Key Highlights
- Newmont delivered Q1 adjusted earnings per share of $2.90, significantly exceeding analyst expectations of $2.18; revenues jumped 46% to reach $7.31 billion
- The mining giant achieved a quarterly milestone with $3.1 billion in free cash flow while all-in sustaining costs reached $1,029 per ounce, under annual projections
- On April 14, a 4.5-magnitude earthquake impacted the Cadia mining facility; underground activities are projected to reach approximately 80% capacity in roughly five weeks
- The company’s board greenlit another $6 billion stock repurchase program, marking the fourth authorization since February 2024; Newmont has repurchased $6 billion worth of shares over approximately two years
- Annual 2026 production targets of 5.3 million gold ounces stay unchanged, although Q2 output is anticipated to trail Q1 levels marginally
Newmont (NEM) stock climbed 0.2% during Friday’s premarket session following the gold producer’s announcement of its sixth consecutive quarterly beat on both earnings and revenue fronts. Shares had already advanced 1.6% in Thursday’s after-hours trading, bringing year-to-date gains to approximately 11% entering the session.
First-quarter adjusted earnings per share reached $2.90, representing more than double the $1.25 figure from the same period last year and substantially surpassing Wall Street’s $2.18 consensus estimate. Revenues surged 46% year-over-year to $7.31 billion, with gold sales contributing $6.04 billion to the total.
$NEM (Newmont) #earnings are out: pic.twitter.com/6Ugr7y5CmA
— The Earnings Correspondent (@earnings_guy) April 23, 2026
The company’s average realized gold price during the three-month period stood at $4,900 per ounce — representing a 16% increase compared to Q4 2025.
Unprecedented Cash Generation and Cost Discipline
The mining company generated a quarterly record of $3.1 billion in free cash flow, even while making approximately $1.3 billion in cash tax payments. Adjusted EBITDA totaled $5.2 billion for the quarter.
All-in sustaining costs on a by-product basis came in at $1,029 per ounce, falling below the company’s full-year guidance range. Executives attributed this performance to enhanced co-product pricing for silver and copper, combined with careful capital allocation.
Despite facing elevated energy costs, the company is holding firm on its annual cost projections. Management noted that each $10 per barrel change in oil prices would impact AISC by approximately $12 per ounce. Diesel fuel represents roughly 6% of direct operational expenses.
First-quarter output included 1.3 million ounces of gold, 30,000 tons of copper, and 9 million ounces of silver. Multiple facilities exceeded expectations — Cadia, Merian, Ahafo South, and Yanacocha each demonstrated enhanced performance compared to Q4 2025.
Seismic Event at Cadia and Second Quarter Projections
The primary near-term operational challenge involves a 4.5-magnitude seismic event that occurred near the Australian Cadia operation on April 14. Fortunately, no personnel were injured. Underground electrical and dewatering infrastructure have been fully restored, and regulatory clearance for repair work has been secured.
Rehabilitation of underground operations is anticipated to require approximately five weeks, bringing Cadia to around 80% of normal capacity. Complete restoration is scheduled for the conclusion of Q2. Second-quarter production levels are expected to fall slightly short of first-quarter figures due to a temporary interruption in mill feed supply, with typical production levels resuming in Q3.
Sustaining capital expenditures are also projected to increase during Q2 driven by seasonal activities at Brucejack and Red Chris facilities, mobile equipment arrivals, and tailings management work at Cadia and Boddington.
Regarding capital allocation to shareholders, Newmont has now returned $6 billion through share repurchases during the previous 24 months. Directors approved an additional $6 billion repurchase authorization — representing the fourth such program since February 2024. The company also announced a quarterly dividend of $0.26 per share, consistent with its annual dividend target of $1.1 billion.
Management indicated it is evaluating the possibility of reintroducing multi-year guidance and characterized 2026 as a “trough year,” highlighting potential production increases in 2027 driven by higher-grade zones at Lihir, new cave development at Cadia, and ongoing expansion at Ahafo North.
As of Thursday, gold futures traded at $4,724 per ounce, down roughly 12% from the January 29 record closing price of $5,354.80.
