Newmont Earnings Boosted by Record Cash Flow

Newmont Corporation reported first-quarter earnings on April 23, 2026, that exceeded estimates, driven by higher realized gold prices. The company announced a new share buyback program and a quarterly dividend, highlighting operational resilience amid production challenges.

Quarter Results and Cash Flow

Newmont said first-quarter revenue reached $7.3 billion, up 46.0% year-over-year, while adjusted earnings per share rose to $2.90, both surpassing consensus forecasts. This marked the sixth consecutive quarter the company beat estimates.

The company generated a record $3.1 billion in free cash flow, a 161.0% increase from a year earlier, with operating cash flow totaling $3.8 billion. The average realized gold price climbed 66.4% to $4,900 per ounce. Attributable gold production declined 15.6% to 1.3 million ounces due to wildfires, extreme weather, production adjustments, and maintenance at Australian sites. Newmont described the quarter as strong operationally and financially.

Capital Returns and Outlook

Newmont exhausted its previous $6 billion share repurchase authorization and approved an additional $6 billion program. It declared a quarterly dividend of $0.261 per share. The company ended the quarter with $8.8 billion in cash, total liquidity of $12.8 billion, and net cash of $3.2 billion, supporting the expanded capital-return plan.

The company remains on track for its full-year 2026 guidance and plans $1.95 billion in capital expenditures. It expects second-quarter attributable production to represent 23.0% of the full-year total. Newmont flagged higher unit costs from increased sustaining capital spending, lower silver by-product revenue, mine-specific structural costs, and rising taxes and royalties. It estimated that each $10 per barrel increase in oil prices would add about $60 million in costs, or roughly $12 per ounce to all-in sustaining costs (AISC).