Newmont (NEM) Stock Falls After Beating Earnings but Missing Revenue

TLDR

• Newmont reported Q2 EPS of $2.10, beating the $1.99 estimate, but revenue of $6.1 billion missed the $6.4 billion forecast.
• Record Q2 free cash flow of $2.2 billion was generated, with $1.9 billion returned to shareholders.
• Gold production hit 1.29 million ounces, impacted by an April earthquake at its Cadia mine in Australia.
• All-in sustaining cost of $1,621 per ounce came in below full-year guidance of $1,680 per ounce.
• NEM stock fell around 1% in after-hours trading to $93.45, despite strong operational results.

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Newmont (NEM) beat earnings estimates in Q2 2026 but missed on revenue, sending the stock lower in after-hours trading. The gold miner posted EPS of $2.10 against a Wall Street estimate of $1.99, while revenue of $6.1 billion fell short of the expected $6.4 billion.

NEWMONT $NEM Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $6.1B (Est. $6.27B) 🔴; +15% YoY
🔹 Adj. EPS: $2.10 (Est. $1.98) 🟢
🔹 Free Cash Flow: $2.2B (Est. $1.71B) 🟢
🔹 Net Income: $2.2B (Est. $2.07B) 🟢

Affirms FY26 Guide:
🔹 Attributable Gold Production: 5.3 million ounces
🔹 Gold…

— Wall St Engine (@wallstengine) July 23, 2026

NEM stock was trading around $93.45 in after-hours — down roughly 1.34% — after already slipping 1.08% during the regular session to $94.72.

Newmont Corporation, NEM

Despite the revenue miss, Newmont set a Q2 record for free cash flow, generating $2.2 billion. For the first half of 2026, free cash flow reached $5.3 billion, nearly double the $2.9 billion posted in the same period last year.

The company returned $1.9 billion to shareholders in the quarter through dividends and buybacks. That includes $1.7 billion in share repurchases under the $6 billion buyback program authorized in April 2026. Over $600 million in buybacks were executed in July alone.

Since starting its repurchase program two years ago, Newmont has cut its share count by more than 100 million — roughly 9%.

Newmont’s average realized gold price in Q2 was $4,414 per ounce, up from $3,320 in Q2 2025, though down from $4,900 in Q1 2026. Realized gold prices rose about 33% year-over-year, while costs applicable to sales rose just 4%.

Cadia Mine and Production Impact

Gold production came in at 1.29 million ounces, down from 1.3 million in Q1 and 1.48 million in Q2 2025. The April earthquake at Newmont’s Cadia mine in Australia hurt output, though production has since resumed.

Management said full-year production guidance of 5.3 million ounces remains intact. About 49% of that was delivered in the first half, with 51% expected in the second half — weighted heavily toward Q4.

All-in sustaining cost was $1,621 per ounce, below the full-year guidance of $1,680. Adjusted EBITDA came in at $3.8 billion for the quarter, with cash from operations totaling $2.9 billion.

Cost Pressures and Guidance

One headwind: oil averaged around $100 per barrel in Q2, well above Newmont’s $70 assumption used in full-year guidance. Fuel and energy make up 15% of direct operating costs.

Newmont’s 2026 guidance assumes a gold price of $4,500 per ounce. Every $100 move in gold impacts revenue and costs by roughly $505 million.

CFO Brian Tabolt flagged “significant operating leverage embedded in the portfolio” and said the current capital framework could support raising the quarterly dividend to $0.27 per share — up from $0.26 — at the next annual review.

The Red Chris block cave project in British Columbia cleared major regulatory approvals in the quarter. A board decision on the feasibility study is expected toward the end of 2026, though management acknowledged capital costs are likely to come in higher than originally estimated due to inflation.

Newmont ended Q2 with net cash of $3.4 billion — above its $1 billion target range — leaving the company with flexibility to continue buybacks heading into the second half.