The improved cost guidance and strong FCF reinforce Newmont's capital return narrative, but watch Q4 unit cost inflation (AISC guided to $1,900/oz) and the $1.95B NGM payment to Barrick which will reduce the net cash position. The Red Chris FID in early 2027 is a key catalyst for long-term growth optionality.
Price Chart
Executive Summary
Newmont reported Q3 2026 adjusted net income of $2.3 billion ($2.20 per diluted share), beating consensus of $2.00 by 10%, on revenue of $6.363B vs $6.42B estimate. The company improved full-year cost guidance (AISC lowered to $1,520/oz from $1,680/oz) and remains on track for production guidance, while announcing an amended NGM joint venture agreement and advancing the Red Chris Block Cave project toward a 2027 investment decision.
Key Financial Metrics
Key Facts
- Adjusted net income of $2.3 billion or $2.20 per diluted share, a 3% increase from Q2 2026
- Revenue of $6.363 billion, up 15% YoY from $5.524 billion in Q3 2025
- Gold by-product AISC improved to $1,454/oz in Q3, full-year guidance lowered to $1,520/oz from $1,680/oz
- Free cash flow of $1.9 billion in Q3, $7.3 billion YTD
- Returned $1.9 billion to shareholders via dividends and buybacks since last call; $2.8B remaining on $6.0B authorization
- Share count reduced ~10% since February 2024 (over 115 million shares)
- Amended NGM JV to include Barrick's Fourmile and Newmont's Fiberline and Mike assets
- Red Chris Block Cave project feasibility study nearing completion; full-funds decision expected early 2027
- Tanami Expansion 2 shaft construction completed; commercial production now expected H1 2027
- Net cash position of $3.2 billion before planned $1.95B payment to Barrick in Q4
Financial Impact
EPS beat of $0.20 (10%) vs consensus on $6.36B revenue; improved full-year cost guidance by ~$160/oz AISC; $1.9B quarterly FCF generation
Risk Factors
- Q4 unit costs expected to rise significantly (AISC guided to $1,900/oz) due to higher sustaining capital and lower co-product volumes
- Planned $1.95B payment to Barrick for NGM amendment will reduce net cash position
- El Niño conditions at Lihir may impact Q4 production and costs
- 2027 cost headwinds from inflation, FX, and lower co-product credits at Peasquito
- Ghana royalty changes adding ~$25/oz to company-wide AISC
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001164727-26-000041 |
| Document: nem-20261022.htm | 0001164727-26-000041 |
| Document: 0001164727-26-000041-index-headers.html | 0001164727-26-000041 |
| Document: 0001164727-26-000041-index.html | 0001164727-26-000041 |
| Document: 0001164727-26-000041.txt | 0001164727-26-000041 |
| 8-K Data (Synthetic) | 0001164727-26-000041 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $108.87 $110.39 | ▲ +1.40% | ▲ +0.69% | $111.02 (+1.97%) |
Oct 12, 2026 15d ago | Institutional Cluster | $117.15 $115.59 | ▼ −1.33% | ▼ −1.32% | $111.02 (−5.23%) |
Oct 2, 2026 24d ago | Insider Cluster | $115.82 $116.39 | ▼ −0.49% | ▲ +0.06% | $111.02 (+4.14%) |
Sep 3, 2026 7w ago | Insider Cluster | $128.09 $127.09 | ▼ −0.78% | ▼ −0.23% | $111.02 (−13.33%) |
Aug 7, 2026 11w ago | Insider Cluster | $117.02 $116.97 | ▼ −0.04% | ▲ +0.28% | $111.02 (−5.12%) |
Jun 15, 2026 19w ago | 8-K | $108.44 $105.67 | ▼ −2.55% | ▼ −1.31% | $111.02 (+2.38%) |
Jun 3, 2026 20w ago | Insider Cluster | $108.33 $99.72 | ▼ −7.95% | ▼ −5.35% | $111.02 (+2.49%) |
May 1, 2026 25w ago | Insider Cluster | $108.95 $115.06 | ▲ +5.61% | ▲ +4.22% | $111.02 (+1.90%) |
May 1, 2026 25w ago | Insider Cluster | $108.59 $108.32 | ▼ −0.25% | ▲ +0.09% | $111.02 (+2.24%) |
Mar 16, 2026 32w ago | Insider Cluster | $110.19 $110.62 | ▲ +0.39% | ▲ +0.12% | $111.02 (+0.76%) |
US Market Status
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