Newmont (NEM) Q2 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in Q2 2025, with $1.7 billion in free cash flow, $2.1 billion net income, and 1.5 million ounces of gold produced, despite a significant safety incident at Red Chris that led to suspended operations and ongoing investigation.

• Returned $1.0 billion to shareholders and retired $372 million in debt during the quarter, maintaining a strong balance sheet with $6.2 billion in cash and $10.2 billion in total liquidity.

• Completed major portfolio optimization, including all previously announced non-core asset sales, generating over $3.3 billion in proceeds year-to-date.

• Board approved an additional $3.0 billion share repurchase program, bringing total authorization to $6.0 billion, and declared a $0.25 per share dividend.

• Focus remains on safety, operational stability across managed sites, and capital returns to shareholders.

Financial highlights

• Q2 2025 revenue was $5.3 billion, with adjusted EBITDA of $3.0 billion and net income of $2.1 billion.

• Produced 1.5 million ounces of gold and 36,000 tons of copper, in line with guidance.

• Free cash flow for Q2 2025 was $1.7 billion; net cash from operating activities was $2.4 billion.

• Adjusted net income was $1.43 per share, with GAAP net income at $1.85 per share.

• Gold all-in sustaining costs (AISC) were $1,593/oz (co-product basis); average realized gold price was $3,320/oz.

Outlook and guidance

• On track to meet 2025 full-year guidance for production, costs, and capital spending, with 5.6–5.9 million ounces gold production targeted.

• H2 2025 production expected to decrease at Cadia and Lihir due to mine sequencing and lower grades; capital spending weighted toward the second half.

• Guidance based on gold price assumption of $2,500/oz and copper at $9,370/tonne.

• Free cash flow expected to remain strong, with some impact from higher sustaining capital and reclamation spend.

• Full-year reclamation spend forecast at $800 million, including $600 million for Yanacocha water treatment.