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Sep 30, 2025
Barrick Q3 2025 Earnings Report
Barrick delivered record free cash flow and higher gold production in Q3 2025.
Key Takeaways
Barrick Mining Corporation reported strong third-quarter results, driven by increased gold production, higher commodity prices, and reduced costs, resulting in record free cash flow and operating cash flow.
Generated record free cash flow of $1.5 billion and operating cash flow of $2.4 billion
Gold production rose to 829,000 ounces, up 4% from Q2
Net income reached $1.3 billion with EPS of $0.76
Gold segment revenue increased 20% YoY to $2.94 billion
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Barrick reaffirmed its full-year production and cost guidance for both gold and copper, while noting expected higher Q4 production and benefits from recent asset sales.
Positive Outlook
- Full-year gold production guidance of 3.15–3.50 million ounces remains unchanged
- Gold production is expected to be highest in Q4
- Gold cost guidance remains on track
- Copper production guidance of 200,000–230,000 tonnes is unchanged
- Strong progress reported on key growth projects like Fourmile and Lumwana
Challenges Ahead
- Q4 production from Hemlo and Tongon will be partially excluded due to asset sales
- Impact of royalties on costs expected to be approximately $50 per ounce
- Copper production in Q3 was down 7% from Q2
- Fatal incidents during the quarter highlighted operational safety concerns
Historical Earnings Impact
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Avg. Return Before/After Earnings
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