Barrick Mining (ABX) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with Q4 and full-year results driven by strong gold and copper production, record adjusted EPS, cash flow, and shareholder returns.

• Resolved the dispute in Mali, regaining control of the asset, releasing detained colleagues, and resuming Loulo-Gounkoto operations.

• Board advanced preparations for an IPO of North American gold assets, targeting completion by late 2026 to maximize shareholder value.

• Operational delivery was strong, with gold and copper production in line with guidance and significant project milestones reached.

• Fourmile project in Nevada doubled its gold resource, with further increases expected in 2026.

Financial highlights

• Q4 2025 revenue rose 45% sequentially to $6.00 billion; full-year revenue up 31% to $16.96 billion.

• Net earnings for Q4 were $2.41 billion, up 85% sequentially; full-year net earnings $4.99 billion, up 133% year-over-year.

• Q4 net earnings per share reached $1.43 (+88% sequentially); adjusted net earnings per share were $1.04 (+79%).

• Full-year net earnings per share were $2.93 (+140% year-over-year); adjusted net earnings per share were $2.42 (+92%).

• Operating cash flow for 2025 was $7.7 billion (up 71% YoY); free cash flow $3.9 billion (up 194% YoY); year-end cash balance increased 65% to $6.71 billion.

Outlook and guidance

• 2026 gold production guidance: 2.9–3.25 million ounces; copper: 190,000–220,000 tonnes; like-for-like gold production ~3M oz after asset sales.

• 2026 gold cost guidance: AISC $1,760–$1,950/oz; copper AISC $3.45–$3.75/lb.

• 2027 outlook: 3.30–3.65 million ounces of gold, 195,000–225,000 tonnes of copper.

• 2028 outlook: 3.40–3.75 million ounces of gold, 255,000–285,000 tonnes of copper.

• Board expects North America gold assets IPO to complete by late 2026.