10-Q · July 23, 2026
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…
Earnings analysis · 10-Q
NEM earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Newmont delivered strong Q3 results, with $6.363 billion of revenue and $2.20 of adjusted diluted EPS, both above the provided consensus estimates and higher than the prior quarter and prior-year quarter. Nine-month…
Read full summary
Newmont delivered strong Q3 results, with $6.363 billion of revenue and $2.20 of adjusted diluted EPS, both above the provided consensus estimates and higher than the prior quarter and prior-year quarter. Nine-month operating cash flow of $9.477 billion and free cash flow of $7.261 billion materially strengthened liquidity, although capital spending remained elevated at $2.216 billion. The main offsets are severe operating declines and cost inflation at Cadia, Peñasquito, Red Chris and Yanacocha, plus the $1.950 billion Barrick payment and ongoing project and regulatory risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.2
- Segment
- Merian: gold production increased 40% year over year in Q3; AISC per gold ounce decreased 12%.
- Segment
- Cerro Negro: gold production decreased 19%; AISC per gold ounce increased 18%.
- Segment
- Yanacocha: gold production decreased 23%; AISC per gold ounce increased 38%.
- Segment
- Peñasquito: gold production decreased 48%; AISC per gold ounce increased 53%.
- Segment
- Red Chris: gold production decreased 40%; AISC per gold ounce increased 56%.
- Segment
- NGM attributable gold production was generally in line with the prior year; AISC per gold ounce increased 17%.
What stood out
-
Revenue and adjusted EPS increased
Q3 revenue was $6.363 billion, up approximately 4.0% from $6.12 billion in Q2 2026 and 15.3% from $5.52 billion in Q3 2025. Adjusted diluted EPS was $2.20, compared with $2.06 in Q2 2026 and $1.71 in Q3 2025.
-
Strong cash generation
Nine-month operating cash flow was $9.477 billion versus $6.713 billion in the prior-year period, while free cash flow was $7.261 billion versus $4.486 billion. Additions to property, plant and mine development were $2.216 billion, indicating substantial but well-funded capital intensity.
-
Liquidity position strengthened
Cash and cash equivalents increased to $8.827 billion at September 30, 2026 from $7.647 billion at December 31, 2025. Total liquidity was $12.827 billion, including $4.000 billion of available revolver capacity, and the company had no revolver borrowings outstanding.
-
Merian was a key operating bright spot
Merian delivered 40% higher gold production in Q3, with costs applicable to sales per ounce down 9% and AISC per ounce down 12%. Nine-month production growth was 41%, while nine-month AISC per ounce declined 15%.
-
Significant shareholder returns
The company continued shareholder returns while retaining liquidity: it repurchased $5.241 billion of stock during the first nine months of 2026, had executed and settled $9.241 billion through the filing date, and declared a $0.26-per-share third-quarter dividend.
-
Net cash position improved
Net cash excluding leases improved to $3.740 billion at September 30, 2026 from $2.532 billion at December 31, 2025. Total net cash, including lease obligations, was $3.243 billion versus $2.058 billion at year-end.
What to watch
-
Large Barrick cash payment
The company expects to make a one-time $1.950 billion cash payment to Barrick within 30 days following the contribution of certain properties to Nevada Gold Mines. Management expects to fund it from available liquidity, but the payment will reduce cash available for other uses.
-
Cadia seismic-event disruption
Cadia's nine-month gold production decreased 38% and other-metals production decreased 61% due primarily to the Cadia seismic event; nine-month gold AISC increased 110% to $2,427 per ounce. The event therefore remains a material production and cost risk.
-
Operating volatility across mines
Several mines showed significant Q3 operating deterioration: Peñasquito gold production fell 48% with AISC up 53%, Red Chris gold production fell 40% with AISC up 56%, and Yanacocha production fell 23% with AISC up 38%. These declines increase execution and cost risk despite strong consolidated cash generation.
-
Currency and regulatory cost exposure
A hypothetical 10% adverse movement in foreign currency exchange rates would increase costs applicable to sales by approximately $393 million for the nine months ended September 30, 2026. The company also said revised Ghanaian mining rules could result in higher operating costs, particularly during periods of higher gold prices.
-
Red Chris project approval risk
The Red Chris Block Cave feasibility study is nearing completion, but the full-funds investment decision remains subject to Board approval and is expected in early 2027. Development capital for Red Chris was $121 million in the first nine months of 2026, creating project-approval and capital-allocation risk.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance, and does not state a change to the prior outlook. Management said the Red Chris Block Cave full-funds investment decision, subject to Board approval, is expected in early 2027. Development capital since project approval was $1,496 million for Tanami Expansion 2, $677 million for Cadia Panel Caves, $67 million for Lihir Nearshore Barrier and $167 million for Cerro Negro expansion projects.
Earlier filings 2
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 itself. Analysis can contain errors; check the source document for full context.