Analysis of Newmont Corporation's (NEM) third quarter (Q3) 2025 financial results
$NEM (Newmont Corporation) reported its third-quarter 2025 financial results (ended September 30, 2025) on October 23, 2025, before the market opened. The company exceeded expectations with revenue of $5.52 billion (vs. an estimated $5.19 billion, +6.4%, +20% year-over-year) and adjusted EPS of $1.71 (vs. an estimated $1.44, +18.8%). GAAP EPS was $1.67 (vs. $0.80 year-over-year). Attributable gold production was 1.42 million ounces (-15% year-over-year due to asset sales), but free cash flow reached a record $1.60 billion (+106% year-over-year). Co-product AISC was $1,566/oz. $NEM (Newmont Corporation) shares rose 9.3% in aftermarket trading on the back of superior revenue and EPS growth and strong free cash flow, despite lower production.
A detailed structured analysis is presented below. Data comes from the official press release, the results presentation, and the post-results analysis.
1. Key consolidated results
$NEM (Newmont Corporation) delivered a strong performance driven by record gold prices ($3,539/oz, up 40.5% year-over-year) and cost discipline, generating adjusted EBITDA of $3.3 billion (up 68% year-over-year). The focus on free cash flow and debt reduction positions the company for shareholder returns, with $3.3 billion in buybacks so far this year.
Growth: Record free cash flow of more than $1 billion for the fourth consecutive quarter. CEO Tom Palmer noted, "Newmont delivered a strong third-quarter performance... well positioned to continue delivering strong returns."
2. Segment analysis
$NEM (Newmont Corporation) generated regionally diversified production, with Australia and the Pacific leading the way in volume, while South America showed low costs (Yanacocha $868/oz). The sale of non-core assets simplified the portfolio toward core operations.
Observations: Australia drives volume; South America, profitability. To date: Strong core production, with exploration guidance of $450 million. The CFO highlighted savings in general and administrative expenses, as well as capital expenditures.
3. Cash flow, balance sheet and other indicators
$NEM (Newmont Corporation) maintains a solid financial position with near-zero net debt and high project liquidity and profitability. Priority is given to investment diversification ($3.5 billion in revenue to date) and debt reduction ($2 billion tender).
Cash flow from operations (formerly WC): $2.6 billion (+16% quarter-over-quarter).
Free Cash Flow YTD: $4.5 billion.
YTD Buybacks: $3.3 billion; Remaining $2.7 billion.
Balance sheet: Cash: $5.6 billion; liquidity: $9.6 billion; net debt: $12 million. Moody's rating upgraded to A3. Strong interest coverage.
CEO Palmer commented: “Significant progress in cost savings...allowing us to significantly improve our 2025 guidance.”
4. Guide and perspectives for the year 2025
$NEM (Newmont Corporation) has improved its cost and capital guidance for fiscal year 2025 (-$200 million in total capital expenditures), maintaining production despite the impact of high prices on royalties. It is focusing on ramping up and improving the efficiency of Ahafo North.
2026 Outlook: Low-end production of 5.9 million ounces; cost savings offset by royalties if prices are high; increased capital investment due to Cadia/Red Chris; upside potential in low-cost ounces from Ahafo North. Risks: Commodity prices, geopolitics, inflation.
5. Conclusion and implications
$NEM (Newmont Corporation)'s Q3 2025 results highlight its strength in a bull market for gold, with superior revenue and earnings per share (EPS), record free cash flow, and a virtually debt-free balance sheet, offsetting lower production with high prices and strategic diversification. Improving guidance and liquidity ($9.6 billion) position NEM for core asset growth and profitability (dividends + buybacks). Longer-term, an optimized portfolio and projects such as Ahafo North support upside potential. Recommendation: Buy/Accumulate for commodity investors (adjusted P/E ~15x, yield ~1.5%); catalysts include Q4 production and 2026 ramp-ups.
This analysis is based on public data and does not constitute financial advice. It is for informational purposes only and does not constitute investment advice.
$NEM (Newmont Corporation) reported its third-quarter 2025 financial results (ended September 30, 2025) on October 23, 2025, before the market opened. The company exceeded expectations with revenue of $5.52 billion (vs. an estimated $5.19 billion, +6.4%, +20% year-over-year) and adjusted EPS of $1.71 (vs. an estimated $1.44, +18.8%). GAAP EPS was $1.67 (vs. $0.80 year-over-year). Attributable gold production was 1.42 million ounces (-15% year-over-year due to asset sales), but free cash flow reached a record $1.60 billion (+106% year-over-year). Co-product AISC was $1,566/oz. $NEM (Newmont Corporation) shares rose 9.3% in aftermarket trading on the back of superior revenue and EPS growth and strong free cash flow, despite lower production.
A detailed structured analysis is presented below. Data comes from the official press release, the results presentation, and the post-results analysis.
