Newmont (NEM) Q1 2025 earnings summary

Executive summary

• Delivered 1.5 million ounces of gold and 35,000 tonnes of copper in Q1 2025, achieving record free cash flow of $1.2 billion and net income of $1.9 billion, supported by high gold prices and asset sales.

• Completed divestiture of all six non-core operations, generating up to $4.3 billion in gross proceeds and $2.5 billion in after-tax cash proceeds.

• Strengthened balance sheet by reducing net debt to $3.2 billion and maintaining $4.7 billion in cash and $8.8 billion in total liquidity.

• Returned $1.0 billion to shareholders via share repurchases and dividends, with a $0.25/share Q1 dividend declared.

• Remain on track to achieve 2025 guidance, focusing on safety, operational stability, and project execution.

Financial highlights

• Q1 2025 revenue was $5.0 billion, up 25% year-over-year, with gold sales at $4.25 billion and average realized gold price at $2,944/oz.

• Adjusted EBITDA reached $2.6 billion; adjusted net income was $1.25 per diluted share; GAAP net income was $1.68 per share.

• Free cash flow was $1.2 billion, up from negative $74 million a year ago; net cash from operating activities was $2.0 billion.

• Gold all-in sustaining costs were $1,651 per ounce; costs applicable to sales per gold ounce were $1,227.

• Cash dividends paid and declared were $0.25 per share for Q1 2025.

Outlook and guidance

• On track to meet 2025 guidance: 5.6–5.9 million ounces attributable gold production, gold AISC $1,620–$1,630/oz, sustaining capital $1.8–$1.88 billion, development capital $1.3–$1.33 billion.

• Gold production expected to be weighted to the second half of the year; Q2 production in line with Q1.

• Adjusted tax rate for 2025 expected at 34%, assuming $2,500/oz gold price.

• Capital expenditures expected to increase in Q2, with working capital impacted by higher tax and interest payments.

• Ongoing capital allocation to fund near-term projects from existing liquidity and operating cash flows.