Newmont Corporation (NEM) Q3 2026: Record Adjusted Net Income — Strong Performance

Newmont Corporation (NYSE: NEM) reported a robust third quarter for 2026, achieving record adjusted net income of $2.3 billion, or $2.20 per diluted share. This marks an increase of $0.3 billion from the previous quarter, reflecting a strong operational performance. The company produced approximately 1.3 million attributable gold ounces, contributing to a reported net income of $2.5 billion for the quarter.

Key Financial Metrics:

• Adjusted Net Income: $2.3 billion, or $2.20 per diluted share
• Net Income: $2.5 billion, or $2.35 per diluted share
• Free Cash Flow: $1.9 billion
• Cash from Operating Activities: $2.8 billion
• Gold Production: 1.3 million attributable gold ounces
• Average Realized Gold Price: $4,317 per ounce
• Gold by-product Costs Applicable to Sales (CAS): $832 per ounce
• All-In Sustaining Costs (AISC): $1,454 per ounce

Analyst View

This quarter is a significant win for Newmont shareholders, showcasing the company's ability to generate substantial free cash flow and maintain a strong balance sheet. The reported free cash flow of $1.9 billion and a cash balance of $8.8 billion indicate a solid liquidity position, which is crucial for future investments and shareholder returns. The company has also returned $1.9 billion to shareholders through dividends and share repurchases since the last earnings call, reflecting its commitment to enhancing shareholder value.

The declared dividend of $0.26 per share, payable on December 21, 2026, further underscores Newmont's focus on returning capital to shareholders. This equates to an annualized dividend of $1.04 per share, with expectations for continued per-share dividend growth as share repurchases reduce the total share count.

Operational Highlights

• Newmont is on track to meet its full-year 2026 production guidance of 5.3 million attributable gold ounces.
• The company produced 11 million ounces of silver and 23 thousand tonnes of copper during the quarter.
• The improvement in unit costs is notable, with the full-year cost guidance for CAS and AISC improved to $925 and $1,520 per ounce, respectively.

Future Catalysts

Investors should closely monitor the developments surrounding the Red Chris Block Cave project, with a full-funds investment decision expected in early 2027. This project is anticipated to significantly enhance Newmont's production profile and operational efficiency in the long term. Additionally, the company is advancing the Tanami Expansion 2 project, with commercial production now expected in the first half of 2027.

In summary, Newmont's Q3 2026 results reflect a strong operational performance and a commitment to shareholder returns, positioning the company well for future growth. Investors should keep an eye on upcoming project developments and the potential for continued dividend increases as the company executes its strategic initiatives.

Note: The following tables contain amounts in millions.

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions)

(1) Certain amounts and disclosures have been reclassified to conform to the presentation.

NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

Note: Amounts for assets and liabilities may not sum due to rounding.

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