Barrick Gold Corporation Earnings Recaps
Q2 2026
Aug 12, 2026
Barrick's shares fell 8.4% following the earnings report, driven largely by cautious commentary around safety performance and limited indications of margin or growth acceleration, despite meeting production and cost guidance.
Key takeaways
- Gold production of 976k ounces was 3% above guidance and up 11% sequentially, led by accelerated ramp-ups at Loulo-Gounkoto, Pueblo Viejo, and Cortez.
- Adjusted earnings of $0.82 per share were in line with consensus, countering some media claims of a miss.
- Operating margins remained stable with North America contributing 53% of adjusted EBITDA at a 61% margin; other regions delivered a 59% margin.
- Growth projects Fourmile, Lumwana, and Pueblo Viejo expansions advanced on schedule and budget, with Lumwana’s mill expansion expected to double copper production by 2028.
- Safety remains a significant concern: while frequency rates improved from 0.92 to 0.7, six lost time injuries during the quarter highlight ongoing operational risk, with management emphasizing continued urgent focus.
Q3 2025
Nov 12, 2025
Barrick Gold delivered a record-setting third quarter in 2025, achieving significant growth in production and cash flow, despite safety incidents that marred its operational performance.
Key takeaways
- Adjusted earnings per share and operating cash flow reached all-time highs, with free cash flow jumping 274% from the previous quarter.
- Gold production rose 4% quarter-over-quarter, driven by higher grades and throughput at key North American sites; copper production slightly decreased due to scheduled maintenance.
- The company increased its base quarterly dividend by 25% and authorized a $500 million expansion of its share repurchase program, with total cash returns to shareholders reaching a new quarterly record.
- The preliminary economic assessment confirmed Fourmile as a potentially transformative gold discovery, enhancing future growth prospects.
- Barrick remains committed to safety, intensifying efforts to investigate recent fatalities and improve safety protocols across its operations.