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Barrick Mining (ABX) investor relations material
Barrick Mining Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record adjusted net earnings, operating and free cash flow in Q3 2025, with net earnings per share of $0.76, adjusted net earnings per share of $0.58, and attributable EBITDA up 57% to $2.02B.
Operating cash flow reached $2.4B, up 105% year-over-year, and free cash flow was $1.5B, up 233% year-over-year.
Gold production rose 4% sequentially to 829,000 ounces; copper production was 55,000 tonnes, in line with plan.
Ongoing operational review focuses on safety, maintenance, and consistent value delivery, especially in North America.
Three fatalities overshadowed the quarter, prompting a renewed focus on safety culture and leadership.
Financial highlights
Q3 2025 revenue was $4.1 billion, up 23% year-over-year and 13% from Q2; operating cash flow reached $2.4 billion (up 82% sequentially), and free cash flow was $1.5 billion (up 274% sequentially).
Net earnings were $1.3 billion, up 61% from Q2 and 170% year-over-year; adjusted net earnings were $982 million, up 23% from Q2 and 86% year-over-year.
Attributable EBITDA margin was 59% in Q3 2025, up from 55% in Q2 and 46% in Q3 2024.
Free cash flow increased 274% quarter-over-quarter, enabling $598 million in share repurchases.
Base dividend increased by 25% to $0.125 per share; total Q3 dividend at $0.175 per share including performance dividend.
Outlook and guidance
Full-year 2025 gold production guidance of 3.15–3.50 million ounces, tracking toward the lower half of the range; copper production guidance of 200,000–230,000 tonnes, tracking to the midpoint.
Q4 gold production expected to be the highest of the year, with some Q3 Carlin output delayed into Q4.
Asset sales (Hemlo and Tongon) expected to close by year-end, supporting expanded buybacks and totaling $2.6 billion in non-core asset divestitures for 2025.
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