Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM), the world’s largest gold miner, reported stronger third-quarter results on Thursday evening as higher bullion prices lifted profit and free cash flow.
Net income doubled from a year earlier to $1.8 billion, while adjusted profit rose to $1.9 billion, or $1.71 per share, beating estimates. Adjusted EBITDA of $3.31 billion also topped forecasts. Free cash flow hit a record $1.6 billion — the fourth straight quarter above $1 billion — driven by an average realized gold price of $3,539 per ounce.
The miner produced 1.4 million ounces of gold, slightly below consensus, and returned $823 million to shareholders, including a $0.25 per share dividend. It reduced debt by $2 billion, ending the quarter with near-zero net debt and $9.6 billion in liquidity.
However, shares fell more than 6% premarket Friday after the company warned of weaker fourth-quarter output and cash flow.
Jefferies called it a “strong 3Q” with an earnings and cash flow beat, noting that Newmont cut about 8% of its 2025 expense guidance. The company lowered general and administrative, exploration, and reclamation costs by a combined $330 million but maintained 2025 production guidance at 5.9 million ounces with cash costs of $1,200 per ounce.
Some $200 million of capital spending has been deferred to 2026, when production is expected to fall about 5% at managed operations.
CEO Tom Palmer will retire at year-end, with COO Natascha Viljoen set to take over in 2026.