Barrick reported revenue of $5.29 billion for Q2 2026, up 44% year over year, alongside adjusted EPS of $0.82, up 74% from a year ago. Net earnings came in at $1.22 billion, or $0.73 per share, up 55% year over year. The primary driver was a realized gold price of $4,417 per ounce, up 34% from $3,295 in Q2 2025, which more than offset an 11% rise in all-in sustaining costs to $1,866 per ounce. Gold production of 796,000 ounces beat guidance by 3% and rose 11% sequentially, helped by an ahead-of-schedule ramp at Loulo-Gounkoto and a faster-than-expected recovery at Pueblo Viejo.
Note: Barrick's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
Barrick struck a roughly $4 billion agreement with Newmont that reshapes their Nevada Gold Mines joint venture. Barrick will vend in its wholly owned Fourmile discovery while Newmont contributes the Mike and Fiberline deposits, creating a combined complex holding nearly 100 million ounces of gold. Newmont will also pay Barrick a $1.95 billion cash top up within 30 days and has agreed to resolve all outstanding NGM disputes. Critically, Newmont has consented to Barrick's planned initial public offering of its North American gold assets, an entity often referred to as NewCo or North American Barrick, which Barrick still intends to complete by the end of 2026 while retaining a controlling stake.
Below are key drivers of Barrick's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Barrick at the top of the page.
Barrick Mining Corporation is one of the world's largest gold producers, with a portfolio spanning Nevada, the Dominican Republic, Mali, and other regions, plus a growing copper business. The company operates its Nevada assets through the Nevada Gold Mines joint venture with Newmont, in which Barrick holds a controlling stake, and is preparing to spin off its North American gold operations into a separately listed entity while retaining majority control.
Nevada Gold Mines remains the single most valuable piece of Barrick's portfolio given its scale, low relative costs, and central role in the pending IPO.
Once Fourmile, Mike, and Fiberline are combined under the joint venture, the Nevada complex will hold nearly 100 million ounces of gold, making it one of the largest gold-producing districts globally and the anchor asset behind more than half of Barrick's attributable EBITDA.
A realized gold price of $4,417 per ounce against an all-in sustaining cost of $1,866 per ounce leaves a substantial margin, with attributable adjusted EBITDA reaching $2.55 billion in the quarter at a 60% margin.
Barrick ended the quarter with net cash of $1.2 billion, up sharply from $73 million a year earlier, plus an undrawn $3 billion revolving credit facility, giving it flexibility to fund the Fourmile vend in and the North America IPO process.
Gold prices have stayed near record levels through 2026, driven by continued central bank buying and inflation hedge demand, and Barrick's realized price of $4,417 per ounce reflects that backdrop directly. The company's operating leverage means further price strength would flow disproportionately to earnings, while a pullback would compress margins quickly given rising per ounce costs.
Barrick is pursuing an IPO of its North American gold assets, targeted for completion by the end of 2026, with a primary listing planned for New York and a secondary listing in Toronto. The Newmont agreement removes a key obstacle by securing the consent needed to move forward, and Barrick intends to sell a minority stake while keeping a controlling interest in the new entity.
Barrick repurchased $1.209 billion of shares in the quarter and paid a $0.175 per share dividend, lifting total Q2 shareholder returns to $1.50 billion, up 242% year over year. That pace of buybacks and dividends signals management's confidence in cash generation even as capital spending guidance was trimmed to $3.8 to $4.2 billion for 2026.
