Newmont’s (NYSE: NEM) Q3 2025 results show revenue rising 20% year over year to $5.52 billion from $4.61 billion, as higher realized gold prices offset lower volumes.
Attributable gold production was 1.42 million ounces, down 15% year over year, reflecting lower grades and planned downtime at Peñasquito and Lihir and the end of mining at Subika open pit, partly offset by higher output at Brucejack, Cerro Negro, and Yanacocha. The average realized gold price was $3,539 per ounce, up 41% year over year.
On the other hand, copper production was 35,000 tonnes with an average realized price of $4.67 per pound. At Peñasquito, the quarter included 7 million ounces of silver, 26,000 tonnes of lead and 59,000 tonnes of zinc.
Costs applicable to sales fell 16% year over year to $1.95 billion, widening margins. The quarter included a $99 million gain on assets held for sale versus a $115 million loss last year, bringing total costs and expenses to $2.95 billion, down 15% year over year.
Gold co-product CAS per ounce was $1,185, down 2% year over year, while AISC per ounce was $1,566, down 3% year over year.
Income before income and mining taxes was $2.51 billion, up 137% year over year. This led to net income ending at $1.83 billion, up 99% year over year from $922 million. This translates to $1.67 earnings per diluted share versus $0.80 last year.
Adjusted net income was $1.88 billion or $1.71 per diluted share, more than double last year’s $0.81. EBITDA was $3.20 billion, up 80% year over year, while adjusted EBITDA was $3.31 billion, up 68% year over year.
Cash from operations was $2.23 billion, up 40% year over year. Capital expenditures were $727 million, down 17% year over year, leading to free cash flow of $1.57 billion, up 107% year over year and a quarterly record. Management indicates Q4 free cash flow will be adversely impacted by continued Yanacocha water treatment construction and planned severance payments.
Cash and cash equivalents ended the quarter at $5.64 billion, up 87% versus last year.
Since the last call, Newmont returned $823 million via buybacks and dividends, has executed and settled $3.3 billion of repurchases year to date, and retains $2.7 billion in available buybacks under a $6.0 billion authorization. The board also declared a Q3 2025 dividend of $0.25 per share.
Full-year 2025 attributable gold production is guided to 5.9 million ounces, with Q4 expected at about 1.42 million ounces. CAS for gold in 2025 is guided to $1,200 per ounce and AISC to $1,630 per ounce.
Sustaining capital is guided to $1.725 billion and development capital to $1.280 billion, both trimmed versus earlier plans due to timing. G&A guidance is also improved to $390 million, exploration and advanced projects to $450 million, reclamation and remediation accretion to $350 million, and interest expense to $255 million.
Management expected to declare commercial production at Ahafo North by end of day on October 23, 2025, adding ounces over an initial 13-year mine life, with first gold already poured in September. Looking to 2026, production is expected within the 2025 range, with higher capital for Cadia tailings work and the potential Red Chris expansion.
Newmont last traded at $88.91 on the NYSE.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
