Newmont
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Newmont (NEM) investor relations material

Newmont Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved full-year 2025 guidance with record operational and financial performance, including 5.7–5.9 million ounces of gold, record free cash flow, and strong cost discipline.

  • Strengthened financial position by reducing debt by $3.4–$7.3 billion, returning $3.4 billion to shareholders, and ending 2025 with a net cash position and $11.6 billion in liquidity.

  • Completed $4.5 billion in non-core asset divestitures and implemented a cost-reduction program, reducing G&A by ~21%.

  • Advanced major projects: Ahafo North commissioning, Tanami Expansion, Cadia development, and Lihir mine life extension.

  • Enhanced capital allocation framework prioritizing sustainable dividends, share repurchases, and disciplined investment in high-return projects.

Financial highlights

  • Produced 5.7–5.9 million ounces of gold, 28 million ounces of silver, and 135,000 tonnes of copper in 2025.

  • Generated $7.3 billion in free cash flow and $10.3 billion in operating cash flow for 2025.

  • Adjusted net income for 2025 was $7.6 billion ($6.89 per share), with adjusted EBITDA of $13.5 billion.

  • Full-year revenue rose 21% to $22.7 billion, driven by higher realized gold prices ($3,498/oz average).

  • Increased quarterly dividend by 4% to $0.26/share for Q4 2025, with a $1.1 billion annual dividend commitment.

Outlook and guidance

  • 2026 attributable gold production guidance is 5.3 million ounces, with AISC expected at $1,680/oz (by-product basis), assuming $4,500/oz gold price.

  • Sustaining capital for 2026 projected at $1.95 billion; development capital at $1.4 billion; exploration and advanced project spend at $525 million.

  • Copper production expected to decline to 102,000 tonnes; silver production to rise to 32 million ounces.

  • Adjusted tax rate for 2026 estimated at 33%; G&A costs to decrease to $375 million.

  • Longer-term outlook targets ~6 million ounces of gold and 150,000 tonnes of copper annually, with production growth expected from 2027.

Why are 2026 unit costs increasing from 2025?
What is the future plan for Yanacocha operations?
What is the full 2026 AISC impact of Ghana tax changes?
Fourmile: Is it part of NGM discussions?
Share buybacks: How is excess cash deployed?
Long-term 6M oz target: What underpins confidence?
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Frequently asked questions

Newmont Corporation is a mining company engaged in the exploration, development, and production of gold, copper, silver, zinc, and lead. It operates mining assets across North America, South America, Australia, and Africa, serving markets for precious and base metals. Newmont operates within the mining and natural resources sectors. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.

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