$NEM · NEWMONT Corp /DE/

Newmont reported Q3 2026 results with record third-quarter adjusted net income of $2.3 billion ($2.20 per diluted share) and adjusted EBITDA of $4.0 billion. The company produced 1.3 million attributable gold ounces at gold by-product AISC of $1,454/oz, generated $1.9 billion in free cash flow, and improved full-year 2026 cost guidance to $925/oz CAS and $1,520/oz AISC. Newmont repurchased $1.6 billion in stock since the last earnings call and declared a $0.26/share dividend.

Extended-hours trading shows NEM at $115.21, up +0.96% vs the regular-session close of $114.11. The modest after-hours gain reflects a strong quarter with record adjusted net income and aggressive buybacks, though the $1.95B NGM payment due in Q4 and El Niño risk at Lihir may be tempering enthusiasm.

Newmont is simultaneously delivering record earnings, aggressive buybacks (10% share count reduction since Feb 2024), and improved cost guidance — a trifecta that validates its capital allocation play

Newmont's $4,317/oz average realized gold price in Q3 reflects the strong gold price environment benefiting all major producers. The improved cost guidance and aggressive buyback pace set a high bar for peers like Barrick and Agnico Eagle reporting later this cycle.

El Niño conditions are intensifying and may impact water supply at Lihir, threatening Q4 production and costs. The $1.95B payment to Barrick under the amended NGM agreement is due in Q4, which will reduce the $3.2B net cash position. Unit costs expected to rise in Q4 due to higher sustaining capital