Newmont (NEM) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 guidance with record operational and financial performance, including 5.7–5.9 million ounces of gold, record free cash flow, and strong cost discipline.

• Strengthened financial position by reducing debt by $3.4–$7.3 billion, returning $3.4 billion to shareholders, and ending 2025 with a net cash position and $11.6 billion in liquidity.

• Completed $4.5 billion in non-core asset divestitures and implemented a cost-reduction program, reducing G&A by ~21%.

• Advanced major projects: Ahafo North commissioning, Tanami Expansion, Cadia development, and Lihir mine life extension.

• Enhanced capital allocation framework prioritizing sustainable dividends, share repurchases, and disciplined investment in high-return projects.

Financial highlights

• Produced 5.7–5.9 million ounces of gold, 28 million ounces of silver, and 135,000 tonnes of copper in 2025.

• Generated $7.3 billion in free cash flow and $10.3 billion in operating cash flow for 2025.

• Adjusted net income for 2025 was $7.6 billion ($6.89 per share), with adjusted EBITDA of $13.5 billion.

• Full-year revenue rose 21% to $22.7 billion, driven by higher realized gold prices ($3,498/oz average).

• Increased quarterly dividend by 4% to $0.26/share for Q4 2025, with a $1.1 billion annual dividend commitment.

Outlook and guidance

• 2026 attributable gold production guidance is 5.3 million ounces, with AISC expected at $1,680/oz (by-product basis), assuming $4,500/oz gold price.

• Sustaining capital for 2026 projected at $1.95 billion; development capital at $1.4 billion; exploration and advanced project spend at $525 million.

• Copper production expected to decline to 102,000 tonnes; silver production to rise to 32 million ounces.

• Adjusted tax rate for 2026 estimated at 33%; G&A costs to decrease to $375 million.

• Longer-term outlook targets ~6 million ounces of gold and 150,000 tonnes of copper annually, with production growth expected from 2027.