Barrick Reports $5.07 Billion in Third-Quarter Revenue as Gold Costs Rise and IPO Filing Is Submitted
Key Facts
Barrick reported revenue of $5.07 billion in the third quarter of 2026, up 22% year over year, while adjusted earnings before interest, taxes, depreciation and amortization attributable to the company rose 22% to $2.47 billion. Revenue and earnings growth came alongside higher gold production costs, combining improved financial metrics with a higher cost per ounce. The company reaffirmed its full-year guidance, forecasting production of 2.90–3.25 million ounces of gold and 190,000–220,000 tons of copper. CEO Mark Hill said the company “remains on track to achieve its full-year production guidance.” The results announcement coincided with separate progress in Barrick’s plan to take its American Barrick unit public, after the unit filed a registration statement with the U.S. Securities and Exchange Commission.
Net earnings were $1.32 billion, up 1% from the third quarter of the previous year, or $0.80 per share, while adjusted earnings per share rose 41% to $0.82. The figures reflect faster growth in adjusted earnings per share than in net earnings, according to the company’s results. On the balance sheet, Barrick ended the quarter with net cash of $0.9 billion, up from $0.3 billion in the third quarter of 2025. The company said production growth included continued increases at Goldrush in Cortez, while the Gold Quarry roaster in Carlin posted a record quarter. Loulo-Gounkoto production also rose 16% compared with the second quarter of 2026.
Gold all-in cash costs rose 22% year over year to $1,386 per ounce in the third quarter, compared with $1,137 in the same period of 2025. All-in sustaining costs increased 24% to $1,911 per ounce, versus $1,538 a year earlier. Barrick said cost pressures included fuel, consumables and higher local currencies, along with increased sustaining capital expenditure. The company said productivity improvements softened the impact of cost pressures. The comparison shows that productivity improvements did not prevent both annual cost measures from rising during the quarter.
Barrick returned $1.04 billion to shareholders during the quarter, including $761 million in share repurchases, in addition to a quarterly dividend of $0.175 per share. The company said the dividend will be paid on December 15, 2026, to shareholders of record at the close of business on November 30, 2026. Among the agreements that paved the way for the IPO, Newmont agreed in a deal signed on August 10, 2026, to bring Mike and Fiberline into the Nevada Gold Mines project. Under the agreement, Newmont will pay Barrick $1.95 billion in cash; it also covered settlement of disputes related to the project and Newmont’s approval of the proposed IPO. Barrick said the IPO’s net proceeds will be distributed to the parent company, which expects to return them to its shareholders.
American Barrick, currently a wholly owned subsidiary of Barrick, filed an S-1 registration statement with the SEC on November 10, 2026, according to a Barrick notice accompanying the filing. The statement had not been declared effective, so shares may not be sold and offers to buy them may not be accepted before it becomes effective. The company intends to seek a listing on the New York Stock Exchange under the ticker ABGC, but the preliminary prospectus did not specify the number of shares being offered or the IPO price range. Completion of the transaction remains subject to market conditions and completion of the SEC’s review. In trading on November 10, Barrick shares closed down 5.61% on the Toronto Stock Exchange, according to Reuters.