Q3 25 EPS
$1.71
BEAT +18.58%
Est. $1.44
Q3 25 Revenue
$5.52B
BEAT +4.77%
Est. $5.27B
vs S&P Since Q3 25
+23.4%
BEATING MARKET
NEM +29.8% vs S&P +6.4%
Market Reaction
Did NEM Beat Earnings? Q3 2025 Results
Newmont delivered a standout third quarter for 2025, posting adjusted earnings of $1.71 per diluted share against a Wall Street consensus of $1.44, an 18.58% beat, while revenue climbed to $5.52 billion, up 20.1% year over year and ahead of the $5.27… Read more Newmont delivered a standout third quarter for 2025, posting adjusted earnings of $1.71 per diluted share against a Wall Street consensus of $1.44, an 18.58% beat, while revenue climbed to $5.52 billion, up 20.1% year over year and ahead of the $5.27 billion estimate by 4.77%. The driving force behind the quarter was straightforward: gold prices surged to an average realized $3,539 per ounce, lifting adjusted EBITDA to a record $3.31 billion and free cash flow to $1.57 billion, the fourth consecutive quarter above $1.00 billion. Cost discipline reinforced the story, with all-in sustaining costs holding at $1,566 per ounce even as royalties and profit-sharing rose alongside elevated gold prices. Newmont also completed its full non-core divestiture program, generating over $3.50 billion in 2025 cash proceeds and leaving the company in a near-zero net debt position of just $12.00 million. Despite the strong quarterly results, full-year 2025 production guidance remains at 5.9 million ounces, with 2026 output expected toward the lower end of the same range as key capital projects ramp spending.
Key Takeaways
- • Average realized gold price increased to $3,539/oz, up $219/oz from prior quarter
- • Cost discipline and productivity initiatives offset lower sales volumes and higher royalties
- • Gold Co-Product CAS per ounce of $1,185 was slightly lower than the prior quarter
- • Gold Co-Product AISC per ounce of $1,566 was slightly lower than the prior quarter
- • Production growth at Brucejack, Cerro Negro, and Yanacocha partially offset declines elsewhere
- • Fourth consecutive quarter with over $1 billion in free cash flow
NEM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NEM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow.”
— Tom Palmer, Q3 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% |