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DENVER - Newmont Corporation (NYSE:NEM) reported third-quarter earnings that exceeded analyst expectations on Thursday, as the gold mining giant capitalized on record-high gold prices while making progress on cost-saving initiatives.
The world’s largest gold producer posted adjusted earnings of $1.71 per share, significantly beating the analyst consensus of $1.44. Revenue jumped to $5.52 billion, surpassing estimates of $5.19 billion. The company produced approximately 1.4 million attributable gold ounces during the quarter.
Newmont shares fell 1.9% following the announcement as investors reacted to the results.
"Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow," said Tom Palmer, Newmont’s Chief Executive Officer.
The strong performance was largely driven by gold prices, which averaged $3,539 per ounce during the quarter, up $219 from the previous quarter. This represents a 40.5% increase compared to the $2,518 per ounce realized in the same quarter last year.
The company reported net income of $1.8 billion, while adjusted EBITDA increased 10% from the previous quarter to $3.3 billion. Newmont also highlighted its progress on cost-saving initiatives, which enabled it to improve its 2025 guidance for several cost metrics.
Newmont maintained its production and unit cost guidance for 2025, while reducing its capital expenditure forecast by $200 million due to timing shifts in spending. The company ended the quarter with $5.6 billion in cash and cash equivalents after reducing debt by $2 billion.
"We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics," Palmer added.
The company declared a quarterly dividend of $0.25 per share, payable on December 22, 2025, to shareholders of record as of November 26, 2025.
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