low to mid single digit percentage compared with 2026. Drivers include higher grades at Lihir and Boddington, additional ounces from the Tanami second expansion, incremental Cerro Negro ounces from the Vein Zone open pit and potential additional low-cost ounces from Yanacocha.
Tanami Second Expansion Progressing Ahead of Prior Timing
Newmont completed construction of the 1.5-kilometer shaft at the Tanami second expansion and remains on track for full mechanical completion by the end of 2026. Commercial production is now expected by the end of the second quarter of 2027, earlier than previously anticipated.
Progress Across Cadia and Yanacocha Projects
At Cadia, the PC2-3 project remains on track for completion by the end of 2026, with the final drawbell fired in September, while PC1-2 cave-establishment activity continues on schedule after key regulatory approvals and requirements following the April seismic event were achieved. At Yanacocha, two water-treatment plants are approaching mechanical completion with commissioning underway.
Future Cash Flow Available for Growth Investment
As the Yanacocha water-treatment projects advance toward completion in 2027, closure spending is expected to be approximately $200 million lower in 2027 and $400 million lower in 2028 compared with 2026 levels. Management said the resulting cash flow will be reallocated to growth and higher-return projects.
Red Chris Block Cave Project Advanced Toward Final Investment Decision
Newmont completed a rigorous feasibility study for Red Chris and advanced engineering beyond 60%. The fully permitted project has a 70-year mine-life endowment, benefits from C$500 million of Canadian government funding, and is supported by partnerships with the Tahltan Nation and federal and provincial governments. A full-funds decision is anticipated early next year.
Red Chris Production and Expansion Potential
The initial Red Chris development is expected to support a mine life of approximately 13 years, producing approximately 3 million ounces of gold and 850 thousand tonnes of copper on a 100% basis. Following ramp-up, annual production is estimated at 275 to 325 thousand ounces of gold and 65 to 85 thousand tons of copper. Approximately 40% of the planned investment in processing, material handling and other infrastructure is expected to support future expansions, while MacroBlock 1-2 represents less than 20% of potential mine life.
Nevada Gold Mines Joint Venture Agreement
Newmont announced an amended Nevada Gold Mines joint venture agreement under which the previously excluded Fourmile, Fiber Line and Myke properties will be contributed. The agreement also provides updated governance terms, and management said it positions the partners to optimize one of the world's premier gold districts. The transaction is expected to close in the fourth quarter.
Capital Allocation and Balance Sheet Flexibility
Newmont spent $525 million on sustaining capital and $354 million on development capital in the quarter. The company targets an annual cash dividend of approximately $1.1 billion and declared a quarterly dividend of $0.26 per share. It ended the quarter with $3.2 billion of net cash against a target range of $1 billion plus or minus $2 billion, and approximately $2.8 billion remained under the current share-repurchase authorization.
Additional Near-Term Operating Opportunities
Management said Yanacocha's asset review identified additional open-pit opportunities that could extend the asset's life with no material capital investment by optimizing existing heap-leach capacity. Ahafo North is expected to move into higher-grade areas in the next quarter, and Cerro Negro's Vein Zone open pit has already intersected some early low-grade ore.
Reserve and Resource Outlook
Newmont said its reserve and resource process is based in part on a three-year trailing average price and indicated that a bit of an increase in gold price could be anticipated in the year-end process. Management also said it anticipates an increase in reserve and resource numbers, subject to completion of the year-end work.
MX:NEM 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