DENVER, April 23, 2026, 16:10 MDT
- Newmont reported adjusted earnings of $2.90 per share in the first quarter, with revenue hitting $7.31 billion. That topped Wall Street expectations, helped by a realized gold price that jumped to $4,900 an ounce.
- The miner announced it will pay a 26-cent quarterly dividend, unveiled a new $6 billion share buyback plan, and left its full-year production target steady at 5.3 million attributable gold ounces.
- Newmont flagged that roughly 23% of its yearly attributable production should land in the second quarter. Costs? Those are headed higher—heavier capital spending, softer silver volumes, pricier oil, and a full-quarter hit from the increased Ghana royalty all factor in.
Newmont topped analyst estimates for first-quarter profit Thursday, with the board greenlighting another $6 billion in share buybacks following the completion of its earlier program. The miner flagged that output will slip and costs will climb in the next quarter, even as it doubled down on cash returns for investors.
Here’s why that’s getting attention: gold surged to all-time highs in the first quarter, putting Newmont under the microscope as investors watch to see just how much of that rally translates into better margins and cash flow for the miner. This week, bullion slipped—pressure from rising yields and a stronger dollar, both fueled by oil-linked inflation concerns. Still, prices are well above where they stood a year earlier.
Adjusted earnings for the March quarter jumped to $2.90 per share, up from $1.25 last year and beating the $2.18 consensus estimate tracked by LSEG, Reuters reported. Revenue hit $7.31 billion, compared with $5.01 billion a year ago. Free cash flow hit a record at $3.1 billion.
Natascha Viljoen, the chief executive, described the quarter as delivering “strong operational and financial performance,” adding Newmont remains “well on track” for its 2026 guidance. The miner set its quarterly dividend at $0.26 per share. Since the last earnings call, the company has handed $2.7 billion back to shareholders via buybacks and dividends. Newmont Corporation
Production kept declining. Attributable gold output dropped to 1.30 million ounces, down from 1.54 million a year ago. Bushfires at Boddington weighed, along with mine sequencing plans and heavy rain at Tanami. Lihir and Cerro Negro struggled with lower grades and maintenance. Newmont is only looking for 23% of its full-year attributable production in the second quarter, a bit below what the first quarter delivered.
Gold by-product all-in sustaining costs (AISC) landed at $1,029 an ounce for the quarter, a sharp drop from $1,394 in the same stretch last year. Newmont left its 2026 outlook right where it was: 5.3 million attributable gold ounces. The miner is still targeting $1.95 billion for sustaining capital and $1.4 billion for development projects this year.
The risks? Pretty clear. On the call, Viljoen flagged energy costs as Newmont’s top concern right now. With Brent crude topping $100 a barrel on Thursday, Newmont said every $10 swing in oil means about $60 million up or down—roughly $12 an ounce on AISC. In Ghana, regulators want Newmont, AngloGold Ashanti and Zijin to hand over mining operations to local contractors by end-2026. Reuters said those missing the deadline could face fines or even see mines shut, underscoring how higher metal prices are prompting tighter government oversight in Africa’s mining belts.
Newmont shares edged up 1.8% in after-hours trading, following a regular close at $111.06. The miner wrapped up March with $8.8 billion in cash and a net cash position of $3.2 billion—enough firepower to continue share buybacks, even as management braces for heavier costs in the second quarter.
