The strong cash flow and balance sheet, combined with the $2.0bn buyback approval, are clear positives. However, the 7% production decline and 21% cost inflation are headwinds. Monitor H2 production ramp and cost trajectory; the buyback provides a floor but execution risk at Obuasi and macro cost pressures remain.
Price Chart
Executive Summary
AngloGold Ashanti reported Q2 2026 results showing strong cash generation and profitability driven by a 35% YoY increase in the average gold price received to $4,446/oz. EBITDA rose 46% to $1.974bn, headline earnings increased 58% to $1.010bn, and free cash flow grew 36% to $727m. The balance sheet strengthened to a net cash position of $991m, and shareholders approved a $2.0bn share repurchase program. However, gold production declined 7% YoY to 744koz, total cash costs rose 21% to $1,480/oz, and AISC increased 22% to $2,039/oz, reflecting macro cost pressures and operational disruptions at Obuasi. Full-year 2026 guidance was reaffirmed with H2 production expected to be higher.
Key Facts
- Q2 2026 EBITDA rose 46% YoY to $1.974bn, from $1.353bn in Q2 2025.
- Q2 2026 free cash flow increased 36% YoY to $727m, from $535m in Q2 2025.
- Average gold price received per ounce rose 35% YoY to $4,446/oz in Q2 2026.
- Net cash position of $991m at 30 June 2026, reversing net debt of $311m a year earlier.
- Shareholders approved a $2.0bn share repurchase program on 23 July 2026.
- Gold production fell 7% YoY to 744,000oz in Q2 2026, with Obuasi down 32% due to a contractor fatality.
- Total cash costs per ounce rose 21% YoY to $1,480/oz, and AISC rose 22% to $2,039/oz.
- Full-year 2026 guidance for production, costs, and capex was reaffirmed unchanged.
Financial Impact
EBITDA +46% to $1.974bn; free cash flow +36% to $727m; net cash position of $991m; $2.0bn buyback approved
Risk Factors
- Gold production declined 7% YoY with further downside risk at Obuasi due to operational disruption
- Total cash costs and AISC rose sharply (21% and 22% YoY) driven by inflation, royalties, and fuel costs
- Higher capex ($549m, +44% YoY) may pressure free cash flow if gold prices moderate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001973832-26-000125 |
| Document: 0001973832-26-000125-index-headers.html | 0001973832-26-000125 |
| Document: 0001973832-26-000125-index.html | 0001973832-26-000125 |
| Document: 0001973832-26-000125.txt | 0001973832-26-000125 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | 6-K | $79.32 $113.19 | ▲ +42.70% | ▲ +39.71% | $94.92 (+19.67%) |
Jul 31, 2026 9w ago | 6-K | $79.32 $113.19 | ▲ +42.70% | ▲ +39.71% | $94.92 (+19.67%) |
Jul 31, 2026 9w ago | 6-K | $79.32 $113.19 | ▲ +42.70% | ▲ +39.71% | $94.92 (+19.67%) |
Jul 31, 2026 9w ago | 6-K | $79.32 $113.19 | ▲ +42.70% | ▲ +39.71% | $94.92 (+19.67%) |
Jul 24, 2026 10w ago | 6-K | $79.67 $121.22 | ▲ +52.15% | ▲ +48.53% | $94.92 (+19.14%) |
Jul 13, 2026 11w ago | 6-K | $79.76 $97.25 | ▲ +21.93% | ▲ +18.74% | $94.92 (+19.01%) |
Jul 1, 2026 13w ago | 6-K | $80.89 $77.87 | ▼ −3.73% | ▼ −1.55% | $94.92 (+17.34%) |
Jul 1, 2026 13w ago | 6-K | $80.89 $77.87 | ▼ −3.73% | ▼ −1.55% | $94.92 (+17.34%) |
Jun 12, 2026 16w ago | 6-K | $86.30 $82.10 | ▼ −4.87% | ▼ −6.65% | $94.92 (+9.99%) |
Apr 14, 2026 24w ago | 6-K | $109.80 $108.34 | ▼ −1.33% | ▼ −7.62% | $94.92 (−13.55%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access