01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Newmont Corporation (NEM) reported a significant year-over-year increase in net income for the year ended December 31, 2025, driven by higher sales primarily attributed to increased average realized gold prices, partially offset by the impact of divestitures and higher tax expenses.
The company successfully completed a series of divestitures of non-core assets throughout 2024 and 2025, streamlining its portfolio following the acquisition of Newcrest Mining Limited in late 2023. This strategic portfolio optimization, coupled with strong operational performance across its key mining sites, has positioned Newmont for continued value creation. Financially, the company reported robust free cash flow generation, reflecting improved operational efficiency and favorable commodity prices.
Newmont also maintained a strong liquidity position, with substantial cash and cash equivalents and an undrawn revolving credit facility, providing flexibility for ongoing investments in growth projects and shareholder returns. The company continues to emphasize ESG principles, integrating sustainability into its business strategy and operations, including targets for greenhouse gas emissions reduction.
02—Key points
Key Highlights
- Newmont reported a significant increase in Net Income from continuing operations attributable to Newmont stockholders to $7,085 million for the year ended December 31, 2025, compared to $3,280 million in 2024.
- Sales increased by $3,987 million to $22,669 million for the year ended December 31, 2025, primarily driven by higher average realized gold prices.
- Free Cash Flow improved significantly to $7,299 million for the year ended December 31, 2025, up from $2,916 million in 2024.
- The company completed the divestiture of several non-core assets throughout 2024 and 2025, enhancing portfolio optimization.
- Newmont's total attributable proven and probable gold reserves stood at 118.2 million ounces at December 31, 2025.
- The company had $7,647 million in Cash and cash equivalents at December 31, 2025, and an available borrowing capacity of $4,000 million on its revolving credit facility.
- All-In Sustaining Costs (AISC) for gold managed operations were $1,609 per ounce for 2025, an increase from $1,516 per ounce in 2024, reflecting higher operational costs and sustaining capital spend.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $22.67B$18.68B | +21.3% |
| R&D Expenses | $166.00M$197.00M | −15.7% |
| Operating Expenses | $11.71B$14.15B | −17.3% |
| Operating Income | $7.08B$3.28B | +116.0% |
| Net Income | $7.08B$3.35B | +111.6% |
| EPS (Basic) | $6.41$2.92 | +119.5% |
| EPS (Diluted) | $6.39$2.92 | +118.8% |
| Shares Outstanding (Basic) | 1.11B1.15B | −3.5% |
| Shares Outstanding (Diluted) | 1.11B1.15B | −3.5% |
05—Questions
Frequently Asked Questions
What was Newmont's financial performance in 2025?
Newmont reported a substantial increase in Net Income from continuing operations attributable to Newmont stockholders to $7,085 million ($6.39 per diluted share) for the year ended December 31, 2025, compared to $3,280 million ($2.86 per diluted share) in 2024. This improvement was driven by higher sales, primarily due to increased average realized gold prices, and a net gain on completed divestments, partially offset by higher tax expenses and impairment charges.
How did the divestiture of non-core assets impact Newmont's financial results?
Newmont completed the divestiture of several non-core assets throughout 2024 and 2025 as part of a portfolio optimization program. This strategic move led to a decrease in the 'Costs applicable to sales' by $1,370 million in 2025 compared to 2024, and also contributed to a $1,066 million gain on sale of assets held for sale in 2025, contrasting with write-downs on assets held for sale in the prior year. While the divestitures reduced overall sales volume, the higher commodity prices and a more focused portfolio contributed positively to profitability.
What is Newmont's current liquidity and capital position?
As of December 31, 2025, Newmont maintained a strong liquidity position with $7,647 million in Cash and cash equivalents and an undrawn $4,000 million revolving credit facility, resulting in total liquidity of $11,647 million. The company also reported a net cash position of $(2,058) million, indicating a healthy balance sheet and financial flexibility to fund operations, investments, and shareholder returns.
How did Newmont's gold reserves change in 2025?
Newmont reported attributable proven and probable gold reserves of 118.2 million ounces at December 31, 2025. While some operations saw minor decreases due to depletion, overall reserve management efforts aim to replace depleted reserves through ongoing exploration and development activities.
06—Continue