Newmont Corporation (NYSE:NEM) reported first-quarter results ahead of expectations, with adjusted earnings per share of $2.90 topping forecasts by $0.72 and revenue of $7.31 billion exceeding the $6.53 billion consensus.
Despite the strong results, shares were slightly lower in premarket trading on Friday.
Record Cash Flow and Strong Gold Prices
The world’s largest gold miner generated a record $3.1 billion in free cash flow during the quarter, supported by an average realised gold price of $4,900 per ounce and production of 1.3 million attributable gold ounces—around 6% above Visible Alpha estimates.
The performance led the board to approve an additional $6.0 billion share buyback programme, following the full execution of its previous $6.0 billion authorisation. Since the last earnings update, the company has repurchased $2.4 billion worth of shares.
“Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow,” said Natascha Viljoen.
Costs Fall, Profit Surges
All-in sustaining costs for gold, net of by-products, came in at $1,029 per ounce, down 21% from the previous quarter, helped by stronger silver and copper prices and volumes.
Net income rose to $3.3 billion, or $3.00 per diluted share, compared with $1.3 billion in the fourth quarter of 2025.
Revenue increased 42% year-on-year from $5.0 billion, driven by higher gold prices and improved metal sales.
The company ended the quarter with $8.8 billion in cash and a net cash position of $3.2 billion.
Positive Outlook and Growth Catalysts
Analysts at Macquarie Group said the results show Newmont is “off to a good start,” highlighting the production outperformance.
Stifel expects stronger performance through 2026 and 2027 as key operations including Boddington, Lihir, Peñasquito and Cerro Negro stabilise. The firm also pointed to upcoming developments such as the Ahafo North shaft commissioning in 2027 and the expansion of Panel Caves 2 and 3 at Cadia in 2026–2027 as “positive medium-term catalysts.”
Dividend and Guidance Maintained
Newmont declared a quarterly dividend of $0.26 per share, payable on June 22, 2026 to shareholders on record as of May 27, 2026.
The company also reaffirmed its full-year 2026 production guidance of 5.3 million attributable gold ounces.