Barrick Q3 2026 Results: Profit Rises on Gold
Barrick Q3 2026 results show revenue and adjusted EPS gains as higher gold prices lifted sales, reaffirming guidance and supporting buyback, dividend flows.
KEY TAKEAWAYS
- Revenue rose 22.0% to $5.1 billion as higher realized metal prices lifted sales.
- Adjusted EPS rose 41.0% to $0.82, lifting adjusted net earnings to $1.4 billion.
- Company reaffirmed 2026 production guidance and returned $1.0 billion to shareholders.
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Barrick Mining’s third-quarter 2026 results released Nov. 9, 2026 show net earnings rose modestly as higher realized metal prices boosted revenue, helping the company reaffirm 2026 output guidance and return cash to shareholders.
Third-Quarter Earnings and Cash Flow
Barrick Mining (B) reported net earnings of $1.32 billion for the quarter ended Sept. 30, 2026, a 1% increase year over year, with reported earnings per share of $0.80. Adjusted net earnings rose 41% to $1.35 billion, and adjusted EPS increased to $0.82. Revenue climbed 22% to $5.07 billion, driven by higher realized metal prices. Attributable adjusted EBITDA rose 22% to $2.47 billion. The company described the quarter as its "fourth straight quarter of strong operational delivery."
Operating cash flow reached $2.49 billion, with attributable operating cash flow of $1.80 billion and attributable free cash flow of $0.64 billion. These cash flows supported the company’s shareholder-return program, which included $761 million in share repurchases. Total quarterly shareholder returns amounted to $1.04 billion. Barrick also declared a quarterly dividend of $0.175 per share, payable Dec. 15, 2026, to shareholders of record Nov. 30, 2026.
Production, Costs, and Outlook
Gold production totaled 816,000 ounces, up 3% sequentially, while copper output was 50,000 tonnes. On a continuing-operations basis excluding divested assets, gold production rose 6% year over year. Reported production showed a 2% decline year over year. Barrick maintained its 2026 gold production guidance of 2.90 million to 3.25 million ounces, with a midpoint near 3.08 million ounces, and copper guidance of 190,000 to 220,000 tonnes. The company expects fourth-quarter gold production to be slightly higher than Q3, with copper output broadly steady.
Higher costs, including royalties, fuel, and lower processed grades, constrained margins and free cash flow. Gold all-in sustaining costs rose to $1,911 per ounce from $1,538 a year earlier. Productivity improvements helped offset some cost pressures.
Operationally, Cortez benefited from the Goldrush ramp-up, Carlin’s Gold Quarry roaster posted a record quarter, and Loulo-Gounkoto production increased 16% from Q2, with its ramp-up ahead of schedule. These site-level gains, combined with stronger realized prices, supported revenue and adjusted earnings despite cost challenges.
Barrick’s results reflect a price-driven boost to earnings and revenue, while production comparisons vary depending on the basis used. The company’s reaffirmed guidance and ongoing site ramp-ups shape expectations for the remainder of 2026.
