Newmont Just Struck Gold Again: Record $2.3 Billion Profit as Gold Tops $4,300 an Ounce

Newmont Beat Q3 2026 Estimates on Both Lines

Short answer: Newmont Corporation (NYSE: NEM) reported third-quarter 2026 adjusted earnings of $2.20 per share on revenue of $6.36 billion after the close on Thursday, October 22 — beating consensus on both lines and posting what the company called a record third-quarter adjusted net income of $2.3 billion, powered by an average realized gold price of $4,317 an ounce.

On a day when the Nasdaq fell 2.6% and chip stocks sold off hard, the world's largest gold miner quietly delivered one of the cleanest beats of earnings season — and reminded Wall Street why gold miners are printing cash while gold holds above $4,000.

What Happened

Newmont announced its Q3 2026 results after the closing bell on October 22. Adjusted net income came in at $2.3 billion, or $2.20 per diluted share, ahead of the $1.94 consensus estimate — an earnings surprise of +13.40%, according to Zacks. Revenue of $6.36 billion rose 15.2% from $5.52 billion a year earlier and also topped estimates. On a reported basis, net income attributable to stockholders rose to $2.47 billion, or $2.35 per share, from $1.83 billion a year ago, while adjusted EBITDA climbed to about $3.95 billion from $3.30 billion.

The company produced approximately 1.3 million attributable gold ounces in the quarter, plus 11 million ounces of silver and 23 thousand tonnes of copper. It generated $2.8 billion in cash from operating activities and $1.9 billion in free cash flow, and declared a quarterly dividend of $0.26 per share.

Why It's Blowing Up

Three things are driving the reaction. First, the beat was clean: earnings and revenue pointed the same way, and it was Newmont's fourth straight quarter of beating EPS estimates. Second, costs went the right way — gold all-in sustaining costs were $1,454 per ounce in the quarter, and Newmont improved its full-year cost outlook, cutting by-product AISC guidance to $1,520 per ounce and costs applicable to sales guidance to $925 per ounce. Third, the cash machine is funding big shareholder returns: Newmont said it has returned $1.9 billion through dividends and buybacks since its last earnings call, repurchased $1.6 billion of stock in that window, and has cut its share count by roughly 10% since February 2024.

Shares had slipped 2.62% to $114.11 in regular trading ahead of the print — gold miners were downgraded earlier in the day — but RTTNews reported the stock trading at $115.59, up 1.29%, in early after-hours action after the results landed. Newmont shares are up about 17.4% year to date, ahead of the S&P 500's 13.3% gain.

Key Facts

Adjusted EPS: $2.20 vs. $1.94 expected (+13.40% surprise); $1.71 a year ago
Revenue: $6.36 billion, +15.2% year over year, above consensus
Reported net income: $2.47 billion ($2.35/share), up from $1.83 billion
Production: ~1.3 million attributable gold ounces; realized gold price $4,317/oz
Free cash flow: $1.9 billion; operating cash flow $2.8 billion
Balance sheet: $8.8 billion cash, $12.8 billion total liquidity, $3.2 billion net cash
Guidance: On track for full-year production guidance of 5.3 million attributable gold ounces; cost outlook improved
Dividend: $0.26 per share declared for Q3 2026

What's Next

Management said it remains on track to achieve full-year 2026 production guidance, and expects the fourth quarter to be its strongest production period of the year, supported by higher-grade ore at several operations — though it warned rising oil prices and inflation could push unit costs higher toward year-end. On projects, shaft construction at Tanami Expansion 2 is complete ahead of schedule, with commercial production now expected in the first half of 2027, and the Red Chris Block Cave project is advancing toward a full-funds investment decision in early 2027. The next test for the stock is whether gold prices hold near record levels and whether analysts lift estimates after this beat — Zacks notes the coming-quarter consensus sits at $2.05 per share on $6.58 billion in revenue.

This post reports earnings news and market reaction only; it is not financial advice and does not recommend buying, selling, or holding any security.

Sources

FAQ

Did Newmont beat earnings estimates in Q3 2026?

Yes. Newmont reported adjusted EPS of $2.20, beating the $1.94 consensus estimate by 13.40%, and revenue of $6.36 billion also topped estimates.

How much gold did Newmont produce in Q3 2026?

Newmont produced approximately 1.3 million attributable gold ounces, plus 11 million ounces of silver and 23 thousand tonnes of copper, at an average realized gold price of $4,317 per ounce.

What is Newmont's outlook for the rest of 2026?

The company says it is on track for full-year production guidance of 5.3 million attributable gold ounces and improved its cost outlook, with by-product AISC guidance cut to $1,520 per ounce.

How much cash did Newmont return to shareholders?

Newmont said it returned $1.9 billion through dividends and share repurchases since its last earnings call, and declared a Q3 dividend of $0.26 per share.