NEW YORK, July 23, 2026, 18:05 EDT
- Free cash flow in the second quarter increased by 29% to $2.21 billion, even as gold production fell by 13%.
- A proxy for cash-per-ounce rose by 47% compared to the same period last year.
- The stock finished the session at $94.72 and declined roughly 1% in after-hours trading.
Newmont Corporation NYSE:NEM reported a 47% year-on-year increase in free cash flow per attributable gold ounce, as stronger bullion prices offset a significant drop in output.
The estimated measure increased to approximately $1,705 per ounce from $1,157. This figure is not a margin reported by the company. It also factors in cash flows from metals apart from gold.
The underlying spread also increased. Newmont’s realized price for gold climbed 33%, with by-product all-in sustaining costs advancing 18%. The gap widened 44% to $2,793 per ounce.
The outlook ahead appears less favorable. Spot gold finished Thursday at about $4,043, around 8% under Newmont’s average price for the second quarter. The company’s management anticipates increased unit costs in the third quarter.
Adjusted earnings were $2.10 per share, topping analyst estimates of $1.99. Revenue increased 15% to $6.12 billion, falling short of the $6.36 billion forecast.
Newmont shares declined by 1.1% to $94.72 in regular session trading. Following the earnings release, the stock was quoted close to $93.75. U.S. cash equity markets were shut at the time.
Company filings reveal shifts in quarterly cash flow:
| Metric | Q2 2026 | Q1 2026 | Q2 2025 | Year-on-year |
|---|---|---|---|---|
| Attributable gold production | 1.293 Moz | 1.301 Moz | 1.478 Moz | -12.5% |
| Realized gold price | $4,414/oz | $4,900/oz | $3,320/oz | +32.9% |
| By-product AISC | $1,621/oz | $1,029/oz | $1,375/oz | +17.9% |
| Price less AISC | $2,793/oz | $3,871/oz | $1,945/oz | +43.6% |
| Free cash flow | $2.205 bln | $3.144 bln | $1.710 bln | +28.9% |
| Free cash flow per ounce | $1,705 | $2,417 | $1,157 | +47.4% |
*Based on figures provided by Newmont. Free cash flow per ounce serves as an approximate indicator of cash conversion and does not represent a disclosed operating metric.
Reduced output was due to seismic disruption at Cadia and scheduled mine sequencing at other locations. Lower production was recorded at Ahafo South, Peñasquito, and Yanacocha. Cadia resumed standard operations by mid-June.
Chief Executive Natascha Viljoen described the outcome as “another quarter of strong operational and financial performance.” Newmont reported attributable gold production of 1.29 million ounces and achieved record free cash flow for the second quarter. Newmont
Shareholders are receiving cash at a swift pace. Since its April earnings announcement, Newmont has distributed $1.9 billion via dividends and share buybacks. Of this, $1.7 billion went to buybacks, with over $600 million executed in July.
Buybacks have cut the number of shares outstanding by over 100 million since February 2024, equal to roughly 9% of the former total. Newmont finished June holding $9 billion in cash and $3.4 billion in net cash.
The company maintained full-year guidance at 5.26 million attributable ounces, with a margin of plus or minus 5%. By-product AISC guidance was held steady at $1,680 per ounce. Production for the first half reached 2.594 million ounces, representing approximately 49% of the midpoint target.
Output for the third quarter is expected to stay largely consistent with the second quarter. Nevertheless, both sustaining and development expenditures are set to rise. Additional strain comes from stronger oil prices, royalties tied to gold, and potential reversals in working capital.
Josh Wolfson, an analyst at Royal Bank of Canada NYSE:RY, said ahead of the results that “gold producers remain in a position of strength.” He pointed to the sector’s ongoing shareholder returns and net-cash balance sheets. Reuters
Newmont advanced 5.6% over the past five sessions. Shares climbed from $89.70 on July 17 to close at $94.72 on Thursday.
Next week features two notable peer updates. Agnico Eagle Mines NYSE:AEM and Kinross Gold NYSE:KGC will release their results on July 29. On the same day, the Federal Reserve wraps up its two-day policy meeting, presenting an additional possible driver for gold prices.
Risks: Gold is currently trading beneath the second-quarter realized price reported by Newmont. Higher energy expenses, along with increased royalties and capital outlays, may further restrict cash conversion. Any additional interruptions at mines would heighten reliance on the forecasted rise in fourth-quarter output.