1. Key consolidated results$NEM (Newmont Corporation) delivered a strong performance driven by record gold prices ($3,539/oz, up 40.5% year-over-year) and cost discipline, generating adjusted EBITDA of $3.3 billion (up 68% year-over-year). The focus on free cash flow and debt reduction positions the company for shareholder returns, with $3.3 billion in buybacks so far this year.
| Financial metrics | Q3 2025 (GAAP/Adjusted) | Year-on-year growth | vs. Estimates | Notes |
| Total income | $5.52 billion | +20% | Overcome (+6.4%) | Mainly due to gold sales; realized price $3,539/oz. |
| Attributable gold production | 1.42 million ounces | -15% | N / A | Impact of non-core asset sales; Q4 ~1.42 million ounces |
| AISC co-product (gold) | $1,566/ounce | N / A | N / A | Slightly down from the previous quarter; CAS $1,185/oz. |
| Net income (GAAP) | $1.8 billion ($1.67 per share) | +95% | N / A | Includes gains from asset sales. |
| Adjusted net income | $1.9 billion ($1.71 per share) | +103% | $1.44 (exceeded +18.8%) | Strong YTD; tax rate at 33%. |
| Adjusted EBITDA | $3.3 billion | +68% | N / A | Record driven by high prices. |
| Free cash flow | $1.6 billion | +106% | N / A | Record third quarter: USD 4.5 billion to date. |
| Dividend per share | $0.25 | N / A | N / A | payable Dec. 22; yield ~1.5%. |
Growth: Record free cash flow of more than $1 billion for the fourth consecutive quarter. CEO Tom Palmer noted, "Newmont delivered a strong third-quarter performance... well positioned to continue delivering strong returns."
2. Segment analysis$NEM (Newmont Corporation) generated regionally diversified production, with Australia and the Pacific leading the way in volume, while South America showed low costs (Yanacocha $868/oz). The sale of non-core assets simplified the portfolio toward core operations.
| Region | % of production (approx.) | Third quarter gold production (koz) | Average AISC ($/oz) | Key Notes |
| Australia/Pacific | 35% | 464 (Cadia 91, Boddington 130, Tanami 105, Lihir 138) | $1,500 | Cadia strong in degrees; Tanami expanding; Lihir consistent. |
| In America | 27% | 360 (Peñasquito 102, Yanacocha 152, Cerro Negro 60, Merian 46) | $1,300 (average) | Yanacocha lowers costs; Peñasquito stabilizes byproducts; Cerro Negro productivity increases. |
| North America | 26% | 347 (NGM 254, Red Chris 16, Brucejack 77) | $1,600 (average) | NGM rises 5% quarter-on-quarter; Brucejack improves performance; Red Chris expands. |
| Africa | 11% | 148 (Ahafo) | $1,541 | Commercial production at Ahafo North began on October 23; mining at Subika ended. |
| Total portfolio | 100% | 1,319 (sold) | $1,566 | Main focus after divestments: upside potential in Ahafo North. |
Observations: Australia drives volume; South America, profitability. To date: Strong core production, with exploration guidance of $450 million. The CFO highlighted savings in general and administrative expenses, as well as capital expenditures.
3. Cash flow, balance sheet and other indicators$NEM (Newmont Corporation) maintains a solid financial position with near-zero net debt and high project liquidity and profitability. Priority is given to investment diversification ($3.5 billion in revenue to date) and debt reduction ($2 billion tender).
Cash flow from operations (formerly WC): $2.6 billion (+16% quarter-over-quarter).
Free Cash Flow YTD: $4.5 billion.
YTD Buybacks: $3.3 billion; Remaining $2.7 billion.
Balance sheet: Cash: $5.6 billion; liquidity: $9.6 billion; net debt: $12 million. Moody's rating upgraded to A3. Strong interest coverage.
CEO Palmer commented: “Significant progress in cost savings...allowing us to significantly improve our 2025 guidance.”
4. Guide and perspectives for the year 2025$NEM (Newmont Corporation) has improved its cost and capital guidance for fiscal year 2025 (-$200 million in total capital expenditures), maintaining production despite the impact of high prices on royalties. It is focusing on ramping up and improving the efficiency of Ahafo North.
| Metric | US 2025 | Notes |
| Attributable Gold Production | 5.9 million oz | Maintained; core 5.6M oz. |
| AISC Co-Product | $1,630/ounce | Maintained; core $1,620/oz. |
| Sustaining capital | $1.725 billion (-$150M) | Improved by savings. |
| Development capital | $1.28 billion (-$50M) | Includes Ahafo North. |
| General and administrative expenses | $390 million (-$85M) | Improved. |
| Interest expenses | $255 million (-$45M) | For debt reduction. |
| Recovery expenditure | $800 million | Yanacocha water treatment. |
2026 Outlook: Low-end production of 5.9 million ounces; cost savings offset by royalties if prices are high; increased capital investment due to Cadia/Red Chris; upside potential in low-cost ounces from Ahafo North. Risks: Commodity prices, geopolitics, inflation.
5. Conclusion and implications$NEM (Newmont Corporation)'s Q3 2025 results highlight its strength in a bull market for gold, with superior revenue and earnings per share (EPS), record free cash flow, and a virtually debt-free balance sheet, offsetting lower production with high prices and strategic diversification. Improving guidance and liquidity ($9.6 billion) position NEM for core asset growth and profitability (dividends + buybacks). Longer-term, an optimized portfolio and projects such as Ahafo North support upside potential. Recommendation: Buy/Accumulate for commodity investors (adjusted P/E ~15x, yield ~1.5%); catalysts include Q4 production and 2026 ramp-ups.
This analysis is based on public data and does not constitute financial advice. It is for informational purposes only and does not constitute investment advice.
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