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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.
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Q3 2025 earnings summary10 Nov, 2025

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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Frequently asked questions

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has a portfolio of projects located in North America, South America, the Australia Pacific region, and Africa.

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