Newmont (NEM) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 guidance with 5.7–5.9 million oz gold, 28 million oz silver, and 135,000 tons copper, setting records for earnings, free cash flow, and adjusted net income per share, with improved cost discipline and operational performance.

• Strengthened financial position by reducing debt by $3.4B–$7.3B, generating $7.3B free cash flow, and returning $3.4B to shareholders via dividends and buybacks.

• Completed portfolio rationalization, raising $4.5B from non-core asset divestitures and implementing a cost-reduction program reducing G&A by ~21%.

• CEO transition completed, with continued focus on safety, efficiency, and high-return projects; fatal incident at Tanami under investigation.

• Achieved commercial production at Ahafo North, adding over 300,000 oz gold annually.

Financial highlights

• 2025 revenue rose 21% to $22.7B, with adjusted net income of $7.6B ($6.89/share), net income of $7.2B, and adjusted EBITDA of $13.5B.

• Free cash flow for 2025 was $7.3B, with a 32% margin; $2.8B generated in Q4.

• Returned $3.4B to shareholders and increased quarterly dividend by 4% to $0.26/share.

• $4.5B raised from non-core asset divestitures.

• Gold by-product AISC for 2025: $1,358/oz; for 2026E: $1,680/oz.

Outlook and guidance

• 2026 attributable gold production guidance: 5.3M oz (3.9M managed, 1.4M non-managed); AISC expected at $1,680/oz.

• Sustaining capital for 2026: ~$1.95B; development capital: ~$1.4B; exploration/advanced projects: ~$525M; reclamation: ~$850M.

• 2026 guidance assumes gold at $4,500/oz, copper at $5.00/lb, and stable FX rates; adjusted tax rate estimated at 33%.

• 2026 production and capital spend weighted to H2, with Boddington, Tanami, Lihir, Cerro Negro, and Peñasquito driving growth.

• Longer-term outlook: ~6M oz gold and 150,000 tons copper annually from 2027.