Newmont Corporation: quarterly revenue up 15.1%, but EBITDA down 2.7% on higher costs and lower gold prices

On July 23, 2026, Newmont Corporation reported its second quarter 2026 results. Revenue rose 15.1% year-on-year to $6,118 million, but EBITDA fell 2.7% to $3,759 million, while net profit increased 6.8% to $2,202 million. The stock declined 1.1% after the release but has since gained 33.8%. At the current price, the share looks rather attractive: the EV/EBITDA multiple of 8.55 is below its own three-year average of 8.62, and the company holds a net cash position.

Key takeaways

— Revenue grew 15.1% on higher gold prices, but production volumes declined

— EBITDA fell 2.7% due to higher costs and lower realized gold and silver prices

— Net profit rose 6.8% thanks to a lower income tax expense

— The company maintains a net cash position of $3.9 billion and is increasing capital returns to shareholders

— Operating cash flow fell 23% quarter-on-quarter but remains high

— Capital expenditures increased, yet free cash flow remains a record for the second quarter

— The stock trades at a discount to its own three-year history on EV/EBITDA

Attractiveness

Key figures, USD bn

Revenue grew 15.1% on higher gold prices, but production volumes declined

In the second quarter of 2026, Newmont Corporation's revenue reached $6,118 million, up 15.1% from the same period last year. The main driver was the higher average realized gold price: it reached $4,414 per ounce versus $3,320 a year earlier. However, production volumes declined: attributable gold production fell 1% quarter-on-quarter to 1.293 million ounces, and copper production dropped 43% to 17 thousand tonnes due to seismic events at the Cadia mine.

The decline in volumes was partially offset by higher copper prices (average realized price rose to $6.82 per pound versus $4.37 a year ago) and zinc (to $1.64 per pound versus $1.13). Nevertheless, it was the drop in output at the key copper asset that limited the revenue growth potential.

EBITDA fell 2.7% due to higher costs and lower realized gold and silver prices

EBITDA in the second quarter of 2026 amounted to $3,759 million, down 2.7% from a year earlier. Pressure came from higher costs applicable to sales (CAS) and lower realized gold and silver prices compared with the previous quarter. The average realized gold price fell by $486 per ounce from the first quarter of 2026, and silver dropped from $66.78 to $53.49 per ounce.

Costs applicable to sales (CAS) rose to $2,088 million from $2,001 million in the second quarter of 2025. Unit metrics also deteriorated: gold by-product CAS increased 93% quarter-on-quarter to $1,043 per ounce, and AISC rose 58% to $1,621 per ounce. The reasons are lower production volumes, a full quarter of higher royalties in Ghana, and higher diesel prices.

Net profit rose 6.8% thanks to a lower income tax expense

Net profit attributable to Newmont Corporation shareholders in the second quarter of 2026 was $2,202 million, up 6.8% from a year earlier. The growth occurred despite lower EBITDA, as the income and mining tax expense decreased by $452 million from the previous quarter, to $952 million.

Adjusted net income (ANI) was $2,246 million, or $2.10 per diluted share. The main adjustments were a loss on the fair value of investments and options of $111 million and restructuring and severance charges of $12 million.

The company maintains a net cash position of $3.9 billion and is increasing capital returns to shareholders

At the end of the second quarter of 2026, Newmont Corporation's net cash position was $3,926 million (net debt = -$3,926 million), which is $0.2 billion better than at the previous reporting date and $4.4 billion better than a year ago. The company maintains high liquidity of $13.0 billion, including $9.0 billion in cash.

Since the last earnings report, Newmont has returned $1.9 billion to shareholders through dividends and share repurchases. During the same period, the company repurchased shares worth $1.7 billion, leaving $4.3 billion under the current $6.0 billion program. A dividend of $0.26 per share for the second quarter was declared, corresponding to an annual level of $1.04 per share.

Operating cash flow fell 23% quarter-on-quarter but remains high

Operating cash flow in the second quarter of 2026 was $2,924 million, down 23% from the first quarter ($3,785 million) but up 22.7% from a year earlier ($2,384 million). The decline from the previous quarter is explained by lower revenue due to lower realized gold and silver prices and slightly higher costs.

Working capital had a negative impact of $90 million, mainly due to reclamation spending ($249 million) and inventory builds ($131 million), partially offset by favorable accounts receivable movements ($461 million). Over the trailing twelve months, operating cash flow was $10,300 million.

Capital expenditures increased, yet free cash flow remains a record for the second quarter

Capital expenditures in the second quarter of 2026 were $719 million, up from $674 million a year earlier but down from $727 million in the previous quarter. Free cash flow reached $2,205 million, a record for the second quarter in the company's history.

The increase in capital expenditures reflects investments in sustaining and development assets, including expansion projects. The company reaffirmed its 2026 guidance for sustaining capital of $1.95 billion and development capital of $1.4 billion, having invested $819 million and $524 million in the first half, respectively.

The stock trades at a discount to its own three-year history on EV/EBITDA

The current EV/EBITDA (LTM) multiple is 8.55, below the three-year average of 8.62. P/E (LTM) is 16.40. The company's market capitalization is $140,981.94 million.

Since the earnings release, the stock has risen 33.8%, reflecting a positive market reaction to strong results and prospects. According to the portal's model, with EBITDA re-priced to current commodity prices at the target EV/EBITDA, the upside potential of the share is -7% to its fair value. This means the stock trades near fair value, but given the strong balance sheet and rising gold prices, it remains interesting for long-term investors.

Valuation on the latest reported figures

Bottom line

The second quarter 2026 report showed strong revenue growth of 15.1% thanks to high gold prices, but EBITDA fell 2.7% due to higher costs and lower silver prices. Net profit rose 6.8% thanks to a lower tax burden. The company maintains a net cash position of $3.9 billion and is actively returning capital to shareholders. At the current EV/EBITDA of 8.55 versus the three-year average of 8.62, and given the negative upside according to the portal's model (-7%), the shares look rather attractive but not cheap. The key question for a holder is whether the company can sustain margins as gold prices normalize and continue to reduce costs.