Newmont Q3 results beat, but warns of higher Q4 unit costs
NEM•Newmont reported Q3 revenue of $6.36 billion and adjusted EPS of $2.20, beating analyst estimates of $6.28 billion and $2.08. It raised its 2026 gold by-product cost guidance but warned Q4 unit costs will rise.
1. Quarterly results
Newmont's Q3 adjusted net income was $2.31 billion. Higher gold sales volumes, improved copper prices and lower tax expense boosted net income. The company returned $1.9 billion to shareholders and has reduced its share count by 10% since February 2024.
2. Costs and outlook
Newmont improved its 2026 gold by-product cost guidance to $925 per ounce for CAS and $1,520 per ounce for AISC, while keeping production guidance at 5.3 million ounces and maintaining capital guidance. It warned that Q4 unit costs will rise and that El Niño-related drought may affect Lihir production and costs.
