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Jun 30, 2025
Barrick Q2 2025 Earnings Report
Delivered higher gold and copper production, stronger EPS, and positive free cash flow in Q2 2025.
Key Takeaways
Barrick posted revenue of 3,681,000,000, EPS of 0.47 (adjusted EPS also 0.47), net income of 811,000,000, and operating income of 1,416,000,000, with production rising and free cash flow of 395,000,000.
Revenue grew to 3,681,000,000 with gold and copper both contributing.
EPS was 0.47; adjusted EPS matched at 0.47.
Operating income reached 1,416,000,000; net income attributable to shareholders was 811,000,000.
Free cash flow was 395,000,000 and cash & equivalents ended the quarter at 4,802,000,000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management reiterated full-year guidance, highlighted copper trending toward the top end of the range, and said Goldrush, Pueblo Viejo, Lumwana, and Reko Diq remain on schedule; exploration could expand resources.
Positive Outlook
- Copper output tracking toward the upper end of FY range.
- Goldrush ramp-up and Pueblo Viejo expansion progressing.
- Lumwana expansion early works ahead of schedule.
- Reko Diq onsite construction ramping up and on schedule.
- Fourmile drilling supports potential to double resources in 2025.
Challenges Ahead
- Costs and AISC remain sensitive to commodity and input prices.
- Political and permitting risks in multiple jurisdictions.
- Currency, tax, and regulatory changes could impact results.
- Project execution risks could cause delays or higher costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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