NEM earnings analysis
What we found in NEM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Newmont reported Q2 revenue of $6.118 billion and diluted GAAP EPS of $2.06; EPS improved from $1.85 a year earlier, although the filing’s supplied financial history indicates revenue declined from $7.31 billion in Q1 2026. Cash generation and liquidity were strong, with six-month free cash flow of $5.349 billion and $13.009 billion of total liquidity. The principal operational offset is sharply higher cost and lower throughput at Cadia and Peñasquito, while the newly expanded Ghana risk disclosure raises fiscal, export and working-capital uncertainty.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Year-over-year EPS and profit growth
- Q2 diluted GAAP EPS was $2.06, up $0.21 from $1.85 a year earlier. Adjusted diluted EPS increased to $2.10 from $1.43, while attributable net income rose to $2.202 billion from $2.061 billion.
- Cash generation accelerated sharply
- Six-month operating cash flow rose to $6.709 billion from $4.415 billion, and free cash flow increased to $5.349 billion from $2.915 billion. Management attributes the operating-cash-flow improvement largely to higher realized gold and silver prices.
- Liquidity and net-cash position strengthened
- Cash and equivalents increased to $9.009 billion at June 30 from $7.647 billion at year-end. Including $4.000 billion of unused revolver capacity, total liquidity was $13.009 billion, versus $11.647 billion at December 31.
- Balance sheet remains net cash
- Debt decreased to $5.083 billion from $5.115 billion, while net cash, including lease obligations, expanded to $3.411 billion from $2.058 billion. The revolving credit facility had no borrowings outstanding.
- Large buyback authorization and dividend
- Capital returns remained substantial: Newmont repurchased $3.462 billion of shares in the first six months of 2026, and the Board authorized a new $6.000 billion repurchase program in April. The Board also declared a $0.26 per-share Q2 dividend.
- Selected mines delivered strong cost improvements
- Merian and Cerro Negro were important operating offsets: Merian Q2 gold production increased 40% and Cerro Negro production increased 17%; their AISC per ounce declined 14% and 23%, respectively.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Ghana fiscal regime materially tightened
- The updated Ghana risk factor says the new sliding-scale mineral royalty can rise from the historical 5% rate to as high as 12%, depending on gold prices. Financial and tax stability protections under the Revised Investment Agreement expired on December 31, 2025.
- Ghana export and sales restrictions
- Ghana’s evolving rules may require sales of up to 30% of Ghana production to GoldBod for Ghanaian cedis; a July 2026 doré shipment was prevented from leaving the country pending regulatory engagement. Delays could affect revenue timing, cash flow and working-capital needs.
- Cadia disruption and higher consolidated costs
- Consolidated Q2 gold AISC increased to $1,938/oz from $1,593/oz. Cadia was the most acute disruption, with gold ounces sold falling to 48 thousand from 109 thousand and AISC increasing to $3,151/oz from $1,109/oz following the seismic-event stoppage.
- Peñasquito sequencing pressure
- Peñasquito’s mine sequencing and higher-organic-carbon feed reduced Q2 gold production by 75%; its gold AISC rose 174% year over year to $2,589/oz. The operation also recorded a 46% decline in gold-equivalent-other-metals production.
- Foreign-exchange cost exposure
- A hypothetical 10% adverse local-currency movement would have increased six-month costs applicable to sales by approximately $250 million. A 10% adverse change in the value of foreign-currency cash-flow hedges would reduce fair value by approximately $95 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.06
- Segment
- Lihir: Q2 gold ounces sold were 145 thousand, versus 156 thousand in Q2 2025; all-in sustaining cost (AISC) was $1,707/oz versus $1,563/oz.
- Segment
- Cadia: Q2 gold ounces sold declined to 48 thousand from 109 thousand, while AISC rose to $3,151/oz from $1,109/oz amid the seismic-event stoppage.
- Segment
- Ahafo South: Q2 gold ounces sold declined to 92 thousand from 200 thousand; AISC increased to $2,604/oz from $1,220/oz.
- Segment
- Merian: Q2 gold ounces sold increased to 74 thousand from 67 thousand, and AISC declined to $1,780/oz from $2,074/oz.
- Segment
- Cerro Negro: Q2 gold ounces sold increased to 51 thousand from 34 thousand, while AISC fell to $2,338/oz from $3,023/oz.
- Segment
- Peñasquito: Q2 gold ounces sold fell to 34 thousand from 133 thousand and gold-equivalent-other-metals ounces sold fell to 118 thousand from 190 thousand; gold AISC rose to $2,589/oz from $944/oz.
What they said about what is next.
The 10-Q does not provide numeric revenue or EPS guidance. Management states that existing cash, undrawn revolver capacity and operating cash flow are expected to fund working-capital needs, growth and debt obligations for the foreseeable future; near-term projects are funded from liquidity and future operating cash flow.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 23, 2026
- Newmont reported a strong Q1: revenue of $7,307.0M and diluted EPS of $2.90, materially above prior-year Q1 revenue of $5,010.0M and EPS of $1.68. Operating cash generation strengthened to $3,785M and management…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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