Newmont's Q3 Profit Soars on Higher Gold Prices, Strategic Divestitures

TL;DR

**Newmont is printing money with gold prices soaring and smart asset sales; buy the dip if you can find one.**

AI Summary

NEWMONT Corporation reported robust financial performance for the third quarter and nine months ended September 30, 2025. Sales increased significantly to $5,524 million for Q3 2025, up from $4,605 million in Q3 2024, primarily driven by higher average realized gold prices of $3,539 per ounce, compared to $2,518 per ounce in the prior year. Net income from continuing operations attributable to Newmont stockholders surged to $1,832 million ($1.67 per diluted share) in Q3 2025, a substantial increase from $873 million ($0.76 per diluted share) in Q3 2024. This was largely due to increased sales and a net reduction in Costs applicable to sales, which decreased to $1,951 million from $2,310 million. The company also recognized a gain of $99 million on the partial reversal of a prior period write-down on assets held for sale, contrasting with a $115 million loss in the prior year. Adjusted EBITDA rose by 68% to $3,309 million for Q3 2025. Net cash provided by operating activities for the nine months ended September 30, 2025, was $6,713 million, a 76% increase from $3,807 million in the prior year, with Free cash flow reaching $4,486 million. The company ended the quarter with $5.6 billion in consolidated cash and $9.6 billion in total liquidity, with Net debt at $12 million. Strategic portfolio updates included the sale of its investment in Orla Mining Ltd. for $428 million and the announced sale of the Coffee development project.

Why It Matters

Newmont's strong Q3 2025 performance, driven by a significant increase in gold prices and effective cost management, signals a positive outlook for investors in the precious metals sector. The substantial rise in net income and cash flow demonstrates the company's ability to capitalize on favorable market conditions and optimize its asset portfolio through divestitures like Orla Mining Ltd. and the Coffee development project. This financial strength, coupled with $9.6 billion in total liquidity, positions Newmont competitively against rivals like Barrick Gold, allowing for continued investment in key projects like Ahafo North and potential shareholder returns. Employees benefit from a stable and growing company, while customers can expect continued supply from a financially robust producer.

Risk Assessment

Risk Level: medium — While Newmont reported strong financial results, the company's profitability remains highly sensitive to commodity price fluctuations, particularly gold, which drove the significant increase in sales and net income. The filing also notes an increase in income tax expense to $787 million in Q3 2025 from $244 million in Q3 2024, indicating a growing tax burden that could impact future earnings. Furthermore, the company's operations are subject to various environmental and regulatory risks, as highlighted by the ongoing reclamation and remediation liabilities of $6,228 million.

Analyst Insight

Investors should consider Newmont's strong cash flow generation and strategic divestitures as positive indicators of financial health and operational efficiency. Given the company's robust liquidity of $9.6 billion and low net debt of $12 million, investors might anticipate continued shareholder returns through dividends or further share repurchases, building on the $1,875 million in repurchases already settled. Monitor gold price trends closely, as they remain a primary driver of Newmont's profitability.

Financial Highlights

debt To Equity

N/A

revenue

$5,524 million

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$1,832 million

eps

$1.67

gross Margin

N/A

cash Position

$5.6 billion

revenue Growth

+20.0%

Revenue Breakdown

Key Numbers

• $5.52B — Sales (Increased from $4.605 billion in Q3 2024, driven by higher gold prices.)
• $1.83B — Net income from continuing operations attributable to Newmont stockholders (Increased from $873 million in Q3 2024.)
• $1.67 — Diluted EPS from continuing operations (Increased from $0.76 in Q3 2024.)
• $3,539 — Average realized gold price per ounce (Significantly higher than $2,518 per ounce in Q3 2024.)
• $3.31B — Adjusted EBITDA (Increased by 68% from the prior-year quarter.)
• $6.71B — Net cash provided by operating activities (nine months) (Increased by 76% from $3.807 billion in the prior year.)
• $4.49B — Free cash flow (nine months) (Reported for the nine months ended September 30, 2025.)
• $5.6B — Consolidated cash (Cash on hand at the end of the quarter.)
• $9.6B — Total liquidity (Total available liquidity at the end of the quarter.)
• $12M — Net debt (Very low net debt position at the end of the quarter.)

