AI Takeaway
In Q2 FY2026, Newmont reported 15.1% year-over-year revenue growth to $6.118B and 6.8% growth in net income to $2.202B, as sharply higher realized gold and silver prices more than offset lower sales volumes, while Cadia's seismic-related interruption and rising Ghana fiscal exposure remained notable risks.
Revenue
$6.12B
++15.06% YoY
EPS (Basic)
$2.07
++11.29% YoY
Filed · Source: SEC EDGAR 10-Q filing
Newmont (NEM) reported Q2 FY2026 revenue of $6.12B, up 15.1% year over year. The company posted net income of $2.2B, up 6.8% from a year earlier, with diluted EPS of $2.06.
Sales increased by $801M year over year to $6.118B. Gold sales rose $694M to $5.276B and silver sales rose $153M to $344M; Newmont attributed the increase primarily to higher realized prices, partly offset by lower volumes. Gold's realized-price effect added $1.304B to sales, while lower gold ounces sold reduced sales by $615M.
Source: Source: 10-Q Item 2 MD&A, pp.36-38
Net income attributable to Newmont stockholders increased $141M year over year to $2.202B, or $2.06 per diluted share. Management said higher sales, led by realized gold prices, were partly offset by unrealized losses on marketable equity securities versus unrealized gains in the prior-year period; income and mining tax expense was $952M versus $1.092B in the prior year.
Source: Source: 10-Q Item 2 MD&A, pp.36 and 39-40
Seismic activity near Cadia on April 14, 2026 temporarily suspended underground mining. Cadia gold production fell 67% year over year to 34 thousand ounces, gold-equivalent-other-metals production fell 80% to 20 thousand ounces, and Cadia all-in sustaining costs increased to $3,151 per gold ounce from $1,109 per ounce; production was expected to return to pre-event levels in Q3 2026.
Source: Source: 10-Q Item 2 MD&A, pp.41-43
Ahafo North reached commercial production in Q4 2025 and became a reportable segment, while the company completed its non-core asset divestiture program in 2025. Divested sites reduced sales by $50M in Q2 FY2026 versus the prior-year period, affecting period-to-period production and sales comparisons.
Source: Source: 10-Q Item 2 MD&A, pp.35-38
Following the December 31, 2025 expiration of Ghana's Revised Investment Agreement, the maximum corporate income-tax rate increased from 32.5% to 35%. Ghana also moved to a sliding-scale royalty framework ranging from 5% to 12% of gold revenue, depending on gold prices, while the Growth and Sustainability Levy was reduced to 1% effective April 1, 2026 after initially being 3%.
Source: Source: 10-Q Item 2 MD&A, p.35
The expiration of Newmont's Ghana fiscal and legal stability protections on December 31, 2025 increases exposure to tax, royalty, fiscal, and regulatory changes. The new sliding-scale mineral royalty can reach 12% depending on gold prices, and proposed mining-law changes could shorten lease terms, increase local-content obligations, and reduce investment certainty for Ahafo South and Ahafo North.
Source: Source: 10-Q Item 1A Risk Factors, p.67
Evolving Ghana Gold Board, export, foreign-exchange, and local-banking requirements could affect gold sales, transport logistics, working capital, and revenue timing. The filing states that a July 2026 doré shipment from Ghana was prevented from leaving the country pending regulatory engagement; prolonged restrictions could adversely affect cash flow, contractual sales commitments, and operating results.
Source: Source: 10-Q Item 1A Risk Factors, p.67
Ghana's Local Procurement List includes a prohibition on mining by mining-lease holders, requiring surface mining to be outsourced to companies with 100% Ghanaian stockholders and directors and underground work to companies with 50% Ghanaian stockholders and directors. If maintained or expanded, these requirements could raise contract costs, disrupt operating models, and increase regulatory burdens.
