Newmont (NYSE: NEM) delivered record-breaking Q1 2026 results, with adjusted EPS of $2.90 smashing the consensus estimate of $2.07 by 40.37%. Revenue surged to $7.31 billion, a 45.9% year-over-year beat. Shares jumped +8.68% to $120.70 on April 24, the day after the earnings release.
About Newmont Corporation
Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) is the world’s largest gold producer and a significant producer of copper, silver, zinc, and lead. Founded in 1921 and headquartered in Denver, Colorado, the company has been publicly traded since 1925 and is the only gold producer listed in the S&P 500 Index.
As of April 24, 2026, Newmont’s market cap stood at approximately $128.85 billion, making it one of the most valuable mining companies globally. The company operates a world-class portfolio of Tier 1 assets across favorable jurisdictions in Africa, Australia, Latin America, North America, and Papua New Guinea, producing approximately 1.3 million attributable gold ounces in Q1 2026 alongside 9 million ounces of silver and 30 thousand tonnes of copper. The quarterly dividend declared was $0.261 per share, translating to a sustainable total cash dividend of approximately $1.1 billion per year.
Top Financial Highlights
- Total revenue reached $7,307 million ($7.3 billion) in Q1 2026, reflecting strong operational performance.
- Net income attributable to stockholders was $3,262 million ($3.3 billion), or $3.00 per diluted share.
- Adjusted net income stood at $3,156 million, translating to $2.90 per diluted share.
- Adjusted EBITDA totaled $5,154 million ($5.2 billion), indicating solid earnings generation.
- Cash from operating activities reached $3.8 billion, after accounting for $202 million in working capital impacts.
- Free cash flow achieved a record $3.1 billion for the quarter.
- Cash and cash equivalents stood at $8,775 million ($8.8 billion), with total liquidity of $12.8 billion.
- The company maintained a net cash position of $3.2 billion, reflecting strong balance sheet strength.
- Gold by-product all-in sustaining costs were $1,029 per ounce, while cash costs per ounce declined to $541, down 27% year over year.
- Attributable gold production reached 1.3 million ounces, alongside 9 million ounces of silver and 30,000 tonnes of copper.
- Shareholder returns totaled $2.7 billion through dividends and share repurchases since the prior earnings update.
- A new share repurchase authorization of $6.0 billion has been approved following completion of the previous program.
- Average realized gold price was approximately $4,900 per ounce, increasing 16% compared to Q4 2025.
Beat or Miss?
| Metric | Reported | Estimated | Difference / Analysis |
| Adjusted EPS | $2.90 | $2.07 | Beat by +40.37% |
| Total Revenue | $7.31B | $6.36B | Beat by +14.88% |
| Free Cash Flow | $3.1B | N/A | All-time quarterly record |
| Adjusted EBITDA | $5.2B | N/A | Strong margin expansion vs. prior year |
| Gold AISC (by-product) | $1,029/oz | ~$1,280/oz (pre-print consensus) | Materially below forecast, a key bullish signal |
| Net Income | $3.26B | N/A | Up from $1.89B in Q1 2025 |
What Leadership Is Saying?
CEO – Natascha Viljoen (President and Chief Executive Officer):
“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.”
Interim CFO – Peter Wexler (Interim Chief Financial Officer and Chief Legal Officer):
“Newmont delivered outstanding financial results, with adjusted EBITDA of $5.2 billion and adjusted net income of $2.90 per diluted share. The company generated $3.8 billion in cash flow from operations after working capital and a quarterly record $3.1 billion of free cash flow, even after approximately $1.3 billion in cash tax payments.”
Historical Performance
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Total Revenue (Sales) | $7,307M | $5,010M | +45.9% |
| Net Income (attributable) | $3,262M | $1,891M | +72.5% |
| Adjusted EPS | $2.90 | $1.25 | +132% |
| Adjusted EBITDA | $5,154M | $2,629M | +96.1% |
| Free Cash Flow | $3,100M | $1,205M | +157.3% |
| Cash from Operations | $3,800M | $2,031M | 87.10% |
| Gold AISC (by-product) | $1,029/oz | $1,651/oz | -37.70% |
| Attributable Gold Production | ~1.3 Moz | 1.54 Moz | -15.60% |
| Avg. Realized Gold Price | ~$4,900/oz | $2,944/oz | 66.40% |
| Cash on Hand | $8,775M | $4,700M | 86.70% |
Competitor Historical Performance (Gold Miners)
Barrick Mining has not yet reported Q1 2026 results, with its release scheduled for May 11, 2026. Agnico Eagle is scheduled to release Q1 2026 results on April 30, 2026. The table below reflects the most recent available comparative data.
| Company | Q1 2026 Revenue | Q1 2025 Revenue | Change (%) | Notes |
| Newmont (NEM) | $7.31B | $5.01B | +45.9% | Record FCF; AISC beat forecast fortune |
| Barrick Mining (B) | Results due May 11 | ~$2.9B (est.) | N/A | Q1 2026 gold output est. ~709k oz |
| Agnico Eagle (AEM) | Results due April 30 | N/A | N/A | Consensus est. $3.5B-$4.1B Q1 2026 |
How the Market Reacted?
Newmont shares closed at $111.06 on April 23, 2026 (the day results were released after market close), down marginally 0.71% during the regular session on pre-earnings uncertainty. The real reaction came on April 24, when shares surged +8.68% to close at $120.70 on nearly 12.2 million shares traded, well above the typical daily volume, confirming a strongly bullish read from investors.
The record-breaking free cash flow, a 40%+ EPS beat, and the approval of a new $6 billion share repurchase program all combined to drive the outsized move. This marked the sixth consecutive quarter in which Newmont beat both earnings and revenue expectations, reinforcing its status as one of the most consistent large-cap gold mining performers.
