Newmont posted Q2 FY'26 sales of $6.12 billion, up 15% year-over-year from $5.32 billion, driven by a 33% jump in the average realized gold price to $4,414 per ounce. Reported net income was $2.2 billion, or $2.06 per diluted share, versus $1.85 a year ago, while adjusted net income came in at $2.10 per diluted share against $1.43 in the prior-year quarter. Adjusted EBITDA rose to $3.8 billion from $3.0 billion, even as a seismic event at the Cadia mine and a 43% sequential drop in copper output weighed on volumes.
Note: Newmont's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
Newmont resumed normal operations at its Cadia mine in mid-June following the seismic event that had disrupted output earlier in the quarter, and management says the site is back on track for the second half. Separately, the company secured amended environmental and mining permits from British Columbia for the Red Chris Block Cave project, moving it a step closer to a final investment decision. Newmont also continued its capital return program, buying back $1.7 billion in stock and paying $1.9 billion total to shareholders since the last earnings call, while reaffirming full-year 2026 production guidance of 5.26 million attributable gold ounces.
Below are key drivers of Newmont'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 Newmont at the top of the page.
Newmont is the world's largest gold producer and also mines copper, silver, lead, and zinc across a global portfolio of 12 core operations spanning the Americas, Australia, and Africa. The company sells primarily gold, treating other metals largely as by-products, and its earnings are highly sensitive to gold prices and production volumes across its mine network.
Newmont's core gold operations remain the primary source of value, given the company's unmatched scale and the direct flow-through of gold price moves to its bottom line.
Newmont is the only gold producer in the S&P 500 and operates across 12 core sites plus joint ventures like Nevada Gold Mines and Pueblo Viejo, giving it a diversified production base that most peers cannot match. This scale supports full-year guidance of 5.26 million attributable gold ounces even as individual sites face disruptions.
The company ended Q2 with $9.0 billion in cash and a net cash position of $3.4 billion, funding a capital allocation framework that has already cut share count by more than 100 million shares, or roughly 9%, since February 2024. That combination of a resilient balance sheet and consistent buybacks underpins per-share value growth independent of gold price swings.
Newmont's project pipeline, including the Red Chris Block Cave, Ahafo North ramp-up, and the Lihir Nearshore Barrier, gives it multiple paths to grow production without needing new acquisitions, adding a layer of optionality on top of the existing asset base.
Gold prices have been a major macro tailwind, with Newmont's realized price up 33% year-over-year to $4,414 per ounce in Q2. As long as elevated gold prices persist, Newmont's operating leverage means earnings growth can significantly outpace revenue growth, as seen this quarter with adjusted EBITDA climbing even faster than sales.
Newmont's capital allocation framework prioritizes a sustainable dividend, then reinvestment, then buybacks, and the company has stuck to that order even through an operationally choppy quarter. The $1.7 billion in repurchases since the last call, on top of $4.3 billion remaining under its current authorization, signals a strategic pivot toward per-share value creation over pure production growth.
The Cadia seismic event this quarter is a reminder that single-site disruptions can meaningfully swing consolidated costs and copper output, and Newmont's response, resuming normal operations within roughly two months, will be a trend worth watching as the company leans on H2-weighted production (51% of full-year output) to hit guidance.
