Barrick Mining (ABX) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, with gold production reaching 719,000 ounces, exceeding guidance, and copper production at 49,000 tonnes, up 11% year-over-year.

• Attributable EBITDA doubled year-over-year to $2.76 billion, free cash flow rose 320% to $1.58 billion, and net cash ended at $2.4 billion.

• Major growth projects at Fourmile, Lumwana, and Pueblo Viejo advanced on schedule and budget; North American gold assets IPO remains on track for completion by year-end 2026.

• Safety performance improved, with a reduction in significant and high-severity injuries and increased executive engagement in on-site safety briefings.

Financial highlights

• Revenues for Q1 2026 were $5.22 billion, up 67% year-over-year; gold production reached 719,000 oz, up 4% year-over-year and above guidance.

• Net earnings rose 238% to $1.60 billion; adjusted net earnings up 180% to $1.65 billion; net earnings per share were $0.96, up 256% year-over-year.

• Attributable EBITDA increased 103% to $2.76 billion, with a margin of 66%.

• Attributable free cash flow grew 195% to $1.21 billion; free cash flow up 320% to $1.58 billion.

• Quarterly dividend of $0.175 per share declared; $3 billion share buyback program authorized.

Outlook and guidance

• 2026 production and cost guidance reaffirmed; gold production expected at 2.90–3.25 million ounces and copper at 190,000–220,000 tonnes.

• Q2 gold production expected at 730,000–770,000 ounces, with higher output in Q3 and Q4.

• Capital expenditures for 2026 expected at $4.0–$4.45 billion; guidance for gold and copper costs provided.

• North American gold assets IPO on track for completion by year-end 2026.