Barrick Surpasses Cash Flow Records, Raises Dividend 140% to $0.42
Barrick generated $2.73B of operating cash flow in Q4 2025, up 13% Y/Y, and delivered record free cash flow of $1.62B. The board approved a 140% dividend increase to $0.42 per share and repurchased 500 million shares, totaling $1.5 billion for the year.
1. Fourth-Quarter 2025 Performance
In Q4 2025, gold output rose 5% sequentially to 871,000 ounces while copper production reached 62,000 tons. Revenue totaled $6.0 billion, operating cash flow climbed 13% year over year to $2.73 billion, free cash flow increased 9% to $1.62 billion and adjusted EPS jumped 79% sequentially to $1.04.
2. Full-Year 2025 Results
For the full year, Barrick reported revenues of $16.96 billion, a 31% increase year over year. Operating cash flow surged 71% to $7.69 billion, free cash flow soared 194% to $3.87 billion, with annual gold production of 3.26 million ounces and copper output of 220,000 tons.
3. Enhanced Shareholder Returns
The board approved a 140% boost in the quarterly dividend to $0.42 per share and repurchased 500 million shares in Q4, bringing total buybacks to $1.5 billion for 2025.
4. Executive Appointments and Global Operations
James J. McGuire joined as Chief Legal and Policy Officer and Woo Lee as Chief Global Affairs Officer, both reporting to the CEO. Barrick operates gold and copper assets across 17 countries in North America, South America, Africa and Papua New Guinea.