Key Players & Entities

• NEWMONT Corporation (company) — registrant
• Orla Mining Ltd. (company) — investment sold by Newmont
• Coffee development project (company) — asset sold by Newmont
• Ahafo North project (company) — project expected to declare commercial production
• Lundin Gold Inc. (company) — owner and operator of Fruta del Norte mine, 32% interest held by Newmont
• Pueblo Viejo (company) — mine where Newmont holds a 40% interest
• SEC (regulator) — Securities and Exchange Commission
• Bloomberg (company) — financial news outlet

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is highly sensitive to fluctuations in the prices of gold, copper, silver, lead, and zinc. For instance, the average realized gold price increased by 40.5% to $3,539 per ounce in Q3 2025 compared to $2,518 per ounce in Q3 2024, significantly boosting revenue. However, adverse price movements could negatively impact future earnings.
• Operational Disruptions and Safety [medium — operational]: Mining operations are subject to inherent risks including geological challenges, equipment failures, and safety incidents. Mine safety disclosures are a recurring item, indicating ongoing focus and potential for disruption. Any significant operational disruption could lead to production losses and increased costs.
• Environmental Regulations and Permitting [medium — regulatory]: Newmont operates under stringent environmental regulations globally, including those related to reclamation and remediation (Note 6). Changes in environmental laws or difficulties in obtaining/maintaining permits can lead to increased compliance costs, operational delays, or project cancellations.
• Foreign Currency Exchange Rate Fluctuations [medium — financial]: The company conducts operations in various countries, exposing it to foreign currency exchange rate risks. Fluctuations in currencies like the Mexican Peso (MXN) can impact reported financial results, as noted in the MD&A section on foreign currency exchange rates.
• Litigation and Contingencies [low — legal]: The company faces potential legal claims and other contingencies (Note 18). Adverse outcomes in litigation could result in significant financial liabilities and reputational damage.
• Geopolitical Risks [medium — market]: Operations in diverse global locations expose Newmont to geopolitical instability, changes in government policies, and potential expropriation. These factors can impact asset values and operational continuity.

Industry Context

The gold mining industry is characterized by significant capital intensity, long project lead times, and susceptibility to commodity price volatility. Newmont operates in a competitive landscape with major global players, facing challenges related to resource depletion, environmental regulations, and geopolitical risks in its diverse operating regions. Recent trends show a focus on operational efficiency and strategic portfolio management, including divestitures of non-core assets.

Regulatory Implications

Newmont's global operations are subject to a complex web of environmental, health, and safety regulations. Compliance with these regulations, including those related to emissions, water usage, and mine reclamation, requires significant ongoing investment and can lead to substantial penalties or operational disruptions if not met. Changes in mining laws or permitting processes in any of its operating jurisdictions pose a continuous risk.

What Investors Should Do

1. Monitor commodity price trends, particularly gold, as they are the primary driver of revenue and profitability.
2. Evaluate the impact of ongoing divestiture strategies on the company's long-term asset base and growth profile.
3. Assess the company's ability to manage costs effectively, especially 'Costs applicable to sales', given the reduction in Q3 2025.
4. Review the company's strong liquidity position and very low net debt ($12 million) as a sign of financial resilience.

Key Dates

• 2025-09-30: End of Q3 2025 — Reporting period for the strong financial results, including increased sales, net income, and cash flow.
• 2025-09-30: Nine months ended September 30, 2025 — Period for which operating cash flow increased by 76% to $6,713 million and free cash flow reached $4,486 million.
• 2025-09-30: End of Q3 2025 — Company ended the quarter with $5.6 billion in consolidated cash and $9.6 billion in total liquidity, with net debt at $12 million.
• 2025-09-30: Q3 2025 — Average realized gold price was $3,539 per ounce, a significant increase from $2,518 per ounce in Q3 2024.
• 2025-09-30: Q3 2025 — Sale of investment in Orla Mining Ltd. for $428 million completed.
• 2025-09-30: Q3 2025 — Announced sale of the Coffee development project.

