Newmont Corporation posted record third-quarter adjusted net income of $2.31 billion as higher sales lifted results, while a working-capital outflow and increased investment weighed on free cash flow.
Sales reached $6.36 billion, up 15% from $5.524 billion a year earlier. Net income attributable to Newmont stockholders was $2.5 billion, or $2.35 per diluted share. The company produced 1.3 million attributable gold ounces. Its average realized gold price was $4,317 per ounce, down $97 from the second quarter.
Cash generation eased sequentially. Net cash from operating activities totaled $2.8 billion, 5% below the prior quarter, while free cash flow was $1.9 billion, down 13%. Newmont said lower operating cash and higher capital investment contributed to the free cash flow decline. Working-capital movements used $565 million, including an unfavorable accounts receivable change, reclamation spending, and inventory and stockpile builds.
Newmont maintained its 2026 production outlook at 5.3 million attributable gold ounces and improved its cost guidance. It set gold by-product costs applicable to sales at $925 per ounce and gold by-product all-in sustaining costs at $1,520 per ounce. The company expects fourth-quarter attributable gold production to exceed its other quarters this year.
The company reported $8.8 billion in cash and cash equivalents at quarter-end. It expects to pay Barrick $1.95 billion in the fourth quarter under an amended Nevada Gold Mines agreement. Newmont also said it had returned $1.9 billion to shareholders through buybacks and dividends since its previous earnings call. Its declared third-quarter dividend is $0.26 per share, payable Dec. 21 to shareholders of record Nov. 25.
Newmont filed a Form 8-K with the U.S. Securities and Exchange Commission on Oct. 22, listing results and financial statements and exhibits; the earnings release was attached as Exhibit 99.1. The company said it expects an investment decision on the Red Chris Block Cave project in early 2027, subject to review and approval.
