Newmont reports $7.3 B free cash flow, raises dividend 4%
Newmont reported 2025 free cash flow of $7.3 billion including $2.8 billion in Q4, returned $3.4 billion to shareholders, raised its dividend by 4% and set 2026 gold output guidance at 5.3 million ounces with $1,680/oz AISC. After Q4 profit dipped on higher royalties and taxes, CEO says focus will shift to widening margins.
1. Record 2025 Financial and Operational Results
Newmont delivered 5.7 million ounces of gold, 28 million ounces of silver and 135,000 tons of copper in 2025, generating record free cash flow of $7.3 billion including $2.8 billion in Q4. The company returned $3.4 billion to shareholders through dividends and buybacks and raised its quarterly dividend by 4%.
2. 2026 Guidance and Capital Allocation
For 2026, Newmont guided gold production of 5.3 million ounces at approximately $1,680 per ounce all-in sustaining costs, and plans $1.4 billion in development capital, $525 million in exploration and $850 million in reclamation. It deferred the Yanacocha Sulfides project—reclassifying 4.5 million ounces from reserves to resource—and issued a default notice at Nevada Gold Mines over joint-venture performance.
3. Margin Strategy and Recent Challenges
A drop in fourth-quarter profit due to higher royalties and taxes prompted the CEO to emphasize widening margins and disciplined capital allocation, with sustaining and development capital averaging $1.8 billion and $1.3 billion respectively. A safety incident at the Tanami operation also underscored ongoing operational risks.