Newmont Corporation Q3 2026 Earnings Recap

Newmont shares fell 4.6% after earnings, despite record adjusted net income and substantial free cash flow. The likely disappointment is that gold production remains at a trough in 2026, with growth not expected to begin until 2027; the call also offered no new production acceleration beyond that outlook.

Key Takeaways

• Produced approximately 1.3 million ounces of gold, 23,000 tons of copper and 11 million ounces of silver; management said gold production was broadly in line with the prior quarter.
• Generated $1.9 billion in free cash flow and reported adjusted net income of $2.20 per share, which management described as a third-quarter record.
• Returned approximately $1.9 billion to shareholders since the prior call; cumulative repurchases since February 2024 exceed 115 million shares, or about 10% of shares outstanding.
• Management said Newmont remains on track for 2026 production guidance and improved full-year cost guidance, but expects production growth to begin in 2027.
• Tanami’s second expansion is expected to reach commercial production by the end of Q2 2027, earlier than previously anticipated; a full funds decision for Red Chris is expected early next year.