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Jun 30, 2025
Newmont Q2 2025 Earnings Report
Newmont posted strong financial and operational performance in Q2 2025, with record free cash flow and robust gold prices.
Key Takeaways
Newmont delivered a solid Q2 2025, driven by high gold prices, strong cash flow, and significant share repurchases. Net income surged to $2.1B with $1.7B free cash flow, supported by divestitures and disciplined cost management.
Reported net income of $2.1 billion and adjusted net income of $1.6 billion
Generated record free cash flow of $1.7 billion, supported by strong gold prices
Produced 1.478 million ounces of gold at an average realized price of $3,320/oz
Authorized an additional $3.0 billion share repurchase program and declared $0.25/share dividend
Forward Guidance
Newmont reaffirmed its 2025 guidance, expecting 5.9 Moz of gold production with balanced H2 output and increased capital spend in H2.
Positive Outlook
- On track to achieve 2025 guidance with stable operations
- Expected higher production from Yanacocha and Nevada Gold Mines in H2 2025
- Strong balance sheet with $10.2B total liquidity and low net debt
- Continued portfolio optimization after divesting non-core assets
- Planned ramp-up of Ahafo North project in Q4 2025
Challenges Ahead
- Sustaining capital expected to increase significantly in H2 2025
- Higher AISC in Q3 due to increased sustaining capital spend
- Free cash flow to be impacted by higher capital spending and tax payments in Q3
- Production expected to decline at Cadia and Peñasquito in H2 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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