Barrick Gold Corporation Q4 2026 Earnings Recap

Gold.com’s stock fell 3.9% after earnings, likely reflecting fourth-quarter margin compression and rising operating costs despite substantial revenue growth. Gross margin declined to 2.2% from 3.25% year over year, while SG&A rose 46%, tempering the benefit of acquisitions and higher precious-metals volumes.

Key Takeaways

• Q4 revenue nearly doubled, rising 99% to $5.0 billion, helped by higher precious-metals prices, increased gold ounces sold, and the Monex and Sunshine Mint acquisitions.
• Gross profit increased 35% to $110.3 million, but gross margin fell 105 basis points to 2.2%; full-year gross margin also declined to 1.78% from 1.92%.
• Q4 SG&A rose 46% to $77.9 million, driven by higher compensation, advertising, insurance costs, and $8.2 million of expenses from Monex and Sunshine Mint.
• Net income was $12 million, or $0.41 per diluted share; management also announced a $1.00 special dividend alongside the regular $0.20 dividend.
• Excluding the $0.9 billion increase in forward sales, Q4 revenue rose 94%, with higher gold volumes partly offset by lower silver ounces sold.