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Barrick Mining
Barrick Mining (ABX) investor relations material
Barrick Mining Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record financial performance in 2025, with Q4 and full-year results driven by strong gold and copper production, record adjusted EPS, cash flow, and shareholder returns.
Resolved the dispute in Mali, regaining control of the asset, releasing detained colleagues, and resuming Loulo-Gounkoto operations.
Board advanced preparations for an IPO of North American gold assets, targeting completion by late 2026 to maximize shareholder value.
Operational delivery was strong, with gold and copper production in line with guidance and significant project milestones reached.
Fourmile project in Nevada doubled its gold resource, with further increases expected in 2026.
Financial highlights
Q4 2025 revenue rose 45% sequentially to $6.00 billion; full-year revenue up 31% to $16.96 billion.
Net earnings for Q4 were $2.41 billion, up 85% sequentially; full-year net earnings $4.99 billion, up 133% year-over-year.
Q4 net earnings per share reached $1.43 (+88% sequentially); adjusted net earnings per share were $1.04 (+79%).
Full-year net earnings per share were $2.93 (+140% year-over-year); adjusted net earnings per share were $2.42 (+92%).
Operating cash flow for 2025 was $7.7 billion (up 71% YoY); free cash flow $3.9 billion (up 194% YoY); year-end cash balance increased 65% to $6.71 billion.
Outlook and guidance
2026 gold production guidance: 2.9–3.25 million ounces; copper: 190,000–220,000 tonnes; like-for-like gold production ~3M oz after asset sales.
2026 gold cost guidance: AISC $1,760–$1,950/oz; copper AISC $3.45–$3.75/lb.
2027 outlook: 3.30–3.65 million ounces of gold, 195,000–225,000 tonnes of copper.
2028 outlook: 3.40–3.75 million ounces of gold, 255,000–285,000 tonnes of copper.
Board expects North America gold assets IPO to complete by late 2026.
NewCo IPO: How does it maximize shareholder value?
Fourmile: What drives 2026 drilling spend increase?
What drives 2026 gold AISC increase?
Why a partial IPO for North America?
What is the status of Reko Diq financing?
How did the Nevada mine plan review impact guidance?
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Next Barrick Mining earnings date
Q1 20266 May, 2026
Barrick Mining
Next Barrick Mining earnings date
Q1 20266 May, 2026
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Frequently asked questions
Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has a portfolio of projects located in North America, South America, the Australia Pacific region, and Africa.
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