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Dec 31, 2025
Newmont Q4 2025 Earnings Report
Newmont reported its fourth quarter and full year 2025 results, declared a fourth quarter dividend, and announced an enhanced capital allocation framework.
Key Takeaways
Newmont delivered a record $7.3 billion in free cash flow for the full year 2025, driven by disciplined operational execution and portfolio optimization. The company strengthened its financial position, reduced debt, and ended the year in a strong net cash position. Newmont also announced an enhanced capital allocation framework and increased its quarterly dividend, demonstrating a clear focus on margin expansion and robust free cash flow generation from its world-class portfolio.
Achieved full-year production and cost guidance with 5.9 million attributable gold ounces and gold by-product AISC of $1,358 per ounce.
Generated an all-time annual record of $7.3 billion in Free Cash Flow for the year, including $2.8 billion in the fourth quarter.
Reduced debt by $3.4 billion in 2025, ending the year in a net cash position of $2.1 billion with $7.6 billion in cash and $11.6 billion in total liquidity.
Completed the non-core divestiture program, generating $4.5 billion in total after-tax proceeds to date from announced transactions.
Forward Guidance
Newmont expects attributable gold production of approximately 5.3 million ounces in 2026, with gold by-product AISC of $1,680 per ounce. The company plans significant sustaining capital spend for critical tailings facility work and development capital for key near-term projects.
Positive Outlook
- Attributable gold production for 2026 is expected to be approximately 5.3 million gold ounces, including over 3.9 million gold ounces from Newmont's managed operations.
- Gold by-product AISC is expected to be $1,680 per ounce, benefitting from profitable production of other metals.
- Sustaining capital spend of approximately $1.95 billion to advance critical tailings facility work at Cadia and Boddington, and other important investments to enhance portfolio integrity and longevity.
- Development capital spend of approximately $1.4 billion to progress key near-term development projects including the Cadia Panel Caves, Tanami Expansion 2 and the feasibility study at Red Chris.
- Newmont continues to focus on leach production at Yanacocha, with a highly capital-efficient plan to leverage current infrastructure to continue mining operations through 2027, adding additional low-cost ounces.
Challenges Ahead
- Unit costs in 2026 are expected to increase from 2025, largely due to lower gold production, lower production of copper, lead and zinc, and a higher expected gold price resulting in higher royalties and production taxes.
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