Newmont Corporation (NEM) reported a significant increase in financial performance for the year ended December 31, 2025, with sales reaching $22.67 billion, compared to $18.68 billion in 2024 and $11.81 billion in 2023. This surge in revenue was primarily driven by higher average realized gold prices, which contributed to gold sales of $19.30 billion, up from $15.75 billion in the previous year. The company's net income from continuing operations attributable to Newmont stockholders was $7.09 billion, or $6.39 per diluted share, a substantial improvement from $3.28 billion, or $2.86 per diluted share, in 2024. Adjusted net income also saw a considerable rise, reaching $7.63 billion, or $6.89 per diluted share, compared to $3.99 billion, or $3.48 per diluted share, in the prior year.
The company's financial results were positively impacted by a net gain on completed divestments and a decrease in costs applicable to sales, primarily resulting from divested sites. Costs applicable to sales decreased to $8.09 billion from $8.96 billion in 2024. Adjusted EBITDA increased by 55% to $13.48 billion. Net cash provided by operating activities from continuing operations increased by 64% to $10.33 billion, resulting in free cash flow of $7.30 billion. Despite the strong financial performance, attributable gold production decreased by 14% to approximately 6 million ounces, largely due to the impact of divestments.
Operationally, Newmont achieved commercial production at the Ahafo North project in Ghana, leading to its classification as a reportable segment. The company also completed the sale of several non-core assets, including the CC&V, Musselwhite, Éléonore, Akyem, and Porcupine reportable segments, as well as the Coffee development project. The average realized gold price increased significantly to $3,498 per ounce, compared to $2,408 in 2024 and $1,954 in 2023. The average realized prices for copper, silver, and zinc also increased.
Looking ahead, Newmont is focused on its global project pipeline, which supports stable production with improving margins and mine life. Key near-term development capital projects include the Tanami Expansion 2 in Australia, expected to achieve commercial production in the second half of 2027 with total capital costs estimated between $1.7 billion and $1.8 billion, and the Cadia Panel Caves project, with cave establishment expected to be completed by late 2026 and capital costs estimated between $2.0 billion and $2.4 billion. The company ended the year with a strong financial position, including $7.6 billion in consolidated cash and $11.6 billion in total liquidity, having redeemed $3.4 billion of senior notes and settled $2.3 billion of share repurchases. A total dividend of $1.01 per share was declared for the year.
About NEWMONT Corp /DE/
Newmont Corporation is a leading global gold producer with operations across North America, South America, Australia, Africa, and Asia. It manages a diverse portfolio of Tier 1 assets, producing gold, copper, silver, lead, and zinc. The company emphasizes sustainable, responsible mining, environmental stewardship, and stakeholder engagement, leveraging its extensive land holdings, advanced processing methods, and a focus on ESG practices to create long-term value.
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