Newmont Q3 2025 earnings: record cash flow as gold prices surge
Newmont posted $1.8 billion in net income and a record $1.6 billion in free cash flow for the quarter, helped by higher gold prices and lower costs.
| Q3 2025 | Reported |
|---|---|
| EPS | $1.67 |
| Revenue | $5.52B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Newmont reported net income of about $1.8 billion for the quarter and generated a record $1.6 billion in free cash flow (cash left over after running the mines and paying for equipment and projects) — the fourth straight quarter above $1 billion.
- The company produced roughly 1.4 million ounces of attributable gold during the quarter. It kept its full-year 2025 production outlook unchanged but raised its guidance for costs and capital spending, meaning it now expects to spend less and run more efficiently than previously projected.
- Newmont paid down $2 billion of debt during the quarter, and credit-rating agency Moody’s responded by upgrading the company’s rating to A3 with a stable outlook, reflecting a stronger balance sheet.
- The board declared a quarterly dividend of $0.25 per share. Newmont also repurchased $550 million of stock since its prior earnings call, bringing 2025 buybacks to $2.1 billion, with about $2.7 billion left under its $6 billion repurchase program.
- Trailing-twelve-month margins were unusually high, with about 69% of revenue left as gross profit and roughly 33% flowing through to the bottom line as net profit — a sign that rising gold prices are translating directly into higher profitability rather than being offset by higher costs.
- Revenue over the trailing twelve months grew about 25% and earnings per share grew about 42% versus the prior-year period, reflecting both higher gold prices and the company’s cost-reduction efforts taking hold.
- Coverage of the results noted the company’s emphasis on returning cash to shareholders alongside debt reduction, with total shareholder returns (dividends plus buybacks) of $823 million since the previous earnings call.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $5.5B | $4.6B | +20.0% |
| Net income | $1.8B | $922M | +98.7% |
| Free cash flow | $1.6B | $771M | +103.8% |
| Diluted EPS | $1.67 | $0.80 | +108.7% |
| Net margin | 33.2% | 20.0% | +13.1 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Newmont Corporation closed at $87.01 on Oct 22, 2025, the last session before the report, and at $83.37 on Oct 24, 2025, the first session after it — -4.2% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · Yahoo Finance