Newmont Posts Adjusted Earnings of $2.20 per Share, Beats Third-Quarter Estimates
Key Facts
Newmont reported third-quarter results on October 22, posting adjusted earnings of $2.20 per share, versus analysts’ estimate of $1.95. Revenue was $6.36 billion, above the estimate of $6.24 billion. The company said it produced about 1.3 million attributable ounces of gold and generated $1.9 billion in free cash flow during the quarter. Shares rose 1% in after-hours trading on Thursday following the results, according to Investing.com. Newmont also declared a cash dividend of $0.26 per share for the third quarter.
The results followed a previous performance that did not fully meet estimates: second-quarter revenue was $6.12 billion, versus an estimate of $6.38 billion, according to Investing.com. The site said the previous quarter’s earnings-per-share estimate was $2.10. An analysis published by the site before the results said the stock had fallen after three of its last four earnings announcements. Those instances included a 4.18% decline after the third-quarter 2025 results, despite beating expectations at the time. In the current October 22 session, the stock traded between $111.41 and $114.31 and closed at $114.11, according to Benzinga data.
Alongside beating earnings and revenue estimates, Newmont improved its full-year by-product gold sales cost guidance to $925 per ounce and all-in sustaining costs to $1,520. The actual third-quarter figures were $832 and $1,454 per ounce, respectively. The company said the improvement in unit costs was largely due to continued cost discipline and higher realized prices for by-products compared with guidance assumptions. CEO Natascha Viljoen tied the company’s trajectory toward meeting its annual production guidance and improving its cost outlook to disciplined operational execution during the quarter. “We remain on track to achieve our 2026 full-year production guidance and improve our cost outlook, supported by disciplined operational execution in the third quarter,” she said in the results statement.
Attributable gold production rose 1% from the previous quarter to 1.302 million ounces. The company attributed the increase to a production recovery at Cadia, improved productivity at Brucejack, and higher throughput, grades and recovery rates at Peñasquito. These gains were partly offset by lower production at Lihir and Boddington due to planned maintenance, and at Yanacocha as a result of mine-plan sequencing. Newmont said its 2026 guidance is for 5.3 million attributable ounces of gold. It expects the fourth quarter to be the year’s strongest for production, with higher output from Tanami, Cerro Negro, Ahafo North and Lihir.
The improved full-year cost estimates do not mean unit costs will continue to decline next quarter: Newmont expects them to rise in the fourth quarter as sustaining capital expenditure increases and by-product volumes fall. The company expects silver production at Peñasquito to decline to about half the third-quarter level. This production and cost guidance puts execution of the full-year target squarely in focus in the final quarter, after the company said it remained on track to meet its annual guidance. Its forecast for the strongest quarterly production depends on increased output at the operations it named, while it simultaneously expects unit costs to rise because of spending and the production mix.
Newmont ended the quarter on September 30 with $8.8 billion in cash and equivalents, total liquidity of $12.8 billion and net cash of $3.2 billion. The declared distribution of $0.26 per share represents an additional cash return to shareholders for the third quarter. It is payable on December 21, 2026, to shareholders of record on November 25, 2026. The quarterly results combine a beat on earnings and revenue estimates, improved full-year cost guidance and an expected rise in unit costs in the fourth quarter. The next production and cost milestone will be the final quarter, which the company expects to deliver its highest quarterly production in 2026.