Glossary

Costs applicable to sales

Direct costs incurred in the production of minerals, excluding depreciation, amortization, and reclamation costs. (A key component of profitability, its reduction in Q3 2025 contributed to higher net income.)

Adjusted EBITDA

Earnings Before Interest, Taxes, Depreciation, and Amortization, adjusted for certain non-recurring or non-cash items. (A measure of operational profitability, it increased by 68% to $3,309 million in Q3 2025, indicating strong underlying performance.)

Free cash flow

Cash generated from operations less capital expenditures, representing cash available to the company after reinvestment. (The significant increase to $4,486 million for the nine months ended September 30, 2025, highlights strong cash generation capabilities.)

Net debt

Total debt minus cash and cash equivalents. (The extremely low net debt of $12 million at quarter-end indicates a very strong balance sheet and low financial leverage.)

Gain (loss) on sale of assets held for sale

The profit or loss recognized from selling assets that are classified as held for sale. (A gain of $99 million in Q3 2025 positively impacted net income, contrasting with a loss in the prior year.)

Continuing operations

Refers to the ongoing business activities of the company, excluding any divested or discontinued operations. (Net income from continuing operations attributable to Newmont stockholders surged to $1,832 million in Q3 2025.)

Non-GAAP Financial Measures

Financial metrics not calculated in accordance with Generally Accepted Accounting Principles (GAAP), such as Adjusted EBITDA and Free Cash Flow. (These measures are used by management and investors to assess operational performance and financial health, and are detailed in the MD&A.)

Year-Over-Year Comparison

Newmont Corporation demonstrated a substantial improvement in financial performance compared to the prior year's filing. Revenue for Q3 2025 increased by 20.0% to $5,524 million, primarily driven by a significant rise in average realized gold prices. Net income from continuing operations attributable to stockholders more than doubled to $1,832 million, with diluted EPS rising from $0.76 to $1.67. Costs applicable to sales decreased by 15.5%, further enhancing profitability. The company also reported a significant increase in operating cash flow and free cash flow for the nine-month period, alongside a very strong liquidity position and minimal net debt.

Key Financial Figures

• $1.60 — ich registered Common stock, par value $1.60 per share NEM New York Stock Exchange
• $1,832 — attributable to Newmont stockholders of $1,832 or $1.67 per diluted share, an increase
• $1.67 — le to Newmont stockholders of $1,832 or $1.67 per diluted share, an increase of $959
• $959 — $1.67 per diluted share, an increase of $959 from the prior-year quarter primarily d
• $1,883 — income: Reported Adjusted net income of $1,883 or $1.71 per diluted share, an increase
• $1.71 — ported Adjusted net income of $1,883 or $1.71 per diluted share, an increase of $0.90
• $0.90 — $1.71 per diluted share, an increase of $0.90 per diluted share from the prior-year q
• $3,309 — em 2, MD&A). Adjusted EBITDA: Reported $3,309 in Adjusted EBITDA, an increase of 68%
• $6,713 — ed by (used in) operating activities of $6,713 for the nine months ended September 30,
• $4,486 — m the prior year, and Free cash flow of $4,486 for the nine months ended September 30,
• $428 — a Mining Ltd. for cash consideration of $428; announced the sale of the Coffee devel
• $5.6 billion — ancial strength: Ended the quarter with $5.6 billion of consolidated cash, $9.6 billion of t
• $9.6 billion — with $5.6 billion of consolidated cash, $9.6 billion of total liquidity, and Net debt of $12
• $12 — ion of total liquidity, and Net debt of $12 (refer to Non-GAAP Financial Measures w
• $3,360 — within Part I, Item 2, MD&A); redeemed $3,360 of senior notes and settled $1,875 of s

