Newmont Q3 2026 Results Beat Estimates
Newmont Q3 2026 results lifted adjusted EPS and $1.9B free cash flow, tightening the cost outlook and supporting shareholder returns and Red Chris.
KEY TAKEAWAYS
- Adjusted EPS $2.20 and $1.9B of free cash flow strengthened liquidity and shareholder returns.
- Lowered full-year gold AISC to $1,520 per ounce while keeping production guidance near 5.9 million ounces.
- Red Chris feasibility neared completion with a full-funds decision aimed for early 2027 and $4.2-$4.8B capex.
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Newmont Corp. (NEM) reported adjusted earnings of $2.20 a share and $1.9 billion of free cash flow for the third quarter ended Sept. 30, 2026, in a release and Form 8-K filed Oct. 22. Stronger sales and production allowed the company to narrow its full-year cost outlook while maintaining its 2026 production plan.
Quarter Results and Cash Flow
Newmont described the quarter as a record for third-quarter adjusted net income, with revenue rising 15.0% to $6.4 billion and cash from operating activities reaching $2.8 billion. The company ended the quarter with $8.8 billion in cash and about $12.8 billion in total liquidity, including a $3.2 billion net-cash position. The board declared a quarterly dividend of $0.26 a share. The adjusted earnings per share exceeded the consensus estimate of $2.05.
Attributable gold production rose 7.0% from the prior quarter to about 1.3 million ounces, supported by a recovery at Cadia and stronger output at Boddington and Peñasquito. The average realized gold price was $4,317 per ounce, down $97 from the previous quarter. Third-quarter gold all-in sustaining cost (AISC), a measure of total production cost per ounce, declined 2.0% quarter-over-quarter to $1,545 per ounce. Copper production increased 35.0% to 23,000 tonnes as Cadia recovered from a prior-quarter disruption.
Guidance and Red Chris Update
Newmont maintained its full-year attributable gold production guidance near 5.9 million ounces and lowered its full-year gold AISC guidance to $1,520 per ounce from $1,590, citing third-quarter performance. The company also reduced gold costs applicable to sales to $925 per ounce from $950. President and Chief Executive Officer Natascha Viljoen said, “Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook.”
The company holds a 70% stake in the Red Chris mine and is advancing the Red Chris block cave project with Imperial Metals. The feasibility study is nearing completion, with a full-funds investment decision expected in early 2027, subject to approvals by Newmont’s and the joint-venture boards. Construction would begin in 2027 only if approved, targeting commercial production in 2033. The initial mine plan anticipates producing about 3.0 million ounces of gold and more than 850,000 tonnes of copper over a 13-year cave life. Steady-state annual output is estimated at 275,000–325,000 ounces of gold and 65,000–85,000 tonnes of copper between 2035 and 2040.
Design plans include an underground block cave, processing expansion to 15 million tonnes per year, and infrastructure upgrades. Development capital is estimated at $4.2 billion to $4.8 billion on a 100% basis, reflecting an anticipated Canadian government grant. Newmont expects 2027 development capital to be roughly $500 million higher than in 2026, primarily due to Red Chris and the Lihir Nearshore Barrier project. About $200 million of that increase is expected to be offset by declining Yanacocha water-treatment spending.
The stronger cash flow and liquidity position from the quarter support the company’s trimmed cost outlook and provide financial flexibility for near-term development decisions expected in early 2027.
