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Newmont Corporation (NYSE:NEM) presented its third quarter 2025 results on October 23, revealing record financial performance and announcing a significant leadership transition. The gold mining giant’s stock rose 2.15% following the presentation, closing at $89.48 in aftermarket trading.
Quarterly Performance Highlights
Newmont delivered exceptional financial results in the third quarter, generating a record $1.6 billion in free cash flow, marking the fourth consecutive quarter exceeding $1 billion. The company reported adjusted net income of $1.71 per share, surpassing analyst expectations of $1.44, while revenue reached $5.52 billion against a forecast of $5.19 billion.
The strong performance was driven by disciplined cost management, operational efficiencies, and favorable gold prices, with the company achieving an average realized gold price of $3,539 per ounce during the quarter.
As shown in the following summary of Q3 highlights, Newmont achieved several significant milestones while maintaining strong financial discipline:
The company’s financial performance was particularly impressive, with adjusted EBITDA reaching $3.3 billion and cash from operations totaling $2.3 billion. These results enabled Newmont to retire $2.0 billion in debt during the quarter, ending with a near-zero net debt position and earning a credit rating upgrade from Moody’s to A3 with a stable outlook.
The following slide details Newmont’s Q3 2025 financial performance metrics:
Financial Analysis
Newmont’s strong balance sheet reflects its disciplined capital allocation strategy, with $5.6 billion in cash and cash equivalents at quarter-end. The company has maintained its commitment to shareholder returns, distributing $823 million through regular dividends and share repurchases during Q3 alone.
Year-to-date, Newmont has generated $4.5 billion in free cash flow, an annual record achieved in just the first three quarters. This exceptional cash generation has enabled the company to reduce debt by $3.9 billion since November 2023 while returning $5.7 billion to shareholders during the same period.
The following slide illustrates Newmont’s disciplined approach to capital allocation:
Operationally, Newmont reported attributable gold production of 1.42 million ounces from its core portfolio during the quarter, with gold all-in sustaining costs (AISC) of $1,566 per ounce on a co-product basis and $1,303 per ounce on a by-product basis. The company has improved its 2025 cost and capital guidance, driven by disciplined cost reduction efforts across its operations.
Portfolio Optimization & Divestiture Program
A key achievement highlighted in the presentation was the completion of Newmont’s non-core divestiture program, which delivered over $3.5 billion in total gross cash proceeds during 2024 and 2025. The company received nearly $640 million from asset and equity sales in Q3 alone.
The following slide details the completed divestiture program, which has significantly streamlined Newmont’s portfolio:
This strategic portfolio optimization has allowed Newmont to focus on its core operations while strengthening its financial position. The company has leveraged this enhanced financial flexibility to reduce debt, invest in high-return projects, and return capital to shareholders.
As illustrated in the following slide, Newmont has successfully leveraged its portfolio strength to deliver significant value:
Leadership Succession
In a significant announcement, Newmont revealed its leadership succession plan, with current CEO Tom Palmer set to retire on December 31, 2025, after serving as a strategic advisor through March 31, 2026. Natascha Viljoen will become President and CEO on January 1, 2026, becoming Newmont’s 11th CEO in its more than 100-year history.
The following slide outlines the leadership transition plan:
This planned succession demonstrates Newmont’s commitment to strong governance and ensures continuity in leadership as the company continues to execute its strategic initiatives.
Forward Guidance
Looking ahead, Newmont has improved its 2025 guidance, projecting gold production of 5.6 million ounces from its core portfolio, with 1.4 million ounces expected in Q4 2025. The company anticipates gold AISC of $1,620 per ounce for the full year 2025, with Q4 projected at $1,670 per ounce.
According to the earnings call transcript, Newmont expects 2026 managed production to be at the lower end of the 2025 range, around 4.0-4.2 million ounces, with an increase in capital spending anticipated for 2026.
The company also highlighted that commercial production at Ahafo North was expected by the end of the day of the presentation, representing another significant milestone in its project pipeline.
Newmont’s strong operational performance, robust financial position, and clear strategic direction position the company well to continue delivering value to shareholders in a favorable gold price environment. With a smooth leadership transition planned and a streamlined portfolio focused on core assets, Newmont appears well-positioned for sustainable long-term growth.
Full presentation:
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