Q4 25 EPS
$2.52
BEAT +27.92%
Est. $1.97
Q4 25 Revenue
$6.82B
vs S&P Since Q4 25
-14.5%
TRAILING MARKET
NEM -10.0% vs S&P +4.5%
Full Year 2025 Results
FY 25 EPS
$6.89
BEAT +6.66%
Est. $6.46
FY 25 Revenue
$22.67B
BEAT +2.28%
Est. $22.16B
Market Reaction
Did NEM Beat Earnings? Q4 2025 Results
Newmont closed out fiscal 2025 with a decisive fourth-quarter beat, posting adjusted earnings of $2.52 per diluted share against a consensus estimate of $1.97, a 27.92% positive surprise, while revenue of $6.82 billion topped expectations by 2.73% an… Read more Newmont closed out fiscal 2025 with a decisive fourth-quarter beat, posting adjusted earnings of $2.52 per diluted share against a consensus estimate of $1.97, a 27.92% positive surprise, while revenue of $6.82 billion topped expectations by 2.73% and grew 19.1% year over year. The primary engine behind the results was a surge in realized gold prices, which averaged $4,216 per ounce in Q4, up $677 from the prior quarter, amplifying the returns from 5.9 million full-year attributable gold ounces and propelling what the company called record free cash flow generation. Newmont ended 2025 in a $2.10 billion net cash position after retiring $3.40 billion in debt and completing a $4.50 billion non-core divestiture program. The market's enthusiasm was tempered, however, by 2026 guidance calling for production of approximately 5.3 million ounces at a gold by-product all-in sustaining cost of $1,680 per ounce, a step down from 2025 output levels, with the company flagging rising taxes in Ghana as a potential headwind adding roughly $50 per ounce to total AISC if a proposed sliding royalty is enacted.
Key Takeaways
- • Record average realized gold price of $4,216 per ounce in Q4 2025
- • Higher production from Ahafo North achieving commercial production
- • Higher grade at Tanami and Merian
- • Increased production from Nevada Gold Mines joint venture
- • Disciplined cost management with gold by-product AISC of $1,302 per ounce in Q4
- • Completion of non-core divestiture program generating $4.5 billion in total after-tax proceeds
- • Debt reduction of $3.4 billion in 2025
NEM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NEM Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments. As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimization, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position.”
— Natascha Viljoen, Q4 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% |