Newmont Q3 2026 Earnings: Higher Gold Prices Lift Profit and Cash Flow

Newmont (NYSE: NEM) reported Q3 2026 net income attributable to shareholders of $2.475 billion, or $2.35 per diluted share, up from $1.832 billion and $1.67 a year earlier; non-GAAP adjusted EPS rose to $2.20 from $1.71. For the quarter ended September 30, higher realized gold pricing supported earnings and cash generation despite lower year-over-year gold output, while working-capital outflows and heavier capital spending reduced free cash flow sequentially.

Core Earnings Data

Newmont’s GAAP and adjusted earnings both improved year over year. The average realized gold price increased approximately 22% to $4,317 per ounce, helping offset an approximately 8% decline in attributable gold production.

Compared with Q2, net income increased by $273 million. Newmont attributed the sequential improvement mainly to higher gold sales volumes, higher realized copper prices, and a $113 million reduction in income and mining tax expense.

Adjusted net income, adjusted EPS, adjusted EBITDA, and free cash flow are non-GAAP measures. Newmont recorded $116 million of reclamation and remediation charges and a $40 million gain on asset and investment sales among the adjustments to reported net income.

Operating and Segment Performance

Attributable gold production increased 1% sequentially to 1.302 million ounces, while consolidated gold sales totaled 1.211 million ounces. Cadia benefited from its recovery following the second-quarter seismic event, Brucejack recorded productivity and development-rate improvements, and Peñasquito delivered higher throughput, grades, and recovery rates. These gains were largely offset by planned maintenance at Lihir and Boddington and mine sequencing at Yanacocha.

Co-product production also improved from Q2. Copper production rose 35% to 23 thousand tonnes, mainly because of Cadia’s recovery. Silver increased 57% to 11 million ounces, lead rose 22% to 22 thousand tonnes, and zinc increased 68% to 67 thousand tonnes, supported by higher co-product grades at Peñasquito.

Among non-managed investments, Nevada Gold Mines’ attributable production increased 5% sequentially to 251 thousand ounces, while AISC declined 2% to $1,760 per ounce. Pueblo Viejo production decreased 12% to 65 thousand ounces, and quarter-lagged production from Fruta del Norte was unchanged at 38 thousand ounces.

Newmont also completed shaft construction at Tanami Expansion 2, with commercial production now expected in the first half of 2027. The company is finalizing the Red Chris Block Cave feasibility study and is targeting a full-funds investment decision in early 2027, subject to review and governance approval.

Higher Gold Prices Offset Lower Output, but Working Capital Restrained Cash Flow

The combination of a higher realized gold price and lower year-over-year production indicates that Q3 earnings growth was more price-led than volume-led. The $4,317-per-ounce realized price was approximately $778 above the prior-year period, allowing net income and adjusted EBITDA to rise despite lower attributable output.

Gold by-product CAS was $832 per ounce, down 20% sequentially but essentially unchanged from $831 a year earlier. The sequential reduction reflected higher gold and co-product volumes and stronger realized copper pricing, partly offset by lower silver pricing and higher diesel costs. Gold by-product AISC declined 10% from Q2 to $1,454 per ounce, although it remained approximately 12% above the prior-year level because of higher sustaining capital and other cost factors.

Cash from operations before working capital increased 11% sequentially to $3.333 billion. However, working capital used $565 million, including unfavorable movements in accounts receivable, reclamation spending, and inventory and stockpile builds. As a result, GAAP operating cash flow declined 5% from Q2 to $2.768 billion, while free cash flow fell 13% sequentially to $1.912 billion as capital investment increased.

Newmont ended the quarter with $8.8 billion of cash, $12.8 billion of total liquidity, and a non-GAAP net cash position of $3.2 billion. These balances exclude the planned $1.95 billion payment to Barrick under the amended Nevada Gold Mines agreement, expected in Q4.

Through the filing date, Newmont had repurchased $1.6 billion of shares since its previous earnings call, including approximately $451 million purchased in October after quarter-end. The board also declared a quarterly dividend of $0.26 per share, payable on December 21, 2026, to shareholders of record on November 25.

2026 Guidance

Newmont maintained its full-year production and capital spending outlook while improving its unit-cost guidance. The company expects Q4 to be its strongest production quarter of 2026, although quarterly unit costs are projected to rise because of heavier sustaining capital spending and lower co-product volumes.

Guidance is subject to a range of plus or minus 5%. The release did not provide the previous numerical CAS and AISC guidance figures.

Higher Q4 production is expected from Tanami, Cerro Negro, Ahafo North, and Lihir. However, silver production at Peñasquito is expected to fall to approximately half of Q3 volume, reducing co-product cost credits. Newmont also indicated that attributable gold production could increase by a low-to-mid-single-digit percentage in 2027 compared with 2026.

Recent Insider Transactions

A separate six-month insider summary showed 94,013 shares purchased and 57,647 shares sold across 30 transactions, resulting in net purchases of 36,366 shares. The 10 most recent reported records consisted of five sales with a combined reported value of approximately $3.14 million, one stock gift, and four stock awards; these disclosures do not establish the reasons for the transactions.

Risks Investors Need to Watch

• Higher Q4 unit costs: Newmont expects by-product CAS of $1,250 per ounce and AISC of $1,900 per ounce in Q4, above Q3 levels, because of higher sustaining capital and lower co-product volumes.
• Water constraints at Lihir: Intensifying El Niño conditions could reduce water availability and affect both production and costs during Q4.
• Working-capital volatility: Q3’s $565 million working-capital outflow limited cash conversion. Newmont said some unfavorable receivable and payable movements may reverse, but timing remains dependent on production, shipments, and collections.
• Fuel inflation and royalty exposure: The company estimates that each $10-per-barrel change in oil prices could create an additional cost impact of approximately $50 million through consumables and other inputs. Royalties also remain sensitive to the gold price.
• Material Q4 cash commitment: The planned $1.95 billion payment to Barrick represents a significant use of cash relative to Newmont’s quarter-end net cash position.

Summary

Newmont’s Q3 2026 results reflected the benefit of higher gold and copper pricing, which supported earnings and year-over-year cash-flow growth despite lower gold production. Operational recoveries at Cadia and stronger performance at Brucejack and Peñasquito helped stabilize quarterly output, but working-capital outflows and rising capital investment weighed on sequential free cash flow. The main issues to monitor are execution on the stronger Q4 production plan, the expected increase in unit costs, Lihir’s water conditions, and the effect of lower co-product volumes on cost credits.