Newmont (NEM) Q3 2025 earnings summary

Executive summary

• Achieved record free cash flow of $1.6 billion in Q3 2025, marking the fourth consecutive quarter above $1 billion.

• Reported net income of $1.8 billion and adjusted net income of $1.9 billion ($1.71 per diluted share), up $0.90 per share year-over-year, driven by higher gold prices, lower costs, and gains from asset sales.

• Leadership transition announced: Tom Palmer retiring as CEO, Natascha Viljoen appointed as successor, effective January 2026.

• Completed all planned non-core asset divestitures, generating over $3.5 billion in net cash proceeds year-to-date.

• Returned $823 million to shareholders through dividends and share repurchases since the last earnings call.

Financial highlights

• Q3 2025 revenue was $5.5 billion, up 20% year-over-year, with adjusted EBITDA of $3.3 billion and adjusted net income of $1.71 per share.

• Free cash flow for Q3 2025 was $1.6 billion; year-to-date free cash flow reached $4.5 billion, already an annual record.

• Ended Q3 with $5.6 billion in cash and near-zero net debt ($12 million); total liquidity was $9.6 billion.

• Gold all-in sustaining cost (AISC) was $1,566/oz (co-product basis) and $1,303/oz (by-product basis); gold co-product CAS per ounce was $1,185.

• Average realized gold price was $3,539/oz in Q3 2025.

Outlook and guidance

• 2025 attributable gold production guidance maintained at 5.9 million ounces, with Q4 expected at 1.415 million ounces.

• 2025 gold co-product CAS guidance improved to $1,180/oz for core portfolio; AISC guidance at $1,630/oz.

• Sustaining and development capital guidance for 2025 reduced by $200 million due to timing of spend; sustaining capital projected at $1,650 million, development capital at $1,250 million.

• Commercial production at Ahafo North in Ghana expected in October 2025, with ramp-up on schedule.

• 2026 production expected within 2025 guidance range, but toward the lower end due to mine sequencing.