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Newmont Corporation
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Latest analysis
Updated Oct 22, 2026
Newmont posts Q3 2026 record $2.20 adjusted EPS and $1.9B free cash flow while unveiling Red Chris block cave at $4.2-4.8B development capital and guiding low-to-mid single digit production growth in 2027.
Newmont's Q3 2026 results demonstrate peak cash conversion ahead of a multi-year growth cycle: $1.9 billion of free cash flow in the quarter brings year-to-date free cash flow to $7.3 billion, approximately equal to the full-year 2025 total, with the strongest production quarter still ahead. The Red Chris block cave feasibility study — estimating $4.2-4.8 billion in development capital on Newmont's 70% share basis, targeting 275-325 thousand ounces of gold and 65-85 thousand tonnes of copper annually after ramp-up — represents the company's most consequential capital allocation decision in years and anchors copper growth strategy. Full-year gold AISC guidance was tightened to approximately $1,520 per ounce, a roughly 10% improvement versus original guidance, while 2027 unit cost pressure from lower silver co-product credits and macro inflation is explicitly flagged as a headwind to next year's margin profile.
Tone: bullishRevenue
$22.7B
NEM 10-K · FY 2025
Employees
17,500
Revenue FY2024
$18.7B
Founded
1921
Profile
NEM 10-K Item 1 · Feb 19, 2026Newmont Corporation is the world's leading gold producer, operating 12 mining operations and a 38.5% interest in Nevada Gold Mines across the United States, Australia, Papua New Guinea, Ghana, Canada, Mexico, Peru, Argentina, Suriname, and the Dominican Republic. The company also produces copper, silver, lead, and zinc as co-products. Following its 2023 acquisition of Newcrest Mining, Newmont completed a portfolio optimization program divesting six non-core assets and a development project through 2025.
Read filing description ↓ Collapse description ↑
Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world's leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. The Company's 13 reportable segments consist of each of its 12 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines, which it does not directly manage. Following the acquisition of Newcrest Mining Limited in November 2023, the Company approved a portfolio optimization program to divest six non-core assets and a development project, completing all divestitures by the fourth quarter of 2025. In October 2025, the Company declared commercial production at its Ahafo North project in Ghana. Newmont is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies, and has been included in the Dow Jones Sustainability Index-World since 2007.
Primary products
- Gold (doré)
- Gold (concentrate)
- Copper (concentrate)
- Silver (concentrate)
- Lead (concentrate)
- Zinc (concentrate)
Business segments
End markets
Geographies
Named competitors
“The top 10 producers of gold comprise approximately 25% of total worldwide mined gold production. We currently rank as the top gold producer with approximately 5% of estimated total worldwide mined gold production.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales increased from $18,682 million in 2024 to $22,669 million in 2025, driven by significantly higher realized gold prices, with average gold prices rising from $2,386 per ounce in 2024 to $3,432 per ounce in 2025, partially offset by lower gold production volumes following the divestiture of non-core assets.
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