Source: Source: 10-Q Item 1A Risk Factors, p.67
Political and economic pressures, anti-mining sentiment, and increasing local-participation expectations could contribute to community unrest, illegal mining, encroachment, permitting delays, or conflicts. The government may also grant artisanal or alternative mining rights on land where Newmont has tenure but no active operations, potentially affecting future development options.
Source: Source: 10-Q Item 1A Risk Factors, p.67
Reported EPS of $2.10 versus the $2.01 analyst consensus — a +4.3% beat for Q2 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $6.12B | $5.32B | +15.06% |
Net Income | $2.2B | $2.06B | +6.84% |
EPS (Basic) | $2.07 | $1.86 | +11.29% |
EPS (Diluted) | $2.06 | $1.85 | +11.35% |
R&D Expense | $47M | $40M | +17.50% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $57.64B | $55.16B | +4.49% |
Current Assets | $13.31B | $10.4B | +27.95% |
Total Liabilities | $22.23B | $22.88B | -2.85% |
Current Liabilities | $5.23B | $4.67B | +11.91% |
Stockholders' Equity | $35.24B | $32.11B | +9.75% |
Cash & Equivalents | $9.01B | $6.18B | +45.66% |
Long-Term Debt | $5.08B | $7.13B | -28.73% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash FlowYTD | $6.71B | $4.42B | +51.96% |
Investing Cash FlowYTD | $-1.03B | $1.42B | -172.90% |
Financing Cash FlowYTD | $-4.3B | $-3.41B | -26.24% |
Share BuybacksYTD | $3.46B | $1.36B | +154.75% |
D&A | $604M | $620M | -2.58% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 36.0% | — | — |
ROE | 6.2% | — | — |
ROA | 3.8% | — | — |
Current Ratio | $2.546 | — | — |
Debt to Equity | $0.631 | — | — |
Expected release date, analyst estimates & what to watch
NEM delivered a standout Q1 FY2026 with revenue surging 45.8% YoY to $7.31B and net income jumping 72.5% to $3.26B, driven by strong operational performance and a near-doubling of cash on hand to $8.78B.
Newmont (NEM) delivered a landmark FY2025, with revenue surging 21.3% to $22.7B and net income more than doubling to $7.1B, driven by strong gold production and higher realized prices, while the company dramatically strengthened its balance sheet by cutting long-term debt nearly 40% and more than doubling its cash position.
Newmont reported revenue of $6.118B in Q2 FY2026, up 15.1% year over year from $5.317B. Management attributed the increase mainly to higher realized prices: gold sales increased by $694M and silver sales increased by $153M, despite lower metals sales volumes. Source: 10-Q Item 2 MD&A, pp.36-38
Net income attributable to Newmont stockholders rose 6.8% year over year to $2.202B, and diluted EPS increased 11.4% to $2.06. Higher realized gold and silver prices were the key earnings driver, but the company also faced a temporary Cadia mining stoppage following seismic activity and unfavorable unrealized marketable-security valuation movements. Source: 10-Q Item 2 MD&A, pp.36 and 41-43
The provided filing data does not include analyst consensus revenue or EPS estimates, so whether Newmont beat estimates cannot be determined from this report. The filing reports actual diluted EPS of $2.06 and revenue of $6.118B for Q2 FY2026. Source: 10-Q Item 2 MD&A, p.36
Seismic activity near Cadia on April 14, 2026 caused a temporary suspension of underground mining, with processing ending on May 11 after stockpiles were depleted and a progressive restart occurring in mid-June. Cadia gold production declined 67% year over year to 34 thousand ounces, while all-in sustaining costs rose to $3,151 per gold ounce from $1,109 per ounce. Source: 10-Q Item 2 MD&A, pp.41-43
Newmont highlighted elevated Ghana exposure after its fiscal stability protections expired, including a royalty framework that can reach 12% of gold revenue and possible changes to mining-law and local-content requirements. It also disclosed risk from GoldBod-related export and sales controls; a doré shipment from Ghana was prevented from leaving the country in July 2026 pending regulatory discussions. Source: 10-Q Item 1A Risk Factors, p.67