AngloGold Ashanti Delivers $1.90 Q4 EPS, $3.02B Revenue and $1.8B Dividend
AngloGold Ashanti earned $1.90 per share in Q4 on $3.02 billion revenue, beating consensus by $180 million and producing 799,000 ounces at $4,171 per ounce realized price. Full-year production rose 16% to 3.1 million ounces, free cash flow tripled to $2.9 billion and $1.8 billion of dividends were declared.
1. Q4 Financial Results
AngloGold Ashanti reported Q4 EPS of $1.90 on revenue of $3.02 billion, surpassing consensus by $180 million. The company produced 799,000 ounces of gold at an average realized price of $4,171 per ounce.
2. Full-Year Performance and Cash Flow
For 2025, gold production increased 16% to 3.1 million ounces and the average price received rose 45% to $3,468 per ounce. Adjusted EBITDA reached $6.3 billion, up 129% year over year, while free cash flow tripled to $2.9 billion.
3. Dividend Declaration and Balance Sheet
The company declared a Q4 dividend of $875 million (173 cents per share), bringing total dividends for the year to a record $1.8 billion, equal to 62% of free cash flow. AngloGold ended the year with an adjusted net cash position of $879 million and liquidity of $4.4 billion.
4. 2026 Outlook
Outlook for 2026 forecasts gold production between 2.80 million and 3.17 million ounces, with higher expected costs due to royalties and inflation. Management plans to maintain disciplined capital allocation and operational resilience.