Filing Documents

• nem-20250930.htm (10-Q) — 4925KB
• q32025exhibit311.htm (EX-31.1) — 9KB
• q32025exhibit312.htm (EX-31.2) — 9KB
• q32025exhibit321.htm (EX-32.1) — 4KB
• q32025exhibit322.htm (EX-32.2) — 4KB
• nem-20250930_g1.jpg (GRAPHIC) — 57KB
• 0001164727-25-000046.txt ( ) — 18719KB
• nem-20250930.xsd (EX-101.SCH) — 88KB
• nem-20250930_cal.xml (EX-101.CAL) — 149KB
• nem-20250930_def.xml (EX-101.DEF) — 473KB
• nem-20250930_lab.xml (EX-101.LAB) — 983KB
• nem-20250930_pre.xml (EX-101.PRE) — 737KB
• nem-20250930_htm.xml (XML) — 3987KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page GLOSSARY OF ABBREVIATIONS 1 THIRD QUARTER 2025 RESULTS AND HIGHLIGHTS 2 ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 6 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income (Loss) 7 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Cash Flows 9 Condensed Consolidated Statement s of Changes in Equity 11 Notes to the Condensed Consolidated Financial Statements 13 Note 1 Basis of Presentation 13 Note 2 Summary of Significant Accounting Policies 13 Note 3 Divestitures 14 Note 4 Segment Information 17 Note 5 Sales 22 Note 6 Reclamation and Remediation 24 Note 7 Other Expense, Net 25 Note 8 Other Income (Loss), Net 26 Note 9 Income and Mining Taxes 26 Note 10 Fair Value Accounting 26 Note 11 Derivative Instruments 29 Note 12 Investments 31 Note 13 Inventories 33 Note 14 Stockpiles and Ore on Leach Pads 33 Note 15 Debt 33 Note 16 Other Liabilities 34 Note 17 Accumulated Other Comprehensive Income (Loss) 35 Note 18 Commitments and Contingencies 35 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 Overview 40 Consolidated Financial Results 41 Results of Consolidated Operations 46 Foreign Currency Exchange Rates 53 Liquidity and Capital Resources 55 Environmental 59 Non-GAAP Financial Measures 59 Accounting Developments 69 Safe Harbor Statement 69 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 71 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 73

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 74 ITEM 1A.

RISK FACTORS

RISK FACTORS 74 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 74 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 74 ITEM 4. MINE SAFETY DISCLOSURES 74 ITEM 5. OTHER INFORMATION 75 ITEM 6. EXHIBITS 75

SIGNATURES

SIGNATURES 76 Table of Contents GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS Unit Unit of Measure $ United States Dollar % Percent A$ Australian Dollar C$ Canadian Dollar gram Metric Gram ounce Troy Ounce pound United States Pound tonne Metric Ton Abbreviation Description AISC (1) All-In Sustaining Costs ARC Asset Retirement Cost ASC FASB Accounting Standard Codification ASU FASB Accounting Standard Update AUD Australian Dollar CAD Canadian Dollar CAS Costs Applicable to Sales DTA Deferred Tax Asset DTL Deferred Tax Liability EBITDA (1) Earnings Before Interest, Taxes, Depreciation and Amortization EPA U.S. Environmental Protection Agency ESG Environmental, Social and Governance Exchange Act U.S. Securities Exchange Act of 1934 FASB Financial Accounting Standards Board GAAP U.S. Generally Accepted Accounting Principles GEO (2) Gold Equivalent Ounces IFRS International Financial Reporting Standards LBMA London Bullion Market Association MD&A

