Newmont (NEM) Q1 2025 earnings summary

Executive summary

• Delivered 1.5 million ounces of gold and 35,000 tonnes of copper in Q1 2025, achieving record free cash flow of $1.2 billion and net income of $1.9 billion, driven by higher gold prices and asset sales.

• Completed divestiture of all six non-core operations, generating up to $4.3 billion in gross proceeds and $2.5 billion after-tax cash received in H1 2025.

• Strengthened balance sheet by reducing net debt to $3.2 billion and maintaining $4.7 billion in cash and $8.8 billion in total liquidity.

• Returned $1.0 billion to shareholders via share repurchases and dividends, with a fixed quarterly dividend of $0.25 per share.

• Remain on track to achieve 2025 commitments and four-year guidance, leveraging a Tier 1 asset portfolio.

Financial highlights

• Q1 2025 revenue was $5.0 billion, up 25% year-over-year, with gold sales at $4.25 billion and average realized gold price at $2,944/oz.

• Adjusted EBITDA reached $2.6 billion; adjusted net income was $1.25 per diluted share; GAAP net income was $1.68 per share.

• Free cash flow was $1.2 billion, up from negative $74 million a year ago.

• Gold all-in sustaining costs were $1,651 per ounce; costs applicable to sales per gold ounce were $1,227.

• Net cash from operating activities was $2.0 billion; capital expenditures were $826 million.

Outlook and guidance

• On track to meet 2025 guidance: 5.9 million ounces attributable gold production, gold CAS $1,180/oz, AISC $1,630/oz.

• 2025 sustaining capital guidance: $1.88 billion; development capital: $1.33 billion; adjusted tax rate: 34%.

• Gold production expected to be 52% weighted to the second half of the year, with 24% in Q2.

• Q2 2025 production expected in line with Q1; unit costs to be similar or slightly higher due to capital spend.

• Working capital expected to be impacted by higher cash tax and interest payments in Q2.