Newmont Posts Adjusted Earnings of $2.20 a Share as Gold Rises to $4,317
Key Facts
Newmont reported adjusted earnings of $2.20 per diluted share in the third quarter of 2026, beating analysts’ estimate of $1.95, according to company data and Investing.com estimates. Net income attributable to shareholders was $2.475 billion, compared with $1.832 billion in the same period of 2025, while adjusted profit was $2.309 billion. Revenue rose to $6.36 billion from $5.52 billion a year earlier, according to The Wall Street Journal, which attributed the increase to higher gold sales and realized copper prices. The financial performance reflected strong gold prices during the quarter, alongside improvement in some metals operations. Gold production itself, however, declined year over year, highlighting the difference between the effect of price and production volume.
Newmont’s average realized gold price was $4,317 an ounce, compared with $3,539 a year earlier, according to Reuters. By contrast, quarterly gold production fell to 1.30 million ounces from 1.42 million ounces in the third quarter of 2025. On a quarterly basis, the company said attributable production rose 1% to 1,302 thousand ounces. The difference between the annual and quarterly comparisons indicates that the slight improvement from the previous quarter did not offset the decline from a year earlier. Copper and silver production showed a clearer quarterly improvement.
Copper production rose 35% to 23 thousand tonnes from the previous quarter, supported by a recovery at the Cadia mine after the seismic event in the second quarter, according to Newmont’s statement. Silver production also increased 57% to 11 million ounces from the previous quarter. The company attributed the silver growth to higher grades of associated metals at the Peñasquito mine. These increases show improvement in other metals production during the quarter, alongside the slight quarterly rise in gold. Newmont had said disciplined operational execution kept it on track to meet its 2026 production guidance.
Newmont generated $2.8 billion in cash from operating activities in the third quarter, after a $565 million working capital impact, and recorded free cash flow of $1.9 billion, according to its statement. The company ended the period with a cash balance of $8.8 billion and total liquidity of $12.8 billion. Liquidity includes $4.0 billion available under a revolving credit facility. It also declared a dividend of $0.26 per share for the third quarter. The dividend is payable on December 21 to shareholders of record on November 25, the company said.
Newmont maintained its 2026 attributable gold production guidance at 5.3 million ounces and expects the fourth quarter to be the strongest production quarter of the year. The company said it expects production growth to resume in 2027, with attributable gold production rising by a low to mid-single-digit percentage compared with 2026. On costs, the company set its 2026 by-product all-in sustaining cost for gold at $1,520 an ounce, compared with $1,900 an ounce in the fourth quarter. Chief Executive Natasha Viljoen said the company “remains on track to deliver its 2026 production guidance and improve its full-year cost outlook,” citing operational execution during the quarter. Newmont is monitoring El Niño conditions and their effect on water supplies at the Lihir mine, where it expects them to intensify over the remainder of the year.
The Red Chris project is a long-term focus of the company’s plans. Newmont owns 70% of it and expects to make a full investment decision in early 2027, targeting the start of commercial production in 2033. The company estimated the capital required to fully develop the project at between $4.2 billion and $4.8 billion in real terms, net of an expected C$500 million contribution from the Canadian government. According to Reuters, the project is expected to produce about 3 million ounces of gold and more than 850 thousand tonnes of copper over an initial block-caving life of 13 years. In the market, the company’s shares rose 1.4% in after-hours trading on October 22, after falling about 4% during morning trading, according to Investing.com.