Newmont (NEM) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly free cash flow of $3.1B and net income of $3.3B in Q1 2026, with attributable gold production of 1.3M oz, 9M oz silver, and 30,000 tons copper, supporting strong financial results.

• On track to meet 2026 guidance, maintaining cost discipline and robust margin expansion despite operational headwinds and geopolitical risks.

• Enhanced capital allocation framework, with $2.7B returned to shareholders in Q1 via dividends and buybacks, and a new $6B share repurchase authorization approved.

• Addressed Cadia earthquake with rapid recovery, minimal damage, and no injuries; full operational recovery expected by end of Q2.

• Ended the quarter with $8.8B in cash and $12.8B in total liquidity, maintaining a net cash position of $3.2B.

Financial highlights

• Revenue for Q1 2026 was $7.3B, up 46% year-over-year, driven by higher realized gold prices and increased sales of silver and copper.

• Adjusted EBITDA reached $5.2B; adjusted net income was $2.90 per diluted share; GAAP net income was $3.00 per share.

• Free cash flow was $3.1B, with cash from operations at $3.8B, both all-time quarterly records.

• Gold all-in sustaining costs (AISC) at $1,029/oz, below full-year guidance; average realized gold price was $4,900/oz.

• Received $321M after-tax from equity sales and over $4.6B from non-core divestitures.

Outlook and guidance

• Maintaining full-year 2026 production guidance of 5.3M oz gold and cost guidance, with AISC expected at $1,055/oz.

• Sustaining capital spend for 2026 projected at $1.95B, with development capital at $1.4B.

• Attributable gold production expected to be 52% weighted to the second half of 2026, with higher costs anticipated in Q2.

• Guidance assumes gold at $4,500/oz, copper at $5.00/lb, and silver at $60.00/oz.

• 2026 expected to be a trough year, with meaningful production growth anticipated in 2027 as new projects ramp up.