Q2 25 EPS
$1.43
Q2 25 Revenue
$5.32B
vs S&P Since Q2 25
+58.1%
BEATING MARKET
NEM +71.3% vs S&P +13.1%
Market Reaction
Did NEM Beat Earnings? Q2 2025 Results
Newmont delivered a standout second quarter, posting earnings of $1.43 per diluted share on revenue of $5.32 billion as surging gold prices and disciplined cost control combined to produce record quarterly free cash flow of $1.71 billion. The primary… Read more Newmont delivered a standout second quarter, posting earnings of $1.43 per diluted share on revenue of $5.32 billion as surging gold prices and disciplined cost control combined to produce record quarterly free cash flow of $1.71 billion. The primary catalyst was gold averaging $3,320 per ounce during the period, up $376 from Q1, which amplified returns even as attributable production dipped 4% sequentially to roughly 1.48 million ounces following the completion of Newmont's non-core asset divestiture program. All-in sustaining costs fell 4% to $1,593 per ounce, while adjusted EBITDA climbed 14% to $3.00 billion, leaving the balance sheet with $6.18 billion in cash and net debt to adjusted EBITDA at just 0.1x. The board authorized a new $3.00 billion share repurchase program alongside a $0.25 quarterly dividend. The broader gold mining sector is riding the same tailwind, with peers similarly reporting sharp profit expansions on higher realized prices. Despite the strong print, shares moved lower after results. Looking ahead, Newmont reaffirmed its full-year guidance of 5.9 million attributable gold ounces at AISC of $1,630 per ounce.
Key Takeaways
- • Average realized gold price increased $376/oz to $3,320/oz quarter-over-quarter
- • Record quarterly free cash flow of $1.7 billion driven by higher revenues and lower capital investment
- • Gold CAS per ounce decreased 1% to $1,215 due to lower direct operating costs from completed non-core divestitures
- • Gold AISC per ounce decreased 4% to $1,593 from lower sustaining capital spend
- • Improved production at Yanacocha from better injection leaching and at Peñasquito from higher gold grades
- • Divestiture program completed for all non-core operating sites, generating significant cash proceeds
NEM YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NEM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year.”
— Tom Palmer, Q2 2025 Earnings Press Release
NEM Earnings Trends
NEM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NEM EPS Trend
Earnings per share: estimate vs actual
NEM Revenue Trend
Quarterly revenue: estimate vs actual
NEM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $1.97 | $2.52 | +27.92% | $6.82B | — |
| FY Full Year | $6.46 | $6.89 | +6.66% | $22.67B | +2.28% |
| Q3 25 BEAT | $1.44 | $1.71 | +18.58% | $5.52B | +4.77% |
| Q2 25 | — | $1.43 | — | $5.32B | — |
| Q1 25 BEAT | $0.90 | $1.25 | +38.18% | $5.01B | +5.69% |