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations MINAM Ministry of the Environment of Peru Mine Act U.S. Federal Mine Safety and Health Act of 1977 MINEM Ministry of Energy and Mines of Peru MSHA Federal Mine Safety and Health Administration MXN Mexican Peso NPDES National Pollutant Discharge Elimination System SEC U.S. Securities and Exchange Commission Securities Act U.S. Securities Act of 1933 U.S. The United States of America USD United States Dollar WTP Water Treatment Plant ____________________________ (1) Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A. (2) Refer to Results of Consolidated Operations within Part I, Item 2, MD&A. 1 Table of Contents NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS AND HIGHLIGHTS (unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Financial Results: Sales $ 5,524 $ 4,605 $ 15,851 $ 13,030 Gold $ 4,669 $ 3,945 $ 13,496 $ 10,909 Copper $ 319 $ 329 $ 1,033 $ 1,003 Silver $ 293 $ 147 $ 672 $ 557 Lead $ 52 $ 32 $ 137 $ 136 Zinc $ 191 $ 152 $ 513 $ 425 Costs applicable to sales (1) $ 1,951 $ 2,310 $ 6,058 $ 6,572 Gold $ 1,563 $ 1,892 $ 5,009 $ 5,359 Copper $ 141 $ 199 $ 451 $ 521 Silver $ 96 $ 75 $ 218 $ 282 Lead $ 33 $ 26 $ 75 $ 88 Zinc $ 118 $ 118 $ 305 $ 322 Net income (loss) from continuing operations $ 1,843 $ 875 $ 5,820 $ 1,892 Net income (loss) $ 1,843 $ 924 $ 5,820 $ 1,960 Net income (loss) from continuing operations attributable to Newmont stockholders $ 1,832 $ 873 $ 5,784 $ 1,877 Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ 1.67 $ 0.76 $ 5.20 $ 1.63 Net income (loss) attributable to Newmont stockholders $ 1.67 $ 0.80 $ 5.20 $ 1.69 Adjusted net income (loss) (2) $ 1,883 $ 936 $ 4,881 $ 2,400 Adjusted net income (loss) pe

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales (Note 5) $ 5,524 $ 4,605 $ 15,851 $ 13,030 Costs and expenses: Costs applicable to sales (1) 1,951 2,310 6,058 6,572 Depreciation and amortization 643 631 1,856 1,887 Reclamation and remediation (Note 6) 123 132 299 324 Exploration 65 74 175 184 Advanced projects, research and development 40 47 123 149 General and administrative 86 113 291 314 (Gain) loss on sale of assets held for sale (Note 3) ( 99 ) 115 ( 1,074 ) 846 Other expense, net (Note 7) 139 55 230 187 2,948 3,477 7,958 10,463 Other income (expense): Change in fair value of investments and options 38 17 480 39 Other income (loss), net (Note 8) ( 55 ) — ( 81 ) 199 Interest expense, net of capitalized interest ( 52 ) ( 86 ) ( 196 ) ( 282 ) ( 69 ) ( 69 ) 203 ( 44 ) Income (loss) before income and mining tax and other items 2,507 1,059 8,096 2,523 Income and mining tax benefit (expense) (Note 9) ( 787 ) ( 244 ) ( 2,526 ) ( 695 ) Equity income (loss) of affiliates (Note 12) 123 60 250 64 Net income (loss) from continuing operations 1,843 875 5,820 1,892 Net income (loss) from discontinued operations — 49 — 68 Net income (loss) 1,843 924 5,820 1,960 Net loss (income) attributable to noncontrolling interests (2) ( 11 ) ( 2 ) ( 36 ) ( 15 ) Net income (loss) attributable to Newmont stockholders $ 1,832 $ 922 $ 5,784 $ 1,945 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 1,832 $ 873 $ 5,784 $ 1,877 Discontinued operations — 49 — 68 $ 1,832 $ 922 $ 5,784 $ 1,945 Weighted average common shares: Basic 1,097 1,147 1,111 1,151 Effect of employee stock-based awards 3 2 2 1 Diluted 1,100 1,149 1,113 1,152 Net income (loss) attributable to Newmont stockholders per common share: Basic: Continuing op

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