Newmont reported a strong first quarter with record free cash flow and net income, driven by significantly higher realized gold prices and improved cost efficiencies. The company also announced a substantial increase in its share repurchase authorization, underscoring its commitment to returning capital to shareholders.
Generated record Free Cash Flow of $3.1 billion, a 12% increase from the prior quarter.
positiveReported Net Income of $3.3 billion or $3.00 per diluted share, a significant increase from the prior quarter.
positiveAverage realized gold price increased to $4,900 per ounce, up $684 per ounce from the prior quarter.
positiveGold By-Product AISC per ounce decreased 21% to $1,029, driven by lower sustaining capital spend and favorable co-product volumes.
positiveAnnounced an additional $6.0 billion share repurchase program, doubling the previous authorization.
positiveEnded the quarter with $8.8 billion in cash and $12.8 billion in total liquidity, maintaining a net cash position of $3.2 billion.
positiveAttributable gold production decreased 10% to 1,301 thousand ounces from the prior quarter, due to lower production at several key sites including Boddington, Tanami, Lihir, and Cerro Negro.
attentionSecond quarter production is expected to be slightly below first quarter levels, with unit costs notably higher due to increased sustaining capital spend and lower production at several sites.
attentionGhana operations anticipate a potential impact to Gold AISC of approximately $25 per ounce due to changes in royalty rates and taxes.
attentionCadia operation experienced a magnitude 4.5 earthquake, leading to expected lower production in Q2 and a return to full operational capacity by the end of Q2.
attentionUnfavorable working capital movement of $202 million, driven by reclamation activities, inventory build, and accrual of other liabilities.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Cadia | N/A | — | — | — |
Boddington | N/A | — | — | — |
Peñasquito | N/A | — | — | — |
Red Chris (70%) | N/A | — | — | — |
Brucejack | N/A | — | — | — |
Nevada Gold Mines (38.5%) | N/A | — | — | — |
Pueblo Viejo (40%) | N/A | — | — | — |
Fruta Del Norte (32%) | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| cost | maintaining our full-year cost guidance | FY2026 | directional | New |
| production | maintain our existing production waiting | FY2026 | directional | New |
| production | 5.3 million ounces | FY2026 | point | New |
| development_capital | $1.4 billion | FY2026 | point | New |
| all_in_sustaining_costs | more in line with the guidance we provided in February | Q2 2026 | directional | New |
| cost | $25 per ounce | 2026 | point | New |
| guidance | 2027 guidance | 2027 | directional | New |
$4.6 billion · this year · funded by non-core divestiture program
$0.26 per share · first quarter
$2.4 billion · Since our last earnings call · funded by excess cash
$6 billion · As a result · funded by excess cash
$6 billion · As a result
$6 billion · over 24 months ago · funded by excess cash
$381 million · first quarter · funded by excess cash
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, keeping us well on track to achieve our 2026 guidance.
Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call.
We look forward to building on this momentum in the second quarter and continue delivering sustainable returns to our shareholders.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.