AngloGold Ashanti (NYSE:AU) delivered fourth-quarter results that met earnings expectations and surpassed revenue forecasts, rounding out what the company described as a record year for cash generation and shareholder distributions.
Shares slipped 1.25% in pre-market trading following the release.
For the fourth quarter, the miner posted earnings of $1.90 per share, in line with analyst estimates, while revenue came in at $3.02 billion, exceeding the $2.84 billion consensus forecast. Gold revenue for the quarter totaled $3.02 billion, supported by production of 799,000 ounces and an average realized gold price of $4,171 per ounce.
The strong quarter capped an impressive full-year performance in 2025. Annual gold output increased 16% to 3.1 million ounces, while the average realized gold price surged 45% to $3,468 per ounce. Free cash flow reached a record $2.9 billion for the year — more than triple the prior year’s level — and adjusted EBITDA jumped 129% year over year to $6.3 billion.
Chief Executive Officer Alberto Calderon emphasized operational discipline, saying, “We continued to focus on safety, operational excellence and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends.”
AngloGold declared a fourth-quarter interim dividend of $875 million, or 173 cents per share, lifting total dividends declared for 2025 to a record $1.8 billion. That figure represents roughly 62% of annual free cash flow. The company ended the year with an adjusted net cash position of $879 million and total liquidity of about $4.4 billion.
For 2026, AngloGold expects gold production to range between 2.80 million and 3.17 million ounces. The company anticipates higher costs due to royalty impacts and inflationary pressures, but said it will continue prioritizing disciplined capital allocation and operational strength.