Newmont’s (NYSE: NEM) second quarter results confirmed what many investors already suspected. The company’s record breaking first quarter was likely the high point for 2026.
Net income, adjusted earnings, EBITDA, and free cash flow all declined from Q1 as Newmont realized a lower gold price and faced sharply higher operating costs. All in sustaining costs climbed to $1,621 per ounce, while free cash flow fell to $2.2 billion.
But this was not a bad quarter. Newmont still beat earnings expectations, maintained production guidance, strengthened its net cash position, and continued returning billions to shareholders through dividends and buybacks. Production also held relatively steady, breaking the recent pattern of quarterly declines.
In this video, we break down Newmont’s Q2 earnings, rising costs, production outlook, valuation against major gold mining peers, and why the company still looks relatively cheap despite coming off its highs.
