Newmont (NEM) Q3 2026 earnings summary

Executive summary

• Q3 attributable production was 1.302M oz gold, 23,000 tonnes copper and 11M oz silver; FY26 gold production guidance remains 5.26M oz.

• Q3 free cash flow was $1.912B and adjusted net income was a record $2.309B, or $2.20 per diluted share.

• FY26 cost guidance improved while production and capital guidance remained on track; portfolio production growth is expected from 2027, alongside higher costs and development investment.

Financial highlights

• Q3 sales were $6.363B, up 15% YoY; net income attributable to stockholders was $2.475B, or $2.35 diluted EPS, versus $1.832B and $1.67 in Q3 2025.

• Adjusted EBITDA was $3.951B; cash from operations after working capital was $2.8B, and free cash flow was $1.912B.

• Nine-month free cash flow was $7.261B versus $4.486B in 9M 2025; operating cash flow was $9.477B versus $6.713B.

• Average realized gold price was $4,317/oz; higher realized gold and silver prices offset lower gold sales volumes and higher costs.

• Q3 gold AISC was $1,454/oz on a by-product basis; consolidated gold AISC was $1,963/oz.

Outlook and guidance

• FY26 attributable gold production guidance is 5.26M oz, with Q4 guidance of 1.365M oz; Q4 is expected to be the year's strongest production quarter.

• FY26 by-product CAS and AISC guidance improved to $925/oz and $1,520/oz; Q4 guidance is $1,250/oz CAS and $1,900/oz AISC.

• FY26 sustaining and development capital guidance is $1.95B and $1.40B; Q4 estimates are $600M and $520M, respectively.

• 2027 attributable gold production is expected to rise by a low-to-mid-single-digit percentage versus 2026; sustaining capital is broadly in line and development capital is expected to increase ~$500M.

• 2027 unit costs are expected to rise amid inflation, diesel and FX pressures, royalties and lower Peñasquito co-product volumes; lower Yanacocha water-treatment spending partly offsets higher development capital.